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 Q4 and full year 2025 revenue driven by increased adoption of the S-Series platform and preparation for Claire's commercial rollout.

• Strategic focus on leveraging clinical champions, expanding the installed base, and scaling commercialization efforts in 2026, with emphasis on U.S. market expansion.

Financial highlights

• Q4 2025 revenue reached $711,000 (CAD 711 thousand), up 143% year-over-year and 33% sequentially from Q3 2025.

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

• Q4 2025 net loss was $2.0 million, a 42% improvement year-over-year; full year net loss was $12.9 million, compared to $13.4 million in 2024.

• Operating expenses for 2025 were $14.4 million, down from $19.4 million in 2024; Q4 2025 operating expenses were $2.5 million, a 46% reduction from the prior year.

• Cash and cash equivalents at year-end 2025 totaled $2.5 million.

Outlook and guidance

• Preparing for the U.S. commercial launch of Claire OCT in Q2 2026, with expectations for broader adoption and recurring revenue streams from consumables, service contracts, and potential AI upgrade or per-procedure fees.

• Operating expenses anticipated to remain at similar levels in the next few quarters, with scaling expected as commercial operations expand.

• Sustained revenue growth and long-term value creation anticipated through expanded adoption and new AI-enabled OCT applications.