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LOS GATOS, CA - Tenon Medical, Inc. (NASDAQ:TNON), a $4.1 million market cap company specializing in treatments for Sacroiliac Joint (SIJ) disorders, has secured two new patents from the European patent office for its Catamaran SI Joint Fixation Device. The patents are expected to strengthen the company’s global patent portfolio and support its commitment to innovation in the field. According to InvestingPro data, the company’s shares have declined nearly 88% over the past year, though analysis suggests the stock may be undervalued at current levels.
Richard Ginn, Co-Founder and Chief Technology Officer of Tenon Medical, expressed the company’s satisfaction with the European Community’s recognition of their novel Catamaran SI joint prostheses. The approval of these patents is seen as a reinforcement of Tenon’s position in the market and its dedication to continuous development.
Tenon Medical, established in 2012, has introduced The Catamaran SI Joint Fusion System, which utilizes a single titanium implant for a less invasive approach to SI joint issues. The design of the Catamaran Fixation Device aims to avoid critical neural and vascular structures while targeting strong cortical bone for increased stability. Since its national launch in October 2022, Tenon has focused on primary SI Joint procedures and revision operations for failed SI Joint implants. The company has shown promising commercial traction with revenue growth of 38% in the last twelve months and maintains a healthy gross profit margin of 58%.
The company’s broadening patent portfolio is part of its strategy to secure its market position and support its commercial opportunities within the SI Joint market. The addition of these European patents is a step forward in Tenon’s international expansion efforts. InvestingPro analysis reveals that while Tenon maintains more cash than debt and has strong liquidity with a current ratio of 3.52, the company is rapidly burning through its cash reserves. Subscribers to InvestingPro can access 10 additional key insights about Tenon Medical’s financial health and market position.
This announcement is based on a press release statement from Tenon Medical, Inc. and does not include any endorsements or subjective claims. The information provided is intended to offer a factual report on the company’s recent patent approvals in Europe.
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