Español 
Deutsch 
Français 
MSCI World Index (MSC)
NASDAQ Composite (NASDAQ)
FTSE China A50 Index (FGI)
STOXX Europe 600 (SIX)
Nikkei 300 (OSA)
NIFTY 50 (NSE)
DAX Performance Index (XETRA)
FTSE 100 (FGI)
CAC 40 (EURONEXT)
Tenon Medical, Inc. (TNON)
USD0.19
-0.01 (-4.69%)
US NASDAQ Healthcare Medical - Devices
Address
104 Cooper Court 95032
Los Gatos, CA, US
Los Gatos, CA, US
CEO
Steven Foster
Website
tenonmed.com
IPO
2022-04-27
CIK 1560293 ISIN US88066N3035
Description
Tenon Medical, Inc., a medical device company, engages in the development of implant for the treatment of severe lower back pain in the United States. The company offers Catamaran SI-Joint Fusion System, an invasive approach to the sacroiliac joint (SI Joint) using a titanium implant for treatment of the most common types of SI Joint disorders that cause lower back pain. It also provides Catamaran Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, transfixing the SI Joint along its longitudinal axis. Tenon Medical, Inc. was incorporated in 2012 and is headquartered in Los Gatos, California.
Market Cap & Enterprise Value
Merger & Acquisition History
No mergers or acquisitions recorded for this company.
Technical Outlook
Loading outlook…
Loading forecast...
Signal Summary
Loading…
| Indicator | 1D | 1W | 2W | 3W | 1M |
|---|
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
Loading risk profile…
Price Chart
USD0.19
-0.01 (-4.69%)
Loading historical data…
Volume Profile
Loading…
Liquidity & share structure
Average Volume
6M
Beta
1.26
Float Shares
6.62M
Free Float %
89.7%
Price Performance
| 1D | 5D | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Max |
|---|---|---|---|---|---|---|---|---|---|---|
| +3.04% | +6.47% | +5.78% | +14.33% | -36.90% | -14.45% | -37.86% | -99.43% | -99.95% | -99.95% | -99.95% |
Rolling Volatility
Loading…
Drawdown
Loading…
Relative Strength
Loading…
Monthly Returns Heatmap
From
To
Loading…
Annual Monthly Returns
Loading…
Daily Returns Distribution
Loading histogram data…
Revenue flow
Revenue by geography
Revenue by segment
From
To
Revenue composition
From
To
By product
By geography
Financial Statements
Select metrics from the tables below to build your comparison.
Income Statement
Balance Sheet
Cash Flow Statement
Key Metrics
Financial Ratios
Employees
Financial Growth (CAGR)
Market Data
Analyst Consensus (2 ratings, all time)
Buy
Price Targets & DCF
Current price
0.19
Ratings Trend (MoM)
100% Bullish
| Rating | 2026-05 | Change |
|---|---|---|
| Strong Buy | 1 | 0 |
| Buy | 1 | 0 |
| Hold | 0 | 0 |
| Sell | 0 | 0 |
| Strong Sell | 0 | 0 |
Quality scores
Altman Z-Score
-11.69
Distress
Piotroski F-Score
3 / 9
Average
MOAT Score
1 / 10
No MOAT
Composite Rating
C
Overall Score
2 / 5
Medium
DCF Score
1 / 5
Low
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
3 / 5
Medium
P/E Score
1 / 5
Low
P/Book Score
3 / 5
Medium
Operational MOAT
✗ Below peers
-
Revenue growth Medical - Devices: +11.2%+20.4% ★ Q1'26: +89.9% (vs Q1'25)
-
EPS growth Medical - Devices: +28.5%+84.9% ★ Q1'26: +69.3% (vs Q1'25)
-
FCF margin FCF growth · Medical - Devices: +30.9%-335.1% Q1'26: -175.2% (vs Q1'25)
-
EBIT margin Medical - Devices: +6.2%-324.3% Q1'26: +0.0% (vs Q1'25)
-
ROIC Medical - Devices: +3.3%-897.7% Q1'26: +0.0% (vs Q1'25)
-
Share dilution Medical - Devices: 0.0%+508.2% Q1'26: +213.3% (vs Q1'25)
-
Debt / EBITDA Net debt/EBITDA · Medical - Devices: -0.35×-0.01× Q1'26: -0.37× (vs Q1'25)
Valuation Multiples
From
To
Price Forecast (3Y)
From
To
Theoretical Return — If Invested Today
* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.
Consensus Estimates
| Metric |
Dec 2022 actual |
Dec 2023 actual |
Dec 2024 actual |
Dec 2025 actual |
Dec 2026 2 Rev. Ana. 2 EPS Ana. |
Dec 2027 2 Rev. Ana. 2 EPS Ana. |
Dec 2028 1 Rev. Ana. 1 EPS Ana. |
Dec 2029 1 Rev. Ana. 1 EPS Ana. |
Dec 2030 1 Rev. Ana. 1 EPS Ana. |
|---|---|---|---|---|---|---|---|---|---|
| Revenue |
691.0K
est: 830.0K (-16.7%)
|
2.93M
est: 3.37M (-13.2%)
|
3.28M
est: 3.41M (-3.8%)
|
3.94M
est: 3.84M (+2.7%)
|
6.42M
5.64M – 7.19M
+67.0% YoY
|
9.66M
7.33M – 11.99M
+50.5% YoY
|
20.63M
16.64M – 24.61M
+113.5% YoY
|
29.64M
23.92M – 35.37M
+43.7% YoY
|
41.63M
33.59M – 49.67M
+40.4% YoY
|
| EBITDA |
-18.27M
est: -830.0K (-2,101.7%)
|
-15.13M
est: -3.37M (-348.8%)
|
-12.98M
est: -3.41M (-281.0%)
|
-12.79M
est: -3.84M (-233.0%)
|
-6.42M
-7.19M – -5.64M
-67.0% YoY
|
-9.66M
-11.99M – -7.33M
-50.5% YoY
|
-20.63M
-24.61M – -16.64M
-113.5% YoY
|
-29.64M
-35.37M – -23.92M
-43.7% YoY
|
-41.63M
-49.67M – -33.59M
-40.4% YoY
|
| EBIT |
-18.56M
est: -830.0K (-2,136.5%)
|
-15.56M
est: -3.37M (-361.4%)
|
-13.64M
est: -3.41M (-300.2%)
|
-12.79M
est: -3.84M (-233.0%)
|
-6.42M
-7.19M – -5.64M
-67.0% YoY
|
-9.66M
-11.99M – -7.33M
-50.5% YoY
|
-20.63M
-24.61M – -16.64M
-113.5% YoY
|
-29.64M
-35.37M – -23.92M
-43.7% YoY
|
-41.63M
-49.67M – -33.59M
-40.4% YoY
|
| Net Income |
-18.92M
est: -245.71M (+92.3%)
|
-15.58M
est: -286.74M (+94.6%)
|
-13.67M
est: -158.98M (+91.4%)
|
-12.56M
est: -13.40M (+6.3%)
|
-6.50M
-7.46M – -5.54M
+51.5% YoY
|
-4.62M
-5.54M – -3.69M
+29.0% YoY
|
-2.22M
-2.77M – -1.66M
+52.0% YoY
|
-738.4K
-923.7K – -553.0K
+66.7% YoY
|
1.11M
829.5K – 1.39M
+250.0% YoY
|
| SGA |
15.26M
est: 11.42M (+33.6%)
|
13.81M
est: 43.38M (-68.2%)
|
12.87M
est: 43.84M (-70.6%)
|
13.00M
est: 49.42M (-73.7%)
|
82.54M
72.55M – 92.53M
+67.0% YoY
|
124.26M
94.32M – 154.21M
+50.5% YoY
|
265.34M
214.10M – 316.58M
+113.5% YoY
|
381.33M
307.69M – 454.97M
+43.7% YoY
|
535.54M
432.12M – 638.95M
+40.4% YoY
|
| EPS |
-187.30
est: -202.40 (+7.5%)
|
-68.64
est: -38.83 (-76.8%)
|
-11.26
est: -21.53 (+47.7%)
|
-1.70
est: -1.82 (+6.3%)
|
-0.88
-1.01 – -0.75
+51.5% YoY
|
-0.63
-0.75 – -0.50
+29.0% YoY
|
-0.30
-0.38 – -0.22
+52.0% YoY
|
-0.10
-0.13 – -0.07
+66.7% YoY
|
0.15
0.11 – 0.19
+250.0% YoY
|
Historical Ratings (3M)
| Date | Rating | Overall | DCF | ROE | ROA | D/E | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
| 2026-05-11 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-08 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-07 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-06 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-05 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-04 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-05-01 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-04-30 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-04-29 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-04-28 | C | 2/5 | 1/5 | 1/5 | 1/5 | 3/5 | 1/5 | 3/5 |
| 2026-04-27 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-24 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-23 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-22 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-21 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-20 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-17 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
| 2026-04-16 | C- | 1/5 | 1/5 | 1/5 | 1/5 | 2/5 | 1/5 | 3/5 |
Owner Earnings
Owner's Earnings (history)
From
To
Owner alignment
Owner's Earnings TTM
-10.61M
OE per share TTM
-1.64
Owner's Yield
-123.71%
Maintenance CapEx ratio
—
Maint CapEx / Avg PPE
60.0%
Ownership Overview
Ownership breakdown
Ownership breakdown not available.
At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
2
Beneficial owners (>5%)
2
Beneficial owners (>5%)
Institutional Activity (13F)
Institutional ownership trend
Institutional history not available.
Top institutional holders
Top holders not available.
ETF Ownership
Top ETFs holding this stock
Held by 1 ETFs in our universe
| # | ETF | Weight | Est. AUM exposure | TER |
|---|---|---|---|---|
| 1 | Vanguard Extended Market ETF VXF | 0.00% | 48.4K | 0.05% |
Insider Activity
Insider Activity — Latest Quarter
Ratio by transactions
0.67
Neutral
Ratio by volume
0.85
Neutral
Buys
10
Sells
15
Shares acquired
434.9K
Shares disposed
511.0K
Cash buys
—
Cash sales
—
Net activity
-76,012
Insider buys vs sells (history)
From
To
Recent insider transactions
From
To
| Date | Person | Role | Transaction | A/D | Security | Shares | Price | Value | Owned after | D/I | Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-05-01 | Grawey Nathaniel A. | Officer | A-Award | A | Common stock | 68,201 | 0.00 | — | 243,584 | I | ↗ |
| 2026-05-01 | Geist Wyatt D. | Officer | A-Award | A | Common stock | 136,401 | 0.00 | — | 487,166 | I | ↗ |
| 2026-03-03 | Williamson Kevin | Officer | M-Exempt | A | Common Stock | 1,041 | 0.00 | — | 43,593 | D | ↗ |
| 2026-01-05 | Williamson Kevin | Director / Officer | F-InKind | D | Common Stock | 18,518 | 0.93 | 17.2K | 42,552 | D | ↗ |
| 2026-01-05 | WEIGLE ROBERT K | Director | F-InKind | D | Common Stock | 3,413 | 0.93 | 3.2K | 7,552 | D | ↗ |
| 2026-01-05 | Hochschuler Stephen | Director | F-InKind | D | Common Stock | 3,327 | 0.93 | 3.1K | 7,938 | D | ↗ |
| 2026-01-05 | HOWARD IVAN | Director | F-InKind | D | Common Stock | 3,327 | 0.93 | 3.1K | 8,462 | D | ↗ |
| 2026-01-05 | GINN RICHARD | Director / Officer | F-InKind | D | Common Stock | 47,426 | 0.93 | 44.1K | 85,589 | D | ↗ |
| 2026-01-01 | Williamson Kevin | Director / Officer | M-Exempt | D | Restricted Stock Units | 58,987 | 0.00 | — | 58,987 | D | ↗ |
| 2026-01-01 | WEIGLE ROBERT K | Director | M-Exempt | D | Restricted Stock Units | 10,732 | 0.00 | — | 10,732 | D | ↗ |
| 2026-01-01 | Jacques Kristine M | Director | M-Exempt | A | Common Stock | 583 | 0.00 | — | 10,729 | D | ↗ |
| 2026-01-01 | Hochschuler Stephen | Director | M-Exempt | D | Restricted Stock Units | 10,732 | 0.00 | — | 10,732 | D | ↗ |
| 2026-01-01 | HOWARD IVAN | Director | M-Exempt | A | Common Stock | 10,732 | 0.00 | — | 11,789 | D | ↗ |
| 2026-01-01 | GINN RICHARD | Director / Officer | M-Exempt | D | Restricted Stock Units | 126,577 | 0.00 | — | 126,577 | D | ↗ |
| 2026-01-01 | Ferrari Richard | Director | M-Exempt | A | Common Stock | 64,478 | 0.00 | — | 70,764 | D | ↗ |
| 2026-01-01 | FOSTER STEVEN M | Director / Officer | M-Exempt | D | Restricted Stock Units | 140,936 | 0.00 | — | 140,936 | D | ↗ |
| 2025-11-14 | Grawey Nathaniel A. | Officer | P-Purchase | A | Common Stock Purchase Warrant | 101,167 | 1.16 | 117.4K | 101,167 | D | ↗ |
| 2025-11-14 | Geist Wyatt D. | Officer | P-Purchase | A | Common stock | 19,455 | 0.00 | — | 157,569 | D | ↗ |
| 2025-11-14 | FOSTER STEVEN M | Director / Officer | P-Purchase | A | Common stock | 19,455 | 0.00 | — | 22,878 | D | ↗ |
| 2025-10-13 | Williamson Kevin | Director / Officer | A-Award | A | Restricted Stock Units | 117,974 | 0.00 | — | 117,974 | D | ↗ |
| 2025-10-13 | WEIGLE ROBERT K | Director | A-Award | A | Restricted Stock Units | 21,464 | 0.00 | — | 21,464 | D | ↗ |
| 2025-10-13 | Jacques Kristine M | Director | A-Award | A | Restricted Stock Units | 20,293 | 0.00 | — | 20,293 | D | ↗ |
| 2025-10-13 | Hochschuler Stephen | Director | A-Award | A | Restricted Stock Units | 21,464 | 0.00 | — | 21,464 | D | ↗ |
| 2025-10-13 | HOWARD IVAN | Director | A-Award | A | Restricted Stock Units | 21,464 | 0.00 | — | 21,464 | D | ↗ |
| 2025-10-13 | GINN RICHARD | Director / Officer | A-Award | A | Restricted Stock Units | 253,153 | 0.00 | — | 253,153 | D | ↗ |
| 2025-10-13 | Ferrari Richard | Director | A-Award | A | Restricted Stock Units | 128,957 | 0.00 | — | 128,957 | D | ↗ |
| 2025-10-13 | FOSTER STEVEN M | Director / Officer | A-Award | A | Restricted Stock Units | 281,872 | 0.00 | — | 281,872 | D | ↗ |
| 2025-09-03 | Williamson Kevin | Director / Officer | M-Exempt | D | Restricted Stock Units | 2,083 | 0.00 | — | 4,167 | D | ↗ |
| 2025-08-01 | Grawey Nathaniel A. | Officer | — | — | Common Stock | 0 | 0.00 | — | 138,114 | D | ↗ |
| 2025-08-01 | Geist Wyatt D. | Officer | — | — | Common Stock | 0 | 0.00 | — | 350,765 | I | ↗ |
| 2025-05-22 | WEIGLE ROBERT K | Director | M-Exempt | D | Restricted Stock Units | 78 | 0.00 | — | 0 | D | ↗ |
| 2025-05-22 | HOWARD IVAN | Director | M-Exempt | D | Restricted Stock Units | 78 | 0.00 | — | 0 | D | ↗ |
| 2024-11-05 | Williamson Kevin | Director / Officer | A-Award | A | Restricted Stock Units | 6,250 | 0.00 | — | 6,250 | D | ↗ |
| 2024-09-03 | Williamson Kevin | Officer | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2024-05-22 | WEIGLE ROBERT K | Director | M-Exempt | D | Restricted Stock Units | 78 | 0.00 | — | 78 | D | ↗ |
| 2024-05-22 | HOWARD IVAN | Director | M-Exempt | D | Restricted Stock Units | 78 | 0.00 | — | 78 | D | ↗ |
| 2024-05-08 | Jacques Kristine M | Director | A-Award | A | Restricted Stock Units | 1,750 | 0.00 | — | 1,750 | D | ↗ |
| 2024-03-25 | Jacques Kristine M | Director | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2023-12-31 | VAN DICK STEVEN M | Officer | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2023-12-31 | GINN RICHARD | Director / Officer | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2023-12-31 | FOSTER STEVEN M | Director / Officer | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2023-06-14 | VAN DICK STEVEN M | Officer | P-Purchase | A | Common Stock | 50,000 | 0.27 | 13.7K | 100,416 | — | ↗ |
| 2023-05-23 | GINN RICHARD | Director / Officer | S-Sale | D | Common Stock | 64,990 | 1.26 | 81.9K | 85,318 | — | ↗ |
| 2023-05-23 | FOSTER STEVEN M | Director / Officer | S-Sale | D | Common Stock | 27,791 | 1.26 | 35.0K | 44,686 | — | ↗ |
| 2023-05-22 | WEIGLE ROBERT K | Director | M-Exempt | A | Common Stock | 6,207 | 1.62 | 10.1K | 6,207 | — | ↗ |
| 2023-05-22 | VAN DICK STEVEN M | Officer | M-Exempt | A | Common Stock | 30,433 | 1.62 | 49.3K | 50,416 | — | ↗ |
| 2023-05-22 | Hochschuler Stephen | Director | M-Exempt | A | Common Stock | 6,207 | 1.62 | 10.1K | 25,907 | — | ↗ |
| 2023-05-22 | HOWARD IVAN | Director | M-Exempt | A | Common Stock | 6,207 | 1.62 | 10.1K | 72,125 | — | ↗ |
| 2023-05-22 | GINN RICHARD | Director / Officer | M-Exempt | A | Common Stock | 150,308 | 1.62 | 243.5K | 150,308 | — | ↗ |
| 2023-05-22 | Fischer Frank M | Director | M-Exempt | A | Common Stock | 6,207 | 1.62 | 10.1K | 6,207 | — | ↗ |
| 2023-05-22 | Ferrari Richard | Director | M-Exempt | A | Common Stock | 91,300 | 1.62 | 147.9K | 183,514 | — | ↗ |
| 2023-05-22 | FOSTER STEVEN M | Director / Officer | M-Exempt | A | Common Stock | 72,477 | 1.62 | 117.4K | 72,477 | — | ↗ |
| 2022-05-12 | Hochschuler Stephen | Director | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2022-05-12 | Fischer Frank M | Director | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2022-05-12 | Ferrari Richard | Director | — | — | — | 0 | 0.00 | — | 0 | — | ↗ |
| 2022-04-26 | Hochschuler Stephen | Director | — | I | Common Stock | 0 | 0.00 | — | 19,725 | — | ↗ |
| 2022-04-26 | Fischer Frank M | Director | — | D | Common Stock | 0 | 0.00 | — | 184,466 | — | ↗ |
| 2022-04-26 | Ferrari Richard | Director | — | I | Common Stock | 0 | 0.00 | — | 158,132 | — | ↗ |
| 2021-08-19 | Ferrari Richard | Director | — | D | Stock Options | 160,751 | 7.06 | 1.13M | 0 | — | ↗ |
| 2021-06-07 | Fischer Frank M | Director | — | D | Stock Options | 7,500 | 5.20 | 39.0K | 0 | — | ↗ |
| 2021-05-01 | Ferrari Richard | Director | — | D | Stock Options | 112,500 | 5.20 | 585.0K | 0 | — | ↗ |
| 2016-12-15 | Hochschuler Stephen | Director | — | D | Stock Options | 8,536 | 0.62 | 5.3K | 0 | — | ↗ |
| 2014-06-19 | Ferrari Richard | Director | — | I | Stock Options | 13,670 | 0.62 | 8.5K | 0 | — | ↗ |
Executive team
Top executives
EBIT / Employee
-4.7K
Shares Outstanding
7.39M
Executive compensation
Executive compensation (annual)
Executive compensation not available.
CEO compensation breakdown
No CEO compensation history available.
Proxy statements
Proxy statements (DEF 14A)
Recent SEC filings
Executive team
| Name | Title | Compensation | Gender |
|---|---|---|---|
| Steven Foster | Chief Executive Officer, President & Director | 400.0K | male |
| Kevin Williamson | CFO & Secretary | 315.0K | male |
| Richard Ginn | Founder, Chief Technology Officer, Chief Operating Officer & Director | 290.0K | male |
| Steve Moscaret | General Manager of Marketing & Sales Operation | — | male |
| Wyatt Drake Geist | Chief Innovation Officer | — | male |
| Wyatt Giest | Chief Innovation Officer | — | male |
| Nathaniel A. Grawey | Chief Commercial Officer | — | male |
| Richard Ferrari | Founder & Executive Chairman | — | male |
ESG Rating
ESG Score History MEDICAL - DEVICES
Benchmark vs Sector
Senate Trading Activity
No Senate trading activity found for this company.
House Trading Activity
No House trading activity found for this company.
Market share among peers
Peer comparison — filtered group (TTM)
Your opinion
Share your view on this stock and instantly see how the community has voted over the last 6 months.
Community Opinion for TNON
Short-term intention
Target Price Distribution
These are community opinions and do not constitute buy or sell advice to act on. The results shown are based on aggregated opinions and are not an investment recommendation, nor do they intend to influence any investment decision.
