Tenon Medical(TNON 17.69%) reported results for the fiscal second quarter ended June 30, 2025, on August 6, 2025, emphasizing the completed CyVantage acquisition, a 29% year-over-year drop in operating expenses, and a 37.4% year-over-year revenue decline to $564,000. Management highlighted strategic product launches and ongoing clinical validation, both poised to support revenue and margin recovery in the second half of 2025.
CyVantage acquisition expands Tenon Medical’s scale and commercial access
The CyVantage acquisition, finalized shortly after quarter-end, brings additional revenue-generating products, new talent, and broader hospital and distribution channel access, with expected cross-selling opportunities starting immediately. Integration is scheduled for completion in 60 to 90 days, with audited combined financials expected by mid-October.
"With integration to take place over the next 60 to 90 days, this transaction delivers active case value, revenue-generating technologies, and a robust pipeline that will continue to scale. The deal significantly enhances our commercial organization and unlocks new pathways through hospital approval processes, distribution networks, and market access. Importantly, the transaction energizes our commercial infrastructure and the tools and talent to drive sustainable top-line growth."
-- Steven Foster, CEO and President
The acquisition immediately transforms Tenon Medical from a single-product company into a diversified player with multi-product offerings and greater potential to win hospital contracts and physician adoption, materially strengthening the long-term growth thesis.
Tenon Medical cuts expenses 29% YoY while preserving growth investments
The company exited the quarter with $7.8 million in cash and no debt, up from $6.5 million at December 31, 2024, supporting sustained execution of strategic initiatives.
"On the financial side, we reduced our operating expenses by 29% year-over-year, demonstrating tighter discipline while preserving investments in our growth strategy. We ended the quarter with $7.8 million in cash and no debt, giving us flexibility to continue executing our strategic roadmap with confidence."
-- Steven Foster, CEO and President
The combination of higher liquidity provides Tenon Medical with runway to carry out product launches and market expansion before requiring additional capital.
Catamaran and Symmetry Plus launches to drive Tenon Medical’s revenue rebound
Catamaran SE, a next-generation low-profile implant, remains on schedule for full commercial launch this quarter after favorable physician feedback, while alpha surgeries for Symmetry Plus are set for October-December. These launches expand Tenon Medical’s addressable market in sacropelvic fixation following recent FDA clearance for Catamaran’s adjunct indication, with new clinical data releases imminent.
"The Catamaran SE, our second-generation low-profile implant, remains on track for full commercial launch in the coming weeks. The SE platform has already shown favorable feedback and alpha review. Combined with the CyVantage assets, we now offer a multi-product dynamic approach fusion solution that differentiates Tenon in an increasingly competitive sacropelvic marketplace. In addition to the full commercial launch of the Catamaran SE platform this quarter, we are actively preparing for initial alpha surgeries using the newly developed Symmetry Plus system, expected to begin in Q4 this year. Symmetry Plus represents a next-generation fusion platform designed to further enhance our SI joint portfolio with differentiated features for long-term fusion outcomes."
-- Steven Foster, CEO and President
Ongoing portfolio expansion and increased product differentiation position Tenon Medical to accelerate sales growth, create cross-selling synergies, and enhance competitiveness in the U.S. sacropelvic fixation market as new data and real-world adoption milestones are achieved.
Looking Ahead
Management guides to immediate revenue contributions from CyVantage following the acquisition close, a full commercial launch of Catamaran SE this quarter, alpha launch of Symmetry Plus in the fourth quarter, and publication of interim main sale clinical data this quarter. The company expects financials for the combined entity to be filed by mid-October, and projects a strong sales recovery as integration accelerates cross-selling and commercial execution. No additional forward-looking quantitative revenue or profit guidance was disclosed in the transcript.
