Tenon Medical is a small, pre-profitability medical device company focused on surgical treatment of sacroiliac (SI) joint disorders, a common source of chronic lower back pain. Tenon sells two minimally invasive SI joint fusion systems: the Catamaran System, which uses an inferior-posterior surgical approach and a single titanium implant with a patented dual-pontoon design packed with the patient's own bone to promote fusion; and the SImmetry+ System, acquired in August 2025, which uses a lateral approach with joint decortication, bone grafting, and 3D-printed titanium screws. Together, the two systems give surgeons a choice of approach to match patient anatomy and surgeon preference. Tenon sells implants and instruments directly to hospitals and outpatient surgery centers, generating revenue from procedure volume and physician adoption. Tenon sells through a hybrid model: a small direct sales team overseeing roughly 42 independent distributor contracts. Gross margins were 60% in FY25, but Tenon runs substantial operating losses given its early stage. Growth levers include expanding its distributor network, physician training, a new FDA-cleared indication for Catamaran as an adjunct to lumbar spinal fusion, and ongoing clinical trials supporting both systems' efficacy. Tenon funds operations through equity raises and convertible notes.