4DMedical Limited has responded to ASX queries over its announcements of commercial agreements with leading US academic medical centres, clarifying its disclosure approach and denying ramping allegations ahead of a $150 million capital raise.
- 4DMedical explains strategic focus on US market via key academic medical centres
- No financial forecasts disclosed due to lack of guaranteed minimum scan volumes
- Agreements with Stanford, Miami, Cleveland Clinic, and UC San Diego underpin commercial rollout
- Company denies ramping conduct prior to institutional placement
- Pricing details withheld as commercially sensitive; board-approved ASX responses
Context of ASX Query
4DMedical Limited (ASX, 4DX), a medical technology company specialising in advanced lung imaging, has provided detailed responses to an ASX query letter concerning the adequacy and completeness of its disclosures on multiple commercial agreements with top-tier US academic medical centres (AMCs). The ASX’s questions focused on whether 4DX’s announcements sufficiently described the significance of these agreements, particularly given the absence of financial details, and whether the company engaged in ramping activity ahead of a recent $150 million capital raise.
Strategic Commercialisation Focus
Since its IPO in 2020 and especially following FDA approval of its CT, VQ™ technology in August 2025, 4DMedical has emphasised a commercialisation strategy centred on penetrating the US market through partnerships with leading AMCs. The company views these institutions as key opinion leader sites whose adoption validates the technology and encourages broader uptake. Agreements with Stanford University, University of Miami, Cleveland Clinic, and UC San Diego Health form the backbone of this rollout, each representing significant clinical and strategic milestones.
Disclosure on Financial Materiality
4DX explained that none of the agreements include guaranteed minimum scan volumes or revenue commitments, which precludes reliable financial forecasting. Consequently, the company chose not to disclose speculative revenue estimates in its announcements, consistent with ASX guidance. Instead, 4DX highlighted the strategic importance of these agreements in advancing its commercialisation plan and anticipated that revenue would grow over time as clinical utilisation expands. For example, the Stanford agreement allows up to 20,000 scans annually under a pay-per-scan model, but no fixed minimums are set.
Capital Raise and Ramping Allegations
The ASX raised concerns about a possible ramping strategy, given the series of announcements preceding the $150 million institutional placement at $3.80 per share. 4DMedical firmly denied any ramping conduct, asserting that all disclosures were timely, balanced, and compliant with continuous disclosure obligations. The company emphasised that it refrained from speculative financial commentary and that the announcements were material due to the strategic validation provided by these prestigious US medical centres.
Commercial Sensitivities and Contract Terms
4DX also clarified that pricing details remain commercially sensitive and are withheld to protect competitive positioning. Introductory pricing periods, typically discounted and subscription-based, precede full commercial terms, which are generally on a per-scan basis. Contract terms vary, with initial periods ranging from one month to three years, often with automatic renewals. The company confirmed that no material conditions remain outstanding for these agreements to be legally binding.
Looking Ahead
With these clarifications, 4DMedical aims to reassure investors and regulators of its transparent disclosure practices as it advances its US commercialisation strategy. The company’s next challenge will be translating these strategic partnerships into consistent revenue streams and demonstrating sustained market traction amid evolving competitive and geopolitical landscapes.
Bottom Line?
4DMedical’s clarifications set the stage for monitoring how its US AMC partnerships translate into tangible commercial success.
Questions in the middle?
- When will 4DMedical begin reporting material revenues from these AMC agreements?
- How will the $150 million capital raise accelerate the US commercial rollout?
- Could further ASX scrutiny impact 4DX’s disclosure practices or market perception?