Q1 2025 Perimeter Medical Imaging AI Inc Earnings Call
Speaker Change: Good afternoon ladies and gentlemen and welcome to the Perimeter Medical Q1 2025 Conference call. This time, all lines are in listen only mode.
Speaker Change: Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator
Speaker Change: This call is being recorded on Tuesday, May 13, 2025. I would now like to turn the conference over to Mr. Stephen Kilmer of Investur Relations. Please go ahead.
Stephen Kilmer: Thank you. Good afternoon everyone. Let me start by pointing out that this conference call will include four of like in statements within the meaning of applicable securities laws.
Speaker Change: Commercial activities and timing, competitive conditions, research development activities, projected costs and capital expenditures, research and clinical testing outcomes, the potential benefits of our products.
Speaker Change: including Predator at Service OCT, Predator B Series OCT, and Predator Image Assist. Predator's ability to broaden this user base and the expected approval of its proprietary AI.
Speaker Change: Expectations regarding new products and the timing thereof, and expectations regarding opportunities for market expansion.
Speaker Change: Forelooking statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time to time in our public violence and press releases, which are posted on Cedar Plus.
Speaker Change: Our results may differ materially from those projected on today's call. No far-looking statement can be guaranteed.
Speaker Change: For the benefit of those who are new to the Perimeter story, I would also like to take a moment to summarize our business.
Speaker Change: We are a medical technology company working to transform cancer surgery with ultra-high resolution real-time advanced imaging tools to address areas of light on medical need.
Speaker Change: We are currently commercializing our FDA-Clear Perimeter S Series OCT system, which provides real-time cross-sectional visualization of the excise tissues at the cellular level.
Speaker Change: Our Breakthrough Device Designated Investigational Primitive Gears B Series OCT System, which combines our proprietary image assist, artificial intelligence technology, with wide field optical coherence tomography, represents our next generation of others.
Speaker Change: As we will discuss some more detail today, BC Series OCT with Images S 2.0 has recently been evaluated in a pivotal clinical trial in breast cancer conservatory or BCS.
Adrian Mendes: On the tall representing the company are Adrian Mendes, Perimeter's Chief Executive Officer, Andrew Berkeley, Perimeter's Chief Innovation Officer and Co-founder, and Sara Brien, and the company's Chief Financial Officer.
Sara Brien: With that said, I'll now turn the call over to Sarah [inaudible]
Thanks, Steve.
Speaker Change: Good afternoon, new and everyone and welcome to our first quarter, 2025 conference call.
Speaker Change: On behalf of the management team and everyone at Perimeter, I would like to thank you for your ongoing interest in our company.
Speaker Change: For those of you who are shareholders, we greatly appreciate your continued interest in support.
Speaker Change: I will turn the call to Adrian in a moment. However, before I do, I'd like to provide a brief update on our financial results. To streamline things, all the numbers we refer to have been rounded so they are approximate. And as a reminder, we also report in US dollars.
Speaker Change: For the three-month period ending March 31, 2025, the company recorded revenue of $550,000, which consisted of the sale of consumables, the sales ESP warranty programs, and our first-ever capital unit sales.
This represents a 460% increase over Q1, 2020-4. This represents a 460% increase over Q1,
Speaker Change: Operating expenses for the first quarter were $4.6 million, essentially unchanged from the same period in 2024.
Speaker Change: First quarter, 2025 net loss with 4.3 million compared to 2.1 million in the first three months ending March of 2020-24.
Speaker Change: Cash use and operating activities in the first three months ending March 31, 2025 with 3.8 million compared to 3.6 million in Q1, 2024.
Speaker Change: As of March 31st, 2025, cash and cash equivalents were approximately 2.4 million.
Speaker Change: This amount does not include a cancer prevention and research institute of Texas grant receivable of 931,000 which is related to the reimbursement of pivotal clinical trial project cost at the end of the first quarter.
Speaker Change: As you can see, the company needs additional capital in order to continue to execute on our growth strategy.
Speaker Change: To that end, at the end of March, we filed a preliminary short form perspective and amended and restated preliminary short form perspective with the security regulatory authorities in the provinces of British Columbia, Alberta, and Ontario in connection with an offering of units of the company.
Speaker Change: While we cannot provide additional color on the offering on this call, we can say that we were able to start marketing just recently and are now working diligently towards completion.
With that, I'll now turn the call over to Adrian.
Adrian Mendes: Thanks, Sara, and thanks again everyone for your time and attention today.
Adrian Mendes: Over the past few quarters, I've been describing what we've been doing inside the company to set us up a future growth. And as you can see from today's press release, these moves are starting to deliver the results we've been working toward.
Adrian Mendes: We've seen the momentum building within our day-to-day operations for a while and it's very exciting for us now that it's becoming visible in our external metrics.
Adrian Mendes: As Steve mentioned, we are currently commercializing our first FDA-cleared interoperative imaging technology, the S-series OCT, which provides surgeons with image resolutions capable of visualizing tissue structures at the cellular level down to the critical two-millimeter depth when assessing margins real-time in the operating room.
Adrian Mendes: Our goal has been to seed the market with S-Series OCT in order to create a strong network of early adopters and technology champions in preparation for a potential FDA clearance of our next generation system, the B-Series OCT with images cyst AI 2.0.
Adrian Mendes: I would like to take a moment here to summarize how far we've now come toward achieving in that.
Adrian Mendes: We saw a significant increase in sales of our current S series technology in Q1, and that possible momentum has continued into our current second quarter. We also achieved multiple commercial milestones for the product.
Adrian Mendes: In April , our record number of patients' cases were supported by Perimeter's S-Series. We saw the highest-ever number of consumable ships
Adrian Mendes: 88% of eligible devices were covered by paid ESP warranty programs, and last but not least are 2025 billings, which are purchased orders for consumables, new devices and ESP warranty programs surpassed $1 million.
Adrian Mendes: To put that level of buildings through the first four months of 2025 and perspective are total revenue for all of 2024 with $846,000 So clearly, we're not only growing, we're accelerating this business [inaudible]
Adrian Mendes: With respect to our upcoming B-Series, we filed a pre-market approval application for the device with the FDA in mid-March.
Adrian Mendes: On the heels of that, just over a week ago, Dr. Aleister Thompson, the principal investigator for the Pivotal trial of perimeter B series, which supported the FDA PMA application, presented previously embargo detailed study results.
Adrian Mendes: to impact audience of researchers and clinicians at ASBRS, the world's premier breast cancer surgery conference.
Speaker Change: Dr. Thomas's ASBRS presentation highlighted several key findings from the trial.
Speaker Change: Of the 206 patients evaluated in the Pivotal trial of the B series, 56 residual disease margins in 35 out of 26, sorry 35 out of 206, that 17% of patients remained after intraoperative standard of care.
Speaker Change: Fully clearing half of those patients of all residual disease and meeting the pre-specified super-superiority performance goal for the primary end points with a P of 0.0050 to your own.
Speaker Change: Mean total impact to me tissue volume excise in the device armor of the trial was 74 cubic centimeters 76.4% of the volume was from the primary
Speaker Change: 19.9% was from 499 standard of care shapes, and only 3.8% which is 2.8 cubic centimeters was from 115 B-series directed shapes
Speaker Change: This is important because it's very important to long back to me patients to preserve as much as possible while getting those clean margins.
The overall perimeter beats yours, Martian Accuracy, was 88.1%.
Speaker Change: In total, 26 patients benefitted clinically from the identification of residual disease by OCTAI after standard of care was completed. Importantly, this includes six patients with D-series-aided shapes, which contain pathology confirmed disease, missed both by both standard of care and his pathology at the previous margin.
Speaker Change: I want to pause there for a moment to make sure this is understood good.
Speaker Change: Without our device in this trial, those six patients would have gone home after their surgery hoping they were disease-free, and seven days later, they would have received their pathology report telling them they were disease-free .
But, in fact, they would not be [inaudible]
Speaker Change: The additional tissue the surgeon removed after using our B-Series device did indeed contain cancer and that would have gone completely unnoticed but for our OCT AI technology.
Speaker Change: As I've said before, the ultimate product promise of Perimeter's BC is its greater peace of mind, both for the BCS surgeon who, no matter how skilled, currently faces nearly one in five odds of needing to perform repeat surgery due to positive margins.
Speaker Change: and also for the breast cancer patient who under the current paradigm typically have to wait and worry for up to ten days after their surgery to receive a post-operative pathology report which will determine whether they will have to go through the emotional physical trauma of a second surgery due to cancer left behind. [inaudible]
Speaker Change: The FDA PMA submission for Perimeter B-Series was a major milestone.
Speaker Change: Our first regulatory approval application for AI-enabled wide field OCT technology, as well as for a specific indication label.
Speaker Change: The B-Series has an FDA breakthrough device designation and we are pleased to report that we've already had very good dialogue with the agency as it reviews our PMA application.
Speaker Change: If and when FDA clearance for the B-Series is obtained, that will allow for the full commercial launch of the B-Series representing the next major step in our go-to-market strategy, and an opportunity significantly broadened our user base across the U.S.
Speaker Change: As you can hopefully see from today's press release and call, we're at the stage now where we can confidently say we have reached the first of what I hope to be many potentially major value inflection points for Perimeter.
and to summarize.
Speaker Change: We are seeing continuing positive commercial traction with our current S-series product as demonstrated by our 460% Q1 revenue growth Achievement of several commercial milestones such as our first capital unit sale, record patient cases
Records Shipments, and Service Contract Coverage and Billings
Speaker Change: and recent expansion of three new states, New Mexico, Tennessee, and Arizona.
Speaker Change: In November 2024, we announced that the pivotal trial of our next gen AI-enabled B-Series system met its primary endpoint achieving a statistically significant reduction in patients with residual cancer during surgery.
Speaker Change: These results demonstrate a super superiority of the B Series ability to aid surgeons in achieving clear surgical margins during surgery, potentially lowering the need for re-operation.
Speaker Change: Based upon the positive pivotal trial results, we filed the FDA PMA application for BCRS OCT with Imagesis 2.0 in mid-March.
Speaker Change: And finally, we're excited to see the presentation of previously embargoed detail results from the B Series Pivotal Trial at the 26th Annual Meeting of the American Breast Cancer Surgeons earlier in May.
Speaker Change: It's an exciting time for all of us at Perimeter, and we look forward to keeping updated on our progress. And with that, I'll now open up for questions. Operator?
Thank you.
Speaker Change: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touch tone phone. You will hear a prompt that your hand has been raised.
Speaker Change: If you are using a speaker phone, please list the handset before pressing any keys.
One moment, please, for your first question.
Speaker Change: Your first question comes from the line of Michael Freeman from Raymond James. Your line is out open. Please go ahead
Speaker Change: Good afternoon, Adrian, Andrew, Sarah. Congratulations on these compelling results and on the full publication of your data from the trial but they're also quite important to read.
Thank you.
Speaker Change: Okay, so my first question is, I wonder if you could give us...
Speaker Change: A brief overview of your revenue models, and I wonder if you can give us a bit of color.
on this customer that undertook a capital sale this quarter.
and I guess, what motivated toward? [inaudible]
Speaker Change: undertaking the capital purchase as opposed to any other means that they can access the device.
Speaker Change: Sure. Okay, so our model, so okay, our revenue model, we're, there's basically three revenue streams that we've got today. One is from the consumable.
Speaker Change: Immobilizers. Second are from service contracts upon the hardware that's placed inside the hospitals. And then third are capital sales. So those are the three right now. As we move forward in time and the AI's brought to market, that might change. But for the moment, that's where it is.
Speaker Change: and then with respect to the customer who purchased the capital, to be honest with you, so different hospitals have different philosophies around whether they can take placed capital, whether they purchase capital.
Speaker Change: sort of how they how how they want to do business with their vendors and our objective right now is really just to meet them at where they are and be able to
Speaker Change: You know, service them in whatever form. So, there are hospitals that don't accept place capital . . .
Speaker Change: and need to buy the capital and put it onto their balance sheet. So we're happy to do whatever works for the customer, what we are looking for right now, really is getting the placement, getting surgeons using the device.
Speaker Change: and I think from a financial perspective what's most important for us is to be able to continue to get that recurring revenue stream off of the consumables. [inaudible]
Speaker Change: So, no matter whether the machine is placed or sold, there will always be a component of...
Speaker Change: Revenue. That is from the sale of those immobilizers and that's that's core to the sort of the business model that we're driving towards.
Adrian Mendes: Gotcha. Okay, thanks Adrian. Maybe the next question is for Andrew. It's to do with the result of the trial. So, you know, so is a good. Very good.
Speaker Change: Explanation of different facets of the results provided in the specialties and favour. I wonder if, you know, I guess just the overall 88.1% accuracy figure. I wonder how you're thinking about this as sort of a. [inaudible]
Speaker Change: Headline figure for this trial, and if they're, you know, as the algorithm improve, as, you know, different conditions improve or change, if you see, you know, room for improvements in this, you know, in that 88.1 accuracy figure.
Speaker Change: Yeah, definitely willing to improve. We already have a new model.
Speaker Change: That has outperformed the AI model that was in the trial. We also think that access to a lot of the data from the trial that we can use to train.
Speaker Change: this algorithm. So now we have more data and a better algorithm. So of course we expect to get the accuracy as high as possible up into the 90s as a first step and then keep going until we max out, you know, open to the late 90s.
Speaker Change: Actressy is an important measurement because the only doesn't measure the ability of the device to find disease, but that also I accurately call negative margins.
Speaker Change: which the surgeons are really concerned about because they don't want to be just taking lots of additional issues because that has a cosmetic input on the patients and also has a financial input every additional piece of tissue that they take. [inaudible]
Costs $200-$300.
Speaker Change: Dr. Taken, four or five extra pieces of tissue on bad information, that a lot. So when we look at this, we look at sensitivity as being the most important driver, but we also take specificity very highly important for the technology for the reasons that I just outlined. Thank you very much.
Speaker Change: Okay, all right, thank you very much, Andrew. And I guess my last question will be on the nature of conversations you're here, of dialogue, you're having with the FDA, where to keep providing any color, I guess the status of these conversations and in general what is being discussed.
Yeah, Andrew, do you, do you want to speak to you out?
Speaker Change: So, we're actually quite pleased at the speed of the response coming back from the FDA. I think we kind of...
Speaker Change: Seeing that they're a little bit ahead of where we thought.
Speaker Change: They were at and right now the questions that they're coming back with are more around how we put our study design together and like more of the mechanics behind it rather than the actual nuts and bolts of the results. So, I'm going to start with you guys.
So, they're just really forming, you know, and-
Speaker Change: Picture in their minds of what exactly we did during this trial. And then once they have that figured out, it will be the next level down. We'll be thinking into the actual statistical analysis and making sure that how we produce the numbers are airline with their expectations. [inaudible]
Speaker Change: So I think the overarching thing is there hasn't been anything that has come back from that, we can't answer so far and they seem to be a little bit ahead of where we anticipated and we do have a meeting coming up next month.
Speaker Change: with the FDA on our 100-day mark, where we will probably get a much bigger insight into where they are for their questions will lie.
Speaker Change: Okay, and given that these guys are a little bit ahead of where you expected, do you have, I guess, updated expectations around, you know, when I went approval should got my know, this is a touchy subject. [inaudible]
Speaker Change: Yeah, like I would I would temper expectations there. I'm just saying when we get to the 100 day market and they come back with all their police ledge questions, I think then is the point when we will know how much further this is going to take. Right now they're just getting through their initial process quite efficiently, but the. Um.
The big questions will come a little bit later.
Speaker Change: Gotcha. Okay, thanks very much. Congratulations. I'm on this not pass it along.
Yeah, thank you.
Speaker Change: As a reminder, if you wish to ask a question, be sure to press star 1.
Speaker Change: Your next question comes from the line of Scott McCauley from Paradigm Capital. Your line is now open. Please go ahead.
Thank you, afternoon everyone.
Scott McCauley: I think I know the answer to this first one, but just to check. So this sale in this quarter was that a new placement or a kind of conversion of an existing placement that was under either a lease or other model.
that decided to acquire the equipment.
Scott McCauley: And I guess it's kind of related to that. Are there any of the sites that you currently have under a lease or placement model that, you know, now they have the initial experience with the system that are looking to acquire the capital equipment at right.
Scott McCauley: No, this sale was a new customer. And typically, you know, like I said, customers will generally be able to do a capital sale. I mean, sorry, be able to the placement or not.
Scott McCauley: So those customers that have a device already placed there's no expectation that they would convert into a sale, you know, right now on the beast on the S series. As we move to be serious, those, you know, that might change but for the moment.
the capital sales we're doing are brand new placements.
Brain Claw, Brain New Customs
Yeah, yeah, that's that's great [inaudible]
Scott McCauley: and great to see the new systems in the new states.
Speaker Change: Can you speak to the current number of installations or agreements that you have and obviously what the momentum out of the conference few weeks ago, what that pipeline is looking like?
Speaker Change: Yeah, I think we're, so we're approaching 20 placements now across the country. The momentum is very good, actually. So the ASBR conference is two and a half days of the floor time, a few more days of presentations.
and there's about 1500 attendees. Thank you.
Speaker Change: Breast Surgeons, and just focus on breast surgeons from the US and around the world really, and just speaking anecdotally from our booth, there was a ton of traffic going through our booths.
Speaker Change: Folks, wanting to look at the S series product, get a little bit of hands-on sort of play around for the bit.
Speaker Change: We were talking, our clinical TV was showing the user interface up for the B series to sort of prepare, like, you know, give some, give people more of this, we'll understand what that UI looks like.
Dr. Thompson's presentation had a full house when he presented.
Speaker Change: and it was great because it was that his presentation was the end of a block.
Speaker Change: And at the end of that block, there was a break. Thank you.
Speaker Change: and at the break, folks come to the exhibit hall, and so it is really nice after his presentation to see the amount of traffic in our booths.
Speaker Change: of Surgeons, who had just got out from hearing his presentation and seeing all the data, and then wanted to come see the device.
Speaker Change: in person. It was very energizing for our team. It was great that, you know, there were on multiple occasions.
Speaker Change: Current customer surgeons there, talking to either colleagues they already had or other surgeons that they had just met, kind of talking about their experience unprompted by us, often devised how they used in the practice. So it was very encouraging for the team.
Speaker Change: It is leading into a significant number of new accounts in our pipeline of the pipeline.
Speaker Change: and I think one of the differences we're seeing this year versus others is
It isn't so much, hey, let me...
Speaker Change: Let me learn more about the product. It's more like, okay, I'd like you guys to come into whatever city my hospital, you know, as soon as you can. And then we're going to start conversation with administration.
Speaker Change: You know, immediately, they've started to see the data now, they see the results, they've been hearing about this product there's a there's a great sort of momentum and grounds while happening within the surgeon community. Thank you.
Speaker Change: That's great. That's great to hear. And then I know obviously, you know, number of placements and facilities is one thing is important, but I know something you've highlighted in the past is having multiple surgeons.
using any kind of one device.
which obviously increases utilization and that through part of the consumables.
Speaker Change: So I don't know if there's any comments on maybe the number of surgeons that are currently trained in using it or kind of the average number of surgeons that are using anyone given installation or trends you're seeing in terms of, you know, multiple new surgeons getting trained up.
at an institution that already has a system in place.
Speaker Change: Yeah, this is a focus for us, and so what we do is we sort of prioritize, so we've got a very small sales team, we've got a lot of customers that want to
Speaker Change: that want the device. And so the way we prioritize our pipeline, who we service is both geographically, but also those facilities where there are multiple surgeons.
Speaker Change: that are all in the same facility that can use the same device.
Speaker Change: And so, I'll use honor health just as an example, which we announced.
a little while ago.
Speaker Change: That facility's got three surgeons that are trained on the device that are used in that single device.
Speaker Change: We've got a couple more hospitals in the pipeline that are pretty near to completion, you know, getting signed.
Speaker Change: where, again, there's multiple three, four, five surgeons in that single facility. So this is a big deal for us. I think this is also what is driving, you know, we've got a pretty sizable increase in procedures, the past quarter revenue.
Um, a spring term by, by having-
Speaker Change: which tends to be the more cumbersome part of the sales process. It's much easier to get a new surgeon already in that facility to use that same device that's there.
Speaker Change: So, the goal here, and the sort of the quickest path to increasing revenue quickly, is to get the device in a hospital, in a system that has multiple surgeons, and then be able to quickly get more and more surgeons on that, and we start to see some of that happen kind of now, and then certainly in the pipeline it's there.
Speaker Change: Yeah, that's that's great. And I guess lastly for me and related to that is
Any discussions on, you know, more kind of system-wide?
Speaker Change: Contracts or Agreements where the system that might have five, ten plus individual facilities across either a state or multiple states where you can get in and get a single agreement that would apply for all of those and then...
Speaker Change: So you don't need to go through the value out of committee at each institution, and you can go hunting a bit more [inaudible]
Speaker Change: Yep, yeah, license us to hunt is what our sales team calls us, and the answer is stay tuned.
Speaker Change: Fair enough. That's great. Congrats guys. Thanks for taking the questions
Speaker Change: Your next question comes from the line of Doug Loe from Leeds Financial. Your line is now open. Please go ahead
Doug Lowe: Yeah, thanks operator. And hi, Adrian. Congratulations on all progress summarized in your quarterly results here. It's just most of questions about answered here, but just a supplemental one. I was just looking to see if any of your medical professionals that are relevant to your current install base have any of their own face for academic research response or clinical trials ongoing. And I didn't find any. So I was just wondering if any of your current users have any.
Doug Lowe: Asperations of publishing any of their own clinical data that you might be able to use in support of selling the B-Series or S-Series for that matter. And if you have any insights as to whether supplemental clinical trials might fold out from your testing and solve based going forward, that's it for me.
Doug Lowe: Yeah, I think, okay, so on the B series, the only surgeons that have used that were the ones involved in the clinical trial, you know, that we just wrapped up, so we'll...
Doug Lowe: Obviously, that's done. They'll be manuscripts coming out and getting published the journals over the course of the next year as we can date across to that data. So I think on the B series, that's where you're going to see the bolus of information get published in scientific journals. [inaudible]
Doug Lowe: With respect to the S-series, that is an area that we focus on to work...
Doug Lowe: to surgeons on their performance and how their reiccision rates and other information has come down. We're fully support that. There are some, you know, we published a white paper last year. There's a few more studies that are in the works and hopefully we'll get published soon.
Doug Lowe: So I think the answer is yes. There is more and more clinical data that's coming out. A whole boldest from the B series and then we do have sort of performance-based data on the S series that our surgeons are working through.
Okay. Well, maybe maybe I just don't do it. Yeah.
Andrew: We do have a clinical registry now set up so any of our new adopters can sign up to the registry, not allow them to collect data in a very precise way.
Doug Lowe: They can publish individually, but we can also then correlate all of the data eventually and then look at trends to broader publications multi-site.
Doug Lowe: Publication. So that is in the works. And I think we have one site close to getting that through to IRB. So that's definitely a big push of ours.
Speaker Change: Okay, that's good feedback. And I was just going to add, supplementally, I mean, it sounds like you do have a lot of...
Speaker Change: collaborative activity underneath the surface. I mean, it's always tough to tell when peer review concludes your papers could be published this year, next century for all anybody knows, but do you have any expectation on sort of what timeline we're going to be able to see things.
Speaker Change: and some of the studies in the peer-reviewed medical literature, anything that you think has a high probability of being published a before interview.
Speaker Change: Anything that we would get out probably in this calendar year is going to have to be retrospective. One of the other challenges is a lot of our early adopters.
Speaker Change: come from community settings where they don't really have research staff on site, so the collection of the information that gets fed into the clinical registry is difficult. We have identified one particular site where they do have some research.
Speaker Change: Resources that could help. So we're just working through the process of getting them on board and set up so.
Speaker Change: , , , , , , , , , , , , , ,
Speaker Change: You know, it's it's used the a little bit of a longer task than you ever expect in the clinical trial, so fingers crossed we can get something out within this calendar year, but again, it will be all retrospective data.
Perfect. Thanks for your feedback. Thanks.
Adrian Mendez: There are no further questions at this time. Please continue Mr. Adrian Mendes
Adrian Mendez: Okay, and with that, thank you for your interest and for following us. We are as I mentioned in my in my earlier remarks
Adrian Mendez: We are starting to see the traction of all the work that we've been doing recently. It's starting to come through in terms of customers are using the product, revenue increasing.
Speaker Change: You know, the first capital of sale is showing that there's starting to be some great demand for the product in different ways. I think the presentation of Dr. Thompson, the presentation of the data at ASB RS by Dr. Thompson.
Speaker Change: was very important for us to actually get that, you know, a very controlled data set out.
Speaker Change: analyzing into surgeon's hands, and we're starting to see the results of that now in our sales pipeline. So,
Speaker Change: Very exciting time for us. I think the employees within Perimeter are very excited about what's happening and seeing what's upcoming and just keep following us. There's more to come. Thank you very much.
Speaker Change: Ladies and gentlemen, this concludes today's go-and-friends call. Thank you for your participation. You may now disconnect.