You don't ever want to work for a Zombie company. It's a financial death spiral. When I find a new one, I always share it. Seriously, you and I could do better by opening up a donut shop than these Zombie orthopedic companies. Past Zombie Awards recipients were - Integrum, Implanet, and Spineway.
My simple definition: A Zombie ortho company is a business with viable products that survives solely on continuous emergency financing and shareholder dilution because its operating costs vastly exceed its revenue.
Ok, let's dive in.
Congratulations to Tenon Medical ! https://tenonmed.com/
Tenon has now earned the Zombie company award.
Founded in 2012 and based in Los Gatos, California, the company’s flagship product is the Catamaran SI Joint Fusion System: a single robust titanium "bridge" implant utilizing a less-invasive posterior approach, marketed as true fusion rather than just fixation. After acquiring the SiVantage / SIMPL assets, they added the lateral SImmetry+ system, allowing them to sell both a posterior (Catamaran) and a lateral (SImmetry+) approach into the same sacroiliac (SI) joint.
The Financial Reality: Revenue vs. Cash Burn
In recent annual results, Tenon posted...
