TNON - Tenon Medical Reports Q4 and FY 2023 Financial Results

2024-03-13 07:05:49 ET

DENVER, Colo., Mar 13, 2024 ( 247marketnews.com )- Tenon Medical, Inc. (NASDAQ: TNON ) reported, after yesterday’s market close, its fourth quarter and full year, 2023, financial results.

The reported highlights include a 192% year-over-year increase in revenue and full year revenue of $2.9 million in 2023, a 324% increase over 2022. Plus, its gross profit increased to $1.2 million, compared to a gross loss of ($641,000) in the full year of 2022, thanks to achieving three consecutive quarters of positive gross profit margin.

Steve Foster, President and Chief Executive Officer of Tenon Medical, commented, “Tenon’s strong fourth quarter and full year of 2023 was underscored by solid momentum in revenue, gross profit and gross margin, with fourth quarter’s solid performance driven by a 312% year-over-year increase in surgical procedures utilizing The Catamaran System. In tandem, fourth quarter revenue increased 192% to $0.8 million, and full year 2023 achieved a 324% revenue increase to $2.9 million from 2022. Our notable achievement of three consecutive quarters of positive gross profit resulted in full year 2023 gross profit of $1.2 million and is a key performance metric we utilize for internal goal setting. Gross margin followed as well, achieving 69% in the fourth quarter, a striking sequential increase from 57% in Q3 2023.

Foster continued, “Moving into 2024, we will leverage all we’ve learned in our first full year of commercialization by listening intently to our physician customers. Additionally, we will expand our educational activities to encompass the full suite of applications of our unique technology and we will continue to refine our instrument and implant offerings. We continue to make progress on our post-market multi-center study and expect a preliminary glimpse of this important data in the coming weeks.

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