Tenon Medical, Inc.
TNON Healthcare Medical Devices
Tenon Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.9 million, up 20.4% from fiscal 2024. In the quarter to June 2026, revenue grew 126.8%, EPS grew 1.88% and free cash flow fell 21.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Tenon Medical, Inc. (TNON) Beneish M-score
Tenon Medical, Inc.'s Beneish M-score for fiscal 2025 is −1.81; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.81 | 2.08 |
| FY2024 | −3.89 | (0.12) |
| FY2023 | −3.76 | (2.30) |
| FY2021 | −1.46 | 8.25 |
| FY2020 | −9.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.63 | — | 1.50 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 3.19 | — | 1.29 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 1.27 | — | 0.15 | |
| SG&A index | 0.84 | — | −0.14 | |
| Total accruals to total assets | (0.17) | — | −0.79 | |
| Leverage index | 1.57 | — | −0.51 | |
| Beneish M-score | Elevated | −1.81 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BTCY Biotricity Inc. compare | −3.2× |
| CTSO Cytosorbents Corporation compare | −2.1× |
| BMRA Biomerica, Inc. compare | −2.1× |
| TNON Tenon Medical, Inc. | −1.8× |
| WOK WORK Medical Technology Group LTD compare | −1.7× |
| NMTC NeuroOne Medical Technologies Corporation compare | 0.1× |
| AMIX Autonomix Medical, Inc. compare | — |
| AEMD Aethlon Medical, Inc. compare | — |
| NVNO enVVeno Medical Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI