Tenon Medical, Inc. (NASDAQ: TNON)

Tenon Medical, Inc. is a medical device company that has developed The Catamaran™ SI Joint Fusion System a single titanium implant designed for sacroiliac joint fusion to treat SI joint disorders that cause lower back pain. The company received FDA clearance in 2018 and launched the product nationally in October 2022 focusing on the United States market.

Tenon Medical generates revenue primarily from the sale of The Catamaran System implants and associated instruments to hospitals outpatient surgery centers and other healthcare facilities. The company markets and sells its product through independent distributors and sales representatives who target physicians specializing in spine and pelvic surgery.

Tenon Medical occupies a niche in the SI joint fusion market where current penetration is estimated at only 5 to 7 percent leaving substantial room for growth. The company claims to be the first to receive FDA clearance for an inferior posterior approach featuring a dual pontoon single implant system. Competitors include larger orthopedic firms that offer multi implant constructs which may require additional steps and instrumentation. Tenon's advantages consist of a direct visualized trajectory that avoids neural and vascular structures a single implant technique autologous bone graft packing and radiographic confirmation of fusion.

Tenon Medical serves hospitals outpatient surgery centers and ambulatory surgical facilities that perform spinal and pelvic procedures. The company's target customer base includes approximately 12,000 physicians who specialize in spine and or pelvic surgery. No specific customer names are disclosed in the filing.