Wed, May 15, 10:29 AM (245 days ago)
Tenon Medical, Inc. reported a net loss of $3.6 million for Q1 2024, showing improvement from a $4.8 million loss in Q1 2023. Revenue increased by 66% to $719,000, driven by a 42% rise in surgical procedures. Cost of goods sold decreased by 48% to $249,000, resulting in a gross profit of $470,000 compared to a loss of $47,000 in the prior year. Operating expenses dropped by 18% to $3.98 million, primarily due to lower sales and marketing costs. Cash and cash equivalents rose to $4.4 million, bolstered by $4.4 million from financing activities, including the issuance of Series A Preferred Stock. However, the company faces substantial doubt about its ability to continue as a going concern for the next 12 months and plans to raise additional capital through public or private equity offerings, debt financings, and collaborations.