This article first appeared on GuruFocus .
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Revenue:$503,000 for Q2 2026, entirely from recurring revenue (S-Series consumables, system leases, preventative maintenance services, and ESP warranty programs).
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Revenue Growth:31% sequential increase over Q1 2026.
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Operating Expenses:$3.1 million in Q2 2026, down 28% from $4.3 million in Q2 2025.
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Net Loss:$2.6 million, or $0.02 per share, a 33% improvement from the $3.9 million ($0.04 per share) loss in Q2 2025.
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Cash Used in Operating Activities:$5.1 million for the six months ended June 30, 2026, a 23% year-over-year decrease.
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Cash Position:$6.4 million as of June 30, 2026.
Release Date: August 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Perimeter Medical Imaging AI Inc ( PYNKF ) achieved 31% sequential growth in recurring revenue in Q2 2026, driven by S-Series consumables and leases.
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The company successfully reduced operating expenses by 28% and net loss by 33% year-over-year, demonstrating effective cost management.
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FDA PMA approval for the next-generation Claire device was obtained in March 2026, enabling commercial deployment.
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Two Claire systems have been placed and are already performing procedures, with the first hospital commercially deploying the technology.
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The company has built a strong sales funnel, including existing S-Series users upgrading to Claire and new customers, positioning for accelerated growth in 2027.
Negative Points
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Perimeter Medical Imaging AI Inc ( PYNKF ) faces delays in Claire adoption due to hospital AI review committees, which require extensive education and navigation.
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The company's cash position is limited at $6.4 million, providing only about 12 months of runway, which may constrain growth initiatives.
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Revenue growth is uncertain, with management unable to confirm if the 2-3x growth target for 2026 will be met due to timing of sales closures.
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The sales team expansion is still in progress, with new hires not expected to contribute to revenue until late 2026 or early 2027.
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The company's reliance on a small commercial team and the need to convert existing S-Series customers to Claire may slow market penetration.
Q & A Highlights
Q: Are you still comfortable with the 2 to 3 times revenue growth target for 2026, and what is the current status of the sales pipeline? A: Adrian Mendes, CEO, stated that while the company remains bullish on its growth trajectory, the timing of revenue recognition depends on whether late-stage pipeline opportunities close this year or spill into next year. A key bottleneck is navigating hospital AI review committees, which is a new process for the company. He noted that the company's AI is low-risk (fixed algorithm, not connected to the internet, non-generative), but education is required. The company is still in line with its growth expectations, though the exact timing of conversions remains uncertain.
Q: Can you provide more detail on the sales strategy and the process for converting existing S-Series customers to the new Claire device? A: Adrian Mendes, CEO, explained that the strategy has two tracks: converting the several dozen existing S-Series customers and onboarding new customers from the pipeline. The company is focusing on its existing geographic hubs (Dallas, Utah, Colorado, Phoenix). A significant difference with Claire is that it requires approval from hospital AI review committees and IT departments, which adds time to the sales cycle. For existing customers, the main work is navigating these internal reviews and moving to the higher price point for the AI-enabled device.
Q: How many sites are currently using either the S-Series or Claire, and are the two Claire systems commercially deployed? A: Adrian Mendes, CEO, confirmed that there are 22 total sites. The two Claire systems were conversions from the S-Series, and both are now installed and commercially performing procedures. The company is happy with the initial pace, as all procedures previously done on the S-Series at those sites have transitioned to Claire.
Q: How should we think about operating expenses (OpEx) for the rest of the year given the product launch? A: Sara Brien, CFO, stated that the company expects relatively modest growth in operating expenses for the remainder of the year. The focus of any cost growth will be in the sales and marketing area, while the company remains conscious of its cash burn and aims to keep its cash position healthy by reallocating resources between operating areas.
Q: What is the current cash runway, and how does it support the planned acceleration in growth? A: Sara Brien, CFO, confirmed that the intention of the last capital raise was to secure 12 months of cash on the balance sheet, and the company is still projecting that same runway. This provides the financial foundation to support the planned expansion of the sales team and the anticipated acceleration in revenue growth.
Q: What is the status of the CMS HCPCS code filing, and what are the upcoming major events for the company? A: Adrian Mendes, CEO, confirmed that the company successfully filed for HCPCS codes with CMS in June, and the application is currently under review. On the clinical side, the major conference is ASBrS, which took place in April/May. The company is also evaluating several investor conferences for the fall and will announce its participation as dates approach.
Q: Is there an appetite among customers for leasing versus capital sales of the Claire device? A: Adrian Mendes, CEO, stated that leasing is a standard option in the industry and the company is prepared to have those discussions. However, it has not yet become a sticking point in negotiations. The company has not provided any guidance on the expected mix of lease versus capital sales.
Q: What progress has been made on a potential Nasdaq dual listing? A: Adrian Mendes, CEO, confirmed that the company is in the planning stages for a potential Nasdaq dual listing. Work has begun on the accounting and legal aspects required to prepare for such an event, but no timeline was provided.
Q: How sophisticated are the hospital AI review boards, and what are their main concerns regarding the Claire technology? A: Adrian Mendes, CEO, noted that hospital processes are evolving in real time. The boards are primarily concerned with three things: whether the device sends data to the cloud (it does not; it is locally contained), whether the model is fixed or continuously learning (it is fixed), and whether it is a generative model (it is not; it is an image recognition model). The company must navigate these reviews, which is a new process compared to the S-Series.
Q: Will the adoption of Claire lead to an expansion in the types of procedures it is used for compared to the S-Series? A: Adrian Mendes, CEO, stated that he does not expect Claire to be a catalyst for expanding into different use cases, as the AI was trained and validated for DCIS and IDC, which is what S-Series customers are already using it for. However, he noted that surgeons often find unexpected uses for the technology, which the company had not anticipated.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
