Highlights

  • FY26 Operating Revenue was $7.1 million, with gross margins exceeding 90%.
  • The company produced 344,075 scans during FY26, including 105,970 scans in Q4 FY26.
  • SaaS products were being delivered at 540 sites globally by 30 June 2026.
  • The adjusted net loss was $32.9 million, while year-end cash stood at $278.0 million.
  • CT:VQ expanded its regulatory and commercial footprint across several markets during 2026.

4DMedical Limited (ASX:4DX) is an Australian medical technology company that develops advanced imaging software to provide quantitative insights into lung function. Its FY26 results show a Business focused on expanding clinical adoption while continuing to operate at a loss, with commercial deployment, scan volumes and cash resources central to the 2026 picture.

FY26 Financial Position

For the year ended 30 June 2026, 4DMedical (ASX:4DX) reported operating revenue of $7.1 million and gross margins above 90%. Other income totalled $7.5 million from government grants and the Research and Development tax incentive. The adjusted net loss was $32.9 million. The statutory result also included a $164.6 million non-cash expense linked to the Fair Value measurement of the Equity component of a financing facility. The company stated that this charge involved no cash outflow.

Cash at 30 June 2026 was $278.0 million. This balance provides funding capacity for commercialisation, product development and broader deployment, although the company remained loss-making during FY26.

Scan Volumes and Site Expansion

Operational activity increased across the company’s software network. 4DMedical produced 344,075 scans in FY26, including 105,970 scans in the June quarter. By 30 June 2026, its SaaS products were being delivered at 540 sites globally, with 63 sites added during the June quarter.

The company attributed scan activity to greater utilisation by existing customers, expansion of lung health screening programs, continued CT:VQ deployment and wider use of its subscription and pay-per-use product portfolio. These operating measures provide a clearer view of adoption than revenue alone because commercial agreements can take time to translate into recurring usage.

CT:VQ Commercialisation Progress

During 2026, CT:VQ broadened its regulatory reach. The product received European CE Mark certification in March, UKCA certification in April and Australian regulatory approval in June. By the end of FY26, 4DMedical said CT:VQ was authorised across six jurisdictions and had moved into commercial use with several major healthcare institutions and imaging providers.

A three-year commercial agreement signed in May 2026 also extended CT:VQ into a large US outpatient imaging network covering more than 170 sites across 10 states. Technical onboarding was complete by the FY26 results date, with first patient scanning expected to follow. The company also continued work on reimbursement pathways and clinical evidence programs designed to support broader adoption.

Key Risks and Execution Factors

The main financial consideration is the gap between current revenue and the company’s cost base. Commercial agreements may not produce scan volumes or revenue at the pace expected, while regulatory approvals do not guarantee customer uptake. Product adoption also depends on reimbursement, clinical integration and continued evidence generation. The company’s $278.0 million cash balance reduces near-term funding pressure, but ongoing losses mean cash use remains an important measure to monitor.

Key Insights

4DMedical’s (ASX:4DX) FY26 result combined early-stage revenue with expanding operating activity. The company finished the year with 540 SaaS sites, 344,075 scans and a substantial cash balance, while still reporting an adjusted loss. The next phase of its development therefore centres on converting regulatory access and commercial contracts into sustained usage and revenue while managing expenditure as deployment scales.