---
id: "f6d650f2-7c70-42d4-8dd4-499356cd7bbe"
title: "Owning the ecosystem"
report_type: "update"
published_date: "2026-09-15"
source: "Homodeus Research"
source_url: "https://homodeus.one"
report_url: "https://homodeus.one/research/report/4dmedical-4dx-ax-owning-the-ecosystem-company-report"
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"
gics_sector: "Health Care"
gics_industry_group: "Equipment & Services"
country: "Australia"
country_of_listing: "Australia"
theme: "Health Care"
currency: "AUD"
price_at_report: 3.43
publication_date: "2026-09-15"
price_date: "2026-09-14"
market_cap_m: 2183.8
shares_on_issue: 599933300
week_52_high: 7.55
week_52_low: 0.4725
avg_daily_volume: 6629949
valuation_target: 5.30
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-owning-the-ecosystem-company-report.md"
bot_friendly: true
keywords: "Health Care, regulatory approval, medical imaging, healthcare reimbursement"
modified_date: "2026-10-10T12:46:55.897Z"
---

# Owning the ecosystem

## Stock Information

| Metric | Value |
| --- | --- |
| Ticker | 4DX.AX (ASX) |
| Price at Report | AUD 3.43 (2026-09-14) |
| 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 | 6,629,949 |
| GICS Sector | Health Care |
| Industry Group | Equipment & Services |
| Country of Listing | Australia |

We review the investment thesis for **4DMedical Limited (4DX.AX)** in light of recent acquisition, investment and partnership announcements relating to contextflow, RevealDX and Azra AI, respectively. We increase our weighting of successful EU|UK execution to 25% (previously nil). We **raise our DCF-based valuation to A$5.3** (previously A$5.0).

## Key Highlights

- …: In our view, contextflow's acquisition (1) provides 4DX with a foothold in Europe and (2) removes a potential future competitor.
- …: The RevealDX investment was a way to both obtain an equity stake (10%) in a complementary AI company and broaden its distribution in the EU (beyond contextflow's distribution network).
- …: The Azra AI transaction is an OEM/reseller partnership. Strategically, the Azra AI partnership, in combination with the other investments, helps turn 4DX from an imaging-software supplier into an end-to-end cardiopulmonary platform.
**Earnings & valuation revisions:** <1% changes in FY27-29e revenue. Lower FY27-29e adj EBITDA 3%, 11% and 5% respectively adjusting for FY26A results (Fig ?). Increase valuation to A$5.3 factoring in a 25% probability of EU|UK execution (previously nil) Fig ?.
**Recommendation: **Our analysis of 4DX's recent investments & partnerships illustrate the company's ambition in strategically expanding beyond an imaging-software supplier into an end-to-end cardiopulmonary platform. **Increase valuation to A$5.3 implying 55% upside from current market price.**
- | Platform | Workflow |
- | --- | --- |
- | Azra        4DX | find        screen |
- | ↘ ↙ | ↘ ↙ |
- | Azra | routes patients into clinical pathway; coordinates follow-up/referral |
- | ↓ | ↓ |
- | RevealDx | contextflow | assess nodules* |
- | ↓ | ↓ |
- | Azra | navigate patients through care |
- | ↓ | ↓ |
- | CT:VQ | perform functional assessment and treatment planning |
- | ↓ | ↓ |
- | Interventional Pulmonology | Performs the appropriate procedure |
- | ↓ | ↓ |
- | Azra × 4DX | Support longitudinal assessment and continued patient management |

## Valuation

| Parameter | Value |
| --- | --- |
| Price Target | AUD 5.30 |
| Methodology | DCF |
| WACC | 8.753516666666666% |
| Terminal Growth Rate | 3% |

## Upcoming Catalysts

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

## The Long View

**Investment Thesis:** 4DX has recently gained FDA approval and CMS reimbursement for its CT:VQ product. In our view, the reimbursement unlocks the final hurdle for broader commercial adoption of 4DX's CT:VQ platform.

### Scenarios

| Scenario | Target | vs Current | Description |
| --- | --- | --- | --- |
| Upside | AUD 10.50 (+206%) | | CT:VQ reaches 50% US penetration by 2030. Successful execution in EU. |
| Base Case | AUD 5.30 (+55%) | | CT:VQ reaches 25% US penetration by 2030. We think this is a reasonable estimate given the rapid pace of adoption of CT:VQ from top Academic Medical Centres (AMCs) since product launch last year. Assumes a 25% probability of success in the EU/UK. |
| Downside | AUD 2.70 (-21%) | | CT:VQ reaches 15% US penetration by 2030. This would be below the company's historical run-rate of hospital penetration of other products and implies a deceleration in pace of 4DMedical's product adoption with the introduction of CT:VQ. Also assumes lower FY30 EBITDA margin of 30% from slower rollout. |

**Catalysts:**

- New product expansion: CT:VQ is currently the 3rd generation of algorithm from 4DX. Further evolution of the product into 4th or following generations could increase the company's TAM and provide upside to current valuations.
- EU & UK execution: 4DX has obtained regulatory approval in both EU and UK, but currently has little to no footprint in either geographic region. Successful operational expansion and/or sales of the CT:VQ algorithm into the region would derisk execution in offshore expansion.
- Philips & VA channel: Philips has been a channel partner with 4DX since September 2024 and has exclusive sales rights into the VA (Veteran Affairs). In Dec-25 Philips signed a minimum commitment of US$15m, and in Jul-26 a bipartisan bill for a US$20m VA pilot program was passed. The upside potential from this is material (US$2bn TAM). Any progress on this front would be a material positive catalyst for 4DX.

## Executive Summary

| Date | Who | Build/Buy/Borrow | What | Why |
| --- | --- | --- | --- | --- |
| Aug-26 | contextflow | Acquisition | Leading lung cancer screening and incidental findings technologies | Establish 4DX's European commercial, product development and regulatory platform while adding technological capability |
| Jul-26 | RevealDX | Strategic Investment | AI-powered malignancy risk assessment through its Malignancy Similarity Index (mSI™), helping clinicians determine which patients require urgent investigation, intervention and ongoing monitoring | Create a broader cardiopulmonary workflow, gain distribution rights, secure strategic influence and upside, back a commercially ready product. |
| Jul-26 | Azra AI | Partnership | Enterprise patient identification, navigation and care coordination, supporting health systems in ensuring patients receive timely follow-up and remain connected to appropriate care pathways | Addresses 4DX’s patient-discovery and workflow blind spot, turning 4DX from an imaging-software supplier into an end-to-end cardiopulmonary platform |

## contextflow - acquisition (two birds with one stone)

In our view, contextflow's acquisition had two strategic rationales for 4DX:
1. Foothold in Europe: The acquisition of contextflow has provided 4DX with European distribution, customers and workflow integration.
2. Take out a potential/future competitor: Our analysis of contextflow's software suite suggests a level of overlap with 4DX's pulmonary function software.

| Pulmonary-structure need | contextflow product / capability | 4DMedical product | Pre-acquisition overlap | One-sentence summary |
| --- | --- | --- | --- | --- |
| Lung-nodule detection and tracking | ADVANCE Chest CT: detects, measures, classifies and follows 4–30 mm nodules | Lung Nodules | none (partner solution) | Both support lung-cancer screening CT workflows, so contextflow could compete for the same radiology customer and use-case. |
| Lung-cancer malignancy assessment | ADVANCE Chest CT integrated malignancy scoring from RevealDx | Lung Nodules | none (partner solution) | Both aimed to make suspicious nodules more actionable, although contextflow’s malignancy scoring depended on a third-party capability. |
| Emphysema / COPD quantification | ADVANCE Chest CT lung-tissue analysis, including emphysema and COPD patterns | LDAi; also LDAf for functional air trapping/emphysema | Meaningful but incomplete overlap | contextflow overlapped with LDAi’s structural emphysema analysis, while LDAf adds a functional dimension that contextflow did not replicate. |
| ILD / fibrosis analysis | ADVANCE Chest CT lung-tissue analysis for ILD patterns | LTA | Strong overlap | Both use CT-based AI/quantification to identify and characterise fibrotic and interstitial lung abnormalities. |
| UIP / IPF identification | ILD-pattern analysis within ADVANCE Chest CT | IQ-UIP | Partial overlap | contextflow addressed ILD broadly, while IQ-UIP was a more focused product for identifying UIP patterns and supporting IPF detection. |
| Fissure analysis / BLVR planning | Not a core disclosed contextflow capability | LDAi / LDAf | Limited overlap | 4DX’s fissure completeness and functional emphysema information were more specialised for intervention-planning workflows. |

4DX is currently analysing the technology stacks from two perspectives—the clinical perspective and the software/mathematics perspective. It will cherry-pick the best solutions based on form and functionality and consolidate its software libraries, while deprecating the other technology. This is expected to be complete by the end of the year.

## RevealDX - strategic investment (complementary tech + cross-sell investment)

4DMedical made a strategic investment in RevealDX as lead investor in the company's Series A financing. The investment was a way to both obtain an equity stake in a complementary AI company and broaden its distribution in the EU (beyond contextflow's distribution network).

4DX invested ~US$3.4m (A$4.9m) for a fully diluted interest of 10%, together with a seat on the RevealDX board and a right of first negotiation over any future sale of the company. RevealDX's RevealAI-Lung product has secured US FDA clearance and Medicare reimbursement, along with European MDR certification (CE Marking).

**RevealAI-Lung **is a computer-aided diagnosis application that characterises lung nodules detected on chest CT. The software generates a **Malignancy Similarity Index (mSI)** score that benchmarks a nodule against a clinically established reference database to indicate its likelihood of malignancy, helping radiologists make more informed follow-up recommendations.
![](https://homodeus.one/api/draft-image/0bf03ad5-73b3-4a9f-b0ab-342e9183bade)

4DMedical invested in RevealDx for strategic, commercial, and ecosystem reasons:
- Expand its lung-imaging offering: RevealAI-Lung uses AI to assess pulmonary nodules and estimate malignancy risk, complementing 4DX’s functional lung-imaging products such as CT:VQ™.
- Create a broader cardiopulmonary workflow: Together with recently acquired contextflow, 4DX can offer a pathway from lung-nodule detection to cancer-risk assessment and functional lung evaluation.
- Gain distribution rights: 4DX became the distributor of RevealAI-Lung—exclusive in Europe, Australia and New Zealand, and non-exclusive in the US—allowing it to commercialise the product through its own channels.
- Secure strategic influence and upside: The approximately US$3.4 million investment bought about 10% of RevealDx, a board seat, and a right of first negotiation if RevealDx is sold.
- Back a commercially ready product: RevealAI-Lung has FDA clearance, Medicare reimbursement, European MDR certification and Australian TGA approval.

| Region | Product → Distribution network | Details |
| --- | --- | --- |
| Europe | 4DMedical → RevealDX | 4DX’s investment allowed it to gain control of an existing RevealDX–contextflow channel, rather than entering an entirely new market from scratch. |
| ANZ | RevealDX → 4DMedical | RevealDx was previously sold in ANZ via Volpara Health (ASX:VHT), which was subsequently acquired by Lunit (KSX:328130). Before the 4DX agreement, to our knowledge, RevealDX had no established distribution network in ANZ. |
| US | RevealDX → 4DMedical | RevealDx had FDA clearance and Medicare reimbursement, but no clearly disclosed distributor that 4DX was replacing. 4DX received non-exclusive distribution rights. |

## Azra AI - partnership (lead generation + funnel navigation)

The Azra transaction is an OEM/reseller partnership. Strategically, the Azra AI partnership, in combination with the other investments, helps turn 4DX from an imaging-software supplier into an end-to-end cardiopulmonary platform.

### What the Azra agreement does

Azra scans hospital radiology and pathology reports to identify patients with suspicious lung findings, automatically routes them to the appropriate care team, and tracks their follow-up. 4DMedical will resell that platform and integrate its quantitative imaging products, including CT:VQ. Joint sales, training and go-to-market activity are planned, but integration details have yet to be disclosed.

![](https://homodeus.one/api/draft-image/d43d2e9f-16b1-4ca6-ae86-68cbc8e55599)

### Why it matters to the 4DX investment case
- It expands the patient funnel. CT:VQ only generates revenue once an appropriate patient reaches a clinical decision point. Azra potentially identifies more such patients and prevents them disappearing between departments.
- It moves 4DX upstream. Instead of selling an imaging test alone, 4DX can offer a broader hospital workflow covering detection, diagnosis, navigation and treatment planning.
- There are two potential revenue effects: reseller revenue from selling Azra’s software and, probably more importantly, increased utilisation of 4DX’s own high-margin imaging products.
- It could improve customer stickiness. A platform integrated into radiology reports, scheduling and care navigation is harder to replace than an isolated imaging application.
- It creates cross-selling opportunities. Azra says its platform is already used across hundreds of US hospitals and cancer centres, while both parties plan to market to their respective customer bases.

| Platform | Workflow |
| --- | --- |
| Azra        4DX | find        screen |
| ↘ ↙ | ↘ ↙ |
| Azra | routes patients into clinical pathway; coordinates follow-up/referral |
| ↓ | ↓ |
| RevealDx / contextflow | assess nodules* |
| ↓ | ↓ |
| Azra | navigate patients through care |
| ↓ | ↓ |
| CT:VQ | perform functional assessment and treatment planning |
| ↓ | ↓ |
| Interventional Pulmonology | Performs the appropriate procedure |
| ↓ | ↓ |
| Azra × 4DX | Support longitudinal assessment and continued patient management |

## Estimate Revisions

We revise our estimates following the FY26 results. As highlighted in our [4Q26 report](https://homodeus.one/research/report/4dmedical-4dx-ax-q4-26-strong-metrics-and-significant-milestones-event-note), FY26 revenue was A$7.1m, up 21% year on year and 4% ahead of our estimates.

|  | Unit | Actual | Homodeus | Prev. est. | Homodeus vs. Prev. |
| --- | --- | --- | --- | --- | --- |
| FY26 | FY27e | FY28e | FY29e | FY27e | FY28e | FY29e | FY27e | FY28e | FY29e |
| Revenue | A$m | 7.1 | 21.2 | 53.7 | 95.8 | 21.2 | 53.7 | 95.8 | -0.2% | -0.1% | -0.1% |
| OPEX | A$m | -44 | -65 | -67 | -70 | -63 | -66 | -69 | -2% | -2% | -2% |
| Adjusted EBITDA (incl. SBC) | A$m | -37 | -43 | -14 | 26 | -42 | -12 | 27 | -3% | -11% | -5% |
| Adj. EBITDA (excl. SBC) | A$m | -24 | -30 | -1 | 39 | -29 | 1 | 40 | -6% | -144% | -4% |

## Valuations & risks

### Valuation

We increase our DCF-based valuation to A$5.3 (previously A$5.0) per share.

|  |
| --- |
| Equity Beta | 0.9 |
| Risk-Free Rate | 4.50% |
| Market Risk Premium | 5.0% |
| Cost of Equity | 8.8% |
| Terminal Growth Rate | 3.0% |
|  |  |
| Cost of Debt | - |
| Debt/Capital | - |
| Tax | 21% |
| WACC | 8.8% |

Our increase in valuation is a combination of 1. adjusting estimates for FY26 results and 2. increasing our probability weighted valuation for successful EU/UK execution from 0% to 25%.

| A$/shr | FY30e Terminal EBITDA margin |  |  | EU/UK probability |
| --- | --- | --- | --- | --- |
| 25% | 30% | 35% | 40% | 45% |  | 0% | 25% | 50% | 75% | 100% |
| CT:VQ FY30e market share | 15% | 2.4 | 2.7 | 3.0 | 3.3 | 3.6 |  | CT:VQ FY30e market share | 15% | 2.5 | 3.0 | 3.5 | 4.0 | 4.6 |
| 20% | 3.4 | 3.8 | 4.2 | 4.5 | 4.9 |  | 20% | 3.6 | 4.2 | 4.7 | 5.2 | 5.8 |
| 25% | 4.4 | 4.9 | 5.3 | 5.8 | 6.3 |  | 25% | 4.8 | 5.3 | 5.9 | 6.4 | 6.9 |
| 30% | 5.4 | 5.9 | 6.5 | 7.1 | 7.7 |  | 30% | 6.0 | 6.5 | 7.0 | 7.6 | 8.1 |
| 50% | 7.4 | 8.1 | 8.9 | 9.7 | 10.4 |  | 50% | 8.4 | 8.9 | 9.4 | 10.0 | 10.5 |
| 100% | 7.7 | 8.6 | 9.5 | 10.3 | 11.2 |  | 100% | 8.9 | 9.5 | 10.0 | 10.5 | 11.0 |

### Risks
- Hospital adoption is slow and hard to predict. Lung function imaging requires changing clinical workflows and physician habits — a notoriously long sales cycle that could delay the revenue ramp for years.
- Cash burn remains high. Pre-placement free cash flow was running at approximately negative A$36m annually.
- Execution risk on multiple fronts simultaneously. The company is commercialising in the US, integrating an Austrian acquisition, and expanding into Europe all at once — spreading management bandwidth thin at a critical juncture.

## Financial Tearsheet

| 4DMedical (4DX-AU) |   |   |   |   |   |   |   | Price Target: |   | A$5.3 |   |   |   |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **Interim ** | **Unit** | **1H26** | **2H26** | **1H27e** | **2H27e** |  |  | **Full year ** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue** | **A$m** | **2.9** | **4.2** | **9.3** | **11.8** |  |  | **Revenue** | **A$m** | **7.1** | **21.2** | **53.7** | **95.8** |
| Cost of sales | A$m | -0.2 | -0.2 | -0.2 | -0.3 |  |  | Cost of sales | A$m | -0.4 | -0.5 | -0.5 | -0.6 |
| **Gross income** | **A$m** | **2.7** | **4.0** | **9.1** | **11.6** |  |  | **Gross income** | **A$m** | **6.6** | **20.7** | **53.2** | **95.2** |
| Other income | A$m | 2.7 | 4.8 | 2.7 | 4.8 |  |  | Other income | A$m | 7.5 | 7.5 | 7.5 | 7.5 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| OPEX  | A$m | -164.3 | -59.0 | -32.3 | -39.3 |  |  | OPEX  | A$m | -223.3 | -71.6 | -74.2 | -77.0 |
| **EBITDA** | **A$m** | **-151.4** | **-50.5** | **-20.5** | **-22.9** |  |  | **EBITDA** | **A$m** | **-201.9** | **-43.4** | **-13.5** | **25.7** |
| **Adjusted EBITDA (incl. SBC)** | **A$m** | **-13.5** | **-23.7** | **-20.5** | **-22.9** |  |  | **Adjusted EBITDA (incl. SBC)** | **A$m** | **-37.2** | **-43.4** | **-13.5** | **25.7** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Adjusted EBIT | A$m | -16.3 | -26.4 | -23.1 | -25.4 |  |  | Adjusted EBIT | A$m | -42.7 | -48.6 | -18.7 | 20.6 |
| Loss before income tax | A$m | -155.1 | -50.5 | -17.5 | -20.1 |  |  | Loss before income tax | A$m | -205.6 | -37.6 | -8.9 | 30.7 |
| Profit/(Loss) for the year | A$m | -154.1 | -50.3 | -17.5 | -20.1 |  |  | Profit/(Loss) for the year | A$m | -204.4 | -37.6 | -8.9 | 24.2 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **EPS -Basic** | **A$** | **-0.31** | **0.28** | **-0.03** | **-0.03** |  |  | **EPS -Basic** | **A$** | **-0.03** | **-0.06** | **-0.01** | **0.04** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Key metrics** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |  |  | **Cashflow Analysis** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |
| Revenue growth | % | 21% | 200% | 154% | 78% |  |  | Receipts from customers | A$m | 6 | 21 | 54 | 96 |
| Gross margin | % | 94% | 98% | 99% | 99% |  |  | Payments to suppliers and employees | A$m | -33 | -46 | -48 | -49 |
|  |  |  |  |  |  |  |  | Research costs | A$m | -15 | -26 | -27 | -28 |
| CT:VQ US hospital penetration | % | 0.3% | 3.3% | 9% | 17% |  |  | Government grants and tax incentives | A$m | 7 | 8 | 8 | 8 |
| Total US hospital penetration | % | 9% | 11% | 14% | 16% |  |  | Others | A$m | 3 | 11 | 10 | 4 |
|  |  |  |  |  |  |  |  | **Operating cash flows** | **A$m** | **-31** | **-32** | **-4** | **29** |
| BVPS | A$ | 0.32 | 0.22 | 0.43 | 0.46 |  |  |  |  |  |  |  |  |
| **Valuation multiples** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |  |  | Purchase of PPE | A$m | -1 | -2 | -2 | -2 |
| P/E | × | -112.0 | -53.4 | -240.2 | 88.6 |  |  | Purchase of intangibles | A$m | -0 | -0 | -0 | -0 |
| EV/EBITDA | × | -46.8 | -40.2 | -128.8 | 67.7 |  |  | Capitalised development | A$m | -1 | -1 | -1 | -1 |
| EV/sales | × | 246.9 | 82.4 | 32.5 | 18.2 |  |  | Other | A$m | -0 | - | -20 | - |
| P/B | × | 38.3 | 30.1 | 24.8 | 21.1 |  |  | **Investing cashflows** | **A$m** | **-2** | **-3** | **-23** | **-3** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Balance Sheet Ratios** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |  |  | Proceeds from issues of equity  | A$m | 233 | - | - | - |
|  |  |  |  |  |  |  |  | Other | A$m | 72 | - | 31 | - |
| Net Debt/(Net Cash) | A$m | -278.0 | -242.2 | -245.8 | -271.9 |  |  | **Financing cash flows** | **A$m** | **305** | **-** | **31** | **-** |
| Net Debt (cash)/equity | % | -163% | -183% | -90% | -92% |  |  |  |  |  |  |  |  |
| Net Debt (cash)/EBITDA | x | 1.4 | 5.6 | 18.2 | -10.6 |  |  | **Net cash flows** | **A$m** | **271** | **-36** | **4** | **26** |
| Interest cover (adj. EBIT) | x | nmf | nmf | nmf | (2.0x) |  |  | **Free cash flows** | **A$m** | **-34** | **-36** | **-27** | **26** |
| FCFPS | A$ | -0.1 | -0.1 | -0.0 | 0.0 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | **Balance Sheet** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |
| **Segment breakdown** | **Unit** | **FY26** | **FY27e** | **FY28e** | **FY29e** |  |  | Cash and cash equivalents | A$m | 278 | 242 | 246 | 272 |
| SaaS | A$m | 6.9 | 21.0 | 53.6 | 95.6 |  |  | Trade and other receivables | A$m | 4 | 4 | 4 | 4 |
| Other operating revenue | A$m | 0.1 | 0.1 | 0.1 | 0.1 |  |  | R&D tax incentive receivable | A$m | 6 | 6 | 6 | 6 |
| **Operating revenue** | **A$m** | **7.1** | **21.2** | **53.7** | **95.8** |  |  | PPE | A$m | 5 | 5 | 5 | 5 |
| US CT:VQ revenues | US$m | 0.8 | 15.4 | 49.3 | 93.2 |  |  | Right-of-use assets | A$m | 2 | 2 | 2 | 2 |
|  |  |  |  |  |  |  |  | Intangibles assets | A$m | 68 | 67 | 65 | 63 |
|  |  |  |  |  |  |  |  | Other Assets | A$m | 3 | 3 | 3 | 3 |
| Government grants | A$m | 2.9 | 2.9 | 2.9 | 2.9 |  |  | **Total assets** | **A$m** | **365** | **328** | **330** | **354** |
| R&D tax incentive | A$m | 4.7 | 4.7 | 4.7 | 4.7 |  |  | Trade and other payables  | A$m | 2 | 2 | 2 | 2 |
| Other income | A$m | 0.0 | 0.0 | 0.0 | 0.0 |  |  | Loans and borrowings  | A$m | - | - | - | - |
| **Total Other income** | **A$m** | **7.5** | **7.5** | **7.5** | **7.5** |  |  | Deferred consideration | A$m | - | - | - | - |
|  |  |  |  |  |  |  |  | Other liabilities | A$m | 193 | 193 | 55 | 55 |
| **Market information** |  |  |  |  |  |  |  | **Total liabilities** | **A$m** | **195** | **195** | **57** | **57** |
|  |  |  |  |  |  |  |  | Issued capital | A$m | 544 | 544 | 693 | 693 |
| Current price | A$ | 3.36 |  |  |  |  |  | Accumulated losses | A$m | -387 | -424 | -433 | -409 |
| Market cap | A$m | 2,021 |  |  |  |  |  | Other capital reserves | A$m | 11 | 11 | 11 | 11 |
| Enterprise value | A$m | 1,743 |  |  |  |  |  | Other reserves  | A$m | 1 | 1 | 1 | 1 |
|  |  |  |  |  |  |  |  | **Total equity** | **A$m** | **170** | **133** | **272** | **296** |

Source: Homodeus estimates, Company data, as of 14 Sep 2026

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## 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$3.43 | Valuation: A$5.30

*Price and valuation as at 15 September 2026 (*not covered)*

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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 2026-09-15*