Perimeter Medical Imaging AI (PINK) Q1 2026 earnings summary

Executive summary

• Achieved FDA PMA approval for the next-generation Claire OCT plus AI device in March 2026, marking a pivotal inflection point and enabling commercial rollout of the new platform.

• Recurring revenue grew 14% year-over-year in Q1 2026, driven by the legacy S-Series OCT install base and consumables.

• Announced first two commercial placements of Claire OCT + AI, replacing legacy systems at top-tier hospitals.

• Built a robust sales pipeline for Claire, with close to 50 qualified leads and over a dozen in advanced stages, including both upgrades from existing users and new customers.

• Management emphasized careful resource allocation, cost control, and methodical expansion of the commercial team to support anticipated rapid growth.

Financial highlights

• Q1 2026 revenue was $385,000, entirely from recurring sources such as consumables, system leases, and warranty programs, compared to $550,000 in Q1 2025, which included $230,000 from one-time equipment sales.

• Operating expenses decreased 30% year-over-year to $3.2 million.

• Net loss improved by 31% to $3 million ($0.02 per share) compared to Q1 2025.

• Cash used in operating activities fell 41% to $2.2 million.

• Cash at March 31, 2026, was $421,000, not including proceeds from subsequent financings.

Outlook and guidance

• Anticipates commercial traction for Claire to accelerate in the second half of 2026, with a balanced mix of new and existing customers converting.

• Focused on expanding the customer base, increasing procedure counts, and securing reimbursement, with a CMS application planned for early next year.

• Poised to expand the presence of Claire OCT + AI across leading U.S. healthcare institutions, supported by recent financing.

• Sales funnel for Claire rapidly growing, with nearly 50 qualified leads and over a dozen in advanced stages.

• Management expects the recent capital raises and revenue to provide a 12-month liquidity runway.