Brookline Capital Markets initiated coverage of Perimeter Medical Imaging AI (TSXV: PINK; OTCQX: PYNKF) with a “buy” rating and price target of C$1.54 (US$1.11). The stock closed at C$0.32 on July 13.
In March 2026, Perimeter received FDA premarket approval (PMA) for Claire, the first AI-enabled imaging device approved in the U.S. for intraoperative breast cancer margin assessment.
Claire combines Perimeter’s proprietary AI with its patented wide-field OCT imaging to enable high-resolution, real-time evaluation of excised tumor margins. The system delivers 10 times higher resolution than standard X-ray and ultrasound at 2 mm imaging depth—the clinically relevant margin width for breast cancer margin assessment. Claire’s innovative AI technology was trained on Perimeter’s proprietary and growing OCT image library of over two million breast tissue images.
Today, surgeons use a combination of physical examination, and in limited cases intraoperative pathology to assess margins before sending specimens to pathology for final evaluation. As a result, patients may wait up to a week or more to learn whether margins are clear or additional surgery is required. Claire is designed to identify areas of concern during surgery, helping surgeons determine whether to remove more tissue before completing the procedure. National averages indicate repeat surgeries occur in about 20 percent of breast-conserving surgeries in the U.S.
In a research note, analyst Kemp Doliver writes that, “Claire OCT has Breakthrough Device status from FDA, which should speed CMS’ review of the company’s planned filing for a New Technology APC (decision expected by yearend) under the Medicare Outpatient Prospective Payment System (OPPS).”
“The New Technology APC would last for 2 to 3 years while CMS collects enough claims data to accurately reassign it to an appropriate clinical APC group. CMS will move reimbursement out of the temporary New Technology status to a standard, clinically appropriate APC after collecting enough claims data,” he added.
With respect to valuation, Mr. Doliver writes, “We derive our Target Price using a 10-year discounted cash flow analysis. We expect sharp uptake in 2026 followed by steady growth over the 10-year forecast period with Claire OCT and its successor products achieving 9%+ penetration of lumpectomies in 2035.”
