Business
Tenon Medical Reports Second Quarter 2024 Financial Results
~ Second Quarter 2024 Revenue Increased 21% Year-Over-Year ~~ Surgical Procedures Increased 7% Year-Over-Year in the Second Quarter 2024 ~~ Gross Profit
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Second Quarter 2024 Revenue Increased 21% Year-Over-Year ~~ Surgical Procedures Increased 7% Year-Over-Year in the Second Quarter 2024 ~~ Gross Profit Margin of 52% Marks One Year of Generating Positive Gross Profit ~~ Publication of Post-Market Study Interim Analysis Now Imminent ~ LOS GATOS, CA / ACCESSWIRE / August 13, 2024 / Tenon Medical, Inc. (NASDAQ:TNON)(NASDAQ:TNONW) (\"Tenon Medical\" or the \"Company\" or \"Tenon\"), a company transforming care for patients suffering with certain sacroiliac joint (SI Joint) disorders, today reported financial results for the second quarter ended June 30, 2024.Second Quarter 2024 and Subsequent HighlightsRevenue of $901,000 in the second quarter of 2024, a 21% increase over the prior year quarter and a 25% increase over the first quarter of 2024.Gross profit of $470,000 as compared to $194,000 in the second quarter of 2023, an increase of 142%.Gross profit margin of 52% in the second quarter of 2024, a notable increase as compared to 26% in the same year ago period.Normalized number of surgical procedures in which The Catamaran™ SI Joint Fusion System (\"The Catamaran System\") was used with an increase of 7% compared to the prior year.Announced retirement of Chief Financial Officer Steve Van Dick and commenced an executive search to fill the role.Steve Van Dick to remain as CFO Advisor to ensure smooth transition process.Appointed Jay Hanson as interim Principal Accounting Officer.Steve Foster, President and Chief Executive Officer of Tenon Medical, commented, \"Tenon demonstrated solid performance in the second quarter with revenue growth of 21% from the prior year, driven by a 7% increase in The Catamaran System surgical procedures. Taking our learnings from 2023, during the quarter, we have successfully filled all sales positions in our five U.S. regions. In the second quarter, based upon the initial impact of our expanded sales operation, we hosted 37 physicians in targeted workshop activities and Catamaran focused training sessions.Additionally, we are pleased to report four consecutive quarters of positive gross profit with growth of 142% over the prior year second quarter. Our gross margin of 52% was driven by a normalization of higher revenue associated with the moderate increase in the number of surgical procedures, as we maintain a controlled operating leverage structure o...