Perimeter Medical Imaging AI, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Perimeter Medical Q3 2025 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 zero for the operator. This call is being recorded today. I would now like to turn the conference over to Stephen Kilmer. 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 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 the 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 CDAR+, which are posted on CDAR+. Our results may differ materially from those projected on today's call. No forward-looking statement can be guaranteed. Permit Archer 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 permit or story, I would like to take a moment to summarize our business. We are a medical technology company working to transform cancer surgery with high-resolution, ultra-high-resolution, real-time advanced imaging tools to address areas of unmet medical need. We are currently commercializing our FDA-cleared perimeter S-series OTC 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 2.0 has recently been evaluated in a pivotal clinical trial in breast-conserving cancer surgeries, or BCS, And our pre-market approval application for the device is currently under review by the U.S. Food and Drug Administration. On the call representing the company are Adrian Mendez, Perimeter's Chief Executive Officer, Andrew Berkley, Perimeter's Chief Financial Officer and Co-Founder, Paolo DiPasquale, our Vice President of Corporate Development, and Sarah Bryan, the company's Chief Financial Officer. With that said, I'll now turn the call over to Sarah.

Thanks, Steven. Good afternoon, everyone, and welcome to our third quarter 2025 conference call. On behalf of the management team and everyone at Perimeter, I'd 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. As a reminder, we also report in U.S. dollars. For the three-month period ending September 30, 2025, the company recorded revenue of $536,000, which consisted of recurring sales of S-series consumables and system leases, one-time sale of capital equipment, and sales of ESP warranty programs. This represents a 157 percent increase over Q3 2024. I think it's fair to highlight that one, this strong revenue growth was achieved in a historically lower quarter due to surgeons and patients taking summer holidays. And two, we made our second ever capital sale in this quarter. With respect to that, while the two current perimeter S series capital sales made so far this year obviously don't signal a trend, we do believe they signal a shift in customer buying behavior driven by our sales team ability to show product value and shift customer mindset. I believe this demonstrates a change in our customer perception as sites anticipate the B-series commercial launch in 2026 pending FDA approval. Operating expenses for the three months ending September 30th, 2025 were $3 million. Additional savings from company cost controlling efforts implemented in June 2025 resulted in this 34% year-over-year improvement from $4.5 million in the same period in 2024. The company was selective in the cost controlling measures, focusing on continued support of our PMA application for the B-Series and commercial growth of our S-Series technology. The reduction in operating expenses also reflects the ongoing transition from product development to commercial-focused organization. Third quarter 2025 net loss was $2.7 million, or 3 cents per common share, a 42% improvement from $4.7 million, or 7 cents per common share, in the three months ending September 30, 2024. As of September 30, 2025, cash and cash equivalents were approximately $1.7 million, I'll now turn the call over to Adrian.