Perimeter Medical Imaging AI Inc. (TSXV: PINK, OTCQX: PYNKF), a commercial-stage medical technology firm specializing in advanced optical coherence tomography (OCT) imaging tools for breast cancer surgery, has reported a 105% year-on-year increase in second-quarter revenue alongside a significant clinical and leadership milestone. The Canadian-American medtech company has appointed renowned surgical oncologist Dr. Ted James as its new Chief Medical Officer (CMO), strengthening its clinical strategy as it pushes toward regulatory approval of its AI-enabled Perimeter B-Series platform.
Perimeter’s revenue for Q2 2025 came in at approximately US$506,000, supported by expanding demand for its flagship Perimeter S-Series system, which enables real-time, cellular-level margin assessment during surgery. In parallel, the firm is making headway with its next-generation, AI-powered Perimeter B-Series, which recently delivered pivotal trial results demonstrating super-superiority over standard of care in breast-conserving surgery.
Dr. James, formerly Director of the Breast Center at Beth Israel Deaconess Medical Center and Associate Professor at Harvard Medical School, has joined Perimeter in a fractional executive role to guide medical strategy. His experience spans clinical innovation, academic leadership, and health system integration—bringing credibility to the firm’s FDA-facing pipeline as the review of its premarket approval (PMA) application progresses.
How is Perimeter Medical Imaging AI scaling commercial adoption with its FDA-cleared S-Series OCT?
The foundation of Perimeter’s current revenue growth is its FDA-cleared Perimeter S-Series OCT device, designed to help surgeons visualize excised tissue in real time during oncologic surgeries. In Q2 2025, the firm generated over US$500,000 in revenue, doubling its Q2 2024 performance. First-half revenue reached US$1.1 million, already exceeding full-year 2024 totals by 25%.
This growth reflects not only new deployments but also increased utilization of existing systems. As of June, surgeons had imaged over 3,000 patients using the platform. Sequential case volumes rose 35% over Q1 2025 and 93% compared to the same quarter last year.
New installations at high-profile institutions such as HonorHealth in Arizona and Medical City Dallas Hospital point to momentum in large-scale hospital settings. Analysts noted this is critical validation in a competitive imaging market that often sees promising technologies stall at the pilot stage.
What do the pivotal trial results for the B-Series platform signal for Perimeter’s regulatory and clinical strategy?
In May 2025, Perimeter presented pivotal trial results for its investigational B-Series device at the Annual Meeting of the American Society of Breast Surgeons. The B-Series, which integrates proprietary artificial intelligence with OCT, demonstrated statistically significant reductions in residual cancer rates during lumpectomy (p = 0.0050) and confirmed its ability to outperform standard-of-care techniques.
According to institutional observers, these results mark a meaningful inflection point. The B-Series showed potential to reduce re-excision surgeries by enabling more precise intraoperative decisions, which could significantly alter clinical workflows in breast-conserving procedures. The device was granted Breakthrough Device Designation by the FDA and is currently under substantive review for PMA clearance.
Perimeter is also working with Intermountain Health, the largest nonprofit health system in the Intermountain West, under a development support agreement that will facilitate data collection, validation, and co-development of studies to further support the AI algorithm’s evolution.
What is the strategic significance of Dr. Ted James’ appointment as Chief Medical Officer?
Dr. Ted James brings a dual lens of clinical practice and institutional leadership to Perimeter’s executive team. Most recently, he served as Chief of Breast Surgical Oncology at Beth Israel Deaconess Medical Center and held academic appointments at Harvard Medical School. In his current role as System Physician Executive at Endeavor Health Cancer Institute, Dr. James continues to influence multidisciplinary cancer care across large health networks.
He noted that margin assessment has long posed challenges in breast cancer surgery and emphasized his enthusiasm for Perimeter’s practical application in real-time surgical contexts. His presence is expected to support physician adoption and clinical validation efforts, while reinforcing Perimeter’s value proposition to hospital systems and payers.
CEO Adrian Mendes described Dr. James as a strategic asset, highlighting his rare combination of research leadership, hands-on clinical experience, and operational understanding of healthcare delivery.
How is Perimeter Medical Imaging AI leveraging data assets and AI to strengthen its product pipeline?
Beyond regulatory milestones, Perimeter is now building a rich database to train and improve its AI model. In June 2025, the firm launched the OCT-Tissue Surveillance Registry to gather high-resolution surgical imaging data. This initiative is expected to help optimize Perimeter’s deep learning models, enable future product enhancements, and support post-market studies for real-world validation.
Such data-centric infrastructure investments are viewed by institutional stakeholders as foundational for long-term defensibility and differentiation in the surgical imaging market.
What is Perimeter’s financial position after the recent offering and CPRIT reimbursement milestone?
While revenue grew significantly in Q2, Perimeter also took steps to strengthen its capital position. In June and July 2025, the firm completed a two-tranche prospectus offering of 17.8 million units, raising approximately C$3.8 million (about US$2.9 million) in gross proceeds. The units were priced at C$0.30 each. Notably, CEO Adrian Mendes participated in the offering, purchasing over 3.3 million units.
At the end of June, the firm held US$1.4 million in cash. However, this figure excludes the second tranche proceeds as well as an expected US$745,000 reimbursement under its grant from the Cancer Prevention and Research Institute of Texas (CPRIT) for pivotal trial expenses.
Operating expenses were trimmed to US$4.3 million for the quarter, a 22% improvement year-over-year. Perimeter projects further cost reductions in Q3 2025 as cost-control measures continue to materialize. Net loss for the period stood at US$3.9 million, or US$0.04 per share.
How are institutional investors interpreting Perimeter’s Q2 performance and strategic direction?
Sentiment among institutional investors appears cautiously optimistic. The doubling of Q2 revenue, successful trial readouts, and PMA progress for the B-Series offer a compelling growth narrative. However, the recurring net losses and relatively modest top-line base are also drawing scrutiny.
The strong hospital adoption signals early clinical validation, and the addition of Dr. James is being interpreted as a credible step toward deeper market penetration. Analysts suggest that as the company executes on commercialization of the B-Series—pending FDA approval—it could begin to transition from a high-risk medtech innovator to a revenue-generating surgical imaging platform.
Public market activity remains thinly traded, but buy-side interest is expected to rise if the PMA is granted and reimbursement pathways improve.
What does the outlook for the remainder of 2025 look like for Perimeter and its imaging platform?
Perimeter’s leadership expects the rest of 2025 to focus on driving adoption of the S-Series system, supporting the FDA review of the B-Series PMA, and continuing to collect AI-enriching imaging data through the registry initiative.
With clinical traction accelerating, additional hospital deployments expected, and regulatory catalysts on the horizon, the firm appears poised for a potential inflection point. Analysts believe that demonstrating economic benefits—such as reduced reoperations and surgical efficiencies—will be key to scaling adoption.
The market will likely monitor future operating cost trends closely, especially given Perimeter’s goal of reducing total expenses by 30% in Q3. Execution on cost discipline and regulatory progress could meaningfully de-risk the story heading into 2026.
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