Tenon Medical (TNON) 2026 年第二季法說會：營收成長 127%，利潤率擴張

Tenon Medical (NASDAQ: TNON) 公布截至 2026 年 6 月 30 日止的第二季營收與毛利強勁成長，主要受惠於 Catamaran 手術量增加以及 Symmetry Plus 系統的貢獻。由於公司投資於商業擴張與產品開發，營業費用與淨虧損有所增加。

重點總覽

• 在更多外科手術與 Symmetry Plus 營收帶動下，2026 年第二季營收年增 127% 至 130 萬美元。
• 毛利成長 232% 至 80 萬美元，毛利率則從去年同期的 43% 擴增至 64%。
• 上半年營收成長 106% 至 270 萬美元，毛利成長 210% 至 180 萬美元，毛利率達 66.2%。
• 2026 年上半年針對醫師與經銷商的培訓活動較 2025 年下半年增加 98%。管理層將此成長主要歸因於位於坦帕的新銷售與培訓辦公室。
• Tenon 於 7 月 2 日獲得 Catamaran SI Joint Fusion System 更新後的 FDA 510(k) 許可。該許可包含器械升級，並將特定器械從拋棄式重新歸類為可重複使用。
• 季末過後，Tenon 透過公開發行募集了 420 萬美元的總收益，用於支援可轉換公司債償還、業務擴充、臨床研究及一般企業用途。

關鍵財務結果

Tenon 在本季末擁有 170 萬美元的現金與現金等價物，低於 2025 年 12 月 31 日的 380 萬美元。報告期結束後的 7 月 1 日公開發行產生了 420 萬美元的總收益。

業務與營運表現

成長主要受到 Catamaran 手術量增加，以及自 2025 年 8 月收購 SyVantage 資產後 Symmetry Plus 持續貢獻的帶動。管理層表示，醫師正將這些平台評估為針對同一解剖部位採取不同手術方式的互補選項。

營收增加改善了對固定生產製造費用的分攤。Tenon 還指出，更精簡的商業佈局與更強的前線生產力推動了毛利率的擴增。

公司為其東岸團隊引進了一位經驗豐富的銷售主管，並計劃在 2026 年下半年招募更多銷售人員與經銷商合作夥伴。管理層表示，坦帕設施培訓活動的增加帶動 7 月創下單月病例價值新高，並為第三季奠定了強勁開局。

更新後的 Catamaran FDA 許可包含器械升級，並允許特定器械重複使用，而非在每次手術後拋棄。管理層預期此改變將降低持續性的單次手術成本，並自第三季起帶來實質的利潤率效益。

Tenon 也在推進數項產品計畫。其中包括具有精簡去皮質（decortication）功能的升級版 Symmetry Plus 系統、即將提出 510(k) 申請的差異化植入物特徵，以及針對未滿足臨床需求的第三種手術方式。在問答環節中，管理層提到升級版去皮質工具將於 10 月投入臨床使用，並表示預計在未來兩到六個月內推出更廣泛的 Symmetry Plus 升級。

管理層展望

Tenon 未提供具體的營收或獲利指引。管理層指出了 2026 年剩餘時間的四大優先事項：增加兩個平台的手術量、擴大醫師培訓、加速研發計畫以及鞏固近期取得的毛利率提升成果。

公司預期隨著營收成長以及固定生產成本在大規模銷售基數下獲得分攤，毛利率將進一步擴增。管理層亦預期，可重複使用的 Catamaran 器械將自第三季起改善單次手術的經濟效益。

在未來六到九個月內，Tenon 預期多個研發計畫將取得進展，以豐富其薦骨骨盆（sacropelvic）技術產品組合。這些時間表仍取決於開發與法規執行的狀況。

風險與關鍵觀察點

• Tenon 仍處於虧損狀態，第二季淨虧損為 410 萬美元，上半年淨虧損為 750 萬美元。
• 儘管營收翻倍，但由於營業費用增加以支援銷售、行銷與研發，上半年的營業虧損幾乎維持不變，為 660 萬美元。
• 淨虧損增加包含因攤銷可轉換公司債之原始發行折價而產生的 90 萬美元非現金利息費用。
• 在隨後進行 420 萬美元總額的資本募集之前，季末現金降至 170 萬美元。發行收益的一部分擬用於部分償還未到期的可轉換公司債。
• 管理層承認醫師培訓活動存在一定的季節性，不過坦帕設施的需求已超出其預期。
• 產品擴展取決於開發、測試以及 FDA 遞件或許可程序的完成。

分析師問答亮點

Maxim 分析師 Nicholas Sherwood 詢問了 SyVantage 產品線的進展。管理層表示，Symmetry Plus 平台正透過升級版去皮質工具以及旨在回應醫師回饋的附加植入物特徵進行擴展。Tenon 還在完成測試，並為一項創新的後路手術技術準備向 FDA 遞件。

Sherwood 還詢問夏季季節性因素是否會放緩醫師培訓。管理層承認季節性影響，但表示對坦帕培訓設施的需求已超出預期。公司預期即將推出的 Symmetry Plus 升級與新技術將為醫師參加培訓活動提供額外動力。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.]