Tenon Medical (TNON)
SI-joint fusion implants delivered through complementary minimally invasive surgical approaches.
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Sells Catamaran and SImmetry+ implant systems and instruments for sacroiliac-joint fusion to U.S. medical groups and hospitals, recognizing product revenue when surgery is completed. Its business is concentrated in one procedure family, supported by surgeon training and independent orthopedic and spine distributors.
Develops implant systems and instruments for surgical fusion of the sacroiliac joint, selling Catamaran and SImmetry+ to U.S. medical groups and hospitals. Catamaran uses an inferior-posterior route and a single titanium implant; SImmetry+ uses lateral access, joint preparation, bone grafting, and threaded titanium implants.
Reaches surgeons primarily through independent orthopedic and spine distributors and sales representatives, backed by cadaveric and dry-lab training. Revenue is recognized when surgery is completed, not when products reach the medical facility.
Operates a single SI Joint segment, with both commercial systems cleared by the FDA. Adoption depends on surgeon training, clinical evidence, payer coverage, and third-party manufacturers, while all reported revenue comes from the United States.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 13, 2026 | Industrial Alliance Securities | Target | Target: — | Target: $2.25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.7M · Total debt $5.7M · Total assets $9.9M · Shareholders' equity −$1.7M
- Revenue
- $1.3M
- Operating income
- −$3.4M
- Net income
- −$4.1M
No dividends on record.
| Insiders | 10.72% | 53.2K shares | |
|---|---|---|---|
| 10 holders · as of Sep 10, 2026 | |||
| Strategic holders | 14.18% | 70.4K shares | |
| 2 holders · as of Sep 11, 2026 | |||
| Other | 75.10% | 372.8K shares | |
| remainder | |||
496.5K company shares as of Sep 21, 2026 · holders as of their latest filing
Two share counts disagree (667.0K in the company's Sep 22, 2026 report, 496.5K elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Armistice Capital, LLCStrategic | 10.99% | 54,554 | filed Aug 14, 2026 |
Wyatt D. GeistInsiderofficer: Chief Innovation Officer | 3.71% | 18,421 | filed May 5, 2026 |
HRT Financial LPStrategic10 percent owner | 3.19% | 15,839 | filed Sep 11, 2026 |
Nathaniel A. GraweyInsiderofficer: Chief Commercial Officer | 2.78% | 13,796 | filed May 5, 2026 |
Steven M. FosterInsiderdirector, officer: CEO and President | 1.51% | 7,513 | filed Aug 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | HRT Financial LP | 10 percent owner | −65,582 | $5.56 |
| Sep 10, 2026 | HRT Financial LP | 10 percent owner | +67,925 | $3.63 |
| Sep 9, 2026 | HRT Financial LP | 10 percent owner | −60,343 | $2.88 |
| Sep 9, 2026 | HRT Financial LP | 10 percent owner | +39,508 | $3.40 |
| Sep 8, 2026 | HRT Financial LP | 10 percent owner | +707 | $3.34 |
- SI-BONE
Dedicated SI-fusion leader with a direct lateral iFuse TORQ rival.
- Globus Medical
SI-LOK SELECT overlaps in both lateral and posterior SI fusion.
- Medtronic
Rialto directly contests minimally invasive posterior SI fusion.
- Xtant Medical
Silex offers a narrower SI-fusion implant and grafting alternative.
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tenon Medical | $3.47 | +0.98% | $1.9M | — | — | 0.3 | +126.8% |
| SI-BONE | $18.81 | −0.05% | $818.2M | — | — | 3.8 | +15.2% |
| Globus Medical | $75.30 | +0.12% | $10.02B | 19.1 | 14.7 | 3.2 | +5.9% |
| Medtronic | $90.80 | +0.03% | $117.44B | 22.6 | 15.1 | 3.1 | +13.7% |
| Xtant Medical | $0.3600 | +1.12% | $47.3M | — | — | 0.4 | −35.0% |
| Median | 20.8 | 14.9 | 3.2 | +9.8% |