TNON
Tenon Medical, Inc.Evidence as of 2026-09-11The desk's Snapshot
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Overview · Tenon Medical, Inc.
Tenon Medical, Inc., a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the…
Management team
- Mr. Richard M. Ferrari · Founder & ChairmanFind on LinkedIn
- Mr. Steven M. Van Dick · Executive VP of Finance & Administration and CFOFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
−0.8 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
The desk rates the evidence balance Cautious (‑0.8 of a possible +2; confidence moderate). Revenues rose from $ 726,000 in fiscal Q1 2025 (fiscal quarter ended 2025-05-13) to $ 1,379,000 in fiscal Q1 2026 (fiscal quarter ended 2026-05-15) and then edged down to $ 1,279,000 in fiscal Q2 2026 (fiscal quarter ended 2026-08-13). Gross margin expanded materially, from roughly 44.5% on $ 726,000 in fiscal Q1 2025 to about 68.5% on $ 1,379,000 in fiscal Q1 2026, then to about 63.6% on $ 1,279,000 in fiscal Q2 2026.
At the same time operating losses remained large and persistent — operating losses were $( 3,677,000) in fiscal Q1 2025 and roughly $( 3.3 m) in each of the two latest reported quarters — and net losses followed the same negative pattern, including a $( 4,053,000) net loss in fiscal Q2 2026. The balance sheet shows deteriorating liquidity and capital structure: cash and cash equivalents declined toward $ 1,677,000 as of 2026-06-30, total assets fell to $ 9,922,000, liabilities rose to $ 11,665,000, and stockholders' equity moved to negative $( 1,743,000) as of that date. News items and filings show recent financing and market activity, including a $ 3,000,000 private placement close, early repayment of convertible notes, registration of 1.84 million shares for resale, and reported insider trading by HRT Financial LP.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Total revenues increased from $726,000 in fiscal Q1 2025 (2025-01-01 to 2025-03-31) to $1,379,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31) and then slightly declined to $1,279,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001213900-26-057695Gross profit margin expanded: gross profit was $323,000 on $726,000 revenue (≈44.5%) in fiscal Q1 2025 (2025-01-01 to 2025-03-31), $245,000 on $564,000 (≈43.4%) in fiscal Q2 2025 (2025-04-01 to 2025-06-30), then rose to $773,000 on $1,173,000 (≈65.9%) in fiscal Q3 2025 (2025-07-01 to 2025-09-30) and was $945,000 on $1,379,000 (≈68.5%) in fiscal Q1 2026 (2026-01-01 to 2026-03-31) and $814,000 on $1,279,000 (≈63.6%) in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001213900-25-042714Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Nothing in this slice of the evidence rose to a claim — a quiet read, which itself is information.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
No computed signal history for this symbol yet — signals need roughly 70 trading days of price history.
Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
No ETF membership, no insider Form 4 filings and no 13F holdings on file.
Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Kalkinemedia reports that HRT Financial LP was disclosed as a new 10% insider shareholder with 9,185 shares of Tenon Medical, Inc.
News · kalkinemedia.com · 2026-09-01Kalkinemedia published additional headlines showing HRT Financial LP executed small block purchases and sales of Tenon Medical shares on separate dates (acquiring 1,790 shares at $4.57 and later selling 450 shares; acquiring 1,658 shares at $3.98 and selling 1,506 at $3.70), indicating attention on short-term insider trading activity.
News · kalkinemedia.com · 2026-09-04Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The filings on record don't carry four quarters of both operating cash flow and capital expenditure. IFRS filers report no common capex concept, so no FCF claim is made..
Debate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several claims together paint a favorable operational picture: sequential revenue growth into fiscal Q1 2026 and materially higher gross margins in the most recent quarters (fundamentals-0 and fundamentals-1) indicate improving unit economics. Multiple news items document fresh capital-markets activity — a $3M private placement, early convertible-note repayment, and consistent media distribution — which strengthen the credibility of recent financing and deleveraging actions (news-4 and news-3). Insider buying activity and small-block purchases reported in coverage (news-0 and news-1), along with two street analysts reiterating Buy ratings and published targets, provide corroborating market interest and third-party validation. The strength of the revenue and margin claims is high because they come from periodic SEC filings; the financing and insider-news claims are moderate-to-strong due to multi-outlet press coverage and reported transactions; analyst coverage is moderate evidence of external sentiment.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.31
11 surviving claims rest on 8 distinct sources; the heaviest analyst carries 55% of them, and 96% of what the desk raised survived the debate.
The read rests on a small set of sources with most surviving claims coming from a single analyst, so the overall signal should be treated cautiously: source concentration raises the chance that analyst-specific framing or an uncorrected filing could sway multiple claims. The high survival rate through debate suggests internal consistency, but the limited distinct-source base means a single corrected filing or new disclosure would materially change how much weight to place on these conclusions.
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
14 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer−0.8 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on TNON Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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