4DMedical (4DX) H1 2025 earnings summary

Executive summary

• Achieved FDA clearance and Medicare reimbursement for IQ-UIP, expanded product suite, and completed Imbio integration, targeting a global interstitial lung disease diagnostics market over US$4 billion.

• Secured major contracts with Philips, US Department of Defense, Qscan, University of Chicago Medicine, and UC San Diego Health, expanding U.S. and Australian presence.

• Activated Philips master reseller agreement, broadening U.S. government and commercial market access.

• Launched capital raise of up to $12.5 million (A$12.5m) to fund commercialisation and working capital.

• SaaS revenue, site count, and scan volumes all showed strong double-digit growth year-over-year.

Financial highlights

• Revenue grew 16.5% half-on-half and 265% year-over-year to $2.9 million, with underlying growth masked by minimum payments and Imbio acquisition.

• Scan volume increased 77% year-over-year and 37% half-on-half; number of sites grew 41% year-over-year and 24% half-on-half.

• Average XV fee per scan rose to A$349 in 1H25 from A$35 in 1H24, with US$650 reimbursement impact yet to be realised.

• Operating expenditure reduced by 11% half-on-half, but net operating expenditure was $18.8 million in 1H25.

• Net loss after tax was $19.2 million, up 23% year-over-year, reflecting higher operating costs.

Outlook and guidance

• Confident in achieving meaningful revenue from Philips reseller agreement before June 30 and further FDA clearances in 2025.

• FDA submission for CT:VQ expected in 2H FY25, with approval anticipated in CY2025.

• Capital raise of $12.5 million (minimum), with potential for $18 million more, expected to fund path to break-even.

• Positioned to support the Australian National Lung Cancer Screening program starting July 2025.

• Management expects positive cash reserves for at least 12 months based on current forecasts.