---
id: "c6081907-9c8d-4f43-b2f7-7d4eef354b0c"
title: "FY26: continued execution on global commercialisation"
report_type: "event-note"
published_date: "2026-08-28"
source: "Homodeus Research"
source_url: "https://homodeus.one"
report_url: "https://homodeus.one/research/report/4dmedical-4dx-ax-fy26-continued-execution-on-global-commercialisation-event-note"
lead_analyst: "Wei Sim"
lead_analyst_email: "wei.sim@homodeus.one"
access: "full"
requires_payment: false
issuer_paid: true
html_access: "free-registration"
html_registration_required: true
company: "4DMedical Limited"
ticker: "4DX.AX"
exchange: "ASX"
country: "Australia"
country_of_listing: "Australia"
theme: "Health Care"
currency: "AUD"
price_at_report: 3.64
publication_date: "2026-08-28"
price_date: "2026-08-27"
market_cap_m: 2183.8
shares_on_issue: 599933300
week_52_high: 7.55
week_52_low: 0.4725
avg_daily_volume: 6642942
valuation_target: 5.00
valuation_method: "DCF"
wacc_pct: 8.753516666666666
tgr_pct: 3
commissioned_by: "4DMedical Limited"
isin: "AU0000095416"
markdown_url: "https://homodeus.one/api/reports/4dmedical-4dx-ax-fy26-continued-execution-on-global-commercialisation-event-note.md"
bot_friendly: true
keywords: "Health Care"
modified_date: "2026-08-28T02:25:39.057Z"
---

# FY26: continued execution on global commercialisation

## Stock Information

| Metric | Value |
| --- | --- |
| Ticker | 4DX.AX (ASX) |
| Price at Report | AUD 3.64 (2026-08-27) |
| Market Cap | AUD 2183.8M |
| Shares on Issue | 599,933,300 |
| 52-Week High | AUD 7.55 |
| 52-Week Low | AUD 0.4725 |
| Avg Daily Volume | 6,642,942 |
| Country of Listing | Australia |

**4DMedical Limited (4DX.AX)** released its FY2026 results. The company announced a Cleveland minimum-utilisation renewal, a 25,000-procedure German contract and a 68,000-scan AstraZeneca expansion. Financials were already largely disclosed during the [quarterly results](https://homodeus.one/research/report/4dmedical-4dx-ax-q4-26-strong-metrics-and-significant-milestones-event-note) on 31st July. **We value 4DX at A$5/shr; >30% above current market price.**

## Key Highlights

- US commercialisation: 4DX signed a new three-year CT:VQ subscription agreement with renewal Cleveland Clinic with committed minimum utilisation. This is the strongest new US commercial datapoint so far. At present, pricing and minimum scan volumes remain undisclosed.
- EU execution: contextflow was selected for approximately 25,000 lung-cancer screening procedures across 25 German sites over three years, including Heidelberg University’s Thoraxklinik. 4DX has also appointed Alexander Albert as VP Sales, Europe and is discussing adding a leading European KOL site to the CLEAR pulmonary-embolism study. As highlighted in our initiation report we value the EU|UK opportunity at $2.2/share, but due to the nascent nature we have currently ascribed no probability for this in our current valuation.
- Other developments: the AstraZeneca Brazilian screening program has expanded from the original hospital to nine additional hospitals, adding 68,000 scans annually. In Australia 4DX continues to gain traction with Perth Radiological Clinic and Macquarie Medical Imaging entering commercial CT:VQ contracts, whilst a leading Melbourne and other Australian academic hospital have also begun pilots of 4DMedical's suite of products.
**Recommendation: **No surprises from financials as largely pre-reported during Q4 results) see report: [Q4 26: Strong Metrics & Significant Milestones](https://homodeus.one/research/report/4dmedical-4dx-ax-q4-26-strong-metrics-and-significant-milestones-event-note) for more details). 4DX continues to execute on global commercialisation. **We value 4DX at A$5/shr; >30% above current market price.**

## Valuation

| Parameter | Value |
| --- | --- |
| Price Target | AUD 5.00 |
| Methodology | DCF |
| WACC | 8.753516666666666% |
| Terminal Growth Rate | 3% |

## Upcoming Catalysts

| Period | Event |
| --- | --- |
| AUG-26 | FY26 results announcement |
| FY26 | Further contract announcements from AMCs |
| DEC-26 | RSNA conference |
| FY27 | Accelerating CT:VQ contribution |

## Financial Tearsheet

| 4DMedical (4DX-AU) |   |   |   |   |   |   |   | Price Target: |   | A$5.0 |   |   |   |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interim  | Unit | 1H26 | 2H26e | 1H27e | 2H27e |  |  | Full year  | Unit | FY25 | FY26e | FY27e | FY28e |
| Revenue | A$m | 2.9 | 4.1 | 9.3 | 11.9 |  |  | Revenue | A$m | 5.9 | 6.9 | 21.2 | 53.7 |
| Cost of sales | A$m | -0.2 | -0.2 | -0.2 | -0.2 |  |  | Cost of sales | A$m | -0.5 | -0.4 | -0.5 | -0.5 |
| Gross income | A$m | 2.7 | 3.9 | 9.1 | 11.6 |  |  | Gross income | A$m | 5.4 | 6.5 | 20.7 | 53.2 |
| Other income | A$m | 2.7 | 5.8 | 2.7 | 5.8 |  |  | Other income | A$m | 10.6 | 8.5 | 8.5 | 8.5 |
| OPEX  | A$m | -164.3 | -31.5 | -32.3 | -38.9 |  |  | OPEX  | A$m | -48.2 | -195.7 | -71.3 | -73.9 |
| EBITDA | A$m | -151.4 | -21.8 | -20.5 | -21.5 |  |  | EBITDA | A$m | -24.9 | -180.8 | -42.1 | -12.2 |
| Adjusted EBITDA (incl. SBC) | A$m | -13.5 | -21.8 | -20.5 | -21.5 |  |  | Adjusted EBITDA (incl. SBC) | A$m | -24.9 | -42.9 | -42.1 | -12.2 |
| Adjusted EBIT | A$m | -16.3 | -24.3 | -23.1 | -24.0 |  |  | Adjusted EBIT | A$m | -30.2 | -48.1 | -47.1 | -17.3 |
| Loss before income tax | A$m | -155.1 | -25.1 | -22.8 | -23.7 |  |  | Loss before income tax | A$m | -30.2 | -187.7 | -46.5 | -17.0 |
| Profit/(Loss) for the year | A$m | -154.1 | -25.1 | -22.8 | -23.7 |  |  | Profit/(Loss) for the year | A$m | -30.1 | -186.7 | -46.5 | -17.0 |
| EPS -Basic | A$ | -0.31 | -0.05 | -0.04 | -0.04 |  |  | EPS -Basic | A$ | -0.1 | -0.3 | -0.1 | -0.0 |
| Key metriecs | Unit | FY25 | FY26e | FY27e | FY28e |  |  | Cashflow Analysis | Unit | FY25 | FY26e | FY27e | FY28e |
| Revenue growth | % | 56% | 18% | 206% | 154% |  |  | Receipts from customers | A$m | 5 | 7 | 21 | 54 |
| Gross margin | % | 92% | 94% | 98% | 99% |  |  | Payments to suppliers and employees | A$m | -34 | -38 | -49 | -51 |
|  |  |  |  |  |  |  |  | Research costs | A$m | -15 | -16 | -23 | -23 |
| CT:VQ US hospital penetration | % | - | 0.3% | 3% | 9% |  |  | Government grants and tax incentives | A$m | 9 | 12 | 8 | 8 |
| Total US hospital penetration | % | 6% | 9% | 11% | 14% |  |  | Others | A$m | -0 | -1 | 1 | 0 |
|  |  |  |  |  |  |  |  | Operating cash flows | A$m | -34 | -35 | -41 | -12 |
| BVPS | A$ | 14% | 28% | 20% | 40% |  |  |  |  |  |  |  |  |
| Valuation multiples | Unit | FY25 | FY26e | FY27e | FY28e |  |  | Purchase of PPE | A$m | -0 | -1 | -2 | -2 |
| P/E | × | -23.1 | -10.2 | -41.0 | -120.0 |  |  | Purchase of intangibles | A$m | -0 | -0 | -0 | -0 |
| EV/EBITDA | × | -67.9 | -39.4 | -40.2 | -138.9 |  |  | Capitalised development | A$m | -1 | -1 | -1 | -1 |
| EV/sales | × | 288.8 | 244.1 | 79.8 | 31.5 |  |  | Other | A$m | -0 | - | - | -20 |
| P/B | × | 50.9 | 37.0 | 29.0 | 23.9 |  |  | Investing cashflows | A$m | -2 | -2 | -3 | -23 |
| Balance Sheet Ratios | Unit | FY25 | FY26e | FY27e | FY28e |  |  | Proceeds from issues of equity  | A$m | 14 | 233 | - | - |
|  |  |  |  |  |  |  |  | Other | A$m | -2 | 50 | - | 31 |
| Net Debt/(Net Cash) | A$m | -6.9 | -252.5 | -208.0 | -203.7 |  |  | Financing cash flows | A$m | 12 | 283 | - | 31 |
| Net Debt (cash)/equity | % | -11% | -152% | -173% | -81% |  |  |  |  |  |  |  |  |
| Net Debt (cash)/EBITDA | x | 0.3 | 1.4 | 4.9 | 16.7 |  |  | Net cash flows | A$m | -24 | 246 | -45 | -4 |
| Interest cover (adj. EBIT) | x | nmf | nmf | nmf | nmf |  |  | Free cash flows | A$m | -36 | -38 | -45 | -35 |
| FCFPS | A$ | -0.1 | -0.1 | -0.1 | -0.1 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Balance Sheet | Unit | FY25 | FY26e | FY27e | FY28e |
| Segment breakdown | Unit | FY25 | FY26e | FY27e | FY28e |  |  | Cash and cash equivalents | A$m | 7 | 253 | 208 | 204 |
| SaaS | A$m | 5.7 | 6.8 | 21.0 | 53.6 |  |  | Trade and other receivables | A$m | 1 | 1 | 1 | 1 |
| Other operating revenue | A$m | 0.1 | 0.2 | 0.2 | 0.2 |  |  | R&D tax incentive receivable | A$m | 6 | 2 | 2 | 2 |
| Operating revenue | A$m | 5.9 | 6.9 | 21.2 | 53.7 |  |  | PPE | A$m | 4 | 4 | 4 | 4 |
| US CT:VQ revenues | US$m | 0.0 | 0.8 | 15.4 | 49.3 |  |  | Right-of-use assets | A$m | 3 | 3 | 3 | 3 |
|  |  |  |  |  |  |  |  | Intangibles assets | A$m | 70 | 68 | 66 | 64 |
|  |  |  |  |  |  |  |  | Other Assets | A$m | 25 | 266 | 221 | 217 |
| Government grants | A$m | 5.4 | 3.8 | 3.8 | 3.8 |  |  | Total assets | A$m | 95 | 334 | 288 | 282 |
| R&D tax incentive | A$m | 5.2 | 4.6 | 4.6 | 4.6 |  |  | Trade and other payables  | A$m | 4 | 3 | 3 | 3 |
| Other income | A$m | 0.0 | 0.0 | 0.0 | 0.0 |  |  | Loans and borrowings  | A$m | - | - | - | - |
| Total Other income | A$m | 10.6 | 8.5 | 8.5 | 8.5 |  |  | Deferred consideration | A$m | 8 | - | - | - |
|  |  |  |  |  |  |  |  | Other liabilities | A$m | 19 | 165 | 165 | 27 |
| Market information |  |  |  |  |  |  |  | Total liabilities | A$m | 31 | 168 | 168 | 30 |
|  |  |  |  |  |  |  |  | Issued capital | A$m | 240 | 517 | 517 | 666 |
| Current price | A$ | 3.24 |  |  |  |  |  | Accumulated losses | A$m | -182 | -361 | -408 | -425 |
| Market cap | A$m | 1,943 |  |  |  |  |  | Other capital reserves | A$m | 7 | 11 | 11 | 11 |
| Enterprise value | A$m | 1,690 |  |  |  |  |  | Other reserves  | A$m | -0 | -0 | -0 | -0 |
|  |  |  |  |  |  |  |  | Total equity | A$m | 64 | 166 | 120 | 252 |

Source: Homodeus estimates, Company data, as of 24 Jul 2026

---

## Disclosures

### Personal disclosures

The analyst(s) received assistance from the subject company or companies in preparing this research report. The company provided communication to senior management and information on the company and its industry. As part of due diligence, the analyst(s) have independently and critically reviewed the communications and information provided by the company to form the opinions expressed in this report. The analyst(s) have taken care to maintain honest and fair objectivity in writing this report and making any recommendation. The analyst(s) responsible for preparing this report receive compensation from Homodeus One Pty Ltd. No part of the fee, compensation, or employee remuneration paid has, or will, directly or indirectly impact the content provided in this report.

### Company disclosures

The companies and securities mentioned in this report include:

4DMedical Limited (ASX:4DX) | Price: A$3.64 | Valuation: A$5.00

*Price and valuation as at 28 August 2026 (*not covered)*

### Additional disclosures

This report has been prepared and issued by Homodeus One, in consideration of a fee payable by 4DMedical Limited

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*Wei Sim (wei.sim@homodeus.one · +61 493 723 335) — Published 2026-08-28*