Perimeter Medical Imaging AI Announces Second Quarter 2025 Financial Results
Conference Call/Webcast Today at
Business Highlights
Current Perimeter S-Series OCT ("Perimeter S-Series") Device
- The Company continues to gain significant positive commercial market traction with its first
U.S. Food and Drug Administration ("FDA")-cleared product, Perimeter S-Series:- Q2-2025 revenue of
$506,000 , up 105% over Q2-2024. - Revenue for the first six months of 2025 was
$1.1 million , 25% higher than total revenue for all of 2024. - Utilization of existing Perimeter S-Series devices continues to increase, with surgeons now having imaged over 3,000 patients to-date. This further demonstrates surgeon demand for the technology's unique ability to enable interoperative margin imaging at the cellular level. Second quarter case volumes increased 93% year-over-year and 35% sequentially quarter-over-quarter.
- Perimeter's installed base is also growing strongly. Since the start of the second quarter, the Company announced that
HonorHealth , a leading healthcare system serving more than 5 million people in the greaterPhoenix andScottsdale areas, was the first inArizona to deploy the Perimeter S-Series device, andMedical City Dallas Hospital , an award-winning 899-bed acute care hospital in theDallas-Fort Worth area, also adopted the technology.
- Q2-2025 revenue of
Upcoming Perimeter B-Series OCT with ImgAssist AI ("Perimeter B-Series") Device
- The Company also continues to advance the development of its next-generation Perimeter B-Series, which combines proprietary AI technology with OCT, toward potential commercialization.
- In
May 2025 , detailed results from the pivotal trial evaluating the use of Perimeter B-Series for intraoperative margin assessment during BCS were presented during the scientific session of the 26th Annual Meeting of theAmerican Society of Breast Surgeons ("ASBrS"). As previously announced, the pivotal trial met its primary endpoint with statistically significant reduction in patients with residual cancer during surgery (p-value = 0.0050) and demonstrated super-superiority compared to standard-of-care alone. Among other positive findings, the ASBrS presentation highlighted that use of Perimeter B-Series has the potential to change the current paradigm by empowering surgeons to identify regions of interest, enhance real-time intraoperative decision-making, and potentially reduce the incidence of re-excision due to unaddressed residual disease following lumpectomy. - Also in
May 2025 , Perimeter entered into a Development Support Agreement withSalt Lake City -basedIntermountain Health , the largest nonprofit health system in theIntermountain West . This agreement creates the framework for the two organizations to partner on a number of future studies evaluating the potential value of using Perimeter's OCT and collecting additional data to support the continued development of the Company's AI algorithms. - In June, the Company announced the launch of the OCT-Tissue Surveillance Registry, a database that aims to collect thousands of images and data from surgical procedures performed using its wide-field OCT imaging technology. Perimeter will use the registry to inform future product development and continually enhance the AI deep-learning model for its investigational next-generation technology.
- Today, Perimeter continues to work closely with the FDA as the Agency continues its substantive review of the Company's Premarket Approval (PMA) application for the Perimeter B-Series.
Corporate
- In
June 2025 , Perimeter announced that it had closed the initial tranche of its previously announced prospectus offering (the "Offering") of units of the Company (the "Units"). The Company issued an aggregate of aggregate of 10,432,801 Units at a price ofC$0.30 per Unit (the "Offering Price") for aggregate gross proceeds of approximately$2.2 million (C$3.1 million ). InJuly 2025 , Perimeter announced the second and final closing of the Offering, issuing an aggregate of 7,416,667 Units at the Offering Price for aggregate gross proceeds of approximately$1.6 million (C$2.2 million ). Inclusive of the closing of both the first and second tranches, the Company issued 17,849,468 Units pursuant to the Offering, of which its Chief Executive Officer,Adrian Mendes , purchased a total of 3,333,334 Units.
"As energized as we are by the strong business momentum that continued through the second quarter, in many ways, we are even more excited by the tremendous opportunities that we see ahead as our current Perimeter S-Series sales pipeline continues to build, and the PMA application for our next-generation Perimeter B-Series advances through the
Summary Second Quarter 2025 Financial Results
Perimeter reported second quarter 2025 revenues of approximately
Gross margin for the second quarter of 2025 was 70%, essentially unchanged from the same period in 2024.
Operating expenses for the three months ended
Second quarter 2025 net loss was approximately
As of
For detailed financial results, please refer to Perimeter's filings on SEDAR+ and the Company's website.
Conference Call
The Company will host a conference call and live audio webcast today at
About
Based in
Perimeter B-Series OCT is not available for sale in
Neither the
Forward-Looking Statements
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 management's views regarding the second quarter, the potential benefits of Perimeter S-Series OCT and Perimeter B-Series OCT and the expected benefits of Perimeter's updated version of its ImgAssist AI 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 and Annual Information Form for the year ended
CONTACTS:
Investor Relations
Direct: 647-872-4849
Email: skilmer@perimetermed.com
Chief Executive Officer
Toll-free: 888-988-7465 (PINK)
Email: investors@perimetermed.com
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