Perimeter Medical Imaging AI (PINK) investor relations material

Problem and market need

• High reoperation rates in cancer surgeries, especially breast cancer, due to difficulty in achieving clean margins and limitations of current imaging technologies.

• Reoperations increase patient risk, delay therapies, cause emotional trauma, and strain hospital resources.

• Over $1 billion in annual healthcare costs are attributed to reexcisions, not including emotional or survival impacts.

• Five-year survival rates are significantly higher when initial surgeries are successful across multiple cancer types.

• The total addressable market (TAM) is estimated at $17 billion globally, with $4 billion in the US and $650 million in the initial breast cancer segment.

Technology and product development

• Uses optical coherence tomography (OCT) for high-resolution, real-time imaging of tissue margins during surgery.

• The current S Series device is FDA-cleared and provides immediate visualization, reducing reoperation rates.

• A single-use specimen immobilizer generates recurring revenue and tracks device usage.

• AI integration is in FDA review, aiming to highlight suspicious images and reduce surgeon workload.

• The AI-enabled B Series device is expected to launch by Q2 next year, pending regulatory approval.

Clinical and business performance

• Clinical trials met endpoints, showing improved standard of care and reduced cancer left behind post-surgery.

• Early adopters report reoperation rates dropping from 20% to as low as 5%.

• Over 20 surgeons and thousands of patients have used the technology, with strong internal performance data.

• Revenue is growing, driven by high-margin consumables and expanding device placements.

• The company is salesforce-limited, not demand-limited, with significant untapped markets in the US.