Highlights

  • 4DMedical (ASX:4DX) traded at AUD 2.24 on 13 November 2026, down 3.03%.
  • September-quarter Operating Revenue reached AUD 2.3 million, rising 66% year on year.
  • The company reported 119,672 scans and an installed base of 724 sites.
  • SimonMed launched CT:VQ and LDAf access across its U.S. outpatient network.

4DMedical Limited (ASX:4DX) develops software that analyses medical images to help clinicians assess lung ventilation, perfusion and respiratory conditions. On 13 November 2026, its ASX-listed shares were trading at AUD 2.24, down 3.03% during the session. The company's recent developments include a nationwide U.S. outpatient imaging launch with SimonMed, expanded deployment of its imaging software and financial results for the September quarter. These updates provide a view of commercial activity as 4DMedical progresses through FY27.

Respiratory Imaging Software and Geographic Reach

4DMedical's software portfolio includes CT:VQ, which maps air flow and blood flow in different parts of the lungs using computed tomography images. Other products include LDAf for functional lung-density assessment, LDAi and IQ-UIP. Its imaging tools are designed to work with medical imaging workflows, with software analysis rather than the deployment of dedicated scanners as the central service. The company operates in Australia and the United States and has extended its commercial presence in Europe.

CT:VQ and LDAf are supplied for clinical use in U.S. imaging settings, while the group's broader software offering spans respiratory disease assessment and related image analysis. Commercial progress depends on provider contracts, regulatory permissions, integration into hospital and imaging-centre workflows, and the number of patient examinations completed. Different products address different clinical questions, so installation or access does not automatically represent an equivalent number of billable scans.

SimonMed Launch and Recent Commercial Developments

In November 2026, 4DMedical reported that physicians could order CT:VQ and LDAf analyses at SimonMed locations across the United States. The rollout brings the products into outpatient settings and permits individual or combined analysis for clinically appropriate patients. CT:VQ assesses regional ventilation and perfusion without injected contrast or radioactive tracers, while LDAf measures low-density lung tissue and air trapping. Actual utilisation remains dependent on physician orders and patient needs.

The October FY27 quarterly update stated that SimonMed had completed deployment across 125 CT-enabled sites and entered an additional three-year IQ-UIP agreement. The same update described a U.S. Veterans Affairs healthcare-network agreement for LDAi, structured as an initial one-year term with possible annual extensions, and Stanford Medicine's 12-month software renewal. In Europe, a contextflow-linked German lung cancer screening programme was reported to cover approximately 25,000 procedures across 25 sites over three years.

FY27 Quarterly Performance and Financial Position

For the quarter ended 30 September 2026, 4DMedical reported unaudited operating revenue of AUD 2.3 million, 66% higher than the prior corresponding quarter. The company processed 119,672 scans, up 61% year on year. Its software was delivered at 724 sites globally, representing increases of 34% quarter on quarter and 77% year on year. Gross margins remained above 90%, according to the quarterly announcement.

Cash stood at AUD 242.8 million at 30 September 2026. In its FY26 annual results, the company had reported operating revenue of AUD 7.1 million, up 21%, and 344,075 scans, up 77% compared with FY25. Cash and cash equivalents at 30 June were approximately AUD 278 million. The Annual Report recorded a statutory net loss of AUD 203.0 million, which included a substantial non-cash financial-instrument remeasurement expense; the company's adjusted net loss was AUD 32.9 million. These measures are not interchangeable.

Medical imaging adoption involves clinical validation, technical integration and reimbursement arrangements. Consequently, growth in access points and scan volumes should be considered alongside recognised revenue, cash expenditure and product-level commercial terms. U.S. healthcare institutions, community radiology groups and European screening programmes operate under differing procurement and clinical processes.

Risks and Operating Milestones

The company's principal execution considerations include conversion of installed access into recurring examinations, contract renewals, reimbursement settings, competition from existing diagnostic pathways and the pace of clinical acceptance. The expansion of its product portfolio and European operations also creates integration and expenditure requirements. Continued operating cash outflows mean that revenue growth and expenditure trends remain relevant, notwithstanding the September cash balance.

Upcoming monitoring points include utilisation across SimonMed's CT-enabled network, delivery against Veterans Affairs and European arrangements, and the progress of the CLEAR clinical study. The October update indicated that a CLEAR study readout was planned for calendar 2027. Subsequent quarterly reports may provide further detail on volumes, revenue recognition, installation growth and cash use; announced contracts should not be treated as revenue until the applicable recognition conditions are met.

Key Insights

4DMedical (ASX:4DX) entered FY27 with an expanded imaging-software footprint and higher quarterly scan volumes. The SimonMed launch extends outpatient access, while hospital, government-network and European programmes provide additional channels. The next measurable indicators for 4DMedical (ASX:4DX) include paid usage, recognised revenue, Operating Cash Flow and progress through the announced clinical and commercial milestones.