4DMedical expands global reach as scans hit a quarterly record

Record scans meet expanding commercial footprint

4DMedical Limited (ASX:4DX) has started FY27 with its strongest quarterly operating metrics yet, reporting 119,672 scan analyses in the three months to 30 September, up 61% on the prior corresponding period. Its global SaaS install base climbed to 724 sites, 34% higher than at June and 77% above September 2025.

“Total scan analysis volumes reached a quarterly record of 119,672 scans in Q1 FY27, up 61% versus prior corresponding period.”

Unaudited operating revenue rose 66% to $2.3 million, driven by CT:VQ adoption and higher scan volumes, while gross margins remained above 90%. The figures are encouraging, although the revenue base remains modest relative to the company’s stated expansion ambitions and the quarterly result is unaudited.

The quarter also delivered the completion of SimonMed’s network-wide CT:VQ and LDAf rollout across all 125 CT-enabled locations. The US imaging provider has now signed a further three-year subscription for IQ-UIP, which is designed to help radiologists identify the usual interstitial pneumonia pattern associated with serious pulmonary fibrosis. The rollout builds on the SimonMed three-year agreement reported earlier this year.

Veterans Affairs selection adds US validation

4DMedical said its LDAi technology had been selected for COPD detection across a major US Veterans Affairs healthcare network. The agreement has an initial one-year term with annual extensions and is expected to generate approximately US$800,000 over five years. That structure means the full amount is not an unconditional five-year commitment.

The company is also pointing to a potential policy tailwind. The bipartisan AIRCARE for Vets Act, introduced in the US House of Representatives in July, would direct the Department of Veterans Affairs to establish a pilot program using advanced 4D functional lung imaging and authorise US$20 million in appropriations. The bill has been referred to the House Committee on Veterans’ Affairs but has not been enacted.

European screening contract and CLEAR evidence program

In Germany, contextflow has been selected for a Curagita-led lung cancer screening deployment covering approximately 25,000 procedures across 25 sites over three years, including Heidelberg University. The contract brings lung nodule detection, emphysema analysis, longitudinal tracking and structured reporting into a coordinated screening workflow, but 4DMedical did not disclose its revenue value.

The company said recruitment and site activation for the CLEAR study remained on plan, supporting a readout in calendar 2027. The multi-centre program, led by Mass General Brigham and anchored at Massachusetts General Hospital, is comparing CT:VQ directly with CT pulmonary angiography in patients suspected of acute pulmonary embolism. It follows the CLEAR pulmonary embolism program, which was launched to build evidence for entry into the larger US market.

Stanford Medicine has also renewed its software agreement through July 2027, including a minimum allocation of CT:VQ scans and the ability to buy additional capacity in blocks. In Australia, new agreements with Jones Radiology, Qscan and providers in the Integral Diagnostics network extend the customer base following CT:VQ’s TGA approval.

Cash funds expansion but operating outflows remain material

Cash stood at $242.8 million at quarter-end, down $35.2 million during the period. Net operating cash outflow was $15.2 million, including $0.8 million of one-off costs tied to the contextflow acquisition. Investing outflows totalled $22.5 million, primarily reflecting the $18.0 million contextflow completion payment and a $4.9 million strategic investment in RevealDx.

On the company’s reported operating cash usage, the balance represented an estimated 16 quarters of funding. That calculation does not remove the possibility of further investment, changing cash consumption or additional acquisition activity, but it gives 4DMedical substantial financial capacity as it integrates contextflow and pursues wider adoption.

Board transition puts capital markets under executive oversight

Professor Christine Jenkins AM will join the Board as a non-executive director, while current Chair Lil Bianchi will not seek re-election at the 2026 annual meeting. Julian Sutton, currently CFO and an executive director, will become Executive Chair after the AGM and retain responsibility for finance, legal and capital markets alongside CEO Andreas Fouras.

Chris Cox has been appointed CFO and Beth Plunkett General Counsel. The reshuffle places finance and capital markets directly within the Executive Chair’s remit at a point when 4DMedical is reporting rapid operational expansion but continues to consume cash. The next test is whether rising utilisation converts the enlarged network into revenue growth that can eventually narrow that gap.