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Tenon reports positive 12-month SI joint fusion study results

EditorEmilio Ghigini
Published 26/03/2024, 13:56

LOS GATOS, CA - Tenon Medical, Inc. (NASDAQ:TNON), a medical device company, has announced promising preliminary results from a post-market study of its Catamaran® SI Joint Fusion System. The study, which is tracking clinical outcomes for up to 24 months, has shown a robust fusion response in patients one year after undergoing the procedure for sacroiliac joint disruptions or degenerative sacroiliitis.

According to an independent radiologist review of computed tomography (CT) scans, all patients in the initial cohort achieved fusion at the 12-month follow-up. These results are accompanied by significant improvements in pain scores and disability, as well as high patient satisfaction ratings.

Investigators involved in the study have expressed optimism about the findings. Dr. Timothy Beacham from the Restorative Pain Institute noted the clear imaging evidence of fusion and the positive impact on patient pain reduction and satisfaction. Dr. Matthew Davies, a neurosurgeon at Orthopaedic Associates of Duluth, highlighted the Catamaran's design, which aims to stabilize and fuse the SI joint effectively.

Steven M. Foster, President and CEO of Tenon Medical, emphasized the company's commitment to optimizing patient outcomes through the novel design and less-invasive approach of the Catamaran system. He also expressed gratitude to the study investigators and their teams for their contributions to the study's progress.

The Catamaran SI Joint Fusion System, launched nationally in October 2022, is designed to offer a less invasive approach to SI joint fusion using a single titanium implant. The system's design allows for stabilization and transfixing of the SI joint along its longitudinal axis, aiming to provide a safe and effective treatment pathway.

The study's enrollment is expected to be completed in the coming quarter, with further data anticipated to support the initial results. This announcement is based on a press release statement from Tenon Medical, Inc.

InvestingPro Insights

Tenon Medical, Inc. (NASDAQ:TNON) has been drawing attention with its medical advancements, but a look at the company’s financial health through InvestingPro data reveals a more nuanced picture. The company's market capitalization stands at a modest $2.56 million, reflecting its status as a smaller player in the medical device industry. Despite impressive revenue growth over the last twelve months, with an increase of 323.73%, Tenon Medical is currently not profitable, as evidenced by a negative P/E ratio of -0.16 and an operating income margin of -537.12%. This suggests that the company is facing significant challenges in converting its top-line growth into bottom-line results.

From an investment standpoint, the company's stock price has experienced a substantial decrease, with a 1-year price total return of -94.79%, indicating that investors have been significantly less confident in the company's performance and future outlook. Additionally, the price is currently at only 4.28% of its 52-week high, which may present a potential entry point for investors who believe in the company's long-term prospects, especially considering the promising preliminary results of the Catamaran® SI Joint Fusion System.

InvestingPro Tips for Tenon Medical highlight that the company holds more cash than debt on its balance sheet, which is a positive sign for its financial stability. However, analysts do not anticipate the company will be profitable this year, and the valuation implies a poor free cash flow yield. For those looking to delve deeper into Tenon Medical's financials and future prospects, InvestingPro offers additional tips. There are currently 9 more InvestingPro Tips available, which could provide valuable insights for a more informed investment decision. Interested readers can unlock these tips and take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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