Q2 2024 Perimeter Medical Imaging AI Inc Earnings Call Transcript
Key Points
- Revenue for Q2 2024 was $246,000, showing growth in sales of consumables and system leases.
- The company entered into an equipment service plan warranty program with two customers, valued at approximately $139,000.
- Net loss improved by 35% to approximately $3.2 million compared to $4.9 million in Q2 2023.
- The pivotal clinical trial for the B-Series OCT with ImgAssist AI is ahead of schedule, with patient enrollment expected to complete in Q3 2024.
- The company achieved its 1,000th paid Perimeter S-Series OCT patient scan, marking a significant clinical and commercial milestone.
- Operating expenses increased to approximately $5.5 million in Q2 2024 from $3.4 million in Q2 2023.
- Cash used in operating activities was approximately $7.5 million, relatively flat compared to $7.2 million in Q2 2023.
- Cash and cash equivalents were approximately $6.5 million as of June 30, 2024, indicating a need for future fundraising.
- The S-Series OCT system is not specifically FDA-cleared for use in breast tissue or other types of cancer margin evaluation.
- The company anticipates needing to fundraise before early next year to maintain operations.
Good afternoon, ladies and gentlemen, and welcome to the Perimeter Medical Q2 2024 conference call. (Operator Instructions) 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 ImgAssist; Perimeter's ability to broaden its user base and the expected approval of its proprietary AI; expectations regarding new
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