Perimeter Medical Imaging is a buy, Leede says

In a May 5 investor note, Leede Financial analyst Douglas Loe reiterated his Speculative Buy rating and $3.00 target for Perimeter Medical Imaging (Perimeter Medical Imaging Stock Quote, Chart, News, Analysts, Financials TSXV:PINK), citing new clinical data for its next-generation, AI-enabled B-Series OCT platform.

Based in Ontario and Texas, Perimeter has already received FDA approval for its original S-Series platform. The B-Series improved on that technology with real-time, AI-driven breast tumour margin analysis and performed well in a recent clinical trial. The company filed for premarket approval (PMA) in Q1 2025, and the FDA review is ongoing.

The results, presented at the American Society of Breast Surgeons annual meeting, strengthen Loe’s view that regulatory clearance is likely. He said B-Series could meaningfully improve breast cancer surgery outcomes by enabling real-time identification of residual tumour margins, something not possible with standard biopsy or visual inspection.

Loe said the clinical trial was designed to evaluate whether the B-Series could help surgeons identify patients with remaining cancer cells during the initial procedure, potentially reducing the need for follow-up surgeries.

“(Perimeter) provided an updated analysis of its 206-patient breast tumour margin assessment trial testing its artificial intelligence (AI)-enabled optical coherence tomography (OCT)-based tumour margin-visualization B-Series platform,” Loe said. “The device is an AI-enhanced variation of Perimeter’s FDA-approved also-OCT-based S-Series platform. Recall that Perimeter reported an earlier interpretation of its B-Series clinical data back in Nov/24, on which we provided commentary at the time while preserving our Speculative Buy rating, as we are here.”

Loe expects Perimeter to report an adjusted EBITDA loss of $15.4-million on revenue of $2.6-million in fiscal 2025. He forecasts those figures will improve to a loss of $11.5-million on $7.2-million in revenue for fiscal 2026.

Loe said: “Bottom line. Perimeter provided more quantification in this analysis of B-Series’ clinical performance & importantly presented the update at a scientific venue (the American Society of Breast Surgeons annual meeting in NV over the weekend) and with lead investigator (Baylor University surgical oncologist Alastair Thompson) providing in our view some foundational gravitas for the data being presented.”

At the American Society of Breast Surgeons annual meeting, Perimeter’s Chief Executive Officer, Adrian Mendes, said, “Adding an AI assistant will help surgeons more easily utilize our ground-breaking wide-field OCT technology, which provides high-resolution clarity to visualize margins in real-time in the operating room. We believe increasing breast cancer surgeon awareness of this important innovation through participation in important forums like ASBrS 2025 will go a long way towards advancing the technology’s future adoption.”

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