Summary by Moomoo AI
Tenon Medical reported revenue of $3.3 million for fiscal year 2024, representing a 12% increase from $2.9 million in 2023. Gross profit improved to $1.7 million with a margin of 52%, up from 42% in the prior year. Operating loss narrowed to $13.8 million from $15.7 million in 2023, reflecting improved operational efficiency and cost management.The company continued to focus on commercialization of The Catamaran SI Joint Fusion System, with operating expenses decreasing 9% to $15.5 million. Research and development costs declined 18% to $2.6 million, while sales and marketing expenses decreased 25% to $5.1 million as the company restructured its sales operations. General and administrative expenses increased 11% to $7.8 million due to higher insurance and professional service fees.As of December 31, 2024, Tenon had cash and cash equivalents of $6.5 million. The company strengthened its financial position through several capital raises in 2024, including the issuance of Series A and B preferred stock, and warrant exercises. Management continues to focus on expanding market adoption while implementing cost optimization initiatives to improve operational efficiency.
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