Mr. Adrian Mendes reports

PERIMETER MEDICAL IMAGING AI REPORTS FOURTH QUARTER AND YEAR-END 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Perimeter Medical Imaging AI Inc. has released its financial results for the quarter and year ended Dec. 31, 2023, and provided a corporate update.

Adrian Mendes, Perimeter's chief executive officer, stated: "Reflecting on 2023, I am proud of the considerable progress made since I joined the company midyear. After conducting a thorough analysis of the business, we focused on four main areas of improvement: strengthening the company's infrastructure to support our planned growth; redeploying clinical education resources to support commercial activities; developing clear road maps for our next-gen AI and non-AI products; and accelerating our clinical development plans. In particular, we successfully implemented an enhanced AI algorithm in our ongoing clinical trial evaluating Perimeter's proprietary, investigational B-Series OCT imaging technology combined with ImgAssist, an AI-driven clinical decision support system created to enhance productivity and decision making in breast cancer surgery margin assessment."

Mr. Mendes continued: "As we enter 2024, patient enrolment is outpacing our original projections for our pivotal clinical trial. We continue to execute on our go-to-market strategy to 'seed the market' by adding surgeon champions and reference sites for our S-Series OCT technology, in support of our goal to broaden the user base after our proprietary AI is approved in a breast cancer indication. In addition, our pipeline of product innovations is growing, with several new product introductions and AI enhancements anticipated this year. This is an exciting time at Perimeter, as we solidify our position in our first market, expand our product portfolio and explore opportunities for market expansion, including additional cancer indications."

Highlights from 2023:

• Advanced continuing clinical trial to reach important milestones, including the introduction of enhanced AI (artificial intelligence) software and initiation of additional clinical trial sites at Mayo Clinic in Florida and University of Washington/Fred Hutch Cancer Center in Seattle, Wash., in support of accelerating patient enrolment;
• Built momentum within the company's network of expert adopters of its commercial Perimeter S-Series OCT and added additional clinical education support staff to remove identified bottlenecks in the sales cycle;
• Strengthened Perimeter's leadership, adding to the world-class medtech and AI experience on both the board and executive teams.

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 (IFRS) as issued by the International Accounting Standards Board. The company changed its presentation currency from Canadian dollars to United States 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 year ended Dec. 31, 2023, were $16,707,779, compared with $16,455,172 the previous year.

For the year ended Dec. 31, 2023, the net loss was $14,035,994, compared with $9,906,110 in the prior year.

For the year ended Dec. 31, 2023, cash used in operating activities was $14,696,253.

As of Dec. 31, 2023, cash and cash equivalents were $13,980,176.

For detailed financial results, please refer to Perimeter's filings on SEDAR+ and the company's website.

Conference call

The company will host a conference call and live audio webcast today at 4:30 p.m. Eastern Time to discuss its fourth quarter and year-end 2023 results and provide a corporate update. To participate in the call, please dial 1-888-886-7786 or 1-416-764-8658 and provide conference ID No. 62216896. 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 and archived 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 and referencing conference ID 62216896. The above listed dates and times are subject to change.

About Perimeter Medical Imaging AI Inc.

Based in Toronto, Canada, and Dallas, Tex., Perimeter 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, the company's U.S. Food and Drug Administration-cleared (FDA) 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 the company's 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.

Perimeter B-Series OCT is limited by U.S. law to investigational use and not available for sale in the United States. Perimeter S-Series OCT has 510(k) clearance under a general indication and has not been evaluated by the U.S. FDA specifically for use in breast tissue, breast cancer, other types of cancer, margin evaluation and reducing re-excision rates. The safety and effectiveness of these uses has not been established.

We seek Safe Harbor.