TNON stock forecast, quote, news & analysis
Tenon Medical Inc is a medical device company that has minimally invasive approach to the sacroiliac joint (the SI Joint) using a single, robust, titanium implant for the treatment of the common types of SI Joint disorders that cause lower back pain... Show more
Why Tenon Medical (TNON) Stock Is Down -60% in the Last 30 Days
Key Takeaways
- Tenon Medical (TNON) shares have fallen roughly 60% over the past 30 days, closing at $2.44 on September 9, 2026, down from $6.14 in early August.
- The move reflects a 1-for-35 reverse stock split, continued share dilution, and a second-quarter earnings miss, only partly offset by the full repayment of convertible notes.
- Nasdaq listing-compliance concerns have dominated sentiment: the company regained both the minimum bid price and stockholders' equity requirements in recent months but remains under significant financial pressure.
- Fundamentals stay strained, with trailing-twelve-month revenue of about $5.3 million against a net loss of roughly $13.7 million and a micro-cap market valuation.
Tenon Medical (TNON) Company Overview and Market Position
Tenon Medical, Inc. is a medical device company focused on treating sacroiliac (SI) joint disorders, a common source of lower back pain. Its flagship product, the Catamaran SI Joint Fusion System, uses a single, robust titanium implant delivered through a minimally invasive inferior-posterior approach. Following the August 2025 acquisition of substantially all assets of SiVantage, Inc. and SIMPL Medical, LLC, the company also markets the SImmetry+ SI Joint Fusion System, which targets the SI joint through a lateral-access approach.
Founded in 2012 and headquartered in Los Gatos, California, Tenon employs a small team and competes in the broader SI joint fusion and spine-adjacent market, where larger players such as SI-BONE (SIBN) operate. Investors follow the stock for its niche technology and commercialization progress, though its micro-cap status, recurring capital raises, and path to profitability are central concerns.
Tenon Medical (TNON) Stock Price Performance: Last 30 Days vs. Quarter
Over the last 30 days, TNON has declined sharply. On an adjusted basis, the stock closed near $6.14 in early August and ended at $2.44 on September 9, 2026, a drop of approximately 60% — (2.44 − 6.14) ÷ 6.14 = −60.3%.
The quarterly picture is even steeper. Roughly three months earlier, in mid-June, shares traded near $21.60 on a split-adjusted basis, meaning the stock has shed nearly 89% over the trailing quarter. This prolonged slide has unfolded against a backdrop of heavy dilution, ongoing cash burn, and an extended effort to restore Nasdaq listing compliance.
What Drove TNON Stock Price in the Last 30 Days
Several overlapping factors drove the recent decline. First, Tenon effected a 1-for-35 reverse stock split effective August 10, 2026, a move designed to lift the share price back above Nasdaq's $1.00 minimum bid requirement. While the split helped the company regain bid-price compliance — confirmed by Nasdaq on August 24, 2026 — reverse splits are frequently followed by renewed selling pressure, and TNON was no exception.
Second, dilution remained a persistent overhang. The company maintained an at-the-market offering program and filed updated registration statements, signaling the potential for additional share sales to fund operations. Third, on August 13, Tenon reported a second-quarter earnings miss, underscoring continued losses even as revenue grew.
A modestly positive development arrived on September 9, 2026, when the company announced it had repaid in full its outstanding senior convertible promissory notes, strengthening the balance sheet by removing convertible-debt overhang. Shares rallied in the following session, but the rebound left the stock well below its levels of a month earlier.
What Drove TNON Stock Performance Over the Last Quarter
The quarterly decline reflects a broader multi-month narrative rather than a single catalyst. Tenon has repeatedly turned to capital markets to fund operations, including a roughly $4.2 million public offering completed in July 2026 that helped it regain Nasdaq's stockholders' equity requirement. Each raise has diluted existing shareholders and weighed on the share price.
At the same time, the company has been navigating a series of Nasdaq deficiency notices, a reverse split, and tightening liquidity. With trailing revenue of about $5.3 million, a gross margin near 67%, and a net loss of roughly $13.7 million, Tenon has yet to demonstrate a clear path to profitability, keeping sustained investor confidence elusive even as its product portfolio expands.
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TNON Stock Forecast Drivers: What Investors Should Watch Next
Looking ahead, investors should monitor Tenon's next earnings report, expected in November 2026, for signs of improving revenue trajectory and narrowing losses. Cash runway and the pace of any further dilution through the at-the-market program will be critical, given the company's negative free cash flow.
Listing compliance also remains a live issue: Tenon must continue demonstrating satisfaction of Nasdaq's stockholders' equity requirement in upcoming quarterly filings. On the commercial side, progress in expanding Catamaran and SImmetry+ adoption, clinician training, and insurance reimbursement coverage will shape the long-term outlook. Competitive pressure from larger SI joint fusion players and broader macro conditions in the medical device sector add further variables. These factors collectively present material risk and should be evaluated carefully, without assuming that recent price declines represent a floor.
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TNON's RSI Oscillator peaks and leaves overbought zone
The 10-day RSI Oscillator for TNON moved out of overbought territory on August 07, 2026. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 15 instances where the indicator moved out of the overbought zone. In 14 of the 15 cases the stock moved lower in the days that followed. This puts the odds of a move down at 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
TNON moved below its 50-day moving average on August 10, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for TNON crossed bearishly below the 50-day moving average on August 20, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 10 of 10 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 90%.
The 50-day moving average for TNON moved below the 200-day moving average on August 21, 2026. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where TNON declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 90%.
The Aroon Indicator for TNON entered a downward trend on September 11, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 46 of 61 cases where TNON's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 75%.
The Momentum Indicator moved above the 0 level on September 10, 2026. You may want to consider a long position or call options on TNON as a result. In 59 of 75 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 79%.
The Moving Average Convergence Divergence (MACD) for TNON just turned positive on September 10, 2026. Looking at past instances where TNON's MACD turned positive, the stock continued to rise in 30 of 37 cases over the following month. The odds of a continued upward trend are 81%.
Following a +143.03% 3-day Advance, the price is estimated to grow further. Considering data from situations where TNON advanced for three days, in 131 of 161 cases, the price rose further within the following month. The odds of a continued upward trend are 81%.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 1 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 33 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (4.021) is normal, around the industry mean (10.685). P/E Ratio (0.137) is within average values for comparable stocks, (67.907). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (3.653). TNON has a moderately low Dividend Yield (0.000) as compared to the industry average of (0.018). P/S Ratio (0.328) is also within normal values, averaging (35.925).
The Tickeron Price Growth Rating for this company is 94 (best 1 - 100 worst), indicating slightly worse than average price growth. TNON’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 100 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. TNON’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 95, placing this stock worse than average.
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Industry MedicalNursingServices