Last Updated: 18 Sep 2024
Executive Summary
Tenon Medical Inc. (TNON) is a medical device company that develops surgical implant systems for sacroiliac joint fixation/fusion surgery. The company has a market capitalization of $39.3 million and a trailing price-to-sales ratio of 1.17. TNON's stock price is currently trading at $6.25, below its 52-week high of $37.60. Analysts have a Buy rating on the stock, with a target price of $28.00.
Company Overview
Tenon Medical was founded in 2010 and is headquartered in Los Gatos, California. The company's products are used to treat sacroiliac joint dysfunction, a condition that can cause pain and disability. TNON's implants are designed to provide stability and support to the sacroiliac joint, and to promote healing.
Fundamental Analysis
TNON's financial performance has been mixed in recent years. The company has reported losses in each of the past four fiscal years. However, revenue has grown steadily, from $2.8 million in 2019 to $3.4 million in 2023. TNON's gross profit margin has also improved in recent years, from -22.2% in 2019 to -19.0% in 2023.
Technical Analysis
TNON's stock price has been in a downtrend since early 2023. The stock has broken below its 50-day and 200-day moving averages, and is now trading near its 52-week low. The relative strength index (RSI) is also below 30, indicating that the stock is oversold.
Short Term Outlook
TNON's stock price is likely to remain under pressure in the short term. The company is still reporting losses, and the stock is trading below its moving averages. However, the stock is oversold, and could be due for a bounce.
Long Term Outlook
TNON's long-term outlook is more positive. The company's revenue is growing, and the gross profit margin is improving. The company is also developing new products, which could drive future growth.
Analyst Recommendations
Analysts have a Buy rating on TNON's stock. The average target price is $28.00, which represents a potential upside of over 300%.
