Perimeter Medical Imaging AI (PINK) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $550,269, up 460% year-over-year, driven by consumables, warranty programs, and the first capital unit sale.

• Commercial momentum continued into Q2, with billings surpassing $1 million in the first four months of 2025.

• Expanded into three new states and increased device placements, now approaching 20 across the U.S.

• Advanced B-Series OCT with ImgAssist AI 2.0, with pivotal trial meeting primary endpoints and FDA PMA submission underway.

• Significant increase in case volumes, up 160% year-over-year and 15% sequentially.

Financial highlights

• Q1 2025 revenue was $550,269, a 460% increase over Q1 2024, with growth from recurring consumables, capital equipment, and warranty programs.

• Operating expenses for Q1 2025 were $4.6 million, flat year-over-year.

• Net loss for Q1 2025 was $4.3 million ($0.05 per share), compared to $2.1 million ($0.03 per share) in Q1 2024.

• Cash used in operations was $3.8 million in Q1 2025; cash and equivalents at quarter-end were $2.4 million, excluding a $931,000 grant receivable.

• Billings for 2025 (first four months) exceeded $1 million, compared to $846,000 for all of 2024.

Outlook and guidance

• Additional capital is needed to execute growth strategy; a preliminary prospectus for an offering has been filed.

• FDA clearance for B-Series would enable full commercial launch and broader U.S. market penetration.

• Management expects positive momentum to continue into Q2 2025, with ongoing commercial milestones and regulatory progress for B-Series.

• 2024 described as a transition year, 2025 as preparation, and 2026 as the go-to-market phase.

• Plans to publish pivotal trial results for B-Series in peer-reviewed journals.