Financial Data and Key Metrics Changes - For the full year of 2023, revenue grew 324% to 1.2 million compared to a gross loss for the full year of 2022 [6][9][21] - Operating losses totaled 7.9 million in the fourth quarter of 2022, and for the year ended December 31, 2023, operating losses totaled 18.7 million in the prior year [10][38] - Gross margin improved to 69% in the fourth quarter, up from 57% in the third quarter [17] Business Line Data and Key Metrics Changes - The Catamaran System experienced a 312% increase in the number of surgical procedures from the prior year, driving strong revenue growth with a 192% increase year-over-year [33][37] - The company trained 28 physicians in the fourth quarter and 133 over the entire year [25] Market Data and Key Metrics Changes - The company ended the fourth quarter with solid momentum in revenue and a third consecutive quarter of positive gross margin [23] - Cash and cash equivalents totaled 8.6 million as of December 31, 2022 [22] Company Strategy and Development Direction - The company focuses on building market share and enhancing commercialization efforts for the Catamaran System [16] - There is a commitment to validating patient outcomes and expanding the application of the product offering to address SI revision surgery and adjunct to multilevel fusion [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in commercialization, supported by an expanding sales and marketing infrastructure [23] - The company expects to incur additional losses in the future but remains focused on achieving long-term value for shareholders [38] Other Important Information - The company successfully passed a full Quality System Inspection Technique (QSIT) Level 2 inspection conducted by the FDA, validating its quality system and operational procedures [19] Q&A Session Summary Question: How many surgeons did you train during the quarter? - The company trained 28 physicians over the quarter and 133 over the entire year [25] Question: What is the final enrollment number for the post-approval study? - The study was approved for 50 patients, with an expected final enrollment between 40 and 50 [26] Question: Do you have a target for physician training per quarter in 2024? - The company aims to train approximately 25 to 30 well-targeted physicians each quarter [45] Question: What trends are you seeing in the utilization of the Catamaran System? - The number of procedures is still growing, with physicians increasingly incorporating SI into their practice [46] Question: What has been the reception of the new instrumentation kit? - The reaction to the new JIB technology has been outstanding, improving visualization during procedures [48]
Tenon Medical(TNON) - 2023 Q4 - Earnings Call Transcript