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Tenon Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a revenue of $887,000, a decrease from $944,000 in the same quarter the previous year. The decrease is attributed to a reduction in the number of surgical procedures performed.
Cost of goods sold for the quarter was $469,000, representing 53% of revenue, compared to 43% in the same quarter of the previous year.
The company reported a gross profit of $418,000 for the quarter, compared to $535,000 in the previous year.
Research and development expenses for the quarter were $657,000, down from $737,000 in the previous year.
Sales and marketing expenses decreased to $1,212,000 from $1,527,000, primarily due to decreased commission expenses and payroll costs.
General and administrative expenses increased to $1,764,000 from $1,649,000, due to higher payroll and insurance costs.
Net loss for the quarter was $3,184,000, compared to $3,332,000 in the previous year.
Cash used in operating activities was $7,100,000 for the nine months ended September 30, 2024, compared to $9,905,000 in the previous year.
Cash provided by financing activities was $14,012,000, primarily from the issuance of common stock and preferred stock.
As of September 30, 2024, Tenon Medical had cash and cash equivalents of $9,162,000.
The company acknowledges its dependence on raising additional capital to fund future operations and meet obligations.
The filing also details various financial agreements, including a public offering and warrant inducement agreements.
Tenon Medical does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties.
Tenon Medical continues to focus on marketing its Catamaran System and highlights its efforts to expand its sales and marketing infrastructure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tenon Medical Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.