Business
Tenon Medical Reports Second Quarter 2023 Financial Results
Surgical Procedures Increase 469%Revenue Increased 450% Year-Over-Year to $743,000Achieved Positive Gross ProfitLOS GATOS, CA / ACCESSWIRE / August 8, 2023 /
About this update from Tenon Medical, Inc.
[{"type":"text","content":"Surgical Procedures Increase 469%Revenue Increased 450% Year-Over-Year to $743,000Achieved Positive Gross ProfitLOS GATOS, CA / ACCESSWIRE / August 8, 2023 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company that has developed transformative care for patients suffering with certain sacroiliac disorders, today reported financial results for the second quarter ended June 30, 2023.Second Quarter 2023 HighlightsRevenue of $743,000, a 450% increase over the prior year quarter, and up 72% on a sequential basis compared to Q1 2023.469% increase in the number of surgical procedures in which The Catamaran System was used compared to the prior year quarter.Company achieved positive gross profit of 26%.43 physicians completed a Catamaran workshop compared to 34 for Q1 2023.Closed a $5.6 million public offering to be used for sales and marketing activities and general corporate purposes, including working capital.\"Our second quarter of 2023 was highlighted by triple digit revenue growth of 450% year over year, and 72% sequentially, as we continued to ramp adoption of The Catamaran System,\" said Steve Foster, CEO and President of Tenon Medical. \"Following our significant revenue acceleration, gross profit turned positive in the quarter at $194,000, or 26% of revenue, marking a milestone for the Company.\"To reach our sales goals, we continued to execute our go-to-market strategy during the second quarter, hosting 43 physicians in Catamaran workshops to learn more about the effectiveness and ease of use of our product, as well as why the inferior-posterior approach is the optimized approach to the anatomy. This distinct implant system addresses a significant unmet market opportunity and is designed to produce broad and demonstrable advantages over market competitors. With an increase of 469% in the second quarter 2023 in the number of surgical procedures, we expect this number to continue to grow rapidly as our sales team broadens our aggressive marketing and promotion of the Catamaran System.\"Looking ahead, our recent $5.6 million capital raise, positions Tenon to accelerate our momentum in the second half of 2023. We are focused on sales and outreach through education and workshop events. We continue to reinforce our commitment to validating and differentiating patient outcomes and radiographic assessme...