Mr. Jeremy Sobotta reports

PERIMETER MEDICAL IMAGING AI REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Perimeter Medical Imaging AI Inc. has released financial results for its first quarter ended March 31, 2023, and has provided a corporate update. Dollar amounts are in U.S. dollars unless otherwise stated.

Key highlights:

• Completed the first commercial placement of its flagship Perimeter S-Series OCT system in the state of Utah;
• Initiated an additional clinical trial site at Baptist MD Anderson Cancer Center in Jacksonville, Fla.;
• Appointed global industry leader Suzanne Foster -- currently president of Beckman Coulter Life Sciences -- as chair of its board of directors;
• Showcased Perimeter S-Series OCT at leading industry conferences, including SSO 2023 and ASBrS 2023.

Jeremy Sobotta, Perimeter's chief executive officer, stated: "We completed a number of important milestones in our first quarter while continuing to advance and execute upon our planned commercial and clinical activities. Sales leads and demos of our flagship Perimeter S-Series OCT continue, resulting in our first commercial placement in the state of Utah. The highly engaged champions of our technology at these newest accounts continue to build upon our foundation of reference sites that drive our commercialization strategy."

Mr. Sobotta added: "Looking further ahead, we believe combining [artificial intelligence] with our real-time ultrahigh-resolution imaging could be truly transformative when used during breast conservation surgery. We are evaluating our next-gen AI technology in a pivotal trial that is expected to be completed at the end of 2023. We recently initiated an additional clinical site at Baptist MD Anderson Cancer Center in Jacksonville, Fla., to further support patient enrolment. Our hope is that the data generated from this study will demonstrate that the surgeon's use of the breakthrough device designated Perimeter B-Series OCT with ImgAssist AI for margin visualization is superior to the current standard of care."

First quarter update:

• In January, 2023, Perimeter announced the completion of two follow-on commercial placements of Perimeter S-Series OCT, resulting in a doubling of the commercial installed base of S-Series OCT during the fourth quarter 2022. Subsequent to quarter-end, Perimeter completed the first commercial placement of its flagship Perimeter S-Series OCT system in the state of Utah.
• Led by principal investigator Dr. Alastair Thompson at the Baylor College of Medicine in Houston, a multicentre randomized two-arm pivotal clinical trial is evaluating Perimeter B-Series OCT combined with its proprietary ImgAssist AI software in approximately 330 patients, with study completion anticipated by the end of 2023. Subsequent to quarter-end, Perimeter initiated an additional clinical trial site at Baptist MD Anderson Cancer Center in Jacksonville, Fla., to further support patient enrolment.
• Perimeter announced the appointment of global industry leader Suzanne Foster -- currently president of Beckman Coulter Life Sciences -- as chair of its board of directors, which is composed of world-class life science, medtech and AI experts, including Anantha Kancherla of Meta.
• Perimeter announced the publication of a white paper from three case studies from the commercial use of its Perimeter S-Series OCT technology. The supporting clinical evidence suggests that the surgeon's use of the S-Series aided in intraoperative clinical decisions to excise additional tissue during the primary surgeries, sparing the need for a second surgery and relieving the associated burden on clinical, economic and psychosocial resources.
• Perimeter conducted multiple clinical presentations and product demonstrations showcasing Perimeter S-Series OCT at several leading industry events and conferences, including:
  • SSO 2023, the Society of Surgical Oncology's International Conference on Surgical Cancer Care, featuring a spotlight presentation by Dr. Shawndeep Singh Tung and Dr. Nina Tamirisa;
  • ASBrS 2023, the 24th annual meeting of the American Society of Breast Surgeons, including a symposium and panel discussion with Dr. Beth Anglin and Dr. Michele Carpenter moderated by Dr. Beth DuPree.

Summary of first quarter 2023 financial results

All of the amounts are expressed in U.S. dollars unless otherwise indicated and are presented in accordance with international financial reporting standards as issued by the International Accounting Standards Board.

The company changed its presentation currency from Canadian dollars to U.S. dollars in 2022. The change in presentation currency was made to improve investors' ability to compare the company's financial results with other publicly traded businesses in the industry. In making the change to a U.S.-dollar presentation currency, the company followed the guidance in IAS 21 (the Effects of Changes in Foreign Exchange Rates) and has applied the change retrospectively to all prior periods as if the new presentation currency had always been the company's presentation currency.

Operating expenses for the three months ended March 31, 2023, were $3,833,017 compared with $3,822,002 during the same period in 2022.

For the three months ended March 31, 2022, the net loss was $3,259,459 compared with $5,087,044 during the same period in 2022.

For the three months ended March 31, 2023, cash used in operating activities was $4,559,320.

As at March 31, 2023, cash and cash equivalents were $23,675,011.

For detailed financial results, please see Perimeter's filings at SEDAR and on the company's website.

Conference call

The company will host a conference call and live audio webcast today, Thursday, May 25, 2023, at 5 p.m. Eastern Time, to discuss its first quarter 2023 results and to provide a corporate update. To participate in the call, please dial 1-877-704-4453, or 1-201-389-0920 for international callers, and provide conference ID No. 13738979. The conference call will also be broadcast live on-line through a listen-only webcast, which will be posted on the investors section of the company's website. The webcast will be archived on the company's investor relations web page for at least 90 days. A telephonic playback of the conference call will be available for 14 days after the conference call by calling 1-844-512-2921 or 1-412-317-6671 from abroad and referencing conference ID 13738979. The above listed dates and times are subject to change.

About Perimeter Medical Imaging AI Inc.

Based in Toronto, Canada, and Dallas, Tex., Perimeter (TSX Venture Exchange: PINK) (OTC: PYNKF) (Frankfurt Stock Exchange: 4PC) is a medical technology company driven to transform cancer surgery with ultrahigh-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. Available across the United States, its Food and Drug Administration-cleared Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level. The breakthrough device designated investigational Perimeter B-Series OCT with ImgAssist AI represents its next-generation artificial intelligence technology that is currently being evaluated in a pivotal clinical trial, with support from a grant of up to $7.4-million (U.S.) awarded by the Cancer Prevention and Research Institute of Texas. The company's ticker symbol PINK is a reference to the pink ribbons used during breast cancer awareness month.

We seek Safe Harbor.