Tenon Medical Valuation

Is TNON undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TNON when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate TNON's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate TNON's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TNON?

Key metric: As TNON is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TNON. This is calculated by dividing TNON's market cap by their current revenue.
What is TNON's PS Ratio?
PS Ratio	0.4x
Sales	US$3.32m
Market Cap	US$1.25m

TNON key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TNON's PS Ratio compare to its peers?

The above table shows the PS ratio for TNON vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1x
VTAK Catheter Precision	3x	116.5%	US$1.2m
XYLO Xylo Technologies	0.04x	34.4%	US$2.3m
NAOV NanoVibronix	0.8x	n/a	US$2.6m
ESMC Escalon Medical	0.09x	n/a	US$1.1m
TNON Tenon Medical	0.4x	48.1%	US$1.3m

Price-To-Sales vs Peers: TNON is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does TNON's PS Ratio compare vs other companies in the US Medical Equipment Industry?

50 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	3.3x	8.2%
TNON Tenon Medical	0.4x	48.1%	US$1.25m
INGN Inogen	0.7x	4.2%	US$223.42m
ARAY Accuray	0.4x	5.5%	US$194.09m

50 Companies		Estimated Growth	Market Cap
Industry Avg.	3.3x	17.1%
TNON Tenon Medical	0.4x	3.0%	US$1.25m

No more companies

Price-To-Sales vs Industry: TNON is good value based on its Price-To-Sales Ratio (0.4x) compared to the US Medical Equipment industry average (3.3x).

Price to Sales Ratio vs Fair Ratio

What is TNON's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TNON PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	2x

Price-To-Sales vs Fair Ratio: TNON is good value based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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