Owning the ecosystem | Homodeus Research

Company Report · Equity Research Australia · Health Care

Company Report · 15 September 2026

4DMedical Limited

ASX:4DX · Health Care

Owning the ecosystem

We review the investment thesis for 4DMedical Limited (ASX:4DX) 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).

…: 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.

Fig 1: 4DX funnel w/ new acquisition, investment & partnerships

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

Notes: * RevealDX by a malignancy similarity score; contextflow by size and growth rate

Source: Homodeus research, Company data

A$5.30

DCF · WACC 8.8% · TGR 3.0%

Current price: A$3.43

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