Highlights

  • 4DMedical continues expanding its US presence through healthcare, pharmaceutical and imaging partnerships.
  • The company has strengthened its commercial pipeline with hospital agreements and research collaborations.
  • A proposed US veterans healthcare initiative could create a significant long-term opportunity if approved.
  • Investors remain focused on translating growing scan volumes into sustainable revenue growth.

4DMedical Ltd (ASX: 4DX) shares were trading at A$4.02, up 1.52%, at the time of writing on 4 August 2026. The company remains in focus following a series of commercial and strategic developments across the United States, including pharmaceutical collaborations, hospital partnerships and proposed veterans healthcare initiatives that have strengthened its long-term growth narrative.

Why this story matters

4DMedical has attracted considerable investor attention over the past year as it continues to build its presence in the United States healthcare market. While the company is still generating relatively modest revenue, investors are increasingly focused on its ability to commercialise its lung-imaging technology through hospital networks, pharmaceutical research collaborations and potential adoption within the US veterans healthcare system. The key question remains whether these commercial initiatives will translate into sustained revenue growth over time.

About 4DMedical and its ASX operations

Melbourne-headquartered 4DMedical is a software-based cardiopulmonary imaging company built on technology developed by Managing Director Andreas Fouras. Its flagship XV Technology platform and FDA-cleared CT:VQ solution use artificial intelligence to convert routine CT scans into detailed maps of lung ventilation and perfusion, supporting the assessment of conditions including pulmonary embolism and emphysema.

The company primarily operates a software-as-a-service (SaaS) model, generating revenue on a per-scan basis. At 31 December 2025, 4DMedical operated 430 SaaS sites globally, representing 43% year-on-year growth, while maintaining gross margins above 90%.

The latest development

Recent months have seen several strategic developments supporting 4DMedical's US expansion strategy.

In April 2026, the company joined the S&P/ASX 200 and announced a one-year agreement with GSK to provide quantitative lung-imaging analytics for pulmonary drug development through the Flywheel Exchange platform. Although the company indicated the contract is not individually material, it strengthens relationships within the pharmaceutical sector.

In May 2026, 4DMedical entered a three-year agreement with US radiology provider SimonMed Imaging, covering more than 170 outpatient imaging centres.

During June 2026, the company agreed to acquire Vienna-based contextflow for approximately €11.4 million (around A$18.56 million upfront, plus shares and potential earn-out consideration), establishing a pathway into the European market. It also launched the US$2 million CLEAR pulmonary embolism study led by Mass General Brigham.

Separately, on 16 July 2026, 4DMedical highlighted the introduction of the bipartisan AIRCARE for Vets Act (H.R. 9666), which proposes a US$20 million pilot programme using the company's functional lung imaging technology within the US Department of Veterans Affairs. The legislation remains a proposal and has not resulted in any contract award.

Financial and operational figures

For the half year ended 31 December 2025, 4DMedical reported revenue of A$2.85 million, broadly unchanged from the previous corresponding period. However, underlying SaaS revenue increased 31%, while scan volumes more than doubled to 151,905.

FY2025 revenue totalled approximately A$7.2 million.

The company reported an adjusted net loss of A$16.19 million for the half, while operating cash outflow was approximately A$12.66 million.

Cash balances stood at A$56.8 million at 31 December 2025 and increased to a pro-forma A$206.2 million following a January 2026 institutional placement of approximately US$100 million (around A$150 million) together with option exercises. A subsequent capital raising of approximately A$79.1 million further strengthened liquidity.

Potential opportunities

4DMedical's long-term opportunity centres on increasing utilisation across its installed hospital network.

Its expanded agreement with Philips includes a minimum US$10 million order commitment across 2026 and 2027, providing access to a broader North American hospital customer base. The GSK collaboration, additional regulatory approvals in multiple jurisdictions and the acquisition of contextflow further expand the company's commercial opportunities.

If approved, the proposed US veterans healthcare pilot could also create a sizeable future market for the company's imaging technology.

Material risks and uncertainties

Despite continued commercial progress, execution remains the primary challenge.

The company's valuation continues to reflect expectations for significant future revenue growth, while reported revenue remains relatively modest. Several commercial agreements announced during the past year were described by the company as not individually material, and the proposed veterans programme remains subject to legislative approval.

Additional risks include ongoing operating cash burn, potential shareholder dilution following recent capital raisings, competition within medical imaging, dependence on reimbursement pathways in the United States and successful integration of contextflow.

What investors should watch next

Investors will likely monitor upcoming cash flow reports for evidence of improving cash receipts and reduced cash burn.

Further attention will focus on future revenue growth, progress of the AIRCARE for Vets Act through the US legislative process, integration of contextflow and continued commercial adoption through the Philips and SimonMed partnerships.

Conclusion

4DMedical has continued to expand its commercial platform through pharmaceutical collaborations, hospital partnerships and international growth initiatives. Its FDA-cleared technology, expanding healthcare network and strengthened balance sheet provide a foundation for future growth.

However, many of the company's largest opportunities remain prospective rather than fully commercialised. Future financial performance will largely depend on converting expanding scan volumes and commercial relationships into recurring revenue growth.