Perimeter Medical Imaging AI, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Perimeter Medical 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, March 26, 2025. I would now like to turn the conference over to Stephen Kilmer, Investor Relations. Thank you. Please go ahead.

Thank you. Good afternoon, everyone. Let me start by pointing out that this conference call will include four linking statements within the meeting 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 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 CDER+. Our results may differ materially from those projected on today's call. No forward-looking statement can be guaranteed. Perimeter undertakes 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 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 need. We are currently commercializing our FDA-cleared perimeter S-series OCT system, which provides real-time cross-sectional visualization of excised tissues at the cellular level. Our breakthrough device-designated investigational perimeter B-series OCT system, which combines our proprietary image-assist artificial intelligence technology with wide-field optical coherence tomography, represents our next-generation device. As we will discuss in more detail today, B-series OCT with image-assist AI 2.0 has been evaluated in a pivotal clinical trial in breast-conserving cancer surgeries, or BCS. On the call representing the company are Adrian Mendez, Perimeter's Chief Executive Officer, and Sarah Bryan, 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 fourth quarter and full year 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. However, before I do, I'd like to provide a brief update on our financial results. To streamline things, all the numbers we will refer to have been rounded, so they are approximate and also reported in US dollars. For the three-month period ending December 31, 2024, the company recorded revenue of $293,000. which consisted of the sale of consumables and system leases, as well as from the sale of ESP warranty programs. That represented a 303% increase over Q4 2023. Operating expenses for the fourth quarter were approximately 4.7 million, down 6% from the same period in 2023. Fourth quarter 2024 net loss was approximately 3.4 million, compared to approximately 5.5 million in the three months ending December 31st, 2023. The 35% decrease in net loss was primarily a result of higher foreign exchange gain in 2023, partially offset by higher headcount and increased costs as we completed our clinical studies during 2024. Cash used in operating activities in the 12 months ending December 31st, 2024 was approximately 14.7 million, essentially unchanged from 2023. As of December 31st, 2024, cash and cash equivalents were approximately 6.2 million. This amount does not include the Cancer Prevention and Research Institute of Texas grant receivable of approximately 2 million, which was related to the reimbursement of our pivotal clinical trial project costs as of the end of 2024. The company continues to evaluate opportunities to add more cash to the balance sheet in order to continue to execute on our growth strategy. With that, I'll now turn the call over to Adrian.