Tenon Medical Reports Q4 and FY 2023 Financial Results

March 13, 2024

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.

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.

CONTACT:
24/7 Market News
Editor@247marketnews.com

Related news for (TNON)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.