Filing Flows › Health Care › Tenon Medical (TNON)
Tenon Medical (TNON) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Tenon Medical (TNON) Q2 2026 earnings results →
Q2 2026 Revenue up 127% year over year to $1.3M · 317¢ of every $1 of revenue lost · operating margin -262.2%
Tenon Medical made $1.3M in Q2 2026 (+127% Y/Y). Operating margin -262.2%, net loss $4.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.3M in Q2 2026, up 127% year over year and down 7% from the previous quarter.
Gross margin was 63.6%, up 20.2 points from Q2 2025. Operating costs exceeded revenue by $3.4M, an operating margin of -262.2%. Operating expenses grew 34% against revenue growth of 127%. The fastest-growing cost line was Sales & marketing (+67%). The quarter ended with a net loss of $4.0M, wider than the previous quarter's $3.5M loss.
Operating cash flow was −$2.8M. Non-cash charges added back $60K of depreciation and amortization and $412K of share-based compensation. Working capital and other items added $820K. Capital expenditures of $172K exceeded it, leaving free cash flow of −$2.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $1.3M | +127% | -262.2% | −$4.0M | −$2.8M |
| Q1 2026 | 10-Q | May 15, 2026 | $1.4M | +90% | -237.9% | −$3.5M | −$3.0M |
| Q4 2025 | 10-K | Mar 27, 2026 | $1.5M | +92% | -193.5% | −$2.8M | −$2.2M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $1.2M | +32% | -289.2% | −$3.3M | −$3.8M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $564K | -37% | -506.6% | −$2.8M | −$2.2M |
| Q1 2025 | 10-Q | May 13, 2025 | $726K | +1% | -506.5% | −$3.6M | −$2.5M |
| Q4 2024 | 10-K | Mar 26, 2025 | $770K | -5% | -412.1% | −$3.1M | −$2.8M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Tenon Medical
Tenon Medical, Inc. (“we” or the “Company”) was incorporated in the State of Delaware on June 19, 2012 and was headquartered in San Ramon, California until June 2021 when it relocated to Los Gatos, California. We are a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders. We currently offer two systems to treat a diseased sacroiliac joint (the “SI Joint”). We have developed The Catamaran ® ™ SI Joint Fusion System (“The Catamaran System”) that offers a novel, less invasive approach to the SI Joint using a single, robust, titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. We received U.S. Food and Drug Administration (“FDA”) clearance in 2018 for The Catamaran System and are currently focused on the US market.
In its own words, from its 10-K, filed Mar 27, 2026.
Tenon Medical against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +127% against the peers' median +5%. Operating margin: -262.2% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TNON Tenon Medical | Q2 2026 | $1.3M | +127% | -262.2% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Tenon Medical 10-Q on SEC EDGAR · CIK 1560293 · Surgical & Medical Instruments & Apparatus
More on TNON
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results