Conference Call/Webcast Today at 5 pm ET TORONTO and DALLAS , Nov. 14, 2024 /PRNewswire/ - Perimeter Medical Imaging AI, Inc. (TSXV: PINK) (OTC: PYNKF) ("Perimeter" or the "Company"), a commercial-stage medical technology company, today reported financial results for its third quarter ended September 30, 2024 and provided a corporate update.
Business Highlights The Company continues to gain positive commercial market traction with its first U.S. Food and Drug Administration ("FDA")-cleared product, Perimeter S-Series OCT.
It has already achieved eight (8) new S-Series OCT system placements year-to-date, compared to a total of three (3) for all of 2023, and Q3-2024 revenues grew 142% over Q3-2023. In addition, the Company is advancing the development of its next-generation Perimeter B-Series OCT system, which combines proprietary AI technology with OCT, toward potential commercialization. In the 2024 third quarter, Perimeter also recognized revenue for the first time from its sale of service contracts.
The Company has entered into three (3)-year Equipment Service Plan ("ESP") warranty programs with several S-Series OCT customers, which provide for annual preventative maintenance of the OCT equipment. The total value of ESP warranty programs will be recognized over their terms as services are rendered. In September 2024 , Perimeter announced the first closing of its non-brokered private placement (the "Offering") where the Company issued 23,470,560 common shares for gross proce.