테논 메디컬(TNON) 2026년 2분기 실적 발표 전화회의: 매출 127% 증가, 마진 확대

테논 메디컬(NASDAQ: TNON)은 카타마란(Catamaran) 시술 건수 증가와 시메트리 플러스(Symmetry Plus) 시스템의 기여에 힘입어 2026년 6월 30일로 끝난 2분기에 견조한 매출 및 매출총이익 성장을 기록했다고 발표했습니다. 상업적 확장과 제품 개발에 대한 투자로 영업비용과 순손실은 증가했습니다.

핵심 요약

• 수술 건수 증가와 시메트리 플러스 매출에 힘입어 2026년 2분기 매출은 전년 동기 대비 127% 증가한 130만 달러를 기록했습니다.
• 매출총이익은 80만 달러로 232% 증가했으며, 매출총이익률은 전년 동기 43%에서 64%로 확대되었습니다.
• 상반기 매출은 270만 달러로 106% 증가했고, 매출총이익은 180만 달러로 210% 증가했으며 매출총이익률은 66.2%를 기록했습니다.
• 2026년 상반기 의사 및 유통업체 대상 교육 행사는 2025년 하반기 대비 98% 증가했습니다. 경영진은 이 같은 증가세가 주로 탬파 신규 영업·교육 사무소 덕분이라고 설명했습니다.
• 테논은 7월 2일 카타마란 천장관절(SI) 유합 시스템에 대한 업데이트된 FDA 510(k) 승인을 받았습니다. 이번 승인에는 기구 업그레이드와 특정 기구의 일회용에서 재사용 가능으로의 재분류가 포함됩니다.
• 분기말 이후 테논은 전환사채 상환, 사업 확장, 임상 연구 및 일반 기업 목적을 지원하기 위해 공모를 통해 총 420만 달러의 자금을 조달했습니다.

주요 재무 실적

테논의 분기말 현금 및 현금성 자산은 170만 달러로, 2025년 12월 31일 기준 380만 달러에서 감소했습니다. 보고 기간 이후 진행된 7월 1일 공모에서는 총 420만 달러의 자금이 조달되었습니다.

사업 및 영업 실적

성장은 카타마란 시술 건수 증가와 2025년 8월 시반티지(SyVantage) 자산 인수 이후 지속적인 시메트리 플러스의 기여가 견인했습니다. 경영진은 의사들이 두 플랫폼을 동일한 해부학적 구조에 대한 서로 다른 접근 방식을 보완하는 옵션으로 평가하고 있다고 밝혔습니다.

매출 증가로 고정 생산 간접비의 흡수가 개선되었습니다. 또한 테논은 한층 효율화된 상업적 기반과 향상된 현장 생산성이 매출총이익률 확대에 기여했다고 설명했습니다.

회사는 미 동부 해안 팀에 경력 있는 영업 리더를 영입했으며, 2026년 하반기 동안 추가 영업 인력 및 유통 파트너를 채용할 계획입니다. 경영진은 탬파 시설에서의 교육 활동 증가가 7월 월간 최대 시술 가액 달성과 3분기의 견조한 출발에 기여했다고 밝혔습니다.

업데이트된 카타마란 FDA 승인은 기구 업그레이드를 포함하며, 특정 기구를 매 시술 후 폐기하지 않고 재사용할 수 있도록 허용합니다. 경영진은 이러한 변화가 시술당 지속적인 비용을 낮추고 3분기부터 의미 있는 수익성 개선 효과를 제공할 것으로 기대하고 있습니다.

테논은 몇 가지 제품 이니셔티브도 추진 중입니다. 여기에는 간소화된 골피질 제거(decortication) 기능을 갖춘 개선된 시메트리 플러스 시스템, FDA 510(k) 신청을 앞두고 있는 차별화된 임플란트 기능, 그리고 미충족 임상 수요를 겨냥한 세 번째 시술 접근법이 포함됩니다. Q&A에서 경영진은 개선된 골피질 제거 도구의 10월 임상 사용을 언급했으며, 향후 2~6개월 동안 더 광범위한 시메트리 플러스 개선이 기대된다고 밝혔습니다.

경영진 전망

테논은 정량적 매출이나 이익 가이던스를 제공하지 않았습니다. 경영진은 2026년 남은 기간 동안의 4가지 우선과제로 두 플랫폼 전반의 시술 건수 확대, 의사 교육 확대, R&D 프로젝트 가속화, 최근의 매출총이익률 개선세 지키기를 제시했습니다.

회사는 매출이 증가하고 더 넓은 매출 기반에서 고정 생산비용이 분산됨에 따라 매출총이익률이 더욱 확대될 것으로 예상합니다. 경영진은 또한 재사용 가능한 카타마란 기구가 3분기부터 시술당 경제성을 개선할 것으로 기대합니다.

향후 6~9개월 동안 테논은 천장골(sacropelvic) 기술 포트폴리오를 확장하기 위해 여러 R&D 프로젝트에서 진전이 있을 것으로 예상합니다. 이러한 일정은 개발 및 규제 승인 진행 상황에 따라 달라질 수 있습니다.

리스크 및 핵심 관전 포인트

• 테논은 2분기 410만 달러, 상반기 750만 달러의 순손실을 기록하며 적자 상태를 유지했습니다.
• 매출이 두 배로 늘었음에도 불구하고 영업, 마케팅 및 R&D를 지원하기 위한 영업비용이 증가하면서 상반기 영업손실은 660만 달러로 거의 변동이 없었습니다.
• 순손실 확대에는 전환사채의 발행할인차금 상각에 따른 비현금성 이자비용 90만 달러가 포함되었습니다.
• 후속 420만 달러의 공모 자금 조달 전 분기말 현금은 170만 달러로 감소했습니다. 공모 자금 중 일부는 미상환 전환사채의 일부 상환에 사용될 예정입니다.
• 경영진은 탬파 시설의 수요가 기대치를 상회했음에도 불구하고 의사 교육 활동에 어느 정도 계절성이 존재함을 인정했습니다.
• 제품 확장은 개발, 시험, FDA 신청 또는 승인 절차 완수에 달려 있습니다.

애널리스트 Q&A 하이라이트

맥심(Maxim)의 애널리스트 니콜라스 셔우드(Nicholas Sherwood)는 시반티지 제품 파이프라인 전반의 진행 상황에 대해 질문했습니다. 경영진은 의사들의 피드백을 반영하기 위해 개선된 골피질 제거 도구와 추가 임플란트 기능을 통해 시메트리 플러스 플랫폼을 확장하고 있다고 설명했습니다. 테논은 또한 새로운 후방 접근법 기술에 대한 시험을 완료하고 FDA 승인 신청을 준비 중입니다.

셔우드 애널리스트는 여름철 계절성으로 인해 의사 교육이 둔화될 수 있는지에 대해서도 질문했습니다. 경영진은 계절적 영향을 인정하면서도 탬파 교육 시설에 대한 수요가 기대치를 상회했다고 밝혔습니다. 회사는 향후 예정된 시메트리 플러스 개선과 신기술이 의사들의 교육 행사 참여를 유도하는 추가적인 계기가 될 것으로 기대하고 있습니다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings. and welcome to the Tenant Medical second quarter 2026 financial results and corporate update conference call. As a reminder, this call is being recorded. Your hosts today are Steve Foster, President and Chief Executive Officer, and Kevin Williamson, Chief Financial Officer. Mr. Foster and Mr. Williamson will present results of operations for the second quarter ended June 30, 2026 and provide a corporate update. A press release detailing these results was released today available on the investor relations section of our company's website, www.tenanmed.com. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, and other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual risk. to differ materially, you are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. For a more complete discussion of these factors and other risks, you should review our quarterly and annual reports on file with the Securities and Exchange Commission at www.sec.gov. I would like to turn the call over to Tenant Medical's Chief Executive Officer, Steve Foster. Please go ahead, sir.

Steven Foster

Thank you, Joe, and good afternoon, everyone. I'm pleased to welcome you to today's second quarter 2026 financial results and corporate update conference call for Tenon Medical. Second quarter revenue was $1.3 million, an increase of 127% over the second quarter last year, and gross profit was 0.8 million, an increase of 232% over the prior year period. Each was the highest we have reported in the second quarter. Gross margin was 64% compared to 43% a year ago. Case volume grew across both the Catamaran and Symmetry Plus platforms, and each incremental procedure is now carrying meaningful more profit. LOOKING AT THE FIRST HALF AS A WHOLE, REVENUE WAS $2.7 MILLION, AN INCREASE OF 106% FROM 1.3 MILLION IN THE FIRST SIX MONTHS OF 2025.

Gross profit was $1.8 million, an increase of 210% from 0.6 million at a gross margin of 66% compared with 44%. Our loss from operations for the six months was $6.6 million compared with $6.5 million a year ago, essentially unchanged, while revenue doubled and gross profit dollars roughly tripled. The top line came from a higher number of catamaran cases and continued meaningful symmetry plus contribution since we acquired the side advantage assets in August of last year. Physician and distributor training is the leading indicator for us, and on that front, our training events increased 98% in the first half of 2026 compared with the second half of 2025. GROSS MARGIN EXPANDED SUBSTANTIALLY YEAR OVER YEAR. AT 54%, WE ARE APPROXIMATELY 21 PERCENTAGE POINTS HIGHER THAN THE SECOND QUARTER OF LAST YEAR. AND AT THE SAME TIME, AT 66% FOR THE FIRST HALF, WE ARE ROUGHLY 22 POINTS HIGHER THAN THE SAME PERIOD IN 2025.

Increased revenue has contributed through improved absorption of fixed production overhead, and we are also benefiting from more streamlined commercial footprint and stronger field productivity. Beyond financials, a few items from the quarter are worth noting. First, on the commercial side, our platform offering continues to progress the way we had planned, with physicians evaluating catamaran and symmetry plus as complementary tools. Inferior poster and lateral approaches to the same anatomy. As part of our continued investment in commercial activity, we've hired a seasoned professional sales lead to our East Coast sales team and expect to add further sales heads and distributor partners in the back half of the year. Additionally, we saw a meaningful uptick in our physician and distributor training activity in Q2, driven by our newly opened Tampa sales and training office, which has contributed to a record case value month in July and a strong start to Q3. Second, as it relates to regulatory matters, subsequent to the quarter end on July 2nd, we announced that we received FDA 510 clearance for the catamaran SI joint fusion system The updated clearance incorporates various instrument upgrades, as well as the reclassification of certain instruments from disposable to reusable status, which is expected to improve system performance, while reducing ongoing per procedure costs previously associated with disposable instrumentation and improving margin, which we expect to play out meaningfully beginning in Q3.

Third, we have had a busy quarter with our R&D initiatives and are nearing multiple launches that we believe will be meaningful in this space. First, we have an enhanced Symmetry Plus system that includes streamlined decortication, which will become clinically active in Q3 and is a significant improvement to this system. Second, we are nearing the final stages of development and approaching filing for 510 approval of an enhanced feature to the Symmetry Plus implant, which will make the implant even further differentiated. And third, we are excited about the progress we have made on a third approach to the space in an additional product offering to Catamaran and Symmetry Plus that we believe meets a large unmet need in a very novel way. Fourth, as it relates to capital, on July 1 we closed a public offering of common stock or pre-funded warrants and common stock purchase warrants for aggregate gross proceeds of $4.2 million. Net proceeds are expected to be used for partial repayment of our outstanding convertible notes, expansion, clinical research, and general corporate purposes. Looking out over the rest of the year, our focus is narrow. growing procedure volumes on both platforms, continue aggressive physician training and education, accelerate key R&D projects, and protect the gross margin gains we've built over the past few as we scale.

We have multiple ways to win in this market and we intend to use them. With that, I'll turn the call over to Kevin to discuss our financials.

Kevin Williamson

Thank you, Steve. I will now provide a summarized review of our financial results. A full breakdown is available in our press release across the wire this afternoon. Starting with the top line, second quarter revenue was $1.3 million, a record for any second quarter in the company's history and up 127% from $0.6 million a year ago. Revenue for the six months ended June 30th, 2026 was 2.7 million, an increase of 106% compared to 1.3 million in the six months ended June 30th, 2025. The increase in the quarter was driven by a large increase in the number of surgical procedures performed, as well as the addition of revenue related to the symmetry Plus system. Over the past 12 months, we have meaningfully increased our physician user base and surgical case volume, and we expect to continue to build on that momentum through Salesforce expansion, increased physician and distributor engagement, and future product launches. Gross profit was 0.8 million or 64% of revenue in the second quarter compared to 0.2 million or 43% of revenue a year ago.

That's a 232% increase in dollar terms and the highest for any second quarter in the company's history. On a margin basis, we picked up about 21 percentage points year-over-year. For the six months, gross profit was $1.8 million or 66.2% of revenue. compared to 0.6 million or 44.0% of revenue, a 210% increase in dollars and roughly 22 percentage points. The improvement was primarily driven by higher revenue and lower fixed costs in the period, driving further absorption of production overhead costs within cost of goods sold. We continue to expect to see our gross margin expand as revenue increases and we further absorb fixed costs within our cost of sales. Operating expenses totaled $4.2 million in the second quarter, compared to $3.1 million in the second quarter of 2025. For the six months, operating expenses totaled $8.4 million compared to $7.1 million in the prior year period.

The increase in the quarter was primarily due to higher sales and marketing expenses associated with higher revenue, in addition to higher research and development expenses as we continue to work toward future product additions. Net loss was $4.1 million or $12.35 per share in the second quarter compared to a net loss of $2.8 million or $12.76 per share in the second quarter of 2025. For the six months, net loss was $7.5 million or $23.16 per share compared to a net loss of $6.4 million or $39.91 per share in the same period a year ago. The increase in net loss was primarily driven below the operating line by $0.9 million of non-cash interest expense related to the amortization of the original issue discount related to our convertible notes, which was not present in the prior year period. We ended the quarter with $1.7 million in cash and cash equivalents, compared to $3.8 million as of December 31, 2025. Subsequent to quarter end, on July 1, we closed the public offering with gross proceeds of $4.2 million, which provides additional runway to fund our commercial, clinical, and development priorities. Overall, we believe the financial and strategic actions taken through the first half of 2026 have positioned Tenon to drive continued growth in the second half and into 2027, while sustaining a streamlined and disciplined cost base and executing on our commercial and upcoming product launch initiatives.

Steven Foster

I'll now hand the call back to Steve for closing comments. Thank you, Kevin. In conclusion, we believe Tenon is delivering top-line growth, margin growth, and a cost structure that is expected to provide efficiencies as we expand our offerings. Significant progress has been made on vital R&D projects, promising a diversified and innovative portfolio of sacral pelvic technologies over the next six to nine months. Our focus on commercial expansion and execution positions tend to build on this momentum and deliver increasing value to patients providers, and our shareholders. I thank you all for attending, and I'd like to hand the call over to our operator to begin our Q&A session with covering analysts. Joe?.

Operator

Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question comes from the line of Nicholas Sherwood with Maxim. Please proceed.

질의응답

Nicholas Sherwood

Good evening. Thank you for taking my questions. Can you kind of just talk about any sort of advancements that have come in the SI bandage product pipeline? You know, how you're feeling about the regulatory or the research and development on those?.

Steven Foster

Yes, thanks, Nicholas. I appreciate the question. So when we did the SyVantage transaction, they already had commercial activity in the Symmetry Plus component of their offering. THERE ARE THREE MAJOR COMPONENTS TO THAT TECHNOLOGY. ONE WAS ALREADY RELEASED WHEN WE DID THE TRANSACTION. THE SECOND IS AN ENHANCED DECORDICATION TOOL, WHICH WE MENTIONED WILL BE OUT HERE IN OCTOBER or clinical use. And the second is in addition to the implant construct that we really think is going to be very novel and unique and answer some of the needs that have been communicated to by our physician customers. So you're going to see a greatly enhanced symmetry plus platform over the coming I mean, two to six months as we roll all this stuff out.

And we really believe that that platform is going to become very attractive to physicians that prefer lateral and oblique procedures. Secondarily, SciVantage had a novel posterior technology, posterior approach technology that we are now just finishing testing on and preparing for an FDA submission in that arena. Very excited where that's going, anxious to share more. Probably in the next quarterly review, we'll get into some details about what that technology looks like, how it's positioned, how it's targeted, and things of that nature. So the SciVantage portfolio is delivering as expected. really nice pipeline enhancements and what have you. And we're really excited about what's to come.

Nicholas Sherwood

Yes, that's an exciting thing. And my next question is, you know, this summer might be a slower period when it comes to training new physicians. talk about are there any special events or pushes that you're going to have through the end of this year you know kind of that you know sort of back to school season so to speak when it comes to bringing in new physicians and training them on your technology.

Steven Foster

Yes, appreciate that. I suppose with all of our activities is a little bit of seasonality and certainly it's true with physician training activities. We mentioned the opening of a training center in Tampa. And we're finding the demand to visit the facility to see the array of technologies that are there, both in imaging as well as our own implant technology, navigation technologies, things of that nature. It's really attractive. And frankly, it's exceeded all of our expectations. the demand to visit and what have you. So, you know, we mentioned some pretty significant growth in our training activity in the first half of 26 compared to 25. We attribute most of that to the new facility that we've invested in, in frankly, the really cool environment EXPERIENCE THAT'S BEING DELIVERED WHEN PHYSICIANS VISIT THAT SITE. SO WE'RE ACTUALLY SEEING AN UPTICK AND I ANTICIPATE CONTINUING up tech, not only because the facility there, but as we start rolling out the enhancements to Symmetry Plus, the new technologies we talked about, et cetera, there'll be even more compelling reasons for physicians to visit and take a look at what's happening.

Nicholas Sherwood

Awesome. Yes, that sounds like there's some good progress there. Thank you for answering my questions and I'll return to the queue.

Operator

Thanks, Nicholas. Thank you. This will conclude the question and answer session, and I would now like to turn the call back to Mr. Foster for his closing remarks.

Steven Foster

Thank you, Joe. I'd like to thank each of you for joining our earnings conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to our IR firm and Z Group. We'd be more than happy to assist. With that, I wish everybody a good evening.

Operator

This concludes today's conference. You may disconnect your lines at this time and enjoy the rest of your day.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]