4DMedical (4DX) H1 2026 earnings summary

Executive summary

• Achieved FDA clearance and CMS reimbursement for CT:VQ™, the first non-contrast, CT-based ventilation-perfusion imaging technology, enabling rapid U.S. adoption and reimbursement at $650.50 per scan.

• Signed a major North American distribution deal with Philips, including minimum revenue commitments and dedicated sales resources.

• Expanded regulatory approvals to Canada and New Zealand, with CE marking (Europe) and TGA (Australia) applications in progress.

• Raised $150 million via institutional placement in January 2026, limiting shareholder dilution to 3.86%.

• Pro Medicus invested $10 million and secured an option to distribute products.

Financial highlights

• H1 FY26 operating revenue was $2.9 million, with gross margins exceeding 90%.

• Underlying SaaS revenue grew 31% year-over-year, driven by increased B2B penetration.

• Operating expenditure (excluding non-cash share-based payments) decreased 17% to $19.1 million.

• Adjusted net loss improved 18% to $16.2 million compared to H1 FY25.

• Cash balance at 31 December 2025 was $56.8 million; proforma cash post-placement was $206.2 million.

Outlook and guidance

• Significant runway for accelerated commercial adoption and global expansion following capital raise.

• Continued focus on U.S. market penetration, regulatory expansion, and product portfolio growth.