Perimeter Medical Imaging AI, Inc.

For the 3 months ended June 30, 2026, revenue was $503 thousand, all from recurring revenue, and management said that was 31% sequential growth versus Q1 2026. Operating expenses were $3.1 million, down 28% from $4.3 million in the same period of 2025. Net loss was $2.6 million, or $0.02 per common share, versus a $3.9 million loss, or $0.04 per share, in Q2 2025. Cash used in operating activities for the 6 months ended June 30, 2026, was $5.1 million, a 23% year-over-year decrease, and cash at June 30, 2026 was $6.4 million. Looking ahead, Sara Brien said operating expenses should see relatively modest growth for the rest of the year, concentrated in sales and marketing, while management reiterated that 2027 revenues should be materially higher than 2026. The company also said the last capital raise was intended to provide 12 months of cash runway, and it is still projecting that same runway.

Adrian Mendes framed Q2 as a commercialization inflection point, emphasizing that the company’s legacy S-Series helped seed the market and build a sales funnel ahead of B-Series approval. He said Perimeter already has 2 B-Series placements and the first hospital commercial deployment, and argued the AI-enabled platform should drive materially faster growth in 2027 and beyond. His tone was upbeat but measured, repeatedly noting that timing is hard to predict in a new market and that the company will expand the sales team methodically.

Sara Brien highlighted preliminary results and noted the numbers are subject to change because of accounting treatment for a convertible debenture, though revenue and cash position should not change. She reported Q2 revenue of $503 thousand, operating expenses of $3.1 million, net loss of $2.6 million, and cash of $6.4 million at June 30, 2026. She also said cash used in operating activities for the first six months was $5.1 million, down 23% year over year, and that OpEx should grow only modestly for the rest of the year, with spending focused mainly on sales and marketing.

Analysts focused on pipeline size, the pace of B-Series adoption, OpEx, sales strategy, and runway. Management said the pipeline is continuing to grow, but declined to put a firm number on it; Adrian said some leads have moved through and more should convert over the next few months. On adoption, he said B-Series use requires AI and IT review committees at hospitals, which slows conversion even at existing S-Series accounts, but the device’s locally contained, fixed, non-generative AI should reduce risk concerns. Management also confirmed the CMS HCPCS filing was submitted in June and is under review, said 22 total sites are currently using either S-Series or B-Series, and stated the last capital raise was intended to provide 12 months of cash runway, which remains the projection.