Tenon Medical 2025 Q3 Earnings Revenue Up 32% but Net Loss Widens

Tenon Medical (TNON) reported mixed results in Q3 2025, with revenue surpassing expectations but net losses expanding. The company’s shares rose 3.4% premarket on a $2.85M PIPE financing but faced skepticism about long-term execution.

Revenue

The total revenue of Tenon Medical increased by 32.2% to $1.17 million in 2025 Q3, up from $887,000 in 2024 Q3.

Earnings/Net Income

Tenon Medical narrowed losses to $0.40 per share in 2025 Q3 from a loss of $3.63 per share in 2024 Q3 (89.0% improvement). Meanwhile, the company's net loss widened to $-3.34 million in 2025 Q3, representing a 4.9% increase from the $-3.18 million loss recorded in 2024 Q3. Despite the EPS improvement, the broader net loss expansion signals persistent operational challenges.

Post-Earnings Price Action Review

The strategy of buying Tenon Medical (TNON) shares on the date of its revenue raise announcement and holding for 30 days shows poor performance over the past three years. The initial reaction to the positive revenue news was a brief spike in the stock price, but this was followed by a sustained decline in value. While the stock price rose by 3.4% in premarket trading on the revenue announcement date, reflecting optimism about growth prospects, it fell by 2.5% within 30 days, indicating market concerns about long-term viability. Over three years, the stock has exhibited significant volatility, with periods of sharp gains and declines, undermining the effectiveness of short-term strategies.

CEO Commentary

Steven Foster, CEO of Tenon Medical, highlighted Q3 2025 as a pivotal quarter marked by record revenue of $1.2 million (32% YoY growth), driven by “unprecedented Catamaran procedure volumes” and the “immediately accretive” SiVantage acquisition. Strategic priorities include expanding the portfolio via the Catamaran SE launch and SImmetry+ alpha testing, emphasizing a “multi-platform strategy” to address diverse surgical approaches. He underscored physician education and clinical validation, noting the 12-month Catamaran trial showed “statistically significant improvements” in patient outcomes. Leadership remains optimistic, citing momentum from integration, commercial expansion, and a $2.85M PIPE financing, with confidence in scaling operations and “delivering continued value.”

Guidance

Steven Foster stated Catamaran procedures are expected to grow sequentially into Q4 2025, with SImmetry+ alpha launch feedback driving broader adoption. Kevin Williamson noted Q3 G&A expenses (~$2.1–2.2M quarterly) reflect integration costs but align with future expectations. Tenon reported Q3 2025 revenue of $1.173M (official data), EPS of -$0.40, and a net loss of -$3.34M, with cash reserves at $3.4M post-PIPE. The company emphasized leveraging clinical evidence, commercial expansion, and a lean cost structure to accelerate growth.

Additional News

Tenon Medical closed a $2.85M at-the-market PIPE financing on Nov 14, 2025, issuing 2,217,904 shares and warrants to bolster working capital and fund product launches. The CEO announced the SImmetry+ alpha system’s Q4 2025 debut, signaling strategic expansion. Additionally, the company reiterated its focus on clinical trials and physician education to validate its Catamaran procedure, which showed “statistically significant” patient outcomes in a 12-month study.