Tenon Medical, Inc. (TNON) AI Stock Analysis

Tenon Medical, Inc. is a specialized medical device company focused on pioneering surgical implant systems designed to enhance sacroiliac joint fixation and fusion procedures, thereby improving patient outcomes. Headquartered in Los Gatos, California, and founded in 2012, its core offering is The CATAMARAN SIJ Fusion System, which provides advanced instruments and implants tailored for preparing and stabilizing the sacroiliac joint during fusion surgeries. The company provides comprehensive support and training for healthcare professionals performing these procedures across the United States and Puerto Rico, addressing complex challenges associated with sacroiliac joint disorders through research, development, and strategic partnerships.

Tenon Medical grew its annual revenue from $160,000 in FY2021 to $691,000 in FY2022, $2.9M in FY2023, $3.3M in FY2024, and $3.9M in FY2025, recording a 5-year revenue CAGR of 146.0%. Gross margin improved from -92.8% in FY2022 to 59.8% in FY2025. Still, operating margins remained negative throughout, coming in at -324.3% in FY2025 alongside a net income of -$12.6M. Over the trailing twelve months, revenue totaled $5.3M with an operating margin of -262.2% and EPS of -$44.86. For the latest quarter ended June 30, 2026, quarterly revenue grew 126.8% year-over-year.

As of June 30, 2026, Tenon Medical held $1.7M in cash and short-term investments against total debt of $5.7M, yielding net debt of $4.0M. The company had a current ratio of 0.58 and negative shareholders' equity of -$1.7M on total assets of $9.9M. In FY2025, operating cash flow was -$10.7M and free cash flow was -$11.0M, while capital expenditures were $273,000. Financing activities included $1.4M raised through share issuance, following a 5-year share count change of 81900.0%.

Tenon Medical carries a market capitalization of $7.3M and an enterprise value of $9.3M. The stock trades at a price-to-sales multiple of 1.4x and an EV-to-revenue multiple of 1.7x, below the median of its US-listed Healthcare peers which trades at a price-to-sales ratio of 4.1x. Its price-to-book multiple stands at 4.0x. Over the past year, the stock fell 93.8% and is down 91.9% year-to-date, closing at $2.70 on October 16, 2026, while the S&P 500 returned 16.8% over the past year.

Tenon Medical holds 1 Strong Buy and 1 Buy rating from Wall Street analysts. The mean price target is $44.38, representing a potential upside of 1543.5% over the last close of $2.70. For the fiscal year ending December 31, 2026, analysts estimate revenue of $5.8M and EPS of -$21.25. For the next fiscal year, 2 analysts project revenue of $9.5M, reflecting 64.0% revenue growth, and an EPS of -$12.02. The company beat EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 12, 2026.

This page is an AI-written research summary of Tenon Medical, Inc. (TNON). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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