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Perimeter Medical Imaging AI reports Q1 2024 financial results

Perimeter Medical Imaging AI reported financial results for its first quarter ended March 31, 2024 and provided a corporate update.

Adrian Mendes, Perimeter’s Chief Executive Officer stated, “This past quarter we saw significant momentum in the clinical development side of our business. We are enrolling patients at a much higher rate than anticipated in our ongoing pivotal clinical trial, which is evaluating the use of our proprietary B-Series OCT with ImgAssist AI during breast-conserving surgeries. Due to the speed of enrollment, we have opted to forego the interim analysis, pending regulatory approval, and will focus our efforts on expediting full enrollment in the study, now anticipated in early Q4. We have a high degree of confidence that this pathway not only allows for the strongest data package for regulatory submissions to support potential commercial approval, but it is also the most capital- and resource-efficient option.”

Mendes continued, “Our commercial team is also seeing growing market traction as they work to establish Perimeter S-Series OCT as a preferred technology for margin visualization in the OR. We successfully completed three S-Series placements year to date, including two additional previously unannounced placements, one within a current national healthcare network customer and one within a new healthcare network, showing our ability to expand our customer footprint. We fielded substantial interest from our demos and interactions at the recent ASBrS conference. In addition, we are seeing the power of peer-based recommendations, as current surgeon champions, who are already using Perimeter’s technology in their operating rooms, are referring their colleagues to our sales team.”

First quarter 2024 financial results
All of the amounts are expressed in U.S. dollars unless otherwise indicated and are presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Operating expenses for the three months ended March 31, 2024 were $4,704,125 compared to $3,833,017 for the same period in 2023.

For the three months ended March 31, 2024, net loss decreased to $2,121,701 compared to $3,259,459 for the same period in 2023.

For the three months ended March 31, 2024, cash used in operating activities was $3,566,489.

As of March 31, 2024, cash and cash equivalents were $10,625,034. This amount does not include a Cancer Prevention and Research Institute of Texas (CPRIT) grant receivable of $1,407,555 as of March 31, 2024, which is related to the reimbursement of pivotal clinical trial project costs.
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