4DMedical Limited (ASX:4DX) 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 on 31st July. We value 4DX at A$5/shr; >30% above current market price.
- 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 for more details). 4DX continues to execute on global commercialisation. We value 4DX at A$5/shr; >30% above current market price.
