Highlights

  • University of Chicago Medicine adopts CT:VQ™ for commercial clinical deployment in pulmonology.
  • Five major U.S. academic medical centres adopt CT:VQ™ within five months of FDA clearance.
  • Shares of 4DMedical closed lower despite continued regulatory and commercial developments.

4DMedical Limited (ASX:4DX) announced that University of Chicago Medicine has expanded its existing partnership to include commercial deployment of CT:VQ™, the company’s quantitative ventilation-perfusion imaging technology. University of Chicago Medicine is ranked among the leading U.S. hospitals for pulmonology and lung surgery and becomes the fifth academic medical centre in the United States to adopt CT:VQ™ following FDA clearance in September 2025.

The expanded agreement includes a renewed imaging analysis platform arrangement and a commercial contract incorporating an initial prepaid CT:VQ™ scan package. While the initial deployment volume is not considered financially material, the hospital operates as a reference site with scope for increased usage as clinical workflows are established.

CT:VQ™ Adoption Milestones Post FDA Clearance
Within five months of regulatory clearance, CT:VQ™ has been adopted by Stanford University, Cleveland Clinic, UC San Diego Health, University of Miami, and now University of Chicago Medicine. These institutions are recognised for leadership in advanced imaging and pulmonary medicine and collectively represent influential clinical reference sites in the U.S. healthcare system.

CT:VQ™ extracts ventilation and perfusion data from routine non-contrast CT scans, providing an alternative to traditional nuclear VQ imaging. The technology does not require radiotracers or contrast agents and is compatible with existing CT infrastructure.

Commercial Distribution and Regulatory Progress
During the quarter ended December 2025, 4DMedical expanded its distribution agreement with Philips to include CT:VQ™ across the United States and Canada. The agreement includes a minimum contractual order commitment of approximately AUD 15 million, or USD 10 million, over two years.

Regulatory approvals during the period included clearance from Health Canada and device notification in New Zealand. The company has also commenced the process for European regulatory approval, which would support future submissions to the Australian regulator.

Quarterly Operating Metrics
For Q2 FY26, 4DMedical reported underlying SaaS revenue growth of 31% in the first half compared with the prior corresponding period. Customer receipts rose 16% year-on-year, while net operating cash outflows declined 21%.

The company delivered SaaS products across 430 sites globally, a 42.9% increase year-on-year, and processed 77,560 scans during the quarter, up 115.2% from the previous year. Proforma cash at 31 December 2025 stood at AUD 206.2 million following a AUD 150 million institutional placement.

Share Price Performance
On 30 January 2026, shares of 4DMedical closed at AUD 3.17, down 7.58% for the day.