Highlights

  • 4DMedical (ASX:4DX) reported FY26 operating revenue of AUD 7.1 million, 21% above FY25.
  • Annual scan volumes rose 77% to 344,075 across a year-end network of 540 sites.
  • The group held AUD 278.0 million in cash at 30 June 2026.
  • CT:VQ secured Australian regulatory approval and expanded commercial deployment during 2026.

4DMedical Limited (ASX:4DX) develops software that turns medical imaging into quantitative information about lung function and disease. On 22 October 2026, its shares were quoted at AUD 3.785, down 1.43% for the trading session. The company’s FY26 results outlined higher scan volumes, a wider clinical network and commercial activity surrounding CT:VQ, its computed tomography ventilation-perfusion product.

Company Business

The Melbourne-based medical technology group supplies imaging analytics to hospitals, radiology providers and healthcare partners. Its products include XV LVAS, which measures regional ventilation using X-ray imaging, CT LVAS, which analyses lung function from CT scans, and CT:VQ, which estimates ventilation and perfusion using non-contrast CT imaging. Software delivery and per-scan arrangements form part of its commercial model.

4DMedical (ASX:4DX) operates across Australia and overseas healthcare markets, particularly the United States. Its wider portfolio includes structural lung analysis and products added through acquisitions. The software is intended to operate alongside existing imaging equipment, although adoption depends on clinical workflows, purchasing decisions and applicable regulatory approvals.

Recent Development

During 2026, CT:VQ received Australian Therapeutic Goods Administration authorisation, allowing local commercial deployment. The company announced paid arrangements with imaging providers and initial patient scanning. It also reported European CE marking in March and UK certification in April, extending the jurisdictions where the product could be supplied.

In the United States, 4DMedical (ASX:4DX) reported five academic medical centres using CT:VQ on commercial terms at 30 June 2026. Its three-year arrangement with SimonMed covers deployment within an outpatient imaging network of more than 170 sites, with fees linked to scans. The company also described a North American distribution agreement with Philips containing minimum-order commitments.

The acquisition of Vienna-based contextflow established a European commercial platform and broadened the group’s chest CT analysis portfolio. Through contextflow, 4DMedical reported participation in a German lung screening program covering approximately 25,000 procedures at 25 sites over three years. Separate 2026 arrangements with RevealDx and Azra AI addressed nodule assessment and care coordination.

Financial Performance and Sector Context

For FY26, 4DMedical (ASX:4DX) reported AUD 7.1 million in operating revenue, a 21% year-on-year increase. Underlying software-as-a-service revenue grew 23%. Gross margins exceeded 90%, while other income from government grants and research and development incentives was AUD 7.5 million, compared with AUD 10.6 million in FY25.

The company reported an adjusted FY26 net loss of AUD 32.9 million, compared with AUD 35.3 million in FY25. Its statutory result included an AUD 164.6 million non-cash fair-value expense relating to the equity component of a funding facility. The adjusted measure and statutory result therefore describe different aspects of reported performance.

At 30 June 2026, cash was AUD 278.0 million. The network served by 4DMedical reached 540 software sites, up 39% year on year. It processed 344,075 scans during FY26, an increase of 77%, including 105,970 in the June quarter. Existing products remained the main contributor to scan volumes, while CT:VQ commercial deployment was at an earlier stage.

The respiratory-imaging sector is influenced by reimbursement settings, regulatory authorisations, clinical evidence and hospital procurement processes. In the United States, the company reported a Medicare reimbursement rate of USD 650.50 per CT:VQ scan. That rate is distinct from the revenue the company ultimately records on individual commercial contracts.

Risks to Consider

4DMedical (ASX:4DX) faces commercial execution risk as it converts product approvals and site agreements into routine paid utilisation. Hospital onboarding, clinician training and reimbursement arrangements can affect scan adoption. Losses, ongoing development expenditure, integration of acquired businesses and reliance on selected distribution partners also warrant attention. Clinical-study findings do not guarantee broad purchasing or reimbursement outcomes.

What to Watch Next

Upcoming disclosures may clarify CT:VQ utilisation at U.S. medical centres, initial activity across the SimonMed network and the pace of Australian and European deployments. Other measurable items include revenue conversion from distribution contracts, quarterly cash movements, the CLEAR pulmonary embolism evidence program and reporting around the company’s 28 October 2026 annual general meeting.

Key Insights

FY26 combined higher operating revenue and scan activity with a continuing adjusted loss and substantial year-end cash. For 4DMedical (ASX:4DX), the next operational distinction is between contracted access to imaging sites and recurring paid scan volumes. The timing of commercial deployment, reimbursement, clinical studies and spending will provide further evidence about business execution.