Q4 26: Strong Metrics & Significant Milestones

4DMedical announce Q4 FY26 results.

• Operations on track: Sites increased from 477 to 540, up 13% quarter-on-quarter, while quarterly scans rose from 86,200 to 105,970, up 23%.
• Solid revenue growth: FY26 revenue was $7.2m +23% y-y and 4% ahead of our estimates. The strong result was driven by increased paid scan volume, including CT:VQ scans, with strong margins exceeding 90%.
• Significant developments during the quarter: 4DX continues to make significant progress on business development. In Q4 FY26 alone the company announced: SimonMed Contract; CLEAR pulmonary-embolism program, contextflow acquisition agreement, AU, UK and CA CT:VQ approvals and in July-26 the bipartisan AIRCARE for Vets Act was introduced.

Recommendation: 4Q26 results show solid performance tracking mildly ahead of our estimates on both operational metrics and revenue. Cash receipts were weaker than forecast, which in our view is likely driven by invoice timing. Given the longer-dated nature of 4Dmedical's investment thesis this should not be a key focus in our view.

4DMedical has shown a combination of both strong operating metrics coupled with significant milestones during the quarter which will translate to future financial outcomes. We have a A$5 valuation implying 52% upside from current market valuations.

Fig 1: 4DMedical Q4/FY26 results vs. estimates

Source: Company data, Homodeus research