Perimeter Medical Imaging AI Reports Report First Quarter 2024 Financial Results and Provides Corporate Update
Conference Call/Webcast Today at
- Perimeter continues its commercial expansion efforts and, year to date, has completed placements of its flagship Perimeter S-Series OCT system at three new hospital sites, including two additional follow-on placements in
North Texas within a leading national healthcare system, and one placement within a new healthcare network. - In
February 2024 , researchers from theUniversity of Texas Health Science Center andThe University of Texas MD Anderson Cancer Center published results from a new study in the Annals of Surgical Oncology. The study data demonstrated that high reoperation rates after breast-conserving surgery persist (ranging from 15% to 21%, and as high as 40% in some cohorts) and are correlated with elevated risks and adverse outcomes for patients and underscore the need for new approaches to address high operation rates and better methods of margin assessment for surgeons. Funding to support this research was provided, in part, by Perimeter. - In
February 2024 , Perimeter announced results demonstrating its proprietary AI algorithm combined with OCT identified 96.8% of pathology-positive margins in a peer reviewed retrospective study. These results highlight the clinical viability of AI-enhanced margin visualization using OCT in breast cancer surgery and its potential to decrease reoperation rates due to residual tumors. - Perimeter exceeded its goal of reaching sufficient patient enrollment numbers to conduct an interim analysis by the second quarter of this year within its ongoing pivotal clinical trial, which is evaluating the use of its proprietary AI technology combined with OCT during breast-conserving surgeries. With patient enrollment tracking significantly ahead of modeled expectations and now anticipated to be complete in early Q4, the Company has opted to forego an interim analysis, pending regulatory approval, and focus its efforts on expediting full enrollment in the study. Perimeter has a high degree of confidence that this pathway not only allows for the strongest data package to support regulatory submissions for commercial approval but is the most capital- and resource-efficient option.
All of the amounts are expressed in
Operating expenses for the three months ended
For the three months ended
For the three months ended
As of
For detailed financial results, please refer to Perimeter's filings on SEDAR+ and the Company's website.
The Company will host a conference call and live audio webcast today at
Based in
Perimeter B-Series OCT is limited by
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This news release contains statements that constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. In this news release, words such as "may," "would," "could," "will," "likely," "believe," "expect," "anticipate," "intend," "plan," "estimate," and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking information may relate to management's future outlook and anticipated events or results and may include statements or information regarding the future financial position, business strategy and strategic goals, competitive conditions, research and development activities, projected costs and capital expenditures, research and clinical testing outcomes, taxes and plans and objectives of, or involving, Perimeter. Without limitation, information regarding the potential benefits of Perimeter S-Series OCT and Perimeter B-Series OCT, the expected benefits of Perimeter's updated version of its ImgAssist AI, the expected timing of the completion of full enrollment in Perimeter's clinical trial, Perimeter's expectations regarding the outcomes of the clinical trial, and the timing of Perimeter's earnings call, are forward-looking information. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, any particular result will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions, and other unpredictable factors, many of which are beyond Perimeter's control. Such forward-looking statements reflect Perimeter's current view with respect to future events, but are inherently subject to significant medical, scientific, business, economic, competitive, political, and social uncertainties and contingencies. In making forward-looking statements, Perimeter may make various material assumptions, including but not limited to (i) the accuracy of Perimeter's financial projections; (ii) obtaining positive results from trials; (iii) obtaining necessary regulatory approvals; and (iv) general business, market, and economic conditions. Further risks, uncertainties and assumptions include, but are not limited to, those applicable to Perimeter and described in Perimeter's Management Discussion and Analysis for the year ended
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