4DMedical has made significant strides in commercial adoption of its CT:VQ™ lung imaging technology, securing top US hospital contracts, regulatory approvals in Europe and the UK, and a major pharmaceutical partnership, all backed by strong capital raises and inclusion in the S&P/ASX 200.
- Expanded CT:VQ™ adoption at five leading US academic medical centres
- CE Mark and UKCA regulatory clearances enable European and UK rollout
- $233 million raised through two institutional placements in 2026
- New contract with GlaxoSmithKline for pulmonary drug development analytics
- SaaS delivery sites up 32% and scans up 79% year-over-year
CT:VQ™ Gains Traction Among US Medical Giants
4DMedical's CT:VQ™ technology is rapidly cementing its place in the US healthcare landscape, now commercially adopted by five of the nation's top academic medical centres (AMCs). The University of Chicago Medicine recently expanded its partnership to include a commercial contract with an initial pre-paid scan package, joining Stanford, University of Miami, Cleveland Clinic, and UC San Diego Health in deploying the technology. This network of elite institutions anchors 4DMedical's US strategy, reflecting the clinical appeal of CT:VQ™'s non-invasive, high-resolution ventilation-perfusion imaging that sidesteps the need for radioisotopes or contrast agents.
Meanwhile, Mayo Clinic, ranked the top hospital in the US, has commenced a 90-day evaluation of CT:VQ™, signalling interest at the highest clinical levels though without a binding commercial commitment. The technology's integration into established CT workflows and access to reimbursement pathways underpin its growing momentum in the US market.
These developments build on the company's prior progress, including FDA clearance and CMS reimbursement secured last year, and the Philips distribution agreement, which collectively set the stage for broader commercial rollout. The institutional adoption surge aligns with 4DMedical's expanding footprint, now delivering SaaS products at 477 sites globally, a 32% increase year-over-year, and producing a record 86,200 scans in the quarter, up 79% from the previous year, underscoring accelerating clinical uptake and operational scale.
European and UK Market Access Unlocked by Regulatory Approvals
March and April 2026 marked critical regulatory milestones as CT:VQ™ received CE Mark certification for the European Union and UKCA certification for the United Kingdom. These clearances open access to two of the world's largest and most sophisticated respiratory imaging markets, where ventilation-perfusion imaging is routine but constrained by nuclear medicine infrastructure limitations.
With over 450 million people and a dense network of CT scanners, the EU represents a substantial addressable market that 4DMedical aims to penetrate swiftly. The CE Mark enables immediate commercial engagement with healthcare providers and research institutions, while UKCA certification allows deployment across public and private UK healthcare systems, including renowned centres like the Royal Brompton Hospital. These approvals not only facilitate sales but also enhance 4DMedical's global clinical credibility and research collaborations.
Strategic Pharmaceutical Partnership with GSK
4DMedical has secured a one-year contract with pharmaceutical giant GlaxoSmithKline (GSK) to provide quantitative lung imaging analytics supporting pulmonary drug development and clinical trials. Starting May 2026, this collaboration leverages 4DMedical's software platform to deliver sensitive biomarkers for lung structure and function, aiding trial efficiency and patient stratification.
The deal complements existing engagements with AstraZeneca and signals growing biopharma reliance on AI-driven imaging endpoints. This pharmaceutical foothold diversifies 4DMedical's revenue streams and enhances its positioning as a preferred partner for respiratory drug development analytics.
Capital Raises Strengthen Balance Sheet and Fuel Expansion
Financially, 4DMedical completed two sizeable institutional placements in early 2026, raising a combined $233 million at $3.80 and $5.90 per share respectively. These raises attracted new global long-only investors and limited shareholder dilution to under 4%. The proceeds are earmarked for accelerating CT:VQ™'s European rollout and sustaining balance sheet strength amid rapid commercial expansion.
As a result, the company reported a pro forma cash balance of $282.7 million as of March 31, 2026. Operating revenue increased 12% year-to-date to $5 million with SaaS revenue up 24%, underpinned by high gross margins above 90%. Operating cash outflows narrowed by over 10% compared to the prior year, reflecting cost optimisation alongside growth investments.
4DMedical's inclusion in the S&P/ASX 200 index from April 20, 2026, further elevates its market profile and broadens its institutional shareholder base, marking recognition of its commercial and technological progress.
Regulatory and Reimbursement Advances in North America
Beyond the US, 4DMedical achieved regulatory clearance for its Coronary Artery Calcium (CAC) analysis in Canada, coinciding with its presence at the Canadian Association of Radiologists Annual Scientific Meeting. In the US, the Centers for Medicare & Medicaid Services established a new reimbursement code (HCPCS G0680) for AI-enabled opportunistic CAC analysis, providing a reimbursement rate of $15.50 per study. This reimbursement pathway is a market-creation milestone, supporting broader clinical adoption without additional scan burden.
These regulatory and reimbursement advances complement the company's core CT:VQ™ commercial activities, expanding its cardiopulmonary imaging portfolio across key geographies.
Collectively, these developments illustrate 4DMedical's transition from regulatory approvals to scaled commercial execution, with a growing sales pipeline and a focus on establishing thought leadership in respiratory imaging.
Investors will be watching how the Mayo Clinic evaluation concludes, the pace of CT:VQ™ uptake in Europe post-CE Mark, and the impact of pharmaceutical partnerships on revenue diversification. The company's ability to convert regulatory clearances and capital into sustained market penetration will be critical as it navigates a competitive and evolving medtech landscape.
Expanded adoption at five AMCs and Mayo Clinic evaluation highlight US momentum, while CE Mark and $83M raise underpin European ambitions.
Bottom Line?
With regulatory clearances, robust capital, and marquee contracts in hand, 4DMedical is poised to scale CT:VQ™ globally, but commercial execution and market adoption remain the next critical hurdles.
Questions in the middle?
- Will Mayo Clinic convert its evaluation into a commercial contract for CT:VQ™?
- How quickly will European healthcare providers adopt CT:VQ™ following CE Mark and UKCA approvals?
- Can pharmaceutical partnerships with GSK and AstraZeneca materially diversify 4DMedical’s revenue beyond clinical imaging?