4DMedical (ASX:4DX) has released our 2026 Annual Report, covering the year CT:VQ® moved from regulatory clearance to clinical use in leading hospitals.
CT:VQ® is the first and only FDA-cleared technology to show lung perfusion and ventilation without an injected or inhaled contrast agent. It runs on the CT scanners hospitals already have, including rural and community sites without nuclear medicine. The year's milestones:
1. Cleared in major markets, reimbursed in the U.S.
• Medicare reimbursement from CMS followed FDA clearance within days.
• CT:VQ® is now also cleared in Europe, the UK, Canada, Australia and New Zealand.
2. Adopted by leading hospitals and partners
• Stanford, Cleveland Clinic, UC San Diego Health, University of Miami and University of Chicago were among the first U.S. Academic Medical Centres to adopt it.
• Philips now distributes CT:VQ® in North America and SimonMed has introduced it to outpatient imaging across its 170 outpatient imaging sites.
3. Expanding into Europe and new indications
• Our acquisition of contextflow in Vienna gives 4DMedical an established European platform.
• Our CLEAR study is taking CT:VQ® into acute pulmonary embolism, a much larger market than nuclear V/Q.
Across 540 sites, our technology supported more than 344,000 lung scans in FY26, up 77% on the year before. We are just getting started.
Read the full 2026 Annual Report: asx.api.cmfyapp.com/asx-rese…
We are proud to partner with @Lungfoundation and support our shared vision of a healthier future for all Australians. That belief sits at the heart of a new multi-year partnership between Lung Foundation Australia and @4DMedicalXV (ASX:4DX).
Together, we share a vision of Healthy Lungs for All - supporting better outcomes for Australians impacted by lung disease and lung cancer. Our partnership will involve:
1. A shared commitment to lung health
• Lung Foundation Australia has spent more than 30 years supporting people living with lung disease and lung cancer.
• 4DMedical is committed to advancing the way respiratory conditions are understood, diagnosed and managed.
2. Putting people at the centre
• Where someone lives or their circumstances should not determine the care and support they can access.
• This partnership is grounded in the belief that every Australian deserves the right care at the right time.
3. Combining trusted support with innovation
• Lung Foundation Australia provides nurses, peer support, social workers, research funding and advocacy.
• 4DMedical’s advanced functional imaging helps clinicians better understand how lungs are working, not simply what they look like.
Meaningful progress in lung health requires collaboration across patients, clinicians, advocates, researchers and technology leaders. We are proud to support Lung Foundation Australia’s important work and help extend its impact across the Australian community.
We look forward to working together to help more Australians breathe easier and live well.
Read the press release from Lung Foundation Australia: lungfoundation.com.au/news/l…
"For the first time, functional lung imaging can be delivered using the CT scanners hospitals already own."
That's what I told Edward Boyd on @News24Aust's Business Now show this week. This big story is what @4DMedicalXV (ASX:4DX) makes possible for hospitals and patients:
1. Bringing functional imaging to the lungs
• Doctors can already see how the brain and heart function, not simply what they look like.
• Through CT:VQ™ we are bringing that same capability to lung imaging, helping clinicians understand how lungs are actually working.
2. Creating value from infrastructure hospitals already own
• Our software works with the CT scanners already in hospitals today.
• Rather than requiring a new generation of equipment, we can add meaningful capability to billions of dollars of existing infrastructure, virtually overnight.
3. Making diagnostics simpler for patients
• CT:VQ™ provides a view of lung perfusion without the extra scan and injection required by conventional approaches.
• That can mean less time, less hassle and fewer potential risks for patients.
4DMedical began as research at Monash University in 2005. More than two decades later, the opportunity is to make advanced functional imaging accessible at global scale, without asking healthcare systems to rebuild what they already have.
That's why I’m so excited about what comes next.
Watch our interview on News24 at 10 minutes:
news24.com.au/watch/news-sho…
I spoke with Chris Conway from @LivewireMarkets about how @4DMedicalXV is building a whole ecosystem and the opportunity ahead:
1. FY27 is the year of conversion
• More leading US hospitals are adopting CT:VQ™
• First paying customers from the Department of Veterans Affairs expected
2. From scans to revenue
• At Cleveland Clinic, early adopters are discussing moving away from the legacy service towards 100% CT:VQ™ usage
• More scans → greater utilisation → revenue follows
3. Clinical evidence building
• AJRCCN article out of Michigan: LVR surgery procedure success rate 46% → 76%
• Cleveland Clinic: Bronchoscopic LVR work-up time 7 weeks → 3 weeks
What you are seeing now is adoption proving the technology, while conversion will continue to prove the business. As I told Chris, we’re just getting started here.
Read the article on Livewire: livewiremarkets.com/wires/is…
And watch the video on YouTube: youtube.com/watch?v=HnoSs0Db…
I am deeply honoured to receive the PACT Act Veterans Champion Award from @Burnpit360.
What began many years ago as a research effort to better understand how the lungs breathe has grown into technology that can help make invisible injuries visible and, importantly, help veterans receive the answers and care they deserve.
This recognition belongs to the many researchers, clinicians, engineers, veterans and advocates who have contributed to this journey. I am grateful to be part of it, and very proud of what we can achieve when science, technology and advocacy come together in service of those who have served. As a former Australian Army commissioned officer (Infantry), I am to proud to give back to the veteran community.
For years, the only way to confirm what burn pits had done to a veteran's lungs was to cut into them.
That is no longer true, and one of the reasons is coming to the Gala of Valor.
Dr. Andreas Fouras is the founder and CEO of @4DMedicalXV, the company behind XV Technology — the world's first FDA-cleared respiratory imaging software that turns X-ray sequences into four-dimensional quantitative data, showing in real time how air actually moves through a breathing lung. It began at Monash University in 2005 and took more than fifteen years of clinical research to refine.
What it changes is the thing veterans have been fighting about for two decades: proof. Working with the VA and leading medical centers including Vanderbilt, this technology allows veterans sickened by burn pits to be screened safely, accurately, and without an invasive biopsy. An objective, earlier diagnosis is also a stronger claim — fewer denials, faster treatment, and an invisible wound finally made visible.
Dr. Fouras and 4DMedical have partnered with Burn Pits 360 on national symposia and clinical research to advance this work. It reflects what our co-founder Rosie Torres calls the Trifecta Model: cutting-edge research, transformative technology, and unwavering advocacy, working together.
We are proud to present him with the PACT Act Veterans Champion Award.
October 17, JW Marriott San Antonio Hill Country.
Tickets are $400 at galaofvalor.org — or buy a seat and give a veteran a night out.
#GalaOfValor #BurnPits360 #PACTAct #MedTech #WhereHeritageMeetsHeroism
This week I've been in Hong Kong, presenting at the @GoldmanSachs Asia Leaders Conference, alongside Julian Sutton, meeting with analysts, institutions and investors. A lot of the conversations have centred on what we’ve been building at @4DMedicalXV and, importantly, what comes next.
As our recent results highlighted, FY26 was a pivotal year for 4DMedical. It was the year CT:VQ™ reached the market, and we’ve seen growing adoption across leading healthcare institutions, alongside expanding clinical evidence, regulatory access across six countries and a rapidly growing global footprint.
What I’ve been talking to investors about now is the opportunity ahead.
We now have the foundations in place - commercial adoption in leading AMC's, clinical validation, reimbursement pathways and market access. With 344,075 scans completed across 540 sites and scan volumes growing 77% year-on-year, the focus is increasingly on converting that foundation into scale.
That makes FY27 a very different chapter for 4DMedical, moving from establishing the opportunity to further accelerating its adoption.
_ @4DMedicalXV has strengthened relationships with existing customers, engaged with leading interventional pulmonologists and a large number of new institutions as they showcased the growing clinical acceptance of CT:VQ™ at the AABIP conference in Denver this past week.
AABIP is the Annual Congress of the American Association for Bronchology and Interventional Pulmonology:
• A leading meeting for interventional pulmonology.
• Bringing together clinicians influencing lung procedures.
• Direct access to potential CT:VQ™ users.
• Strong opportunity to build clinical relationships.
• Real-world applications discussed with specialist audiences.
A highlight for 4DMedical was to see Dr Joe Cicenia present CT:VQ™ clinical cases to his peers:
• Dr Joe Cicenia is a Cleveland Clinic interventional pulmonologist.
• Demonstrated 4DMedical's CT:VQ™ technology through real-world clinical applications.
• Highlighted faster valve procedure decision-making.
• Potentially removing four weeks from workflows so patients can get treatment faster.
Importantly, Cleveland Clinic renewed its three-year commercial agreement with 4DMedical:
• Cleveland Clinic is consistently ranked among the leading healthcare institutions globally.
• For 4DMedical, this is clinical validation where it matters, in front of the specialists using the technology and institutions committing to it.
• The renewed contract incorporates a committed minimum utilisation level for CT:VQ™, with any additional studies billed at full commercial rates.
It’s one thing to demonstrate what the technology can do, and another to have a leading clinician presenting real-world cases to peers, and a major healthcare institution committing to ongoing utilisation.
Learn more about 4DMedical at AABIP here: 4dmedical.com/blog/2025/07/2…
Today we released @4DMedicalXV 's quarterly report, marking the period CT:VQ™ began translating promise into commercial reality, our highlights include:
1. Commercial momentum
Following adoption at five leading U.S. Academic Medical Centres, we signed a three-year commercial agreement with SimonMed Imaging, one of the nation's largest outpatient radiology networks, on full commercial terms from day one. It reinforces our strategy of securing leading institutions before broader market adoption.
2. Clinical progress
A landmark publication in the American Journal of Respiratory and Critical Care Medicine showed CT:VQ™ - guided patient selection increased lung volume reduction surgery response rates from 46% to 76%. We also launched CLEAR, expanding our U.S. addressable market to US$3 billion in acute pulmonary embolism.
3. Strategic expansion
Post quarter-end, the acquisition of contextflow established our European platform. Combined with RevealDx and Azra AI, we are building an integrated AI-enabled cardiopulmonary pathway from diagnosis through to treatment.
4. Australian commercial launch
CT:VQ™ received TGA approval and, within days, secured multiple paid Australian contracts, with patient scanning already underway.
5. Record operational performance
We delivered a record 105,970 scans (+43%), expanded our installed base 39% to 540 sites globally, and ended the year with $278 million in cash, providing the strength to accelerate commercial growth.
Looking ahead
Our focus remains on securing more Academic Medical Centres and commercial customers while strengthening the clinical evidence and reimbursement pathways that will establish CT:VQ™ as the standard of care.
The opportunity has always been clear. This quarter showed our ability to execute against it.
Quarterly report announcement: announcements.asx.com.au/asx…
Last month @4DMedicalXV announced a significant milestone with our lung technology, CT:VQ™ being approved by the Therapeutic Goods Administration (TGA). @SevenNetwork National Health Editor @jenbechwati reported on the launch, featuring insights from Professor Lucy Morgan.
After more than two decades of research and development, it's incredibly rewarding to see Australian innovation recognised for its potential to transform respiratory care, having already been adopted by leading hospitals internationally. Seven Network highlighted:
1. 4DMedical's Australian innovation recognised nationally
Raising awareness of how advanced imaging can support clinicians and improve patient care across Australia.
2. Expert clinical validation
Professor Lucy Morgan describing our technology as a "game changer" for patients with complex lung conditions.
3. Bringing world-leading technology home
Already used by leading institutions across the United States, CT:VQ™ is now approved for use in Australia.
Because our software solution works with existing CT scanners, it has the potential to be deployed widely and improve access to advanced respiratory imaging for patients around the world.
Thank you to Jennifer Bechwati and the 7News team for sharing our story, and to Professor Lucy Morgan for helping explain the clinical significance of our technology.
7News report: 7news.com.au/video/news/aust…
7News video: youtube.com/watch?v=ZXWsKvuF…
TGA approval ASX announcement: cdn-api.markitdigital.com/ap…
_ @4DMedicalXV (ASX:4DX) has announced that a bipartisan US bill would establish a VA pilot program using 4D functional lung imaging to help identify respiratory disorders and lung disease in veterans.
ASX announcement: announcements.asx.com.au/asx…
In an interview with @FinancialReview health editor @MikeSmithAFR, I reflected on the +20-year journey from research to @4DMedicalXV's $4DX global clinical adoption, with FDA clearance and expansion across the US, Europe & ANZ | afr.com/work-and-careers/lea…
At the Life Science Investor Forum I highlighted how @4DMedicalXV's CT:VQ™ is transforming respiratory diagnostics with superior, cost-effective imaging compared to nuclear VQ. I shared our US growth strategy, partnerships & CTPA expansion plans | Watch: youtu.be/fm4-mD_zL0Q
Andreas Fouras retweeted
My interview for the ABC's That's Business podcast with Andreas Fouras, CEO of 4D Medical, the Aussie scanning technology business taking US hospitals by storm.
youtube.com/watch?v=bqE_ONRp…
The @ABC's That’s Business with @AlanKohler featured @4DMedicalXV's journey from Australian research project to global medtech innovator.
We discuss our lung imaging technology, US growth opportunity and building a scalable healthcare business.
Watch: youtube.com/watch?v=bqE_ONRp…
I’m thrilled to share @4DMedicalXV's CT:VQ™ technology has received TGA approval and is now included in the ARTG, enabling commercial deployment across Australia.
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Spoke with @AlanKohler this week on @4DMedicalXV rapid US expansion, high-margin software model and European growth strategy. Encouraging to see increasing independent coverage of our growth trajectory.
Full interview: intelligentinvestor.com.au/i…
_ @4DMedicalXV recently expanded into Europe via acquisition of contextflow, establishing a platform across ANZ, North America and Europe. The team attended ESTI 2026 in Salzburg, engaging thoracic imaging specialists and showcasing CT:VQ™.
_ @4DMedicalXV launches CLEAR, a clinical evidence program to fast-track CT:VQ™ into acute pulmonary embolism (PE), including a multi-centre prospective MGB-led study vs CTPA. Expands addressable US market to ~US$3bn across VQ and CTPA pathways | cdn-api.markitdigital.com/ap…
_ @4DMedicalXV expands into Europe via acquisition of contextflow, adding a European platform alongside ANZ and North America. The deal increases addressable market ~50% for ~6.5% cash and <0.5% dilution, strengthening its global lung health platform.
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