Melbourne, May 4, 2026, 05:02 AEST
4DMedical Ltd heads into Monday trading with investors assessing whether a surge in hospital scan volumes and a new GSK research contract can justify a stock that has swung from A$0.23 to A$7.55 over the past year. Shares last traded at A$4.02, up 0.25% in the previous ASX session, giving the lung-imaging software company a market value of about A$2.37 billion.
That matters now because the Melbourne-based company has moved into the S&P/ASX 200, raised A$233 million through two institutional placements this year, and reported a pro-forma cash balance of A$282.7 million at March 31. The cash gives 4DMedical room to push CT:VQ, its lung-imaging software, but the larger index profile also puts more pressure on management to turn reference-site wins into recurring revenue.
The latest ASX filing, published Friday afternoon, was more mechanical: an Appendix 2A showed 4DMedical sought quotation for 2,159,719 ordinary shares after options were exercised or convertible securities were converted. Still, the issuance lands after a heavy run of capital-market activity, including placements priced at A$3.80 in January and A$5.90 in March.
In its March-quarter report, 4DMedical said it was delivering software-as-a-service products at 477 sites globally, up 32% from a year earlier. Software-as-a-service, or SaaS, means software sold online by subscription or use, rather than installed as a one-off purchase. The company produced 86,200 scans in the quarter, up 79%, while underlying SaaS revenue rose 24% in the financial year to date.
The company’s main commercial story is CT:VQ, software that turns routine chest CT scans into maps of lung ventilation and perfusion, or blood flow, without injected contrast or radioactive tracers. University of Chicago Medicine became the fifth U.S. academic medical centre to commercially adopt CT:VQ, joining Stanford University, University of Miami, Cleveland Clinic and UC San Diego Health; Mayo Clinic is using it under a 90-day evaluation, not a commercial commitment.
The GSK contract began on May 1 and runs for one year. 4DMedical will supply quantitative lung-imaging analytics for pulmonary drug development and clinical research, though the company said the contract value is commercially confidential and not individually material. Founder and Chief Executive Andreas Fouras said the agreement showed the “growing importance” of the platform in pharmaceutical development and called the commercial pipeline “the deepest and most advanced it has ever been.”
Regulatory news has also widened the addressable market. 4DMedical said CT:VQ received UKCA certification for clinical use in Britain after CE Mark certification in Europe, while its coronary artery calcium analysis was cleared in Canada. Coronary artery calcium analysis looks for calcium build-up in heart arteries, often from CT scans taken for other reasons; in the United States, a new CMS billing code provides reimbursement of US$15.50 per study for AI-enabled analysis.
The competitive backdrop is not a simple race against one rival. Philips is a route-to-market partner, not a like-for-like peer: 4DMedical’s half-year report said Philips would distribute CT:VQ in the United States and Canada and underwrite a minimum order commitment of about A$15 million, or US$10 million, across 2026 and 2027. Pro Medicus, the ASX-listed radiology software group often used by investors as a local imaging-software benchmark, is also financially tied to 4DMedical through a A$10 million hybrid debt and equity investment and a distribution option.
But the risks are plain. The GSK contract is not material on its own, Mayo’s use remains an evaluation, and customer receipts were A$1.4 million in the March quarter against a net operating cash outflow of A$10.2 million. If hospital adoption takes longer than expected, or if reimbursement and clinical evidence do not drive repeat scans, 4DMedical’s valuation could prove hard to sustain.
The next test is less about another headline customer and more about conversion. Investors will be looking for the five U.S. academic medical centres, the Philips channel and the new European and UK clearances to show up in receipts, not only in scan counts.
