4DMedical Secures $150M, Philips Deal, and Five US Medical Centres for CT:VQ™

A Transformational Quarter for 4DMedical

4DMedical Limited (ASX – 4DX) has reported a pivotal quarter marked by rapid commercial adoption and strategic growth initiatives for its innovative CT – VQ™ lung imaging technology. Following FDA clearance in September 2025, the company has seen five prestigious US academic medical centres adopt CT – VQ™ within just five months, signalling strong clinical validation and market acceptance.

The technology, which extracts detailed ventilation-perfusion data from routine CT scans without the need for radioactive tracers, offers a significant advancement over traditional nuclear VQ imaging. Its ability to integrate seamlessly into existing CT workflows and leverage the widespread availability of CT scanners across healthcare systems positions it as a potential new standard in pulmonary imaging.

Strategic Partnerships and Market Expansion

A major highlight of the quarter was the expansion of 4DMedical's distribution agreement with Philips. This deal includes a minimum contractual order commitment of approximately A$15 million over two years, providing revenue visibility and access to Philips’ extensive commercial network across the United States and Canada. The partnership is supported by dedicated sales and clinical teams, joint marketing efforts, and co-branding campaigns, all aimed at accelerating adoption.

Complementing this, Health Canada granted regulatory approval for CT – VQ™ in December 2025, unlocking a significant new market. With over 560 CT scanners and a large volume of respiratory imaging procedures annually, Canada represents a substantial opportunity for 4DMedical to expand its footprint beyond the US.

Robust Financial Position and Growth Metrics

4DMedical successfully completed a $150 million institutional placement in January 2026, welcoming high-quality global investors while limiting dilution to under 4%. This capital injection boosts the company’s proforma cash balance to over $200 million, providing ample runway to scale commercial operations aggressively.

Operationally, the company reported a 31% increase in underlying SaaS revenue year-on-year, driven by expanding penetration across business-to-business sites and distributors. The number of sites delivering 4DMedical’s SaaS products grew 43% to 430 globally, with scan volumes more than doubling compared to the previous year. Meanwhile, cost optimisation efforts have reduced net operating cash outflows by 21%, reflecting disciplined financial management amid growth.

Leadership and Future Outlook

In a strategic move to support its growth trajectory, 4DMedical appointed Julian Sutton, a long-standing director and early investor, as Chief Financial Officer. Sutton’s deep familiarity with the company’s technology and capital markets expertise is expected to bolster execution during this critical commercialisation phase.

Looking ahead, 4DMedical is advancing regulatory approvals in Europe and Australia, with CE marking and Therapeutic Goods Administration submissions underway. The company is also leveraging major medical conferences to drive clinical adoption and awareness among pulmonologists and radiologists.

CEO Andreas Fouras emphasised the company’s momentum, stating that 2026 will be a year of aggressive commercial scaling and establishing CT – VQ™ as the new standard of care in pulmonary imaging.