4DMedical (4DX) Q1 2026 TU earnings summary

Executive summary

• Achieved FDA clearance for CT:VQ™, the first non-contrast, CT-based ventilation-perfusion imaging technology, and secured immediate CMS reimbursement at US$650.50 per scan.

• Stanford University became the first U.S. AMC to adopt CT:VQ™ under a commercial contract, less than two months after FDA clearance.

• Expanded AstraZeneca partnership in Brazil to six hospitals, covering 48,000 CT scans annually for lung health screening.

• Secured key Australian contracts, including a multi-year agreement with Spectrum Medical Imaging for the National Lung Cancer Screening Program.

• Published a major study in a leading respiratory journal demonstrating XV LVASⓇ predicts pneumothorax risk in COPD patients.

Financial highlights

• Q1 FY26 operating revenue was $1.4 million, with gross margins exceeding 90%.

• Net operating cash outflows for Q1 FY26 were ($3.3 million), a $0.5 million improvement quarter-on-quarter.

• Receipts from customers increased 8% year-over-year but decreased 15% quarter-on-quarter due to timing of collections.

• Cash balance at 30 September 2025 was $33.5 million, bolstered by a $10 million strategic investment, $6 million R&D tax receipt, and $20.5 million from exercised options.

Outlook and guidance

• Immediate reimbursement and rapid adoption at leading institutions position CT:VQ™ for broad U.S. market penetration.

• Ongoing expansion in Brazil and Australia, with plans for national coverage and further product deployments.

• Strong cash position and potential for $30.2 million additional capital inflows from in-the-money options expiring December 2025.