Highlights

  • 4DMedical (ASX:4DX) reported FY26 operating revenue of AUD 7.1mn, up 21% YoY.
  • The company produced 344,075 scans during FY26, a 77% YoY increase.
  • Its installed SaaS network reached 540 sites globally at 30 June 2026.
  • Cash and cash equivalents totalled AUD 278.0mn at the FY26 year-end.

4DMedical Limited develops medical imaging software that converts conventional scans into quantitative information about lung function, including regional ventilation and perfusion. Its FY26 reporting documented increased scan volumes, expansion of its software installation base and the commercial rollout of CT:VQ. On 26 October 2026, 4DMedical (ASX:4DX) was quoted at AUD 3.68, up 0.27% for the trading session. Recent disclosures also outline a larger year-end cash balance and continued investment in customer deployment and clinical adoption.

Company Business

4DMedical (ASX:4DX) develops and commercialises respiratory and cardiothoracic imaging applications for hospitals, radiology providers and other healthcare customers. Its technology processes medical images to describe functional differences between regions of the lungs. The business distributes software through a subscription-based model and commercial arrangements with imaging-service and technology partners.

Its products include CT:VQ, which creates ventilation and perfusion maps from routine chest CT examinations without injected contrast material, and other applications based on its XV imaging platform. The company has an Australian operating base and commercial activities in the United States and other markets. Adoption depends on the ability to integrate software into existing radiology workflows and establish relevant clinical and reimbursement pathways.

Recent Development

In September 2026, the company published its FY26 annual report following its full-year results announcement in August. It reported 540 SaaS sites at 30 June, an increase of 39% from the previous financial year-end. During FY26, the platform generated 344,075 scans, up 77% YoY, including 105,970 scans in the fourth quarter. The disclosure linked the change to utilisation by existing customers, screening programs and deployment of products within its portfolio.

4DMedical (ASX:4DX) continued commercial implementation of CT:VQ, which also received regulatory clearance in Australia during June 2026. The company expanded its European presence through the acquisition of contextflow, a developer of imaging analysis software, and announced arrangements to add complementary lung assessment and patient-coordination applications to its commercial offering. These initiatives broaden the types of imaging analysis and workflow support available to customers, while introducing integration and execution requirements.

The company has scheduled its 2026 annual general meeting for 28 October. Matters arising from its financial report, product deployment strategy and shareholder resolutions remain relevant to subsequent disclosures.

Financial Performance and Sector Context

4DMedical (ASX:4DX) reported FY26 operating revenue of AUD 7.06mn, compared with AUD 5.85mn in FY25, an increase of 21% YoY. The annual report recorded a gross margin of approximately 93%, while underlying software-as-a-service revenue increased 23% YoY. Other income totalled AUD 7.53mn, including government grants and research-related incentives, compared with AUD 10.63mn in FY25.

The FY26 statutory net loss was AUD 204.44mn, compared with AUD 30.07mn in FY25. The result included a non-cash AUD 164.61mn charge associated with remeasurement of a financial debt instrument. The company reported an adjusted net loss of AUD 32.93mn, compared with AUD 35.27mn a year earlier. These measures capture different accounting treatments and should be read alongside the company’s reconciliation.

Net cash used in operating activities was AUD 31.27mn during FY26, compared with AUD 34.48mn in FY25. Cash and cash equivalents reached AUD 277.95mn at 30 June 2026, compared with AUD 6.88mn a year earlier, reflecting substantial financing inflows. In medical imaging software, commercial uptake is influenced by clinical evidence, radiology workflow compatibility, regulatory authorisations, procurement cycles and reimbursement arrangements.

Risks to Consider

4DMedical (ASX:4DX) remains exposed to healthcare procurement timelines, product implementation costs and uncertainty around the pace of clinical adoption. Regulatory permissions differ between jurisdictions and do not ensure customer purchases. The company also faces competition from imaging-software providers, data-security obligations and possible integration expenses associated with new products and acquired businesses. Continued operating cash outflows make the relationship between commercial revenue and expenditure an important financial consideration.

What to Watch Next

For 4DMedical (ASX:4DX), forthcoming reporting points include the next quarterly cash-flow update, changes in installed SaaS sites, utilisation measured by scan volumes and further disclosures about CT:VQ adoption. Progress integrating acquired technologies, customer contracts and reimbursement implementation will help establish how product availability translates into operating revenue. The annual general meeting may also provide further information about management priorities and capital allocation.

Key Insights

4DMedical’s FY26 results recorded higher operating revenue, increased scan volumes and a much larger cash balance, alongside a statutory loss affected by a substantial non-cash item. Commercial deployment of CT:VQ and related imaging products has expanded its product and geographic footprint. Revenue conversion, operating expenditure, customer adoption and regulatory implementation remain the principal measurable developments for the next reporting periods.