Perimeter estimates Q2 2025 revenue of $500,000 (U.S.)

Mr. Adrian Mendes reports PERIMETER ANNOUNCES PRELIMINARY UNAUDITED REVENUES FOR THE 2025 SECOND QUARTER; REDUCES OPERATING COSTS BY ~30% AS COMPANY FOCUSES ON COMMERCIAL SALES PIPELINE AND GROWTH OPPORTUNITIES Perimeter Medical Imaging AI Inc. has released its preliminary unaudited revenue results for the second quarter ended June 30, 2025, made senior management changes and created of a Perimeter industry advisory board (IAB). Preliminary unaudited second quarter 2025 revenue Unless otherwise indicated, all amounts in this news release are expressed in U.S. dollars. Perimeter anticipates total revenue for the second quarter of 2025 to be approximately $500,000, representing year-over-year growth of approximately 100 per cent. Sequentially, the company expects that greater-than-35-per-cent procedure growth will result in over-50-per-cent recurring revenue growth in Q2 (second quarter) 2025 compared with Q1 (first quarter) 2025. This was primarily driven by stronger current Perimeter S-Series system utilization, with significantly more interoperative OTC imaging procedures performed by existing surgeon users and at a higher price per procedure. For the six-month period ended June 30, 2025, total revenue is expected to be approximately $1.0-million, compared with $345,000 in the six-month period ended June 30, 2024, and $846,000 for the full year ended Dec. 31, 2024. Gross margin is expected to be approximately 69 per cent for the second quarter and 61 per cent for the six-month period ended June 30, 2025, respectively. "We are excited that the growing adoption, both in terms of new system placements and increased current device utilization, we saw during the first three months of the year continued through the second quarter," commented Adrian Mendes, Perimeter's chief executive officer. "To put that into perspective, six-month 2025 revenue alone is estimated to surpass revenues for all of 2024. Now, as our sales pipeline continues to build and with the premarket approval application for our next-generation Perimeter B-Series under review with the FDA, we anticipate a continuation of strong growth moving forward." Further, Perimeter advised that it expects initial savings from its cost control efforts will result in an approximately 30-per-cent reduction in total operating costs, starting in Q3 (third quarter) 2025. These figures are preliminary and unaudited, and actual revenue may differ. Perimeter is providing this information due to planned investment community meetings to be held ahead of its Q2 2025 financial results release and conference call later this month. Leadership changes Perimeter announced today the appointments of Abbey Goodman as vice-president, sales, and Paolo DiPasquale as vice-president, corporate development, in a move designed to further position the company for continued sales success and growth. Ms. Goodman brings over 20 years of medical device sales experience, most recently serving as Profound Medical's global chief commercial officer. Prior to joining Profound, she progressed through a variety of senior sales leadership roles with Hologic, Novadaq Technologies, Covidien (now Medtronic) and DePuy Mitek. Ms. Goodman earned a BS in biological engineering from Louisiana State University. Mr. DiPasquale brings a unique perspective as someone who has over 17 years of experience in the United States and Canadian capital markets across equity research, institutional equity and investment banking at Canaccord Genuity and Stephens. Most recently, he served as chief strategy officer of a gaming and marketing company, where he managed its successful capital raising strategy and go-public process on the Nasdaq Stock Market. Mr. DiPasquale is a graduate of Duquesne University with two majors: a BSc in finance and a BSc in investment management. In addition, Perimeter announced that Tom Boon has recently retired as Perimeter's chief operating officer. Mr. Boon will continue to help guide the company's commercial strategy through his membership on Perimeter's newly formed IAB (please see below). "We are excited to welcome Abbey and Paolo to the Perimeter team. They bring deep expertise and leadership that will be critical as we advance our business," said Mr. Mendes. "At the same time, we want to thank Tom for his outstanding leadership and contributions to Perimeter. We look forward to continuing to work with him in his new capacity on our IAB." Creation of Perimeter industry advisory board Perimeter also announces the creation of an IAB to support the company's growth strategies across all products, channels and geographies. Chairing the IAB will be Diana Chan, managing director of BridgeGap Solutions Group. With over 20 years of experience in the medical device industry, Ms. Chan is a seasoned marketing leader dedicated to driving growth and innovation. She played a key role in MOLLI Surgical's journey, from building its brand presence and implementing growth strategies to its successful exit after three years of commercialization through its acquisition by Stryker Corp. Currently, she provides advisory and mentorship in the medtech space through BridgeGap Solutions Group, a consultancy she founded to support organizations with limited resources in business and market development. Prior to MOLLI Surgical, she held executive positions at Medtronic, Bard and Fresenius Medical Care. Ms. Chan received a BA in administrative and commercial studies from Western University, and an MBA from the University of Notre Dame. The full mandate and initial composition of the IAB will be announced at a later date. Conference call Perimeter will release its second quarter 2025 financial and operating results after the market close on Aug. , 2025. Following the announcement, the company will host a conference call and live audio webcast at 5 p.m. Eastern Time to discuss the results and provide a corporate update. To participate in the call, please dial 1-800-717-1738 or 1-646-307-1865. The conference call will also be broadcast live on-line through a listen-only webcast, which will be posted on the investors section of the company's website and archived for approximately 90 days. About Perimeter Medical Imaging AI Inc. Based in Toronto, Canada, and Dallas, Tex., Perimeter Medical Imaging AI is a medical technology company driven to transform cancer surgery with ultrahigh-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. Available across the United States, the company's U.S. Food and Drug Administration-cleared (FDA) Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level. The breakthrough-device-designated investigational Perimeter B-Series OCT with ImgAssist AI represents the company's next-generation artificial intelligence technology that has recently been evaluated in a pivotal clinical trial, with support from a grant of up to $7.4-million awarded by the Cancer Prevention and Research Institute of Texas. The company's ticker symbol, PINK, is a reference to the pink ribbons used during breast cancer awareness month. Perimeter B-Series OCT is limited by U.S. law to investigational use and not available for sale in the United States. Perimeter S-Series OCT has 510(k) clearance under a general indication and has not been evaluated by the U.S. FDA specifically for use in breast tissue, breast cancer, other types of cancer, margin evaluation and reducing re-excision rates. The safety and effectiveness of these uses have not been established. We seek Safe Harbor.