Key Highlights

  • 4DMedical Limited (ASX:4DX) reported FY26 Operating Revenue of AUD 7.1 million, increasing 21% year on year.
  • Its software products were operating at 540 sites globally at 30 June 2026, representing 39% site growth.
  • The company produced 344,075 scans during FY26, an increase of 77% over FY25.
  • CT:VQ commercial agreements extended across U.S. academic centres, outpatient imaging and Australian providers.
  • The FY26 announcement reported a cash balance of AUD 278 million at 30 June 2026.

4DMedical Limited (ASX:4DX) develops quantitative respiratory imaging software for hospitals, imaging centres and clinical researchers. In its 28 August 2026 FY26 results announcement, 4DX reported higher operating revenue and scan volumes as it progressed commercial deployment of its CT:VQ technology. The period included additional regulatory clearances, contracts and distribution activity. These developments expand commercial access but do not necessarily imply that contracted networks have already reached full scan utilisation.

Operating Revenue and Scan Activity

FY26 operating revenue was AUD 7.1 million, representing 21% growth compared with FY25. The company reported margins above 90% on its operating revenue measure. Software products were in use at 540 sites worldwide as at 30 June 2026, an increase of 39% over the previous year. These measures describe different aspects of the Business and should not be treated as interchangeable.

Total scans produced reached 344,075 for FY26, up 77% year on year, including 105,970 scans during the final quarter. The filing attributed much of the recorded scanning activity to the established product portfolio. Therefore, aggregate scan growth is not a direct measure of CT:VQ revenue or utilisation at newly contracted sites.

U.S. Academic and Outpatient Agreements

By 30 June 2026, 4DX reported CT:VQ commercial adoption by five U.S. academic medical centres. The arrangements were on full commercial terms, although scan volumes and purchasing structures varied between organisations. The FY26 announcement also described a three-year agreement with a U.S. outpatient imaging network operating approximately 170 locations.

Technical onboarding of the outpatient network was reported as complete, with patient scanning anticipated following the reporting date. These network locations were not included in the 540-site count at 30 June. The distinction matters because a signed network contract can precede the operational rollout and the recognition of related scanning revenue.

Regulatory Reach and Australian Rollout

During the year, CT:VQ obtained or held authorisations across six markets, including the United States, Australia, New Zealand, Canada, the United Kingdom and the European Union. Australian registration in June 2026 was followed by paid contracts with local imaging providers and the commencement of patient scanning, according to the announcement.

The company also described distribution arrangements for North America and clinical evidence activity. Reported reimbursement for CT:VQ in the United States provides a framework for certain eligible services, but actual receipts depend on ordering, clinical use and applicable payer arrangements. Regulatory market access similarly does not guarantee purchasing or medical adoption.

Capital Position and Commercial Execution

4DX reported cash of AUD 278 million at 30 June 2026. Management connected the balance with planned commercial expansion and development activity. Expenditure is likely to remain linked to product implementation, distribution arrangements, clinical evidence generation and the wider software portfolio as new markets are addressed.

The company described acquisitions and technology integrations intended to broaden its imaging capabilities. Those initiatives add opportunities but may also require operating investment. Progress after the FY26 reporting period should be evaluated against subsequent announcements rather than assumed from rollout plans or market-size estimates contained in the results presentation.

Key Insights

4DX finished FY26 with higher operating revenue, increased global software site numbers and substantially more scans produced. CT:VQ obtained broader regulatory access and entered additional commercial relationships, while deployment timing remains important in interpreting contract activity. The AUD 278 million cash balance provides a funding reference for the next stage.