10-Q · May 15, 2026
Tenon Medical, Inc. reported Q1 2026 revenue of $1.38 million, a 90% increase from $726,000 in Q1 2025, driven by higher surgical procedures and the SImmetry+ System addition. However, the company experienced a net loss…
Earnings analysis · 10-Q
TNON earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Tenon delivered strong year-over-year growth, with revenue rising 127% to $1.279 million and gross margin expanding to 64.0%, but the quarter materially missed consensus and remained deeply unprofitable. The $4.050…
Read full summary
Tenon delivered strong year-over-year growth, with revenue rising 127% to $1.279 million and gross margin expanding to 64.0%, but the quarter materially missed consensus and remained deeply unprofitable. The $4.050 million net loss, $4.168 million of operating expenses, $5.2 million September 2026 note maturity, and ineffective disclosure controls create substantial financial and execution risk. The $4.2 million July offering improves near-term liquidity, but no quantitative financial guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-12.35
- Gross margin
- 64.0%
What stood out
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Revenue growth continued
Second-quarter revenue was $1.279 million, up 127% year over year and approximately 27.9% from $1.000 million in 2026 Q1.
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Gross margin expanded year over year
Gross margin was 64.0%, improving from 43.4% in the prior-year quarter, a 20.6-percentage-point increase, although it declined from 68.5% in 2026 Q1.
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July financing added liquidity
The company completed a public offering that generated approximately $4.2 million in gross proceeds in July 2026, providing additional near-term liquidity.
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Training supported procedure growth
Management reported record July procedure activity following physician training initiatives, supporting the sequential revenue increase from $1.000 million to $1.279 million.
What to watch
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Revenue and EPS missed estimates
Revenue of $1.279 million was $0.261 million below the $1.540 million consensus estimate, while EPS of negative $12.35 missed the negative $8.40 estimate by $3.95 per share.
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Large operating losses persist
The company reported a $4.050 million net loss and $4.168 million of operating expenses for the quarter, indicating that operating costs continue to substantially exceed the $1.279 million revenue base.
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Near-term debt maturity pressure
The $5.2 million convertible notes mature in September 2026, shortly after the $4.2 million July public offering, creating a significant near-term refinancing or repayment requirement.
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Material weakness in controls
As of June 30, 2026, management concluded that disclosure controls and procedures were not effective and identified inadequate segregation of accounting duties as a material weakness.
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No formal risk-factor updates
The company disclosed 0 material changes to its previously reported risk factors compared with the Form 10-K filed on March 27, 2026; the principal new filing-level concern is the ineffective-controls conclusion as of June 30, 2026.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. The filing does not establish a prior company outlook against which to assess a raise, maintenance, or reduction.
Earlier filings 4
10-K · March 27, 2026
Tenon positions itself as a focused SI‑joint implant company with two commercial platforms (Catamaran® and the August 2025‑acquired SImmetry+®) and a U.S. commercialization focus. The filing discloses recent financings…
10-Q · November 13, 2025
Tenon Medical reported strong Q3 2025 results with record revenue of $1.173 million, a 32% increase from $887,000 in Q3 2024. The gross margin improved significantly to 65.9%, reflecting a continuation of positive…
10-Q · August 13, 2025
Tenon Medical reported Q2 revenue of $564,000, down from $901,000 in Q2 2024, while GAAP net loss narrowed to $(2,769,000) and EPS improved to $(0.36). Management reduced operating expenses (total operating expenses…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.