Perimeter Medical Imaging AI, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Perimeter Medical Q2 2024 conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, August 13, 2024. I would now like to turn the conference over to Stephen Kilmer, Investor Relations. Please go ahead.

Thank you. Good afternoon, everyone. Let me start out by pointing out that this conference call will include forward-looking statements within the meaning of applicable securities laws. These may include statements regarding the future financial position, business strategy and strategic goals, commercial activities and timing, competitive conditions, research and development activities, projected costs and capital expenditures, research and clinical testing outcomes, the potential benefits of our products, including perimeter S-series OCT, perimeter B-series OCT, and perimeter image assist, perimeter's ability to broaden its user base and the expected approval of its proprietary AI, expectations regarding new products and the timing thereof, and expectations regarding opportunities for market expansion. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time to time in our public filings and press releases, which are posted on cedar.ca, cedarplus.ca, sorry. Our results may differ materially from those projected on today's call. No forward-looking statement can be guaranteed. Premier Ryder takes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. other than is required by law. For the benefit of those who are new to the Perimeter story, I would also like to take a moment to summarize our business. We are a medical technology company working to transform cancer surgery with ultra-high resolution, real-time advanced imaging tools to address areas of high unmet medical needs. Our FDA-cleared Perimeter S-series OCT system provides real-time cross-sectional visualization of excised tissues at the cellular level. Our breakthrough device designated investigational perimeter B series OCT with image assist AI represents our next generation artificial intelligence technology. B series OCT with image assist AI is currently being evaluated in an ongoing pivotal clinical trial in breast conserving cancer surgeries. On the call representing the company are Adrian Mendez, perimeter's chief executive officer, Andrew Berkley, Perimeter's Chief Innovation Officer, and Sarah Breen, the company's Chief Financial Officer. With that said, I'll now turn the call over to Sarah.

Thank you, Steve. Good afternoon, everyone, and welcome to our second quarter 2024 conference call. On behalf of the management team and everyone at Perimeter, I would like to thank you for your ongoing interest in our company. For those of you who are shareholders, we appreciate your continued interest and support. I will turn the call over to Adrienne in a moment for an update on our strategic plans and commercial activities. However, before I do, I'd like to provide a brief update on our Q2 24 financial results. To streamline things, all of our numbers we refer to today have been rounded, so they are approximate. We also report in U.S. dollars. For the three-month period ending June 30, 2024, the company recorded revenue of $246,000. That consisted of the sale of consumables and system leases. For the first time, we entered into an equipment service plan warranty program with two customers, which includes annual preventive maintenance for the OCT equipment. The total contract value was approximately $139,000 and will be recognized over the three-year term of the contract as services are rendered starting next quarter. Operating expenses for the second quarter were approximately $5.5 million compared to approximately $3.4 million for the same period in 2023. Second quarter 2024 net loss improved 35% to approximately $3.2 million or $0.05 per common share compared to $4.9 million or $0.08 per common share, and the three months ended June 30th, 2023. Cash used in operating activities in the three months ended June 30, 2024, was approximately $7.5 million, relatively flat compared to approximately $7.2 million in Q2, 2023. As of June 30, 2024, cash and cash equivalents were approximately $6.5 million. This amount does not include a SEPA grant receivable of approximately $1.8 million. as of the end of the quarter 2024. With that, I'll now turn over the call to Adrian. Adrian?