Tenon Medical reported its third‑quarter 2025 results on November 13, 2025, posting record revenue of $1.2 million—32% higher than the $0.9 million earned a year earlier. The company’s gross profit rose to $773,000, lifting the gross margin to 66% from 47% in the same quarter a year ago. The margin expansion was driven by higher product volumes that absorbed fixed overhead costs in the cost of goods sold, allowing the company to spread its fixed manufacturing and logistics expenses over a larger revenue base.
The quarter’s net loss widened to $3.3 million, or –$0.40 per share, compared with a –$0.38 consensus estimate. The loss was largely a result of increased operating expenses—$4.2 million versus $3.6 million a year earlier—stemming from higher sales and marketing spend and integration costs following the acquisition of SiVantage. The company’s CEO, Steve Foster, noted that “the integration of SiVantage and the expansion of our commercial footprint have added significant short‑term costs, but they position us for long‑term growth.”
Revenue fell short of analyst expectations, which were centered around $1.29 million. The miss—about 15% below consensus—was attributed to a modest shortfall in Catamaran procedure volumes relative to the high expectations set by the company’s guidance. Despite the revenue miss, the company’s product pipeline remains strong, with the FDA 510(k) clearance for the SImmetry+ system announced on October 21 and an alpha launch slated for Q4 2025.
On November 14, 2025, Tenon closed an at‑the‑market PIPE that raised $2.85 million in gross proceeds. The financing is intended to strengthen the balance sheet, fund ongoing commercialization of the expanded product portfolio, and support integration of recent acquisitions. Management emphasized that the liquidity boost will accelerate product launches and market expansion, reinforcing the company’s strategy to become a multi‑approach, multi‑product provider in the sacro‑iliac joint fusion market.
The company also disclosed a “substantial doubt” about its ability to continue as a going concern, underscoring the need for additional capital. The PIPE financing, however, provides a short‑term cushion that may alleviate immediate liquidity pressures while the company works to improve profitability through cost discipline and revenue growth from its new product offerings.
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