泰农医疗 (TNON) 2026财年第二季度业绩电话会议：营收增长127%，利润率提升

Tenon Medical（纳斯达克代码：TNON）公布截至2026年6月30日的第二季度业绩，在Catamaran手术量增加以及Symmetry Plus系统贡献的推动下，营收和毛利润实现强劲增长。随着公司加大在商业扩张和产品研发方面的投资，营运费用和净亏损有所增加。

核心要点

• 2026年第二季度营收同比增长127%至130万美元，主要受手术量增加和Symmetry Plus业务收入推动。
• 毛利润增长232%至80万美元，毛利率从上年同期的43%提升至64%。
• 上半年营收增长106%至270万美元，毛利润增长210%至180万美元，毛利率达到66.2%。
• 2026年上半年面向医生和经销商的培训活动较2025年下半年增长98%。管理层将这一增长主要归因于新建的坦帕销售与培训办事处。
• 7月2日，Tenon获得了关于Catamaran骶髂关节融合系统的更新版FDA 510(k)许可。该许可包括器械升级，并将某些器械从一次性使用重新分类为可重复使用。
• 季度结束后，Tenon通过公开增发筹集了420万美元的总资金，用于支持可转换票据偿还、业务扩张、临床研究及一般公司用途。

主要财务业绩

截至本季度末，Tenon拥有的现金及现金等价物为170万美元，低于2025年12月31日的380万美元。报告期后的7月1日公开增发产生了420万美元的总资金。

业务与经营表现

增长主要由Catamaran手术量的提升以及自2025年8月收购SyVantage资产后Symmetry Plus的持续贡献所带动。管理层表示，医生将这两个平台视为针对同一解剖结构的不同入路方法的互补选择。

较高的营收改善了对固定生产制造费用的分摊。Tenon还指出，精简的商业布局和更强的现场生产力也是推动毛利率扩大的因素。

公司在其东海岸团队中增加了一位经验丰富的销售主管，并计划在2026年下半年招募更多销售人员和经销商合作伙伴。管理层表示，坦帕设施增加的培训活动推动7月份创下最高单月病例价值，并为第三季度带来了强劲的开局。

更新后的Catamaran FDA许可包含器械升级，并允许部分器械在每次手术后重复使用而非废弃。管理层预计这一改变将降低后续的单次手术成本，并从第三季度开始带来显著的利润率提升效益。

Tenon还在推进多项产品计划。其中包括具有更高效去皮质功能的增强型Symmetry Plus系统、一项即将在510(k)申报的差异化植入物特性，以及针对未满足临床需求的三种手术入路中的第三种。在问答环节中，管理层提到增强型去皮质工具预计将于10月投入临床应用，并表示预计未来二至六个月内将推出更广泛的Symmetry Plus升级。

管理层展望

Tenon未提供量化的营收或盈利指引。管理层指出了2026年剩余时间的四个优先事项：增加两个平台的手术量、扩大医生培训、加快研发项目推进，以及巩固近期的毛利率提升成果。

公司预计，随着营收增长以及在更大的销售基数上分摊固定生产成本，毛利率将进一步扩大。管理层还预计，从第三季度开始，可重复使用的Catamaran器械将改善单次手术的经济效益。

在接下来的六到九个月内，Tenon预计多个研发项目将取得进展，以拓展其骶骨与骨盆技术产品组合。这些时间表仍取决于研发进展和监管执行情况。

风险与核心关注点

• Tenon仍处于亏损状态，第二季度净亏损为410万美元，上半年净亏损为750万美元。
• 尽管营收翻倍，但由于营运费用增加以支持销售、营销和研发，上半年营业亏损几乎持平于660万美元。
• 净亏损增加包含了因摊销可转换票据原始发行折价而产生的90万美元非现金利息费用。
• 在随后筹集420万美元募资总额前，季度末现金降至170万美元。增发所得资金的一部分拟用于偿还部分未偿还的可转换票据。
• 管理层承认医生培训活动存在一定的季节性，不过坦帕设施的需求超出了预期。
• 产品扩张取决于完成研发、测试以及FDA申报或许可流程。

分析师问答环节要点

Maxim分析师Nicholas Sherwood询问了SyVantage产品管线的进展。管理层表示，正通过增强型去皮质工具和旨在回应医生反馈的额外植入物特性来拓展Symmetry Plus平台。Tenon还在完成测试，并为一项新型后路技术准备FDA申报材料。

Sherwood还询问了夏季季节性影响是否会放缓医生培训。管理层承认存在季节性效应，但表示坦帕培训设施的需求超出了预期。公司预计即将来临的Symmetry Plus增强功能和新技术将为医生参加培训活动提供更多理由。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.

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