4DMedical Limited (ASX:4DX): What Do FY26 Scan Volumes and CT:VQ Rollout Reveal?

Aditi Sarkar

27 October 2026 10:33 PM AEDT

4DMedical Limited (ASX:4DX): What Do FY26 Scan Volumes and CT:VQ Rollout Reveal?

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Highlights

4DMedical Limited (ASX:4DX) reported FY26 operating revenue of AUD 7.1mn, up 21% YoY.
The company processed 344,075 pulmonary and cardiovascular scans in FY26, an increase of 77%.
Its global software deployment reached 540 sites at 30 June 2026, 39% above June 2025.
Cash totalled AUD 278mn at FY26 year-end, while adjusted net loss was AUD 32.9mn.

4DMedical Limited (ASX:4DX) develops software for analysing lung and cardiothoracic imaging, with products designed to extract functional information from medical scans. Its FY26 results showed increased scan processing and wider software deployment as the company expanded commercial activity around CT:VQ. 4DMedical shares closed at AUD 3.61 on 27 October 2026. Recent financial disclosures place the focus on revenue conversion, hospital adoption and the costs associated with expanding diagnostic imaging services.

Company Business

4DMedical Limited (ASX:4DX) supplies imaging analysis tools to hospitals, radiology providers and other healthcare customers. Its software portfolio includes CT:VQ, which assesses regional lung ventilation and perfusion from CT imaging without injected contrast, along with lung volume, lung density and other analytical applications. The business draws on XV Technology and acquired imaging capabilities to offer diagnostic information for respiratory and related conditions.

The company operates commercially in Australia and the United States, with European expansion forming part of its more recent development activity. Revenue is generated through imaging software and related arrangements, including software-as-a-service deployments.

Recent Development

In its FY26 results, 4DMedical Limited (ASX:4DX) reported that CT:VQ progressed from a regulatory-development focus into commercial deployment. The company described activity with US academic medical centres and radiology customers, while its broader portfolio supported increased scan volumes. The installed software base reached 540 sites at 30 June 2026, an increase of 39% compared with the corresponding date a year earlier.

In March 2026, the company announced CE Mark certification for CT:VQ, enabling commercial use in the European Union. In June, it announced an agreement to acquire Vienna-based contextflow, a business associated with lung imaging analysis and radiology workflows.

Financial Performance and Sector Context

4DMedical Limited (ASX:4DX) recorded FY26 operating revenue of AUD 7.1mn, 21% higher than FY25, according to its full-year results. Underlying SaaS revenue increased 23%, with the company identifying broader penetration across hospital, radiology and distribution relationships. Gross margin was approximately 93%, reflecting the software-led revenue model.

The group processed 344,075 scans during FY26, 77% more than in FY25. The final quarter contributed 105,970 scans. The company reported operating expenditure excluding non-cash share-based payments of AUD 45.7mn, compared with AUD 45.5mn in FY25.

Adjusted net loss narrowed to AUD 32.9mn from AUD 35.3mn in FY25. Statutory net loss was AUD 203.0mn and included a substantial non-cash remeasurement of a financial instrument; accordingly, statutory and adjusted results describe materially different accounting effects. Cash at 30 June 2026 was AUD 278mn.

Risks to Consider

The business remains loss-making on an adjusted basis, making commercial revenue conversion and cash spending relevant monitoring points. Adoption depends on hospital procurement, radiology workflows, reimbursement arrangements and continued clinical acceptance. Reported earnings may also be affected by non-cash financial instrument valuations, making comparisons between statutory and underlying results particularly important.

What to Watch Next

Investors following 4DMedical Limited (ASX:4DX) can monitor customer additions, scan volumes and evidence of recurring SaaS revenue from CT:VQ deployment. Upcoming quarterly reporting may clarify operating cash use and the relationship between commercial activity and recognised revenue.

Key Insights

4DMedical Limited (ASX:4DX) increased FY26 operating revenue and scan volumes while broadening its software footprint across healthcare customers. Its substantial year-end cash balance accompanies an adjusted operating loss, and a non-cash charge materially affected statutory earnings. Subsequent reports will help establish how expanded clinical use translates into revenue, expenditure and cash flow as the product portfolio develops.

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