Perimeter Medical Imaging AI (PINK) Q3 2024 earnings summary

Executive summary

• Commercial traction continues for S-Series OCT, with 14 devices in use in the U.S. as of Q3 2024 and eight new placements year-to-date versus three in all of 2023.

• Advanced development and completed patient enrollment for next-generation B-Series OCT with proprietary AI, targeting U.S. commercialization.

• Recognized first revenue from service contracts via multi-year Equipment Service Plan warranties.

• The B-Series aims to address unmet needs in intraoperative margin assessment, potentially reducing re-excision rates in breast cancer surgery.

Financial highlights

• Q3 2024 revenue was $208,000, up 142% year-over-year, driven by S-Series OCT adoption, consumables, system leases, and service contracts.

• Operating expenses for Q3 2024 were approximately $4.5 million, unchanged year-over-year.

• Net loss for Q3 2024 was approximately $4.6 million ($0.07 per share), up from $345,000 ($0.01 per share) in Q3 2023, mainly due to non-cash finance and FX expenses.

• Cash used in operating activities for the nine months ended September 30, 2024, was $11.6 million, compared to $10.6 million in the prior year period.

• Cash and cash equivalents at quarter-end were approximately $9.5 million, excluding recent private placement proceeds and a $1.9 million CPRIT grant receivable.

Outlook and guidance

• Anticipates release of pivotal trial primary endpoint data for B-Series OCT with Image Assist AI in the near term, which could be a key inflection point for growth.

• Plans to submit for FDA authorization of the B-Series in early 2025, with commercial launch contingent on approval.

• Preparing go-to-market strategies and scaling commercial resources to align with expected FDA timelines.