Perimeter Medical Imaging AI Announces Second Quarter 2025 Financial Results

Executive Summary

• Perimeter Medical Imaging AI reported second quarter 2025 financial results, highlighting a 105% year-over-year increase in revenue to $506,000, driven by strong commercial traction of its FDA-cleared Perimeter S-Series device.
• The company announced the completion of a prospectus offering, issuing a total of 17,849,468 units for aggregate gross proceeds of approximately $3.8 million, including a significant purchase by CEO Adrian Mendes.
• Operational updates include the successful completion of a pivotal trial for the next-generation Perimeter B-Series device, which met its primary endpoint, and the launch of a new data registry to support AI development.

Key Details

• Q2 2025 Revenue: $506,000, representing a 105% increase compared to Q2 2024.
• H1 2025 Revenue: $1.1 million, which is 25% higher than the total revenue for all of 2024.
• Gross Margin: 70% for Q2 2025, essentially unchanged from the same period in 2024.
• Operating Expenses: Approximately $4.3 million for Q2 2025, a 22% reduction from $5.5 million in Q2 2024. Management expects an additional ~30% reduction in total operating costs starting in Q3 2025.
• Net Loss: Approximately $3.9 million ($0.04 per common share) for Q2 2025, compared to a net loss of $3.2 million ($0.05 per common share) in Q2 2024.
• Cash Position: Approximately $1.4 million as of June 30, 2025. This figure excludes $1.6 million in gross proceeds from the July 29, 2025 closing of the offering and a $745,000 CPRIT grant receivable.
• Device Utilization: Surgeons have imaged over 3,000 patients to-date using the Perimeter S-Series. Q2 case volumes increased 93% year-over-year and 35% sequentially.
• Commercial Expansions: New deployments announced for HonorHealth (Arizona) and Medical City Dallas Hospital.
• Perimeter B-Series Trial Results: The pivotal trial for intraoperative margin assessment during breast-conserving surgery (BCS) met its primary endpoint with a statistically significant reduction in residual cancer (p-value = 0.0050), demonstrating super-superiority compared to standard-of-care.
• Regulatory Status: The FDA is continuing substantive review of the Premarket Approval (PMA) application for the Perimeter B-Series.
• Partnerships & Data: Entered a Development Support Agreement with Intermountain Health in May 2025; launched the OCT-Tissue Surveillance Registry in June 2025 to collect surgical data for AI model enhancement.
• Financing Details:
  • Total Units Issued: 17,849,468 Units.
  • Offering Price: C$0.30 per Unit.
  • Tranche 1 (June 2025): 10,432,801 Units for ~$2.2 million (C$3.1 million).
  • Tranche 2 (July 2025): 7,416,667 Units for ~$1.6 million (C$2.2 million).
  • CEO Purchase: Adrian Mendes purchased 3,333,334 Units.

Notable Quotes

• "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 FDA's substantive review," commented Mr. Mendes. "Moving forward, we remain focused on aggressively executing our growth strategy while cognizant of managing our resources."