Perimeter Medical Imaging AI (PINK) Q4 2025 earnings summary

Executive summary

• Achieved FDA PMA approval for the next-generation AI-enabled Claire OCT device in March 2026, marking a major milestone and inflection point for future growth in breast cancer surgery imaging.

• Record quarterly and full year 2025 revenues driven by increased adoption of the S-Series platform and commercial execution, with preparations for the Claire OCT launch.

• Strategic focus on leveraging clinical champions, expanding the installed base, and preparing for a full commercial launch of Claire in Q2 2026.

Financial highlights

• Q4 2025 revenue reached $711,000, a 143% increase over Q4 2024 and 33% sequentially from Q3 2025.

• Full year 2025 revenue was $2.3 million, a 172% increase over 2024.

• Q4 2025 net loss was $2 million ($0.02 per share), a 42% improvement from Q4 2024.

• Full year 2025 net loss was $12.9 million ($0.16 per share), compared to $13.4 million ($0.19 per share) in 2024.

• Operating expenses for Q4 2025 were $2.5 million, down 46% year-over-year; full year 2025 operating expenses were $14.4 million, down from $19.4 million in 2024.

• Cash and cash equivalents stood at $2.5 million as of December 31, 2025.

Outlook and guidance

• Preparing for the U.S. commercial launch of Claire OCT in Q2 2026, with expectations to close first commercial sales and initiate a broader adoption cycle.

• Operating expenses anticipated to remain at Q4 2025 levels in the near term, with scaling expected in the second half of 2026 as commercial operations expand.

• Revenue model for Claire to include recurring consumable sales, service contracts, and new AI-related revenue streams, potentially via upgrades or per-procedure fees.

• Anticipates sustained revenue growth and long-term value creation through expanded adoption and new applications of AI-enabled OCT technology.