Highlights

  • 4DMedical (ASX:4DX) reported FY26 operating revenue of AUD 7.1 million, up 21%.
  • The company processed 344,075 scans in FY26, a 77% increase year on year.
  • Its software was delivered at 540 global sites at 30 June 2026, up 39%.
  • 4DMedical ended FY26 with AUD 278.0 million in cash and expanded CT:VQ deployment.

4DMedical Limited develops software that converts medical scans into quantitative information about lung structure and function for clinicians and imaging providers. On 23 October 2026, 4DMedical (ASX:4DX) was quoted at AUD 3.67, down 2.65% for the trading session. The company’s latest FY26 disclosures cover higher imaging volumes, commercial deployment of its CT:VQ product, expansion into European markets and a larger cash position following capital raisings.

Company Business

4DMedical (ASX:4DX) supplies respiratory imaging analytics through a software-as-a-service model that works with existing hospital and radiology equipment. Its products include CT:VQ, CT Lung Ventilation Analysis Software, XV Lung Ventilation Analysis Software and tools for assessing lung density, texture and other imaging characteristics. These applications help medical teams analyse function as well as structural changes visible on scans.

The company operates commercially in Australia and the United States, with an expanded European presence following its contextflow acquisition. Customers and distribution channels include hospital systems, academic medical centres, outpatient imaging practices and screening programs. Its products are subject to clinical validation, local regulatory permissions, reimbursement arrangements and integration with clinical workflows.

Recent Development

In its FY26 results announcement, 4DMedical (ASX:4DX) reported CT:VQ regulatory authorisation across six markets, including the United States, Australia, the European Union, the United Kingdom, Canada and New Zealand. CT:VQ provides ventilation and perfusion information from CT imaging without contrast agents or radiotracers. Australian regulatory approval in June 2026 was followed by paid imaging-provider agreements and the commencement of patient scans.

In the United States, five academic medical centres had adopted CT:VQ on commercial terms by 30 June 2026. The company also signed a three-year arrangement with an outpatient imaging network spanning approximately 170 centres across ten states, with technical onboarding completed. Its North American distribution arrangements were expanded during the financial year.

European activities grew through the acquisition of contextflow, which develops chest CT analysis software. The company disclosed a German lung cancer screening deployment covering approximately 25,000 procedures across 25 sites over three years. Separately, its CLEAR clinical program is intended to assess CT:VQ in patients with suspected acute pulmonary embolism; clinical research outcomes remain subject to study progress.

Financial Performance and Sector Context

For FY26, 4DMedical (ASX:4DX) recorded operating revenue of AUD 7.1 million, an increase of 21% from FY25. Underlying software-as-a-service revenue increased 23%, while reported gross margins exceeded 90%. Other income, comprising government grants and research-and-development tax incentives, was AUD 7.5 million compared with AUD 10.6 million in FY25.

The FY26 adjusted net loss narrowed to AUD 32.9 million from AUD 35.3 million in FY25. The company separately disclosed a non-cash AUD 164.6 million fair-value expense linked to the equity component of its Pro Medicus facility. This accounting charge affected the statutory result but did not involve a cash outflow. Adjusted losses should therefore be distinguished from the statutory earnings result.

Imaging volume increased to 344,075 scans in FY26, up 77%, including 105,970 in the June quarter. Software products were delivered at 540 sites globally at year end, compared with a 39% smaller site base one year earlier. The company held AUD 278.0 million in cash at 30 June 2026 after institutional equity placements completed during the year.

For the respiratory imaging sector, adoption depends not only on regulatory clearances but also on clinical evidence, reimbursement, procurement and utilisation. A new hospital agreement does not automatically translate into immediate revenue at mature scan volumes; deployment and routine clinical usage remain separate steps.

Risks to Consider

4DMedical (ASX:4DX) remains exposed to the cost and timing of converting medical imaging contracts into recurring scan activity. Delays in clinical adoption, reimbursement changes, procurement approvals or technical integration could affect commercial revenue. Research and software development expenditure, competition, data-handling requirements and acquisition integration are additional considerations. Despite the FY26 revenue increase, the company reported an adjusted net loss and remains dependent on further commercial scale.

What to Watch Next

For 4DMedical (ASX:4DX), relevant upcoming measures include the Q1 FY27 cash-flow and activity report, CT:VQ scan utilisation at contracted sites, new clinical deployments, and progress in converting evaluation arrangements into commercial subscriptions. The company’s annual general meeting is scheduled for 28 October 2026. Further disclosures may also clarify European screening rollout, Australian reimbursement work and clinical evidence from the CLEAR program.

Key Insights

4DMedical’s FY26 figures show growth in revenue, software sites and scan numbers alongside a smaller adjusted net loss. Its year-end cash balance increased following equity funding, while CT:VQ advanced into commercial use across several jurisdictions. The main measurable developments for 4DMedical (ASX:4DX) are sustained clinical utilisation, recurring revenue conversion, cash expenditure and the progress of new deployments.