Financial Performance - Fourth quarter 2023 revenue increased 192% year-over-year to $808,000, while full year 2023 revenue rose 324% to $2.9 million[5] - Gross profit for the full year 2023 was $1.2 million, a significant improvement from a gross loss of $641,000 in 2022[5] - Operating losses for the fourth quarter of 2023 totaled $3.1 million, a decrease from $7.9 million in the same period of 2022[10] - Net loss for the year ended December 31, 2023, was $15.6 million, compared to a net loss of $18.9 million in the prior year[11] - As of December 31, 2023, cash and cash equivalents totaled $2.4 million, an increase from $2.1 million at the end of 2022[13] Surgical Procedures and Training - Surgical procedures utilizing the Catamaran System increased by 312% year-over-year for the full year 2023, with a 179% increase in the fourth quarter[5] - The company hosted 133 physicians in Catamaran-focused training sessions throughout 2023, including a webinar series in Q4 attended by over sixty healthcare providers[4] Future Plans - The company plans to expand educational activities and refine its product offerings in 2024 based on feedback from physician customers[6] - Tenon issued approximately $3.85 million of Series A Preferred Stock, raising approximately $2.6 million in gross proceeds and retiring $1.25 million in secured debt[5] Gross Margin - Gross margin reached 69% in the fourth quarter of 2023, up from 57% in Q3 2023[5]
Tenon Medical(TNON) - 2023 Q4 - Annual Results