Perimeter Medical Imaging AI reports Q4 and year-end 2023 results

Perimeter Medical Imaging AI, Inc. reported financial results for the quarter and year ended December 31, 2023 and provided a corporate update.

Adrian Mendes, Perimeter’s Chief Executive Officer stated, “Reflecting on 2023, I am proud of the considerable progress made since I joined the company mid-year. After conducting a thorough analysis of the business, we focused on four main areas of improvement: strengthening the company’s infrastructure to support our planned growth; redeploying clinical education resources to support commercial activities; developing clear roadmaps for our next-gen AI and non-AI products; and accelerating our clinical development plans. In particular, we successfully implemented an enhanced AI algorithm in our ongoing clinical trial evaluating Perimeter’s proprietary, investigational B-Series OCT imaging technology combined with “ImgAssist,” an AI-driven clinical decision support system created to enhance productivity and decision making in breast cancer surgery margin assessment.”

Mendes continued, “As we enter 2024, patient enrollment is outpacing our original projections for our pivotal clinical trial. We continue to execute on our go-to-market strategy to ‘seed the market’ by adding surgeon champions and reference sites for our S-Series OCT technology, in support of our goal to broaden the user base after our proprietary AI is approved in a breast cancer indication. In addition, our pipeline of product innovations is growing, with several new product introductions and AI enhancements anticipated this year. This is an exciting time at Perimeter, as we solidify our position in our first market, expand our product portfolio and explore opportunities for market expansion, including additional cancer indications.”

2023 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. The Company changed its presentation currency from Canadian dollars to United States dollars in 2022. The change in presentation currency was made to improve investors’ ability to compare the Company’s financial results with other publicly traded businesses in the industry. In making the change to a US dollar presentation currency, the Company followed the guidance in IAS 21, The Effects of Changes in Foreign Exchange Rates and has applied the change retrospectively to all prior periods as if the new presentation currency had always been the Company’s presentation currency.

Operating expenses for the year ended December 31, 2023 were $16,707,779 compared to $16,455,172 the previous year.

For the year ended December 31, 2023, the net loss was $14,035,994 compared to $9,906,110 in the prior year.

For the year ended December 31, 2023, cash used in operating activities was $14,696,253.

As of December 31, 2023, cash and cash equivalents were $13,980,176.
MB Bureau