Live News • May 12
4DMedical Surges as CT:VQ Progress Sparks ASX 200 Outperformance 4DMedical finished the session as the strongest performer in the S&P/ASX 200, reversing early trading weakness even as the broader healthcare sector fell.
The move followed ongoing investor focus on the commercial rollout of the company’s CT:VQ respiratory imaging platform.
Recent inclusion in the S&P/ASX 200 index and previous capital raisings have widened institutional interest and supported 4DMedical’s plans for global expansion.
The key takeaway is that 4DMedical’s share price strength came in contrast to sector pressure, with trading seemingly anchored to progress around CT:VQ adoption and the liquidity benefits of ASX 200 index inclusion.
Investors may want to watch future updates on commercial contracts, regulatory milestones and deployment of recently raised capital, as sentiment could shift quickly if clinical or adoption timelines differ from current expectations. Price Target Changed • Apr 23
Price target increased by 8.1% to AU$4.47 Up from AU$4.13, the current price target is an average from 3 analysts. New target price is 15% below last closing price of AU$5.27. Stock is up 1,782% over the past year. The company is forecast to post a net loss per share of AU$0.37 next year compared to a net loss per share of AU$0.071 last year. New Risk • Apr 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$28m). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$13m net loss in 2 years). Share price has been volatile over the past 3 months (17% average weekly change). Revenue is less than US$5m (AU$5.8m revenue, or US$4.0m). Announcement • Apr 01
4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 83.000002 million. 4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 83.000002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,067,797
Price\Range: AUD 5.9
Discount Per Security: AUD 0.236
Transaction Features: Subsequent Direct Listing Announcement • Mar 30
4Dmedical Limited Announces Commercial Launch of CT:VQ Imaging Technology in European Union 4DMedical Limited announced that its latest imaging technology, CT:VQ has received CE Mark certification for commercial use in the European Union. 4DMedical will quickly launch commercial deployment of CT:VQ across one of the world's largest respiratory imaging markets. CT:VQ is the world's first and only non-contrast, ventilation-perfusion imaging technology, providing quantitative functional lung insights from routine non-contrast CT scans without the need for radiotracers or specialised nuclear medicine infrastructure. Pulmonary disease is fundamentally functional—defined by abnormalities in ventilation and perfusion—yet most routine imaging available to radiologists and pulmonologists remains purely structural. CT:VQ bridges that gap by generating ventilation and perfusion maps allowing clinicians to visualize regional lung function with the anatomical clarity of CT. For large medical institutions, CT:VQ is designed to fit within existing CT-based workflows and infrastructure. CT:VQ offers relief from long-standing constraints associated with conventional nuclear VQ imaging, including radiotracer availability, workforce limitations and operational complexity. The European market represents a significant opportunity for advanced cardiothoracic imaging. With a population of more than 450 million, a highly developed hospital-based imaging infrastructure and an extensive installed base of CT scanners, the EU is well positioned for adoption of CT-based functional lung imaging. 4DMedical estimates that approximately 400,000 nuclear VQ scans are performed annually across the EU, underscoring the scale of clinical need. The CE Mark follows growing U.S. momentum for CT:VQ, which is now deployed at six leading academic medical centres: Stanford, Cleveland Clinic, University of Miami, UC San Diego Health, University of Chicago Medicine, and the recently announced initial deployment at Mayo Clinic. 4DMedical believes this early adoption by major U.S. institutions demonstrates strong interest in CT:VQ among leading radiology and pulmonary teams and provides a blueprint for expansion into Europe. 4DMedical said it is now advancing plans to expand commercial engagement across Europe and to work with leading hospitals and clinicians on adoption, evaluation and research initiatives for CT:VQ. CT:VQ is 4DMedical's proprietary ventilation-perfusion imaging solution that generates functional lung information from non-contrast CT scans. Built on the Company's patented XV Technology, CT:VQ is designed to provide quantitative ventilation and perfusion insights within familiar CT workflows, without requiring radiotracers. Announcement • Mar 27
4DMedical Limited has filed a Follow-on Equity Offering in the amount of AUD 83.000002 million. 4DMedical Limited has filed a Follow-on Equity Offering in the amount of AUD 83.000002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,067,797
Price\Range: AUD 5.9
Discount Per Security: AUD 0.236
Transaction Features: Subsequent Direct Listing New Risk • Mar 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-AU$28m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$13m net loss in 2 years). Shareholders have been diluted in the past year (28% increase in shares outstanding). Revenue is less than US$5m (AU$5.8m revenue, or US$4.0m). Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$8.39m to AU$7.00m. Forecast losses increased from -AU$0.063 to -AU$0.365 per share. Healthcare Services industry in Australia expected to see average net income growth of 21% next year. Consensus price target up from AU$3.40 to AU$4.20. Share price rose 9.8% to AU$4.05 over the past week. New Risk • Mar 01
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$28m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-AU$28m). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$11m net loss in 2 years). Share price has been volatile over the past 3 months (17% average weekly change). Revenue is less than US$5m (AU$5.8m revenue, or US$4.1m). Major Estimate Revision • Feb 03
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -AU$0.069 to -AU$0.077 per share. Revenue forecast of AU$8.39m unchanged since last update. Healthcare Services industry in Australia expected to see average net income growth of 20% next year. Consensus price target up from AU$2.73 to AU$3.40. Share price fell 4.6% to AU$3.70 over the past week. Recent Insider Transactions Derivative • Jan 23
CFO & Executive Director exercised options and sold AU$5.9m worth of stock On the 21st of January, Julian Sutton exercised 4.27m options at around AU$1.20, then sold 2m of the shares acquired at an average of AU$3.80 per share and kept the remainder. Since March 2025, Julian has owned 540.95k shares directly. Company insiders have collectively sold AU$1.7m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jan 19
Price target increased by 23% to AU$2.73 Up from AU$2.22, the current price target is an average from 3 analysts. New target price is 43% below last closing price of AU$4.81. Stock is up 751% over the past year. The company is forecast to post a net loss per share of AU$0.069 next year compared to a net loss per share of AU$0.071 last year. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.5m net loss in 3 years). Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$5.9m revenue, or US$3.9m). Announcement • Jan 15
4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 79.063503 million. 4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 79.063503 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,806,185
Price\Range: AUD 3.8
Discount Per Security: AUD 0.19 New Risk • Dec 04
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$30m Forecast net loss in 3 years: AU$2.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$36m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.5m net loss in 3 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$5.9m revenue, or US$3.9m). Major Estimate Revision • Dec 04
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from AU$8.14m to AU$9.14m. EPS estimate unchanged from -AU$0.07 at last update. Healthcare Services industry in Australia expected to see average net income growth of 1.9% next year. Consensus price target of AU$2.22 unchanged from last update. Share price rose 14% to AU$1.84 over the past week. Breakeven Date Change • Dec 03
Forecast to breakeven in 2028 The 3 analysts covering 4DMedical expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 21% per year to 2027. The company is expected to make a profit of AU$2.66m in 2028. Average annual earnings growth of 55% is required to achieve expected profit on schedule. New Risk • Nov 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$30m Forecast net loss in 3 years: AU$2.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$36m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$2.0m net loss in 3 years). Shareholders have been diluted in the past year (24% increase in shares outstanding). Revenue is less than US$5m (AU$5.9m revenue, or US$3.8m). Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 28% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -AU$0.059 to -AU$0.076 per share. Revenue forecast of AU$8.14m unchanged since last update. Healthcare Services industry in Australia expected to see average net income growth of 1.9% next year. Consensus price target of AU$1.82 unchanged from last update. Share price was steady at AU$1.60 over the past week. Major Estimate Revision • Nov 04
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from AU$9.31m to AU$8.14m. EPS estimate unchanged from -AU$0.061 per share at last update. Healthcare Services industry in Australia expected to see average net income growth of 1.9% next year. Consensus price target of AU$1.82 unchanged from last update. Share price fell 10% to AU$1.61 over the past week. Breakeven Date Change • Nov 03
Forecast to breakeven in 2028 The 3 analysts covering 4DMedical expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 24% per year to 2027. The company is expected to make a profit of AU$2.66m in 2028. Average annual earnings growth of 55% is required to achieve expected profit on schedule. New Risk • Sep 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$36m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$13m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (AU$5.9m revenue, or US$3.9m). New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$36m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$13m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (AU$5.9m revenue, or US$3.9m). Reported Earnings • Aug 31
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: AU$0.14 loss per share. Net loss: AU$30.1m (loss narrowed 16% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 96%. Revenue is forecast to grow 83% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Healthcare Services industry in Australia. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$12m net loss in 2 years). Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$5.9m revenue, or US$3.8m). New Risk • Aug 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$20m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (AU$5.9m revenue, or US$3.8m). Price Target Changed • Aug 02
Price target decreased by 7.4% to AU$0.72 Down from AU$0.78, the current price target is an average from 2 analysts. New target price is 138% above last closing price of AU$0.30. Stock is down 38% over the past year. The company is forecast to post a net loss per share of AU$0.072 next year compared to a net loss per share of AU$0.097 last year. Major Estimate Revision • Aug 01
Consensus revenue estimates decrease by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$6.90m to AU$5.90m. EPS estimate unchanged from -AU$0.076 per share at last update. Healthcare Services industry in Australia expected to see average net income growth of 7.3% next year. Consensus price target of AU$0.73 unchanged from last update. Share price rose 22% to AU$0.30 over the past week. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$8.10m to AU$7.99m. Losses expected to increase from AU$0.054 per share to AU$0.065. Healthcare Services industry in Australia expected to see average net income growth of 12% next year. Consensus price target of AU$0.78 unchanged from last update. Share price rose 12% to AU$0.32 over the past week. New Risk • Apr 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$16m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (AU$5.9m revenue, or US$3.5m). Market cap is less than US$100m (AU$112.6m market cap, or US$68.0m). New Risk • Apr 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$16m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$5.9m revenue, or US$3.7m). Market cap is less than US$100m (AU$108.9m market cap, or US$69.0m). Price Target Changed • Mar 31
Price target decreased by 9.6% to AU$0.78 Down from AU$0.87, the current price target is an average from 3 analysts. New target price is 190% above last closing price of AU$0.27. Stock is down 58% over the past year. The company is forecast to post a net loss per share of AU$0.054 next year compared to a net loss per share of AU$0.097 last year. New Risk • Feb 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$159.4m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$7.9m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$3.8m revenue, or US$2.3m). Market cap is less than US$100m (AU$159.4m market cap, or US$99.1m). New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$7.9m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$3.8m revenue, or US$2.4m). Major Estimate Revision • Feb 11
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$9.43m to AU$8.23m. EPS estimate increased from -AU$0.073 to -AU$0.057 per share. Healthcare Services industry in Australia expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at AU$0.85. Share price fell 5.7% to AU$0.49 over the past week. Major Estimate Revision • Jan 30
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$12.9m to AU$9.43m. Forecast losses increased from -AU$0.07 to -AU$0.073 per share. Healthcare Services industry in Australia expected to see average net income growth of 11% next year. Consensus price target of AU$0.87 unchanged from last update. Share price fell 4.4% to AU$0.54 over the past week. Announcement • Dec 20
4DMedical Limited Announces John Livingston Reverts to Non-Executive Director Position, Effective 1 January 2025 4DMedical Limited announced that Director John Livingston is to revert to a Non-Executive Director position with the Company, effective 1 January 2025. John's terms of appointment as a non-executive director will be on the same basis as other non-executive directors. Reported Earnings • Oct 03
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: AU$0.097 loss per share. Net loss: AU$36.0m (loss widened 14% from FY 2023). Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 44%. Revenue is forecast to grow 67% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Healthcare Services industry in Australia. New Risk • Sep 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$32m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$7.7m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Revenue is less than US$5m (AU$3.8m revenue, or US$2.6m). Announcement • Sep 24
4DMedical Limited, Annual General Meeting, Nov 20, 2024 4DMedical Limited, Annual General Meeting, Nov 20, 2024. Major Estimate Revision • Sep 05
Consensus revenue estimates fall by 36% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$20.1m to AU$12.9m. Forecast losses increased from -AU$0.059 to -AU$0.07 per share. Healthcare Services industry in Australia expected to see average net income growth of 58% next year. Consensus price target down from AU$1.13 to AU$0.88. Share price rose 4.8% to AU$0.43 over the past week. Reported Earnings • Aug 31
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: AU$0.11 loss per share (further deteriorated from AU$0.10 loss in FY 2023). Net loss: AU$36.0m (loss widened 14% from FY 2023). Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 44%. Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Healthcare Services industry in Australia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from AU$6.80m to AU$5.47m. Forecast losses increased from -AU$0.076 to -AU$0.077 per share. Healthcare Services industry in Australia expected to see average net income growth of 37% next year. Consensus price target down from AU$1.18 to AU$1.13. Share price rose 16% to AU$0.76 over the past week. New Risk • Feb 10
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$31m Forecast net loss in 3 years: AU$5.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m (AU$719k revenue, or US$469k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$5.2m net loss in 3 years). Shareholders have been diluted in the past year (33% increase in shares outstanding). Breakeven Date Change • Feb 10
No longer forecast to breakeven The 3 analysts covering 4DMedical no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$3.65m in 2026. New consensus forecast suggests the company will make a loss of AU$5.21m in 2026. Major Estimate Revision • Dec 21
Consensus revenue estimates decrease by 22%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$4.60m to AU$3.60m. EPS estimate increased from -AU$0.08 to -AU$0.076 per share. Healthcare Services industry in Australia expected to see average net income growth of 20% next year. Consensus price target up from AU$1.18 to AU$1.25. Share price fell 3.4% to AU$0.71 over the past week. Announcement • Dec 16
4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 35 million. 4DMedical Limited has completed a Follow-on Equity Offering in the amount of AUD 35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,303,797
Price\Range: AUD 0.79
Discount Per Security: AUD 0.0395
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Dec 11
4DMedical Limited has filed a Follow-on Equity Offering in the amount of AUD 35 million. 4DMedical Limited has filed a Follow-on Equity Offering in the amount of AUD 35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,303,797
Price\Range: AUD 0.79
Discount Per Security: AUD 0.0395
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Dec 01
No longer forecast to breakeven The 2 analysts covering 4DMedical no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$350.0k in 2026. New consensus forecast suggests the company will make a loss of AU$7.80m in 2026. Price Target Changed • Nov 30
Price target increased by 21% to AU$1.18 Up from AU$0.97, the current price target is an average from 2 analysts. New target price is 23% above last closing price of AU$0.95. Stock is up 101% over the past year. The company is forecast to post a net loss per share of AU$0.08 next year compared to a net loss per share of AU$0.10 last year. Announcement • Nov 23
4DMedical Receives U.S. FDA Clearance for CT LVAS Lung Function Scanning Software 4DMedical has received FDA clearance for its CT-based ventilation product (CT LVAS(TM). CT LVAS, designed for use with computed Tomography scans, joins 4D Medical's XV LVAS(R) imaging software cleared for use with fluoroscopy In the United States. The FDA clearance for CT LVAS dovetails with the upcoming 4DMedical product, CT:VQ(TM). CT:VQ will enable quantitative perfusion (blood flow) data and visualizations to be extracted from CT scans. Standard CT images provide clinicians with structural detail about patients' lungs--from which they try to inferred information about disease and function. CT LVAS adds a wealth of data on lung performance on top of the structural detail of CT scans. This capability fills an information gap that enables radiologists to provide the objective, data-driven information that could materially inform diagnosis and treatment options. CT LVAS software processes existing CT scans using sophisticated algorithms derived from aerospace technology. These highly detailed reports include color-coded images of regional airflow and lung ventilation--overlayed on the patient's CT scan. CT LVAS uses a software-as-a-service model and requires no new capital equipment. Scans from existing CT equipment are uploaded for processing, where they are analyzed and returned to the radiologist as the Ventilation Report. CT LVAS measures lung ventilation in tens of thousands of locations in the lungs. The Regional Ventilation Visualizations provide region-specific ventilation at deep inspiratory breath-hold for a mid-coronal slice and threeaxial slices--Upper, Middle, and Lower. The regional ventilation data is quantified in lung volume change and regional lung ventilation heterogeneity. Breakeven Date Change • Nov 22
Forecast to breakeven in 2026 The 2 analysts covering 4DMedical expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 24% per year to 2025. The company is expected to make a profit of AU$350.0k in 2026. Average annual earnings growth of 54% is required to achieve expected profit on schedule. New Risk • Nov 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$719k revenue, or US$458k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$1.5m net loss in 3 years). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Nov 01
4DMedical Limited Announces Resignation of Evonne Collier as a Non-Executive Director, Chair of the Remuneration and Nomination Committee 4DMedical Limited announced that Evonne Collier has resigned as a non-executive director, Chair of the Remuneration and Nomination Committee. New Risk • Sep 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$155.5m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$719k revenue, or US$462k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$1.5m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$155.5m market cap, or US$100.0m). Announcement • Sep 25
4DMedical Limited Announces the Appointment of Geraldine Mcginty to the Board of Directors 4DMedical Limited announced the appointment of Dr. Geraldine McGinty, MD, to the Company’s Board of Directors. Professor of Clinical Radiology and Population Health Sciences, and a certified radiologist practising at Weill Cornell Medical Center, Dr. McGinty is an accomplished academic, researcher, administrator and health care economist. In 2018, Dr. McGinty became the first woman elected as Chair of the American College of Radiology’s (ACR) board of Chancellors, making a significant contribution to the ACR through a reorganisation of its Data Science Institute, enabling greater board communication and diversity of opinion. The ACR is "The Voice of Radiology" in matters of legislation and regulation, and is responsible for guiding radiology reimbursement and coding issues, including relative value units, managed care, alternative payment models, and Medicare regulations. Prior to this, Dr. McGinty headed up the ACR’s Commission on Economics. The Commission’s work often is used as background material and evidence for ACR congressional and state legislative efforts as well as communications with the CMS (Centers for Medicare & Medicaid Services), policy makers, and other medical insurers. Her corporate governance experience includes serving on the Board of NextGen Healthcare, and as a Non-Executive Director with the Industrial Development Authority (IDA) of the Republic of Ireland, chairing its Audit, Risk and Finance Committee. Dr. McGinty is also a member of the Governing Authority of the University of Galway in Ireland. In her various leadership roles, Dr. McGinty has been a powerful and influential voice for women in medical imaging. She has also been instrumental in identifying and mentoring radiologists who push to address health disparities in research, advocacy efforts, artificial intelligence development, and medical student recruitment. Dr. McGinty is highly qualified in clinical practice and management, possessing both a medical degree from the National University of Ireland and a master’s degree in business administration from Columbia University. Dr. McGinty’s academic stature is reflected in her appointment as Professor of Clinical Radiology at Weill Cornell Medicine where she is concurrently Senior Associate Dean of Clinical Affairs. In 2017, Dr. McGinty was appointed as founding Academic Director for the Executive MBA and Masters in Healthcare Leadership program delivered jointly by Weill Cornell and the Cornell University SC Johnson School of Business, a role she performed until 2019. Dr. McGinty’s published work has focused on payment models for imaging, most recently a bundled payment for breast cancer screening. Recently she has focused on the impact of Artificial Intelligence on Medical Imaging and has spoken at the Turing Institute and to the WHO Focus Group on AI in Healthcare on this topic. As a member of the American Medical Association’s Relative Value Unit Update Committee from 2012- 2016, Dr. McGinty was instrumental in recommending reimbursement policy to Medicare, thereby impacting the economics of the entire U.S. healthcare delivery system. In addition, from 2015 to 2021, Dr. McGinty was Chief Strategy and Contracting Officer within Weill Cornell responsible for fee-for-service and value-based payment arrangements. New Risk • Sep 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$31m Forecast net loss in 3 years: AU$1.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$719k revenue, or US$463k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$1.5m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Aug 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: AU$0.10 loss per share (further deteriorated from AU$0.084 loss in FY 2022). Net loss: AU$31.5m (loss widened 28% from FY 2022). Revenue missed analyst estimates by 78%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is forecast to grow 97% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Healthcare Services industry in Australia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Breakeven Date Change • Aug 30
Forecast to breakeven in 2026 The 2 analysts covering 4DMedical expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 21% per year to 2025. The company is expected to make a profit of AU$6.50m in 2026. Average annual earnings growth of 48% is required to achieve expected profit on schedule. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Revenue is less than US$1m (AU$1.4m revenue, or US$897k). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Aug 29
4DMedical Limited, Annual General Meeting, Nov 02, 2023 4DMedical Limited, Annual General Meeting, Nov 02, 2023, at 10:00 AUS Eastern Standard Time. Breakeven Date Change • Aug 29
Forecast to breakeven in 2026 The 2 analysts covering 4DMedical expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$6.50m in 2026. Average annual earnings growth of 34% is required to achieve expected profit on schedule. Reported Earnings • Mar 03
First half 2023 earnings released: AU$0.06 loss per share (vs AU$0.04 loss in 1H 2022) First half 2023 results: AU$0.06 loss per share (further deteriorated from AU$0.04 loss in 1H 2022). Net loss: AU$16.2m (loss widened 30% from 1H 2022). Revenue is forecast to grow 74% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Healthcare Services industry in Australia. Major Estimate Revision • Feb 15
Consensus revenue estimates increase by 55% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from AU$4.90m to AU$7.60m. Forecast losses expected to reduce from -AU$0.074 to -AU$0.06 per share. Healthcare Services industry in Australia expected to see average net income growth of 22% next year. Consensus price target up from AU$1.33 to AU$1.73. Share price fell 4.8% to AU$0.40 over the past week. Announcement • Dec 08
4DMedical Limited Appoints Matt Tucker as Senior Vice President of Business Development and Strategy 4DMedical Limited announced the appointment of experienced medical imaging executive, Matt Tucker, as Senior Vice President of Business Development and Strategy. Mr. Tucker is a highly experienced senior executive with extensive medical imaging knowledge. This skillset has been gained in a career working for several leading global healthcare companies including GE Healthcare, SonoSite and Philips. During his tenure as Chief Executive Officer and President of GE Healthcare, Matt occupied a high-profile role in the Australian medical technology sector and delivered growth across key metrics including revenue generation, customer satisfaction and retention, and profitability. He had earlier played an important role in GE Healthcare's successful turnaround strategy, which saw the company achieve market leadership across the ultrasound product space. Importantly, Matt's knowledge of medical imaging products runs deep. As well as working for companies selling such medical equipment, he has also operated them in a clinical capacity, working as a sonographer and radiographer early in his career. Mr. Tucker will make a valuable contribution to the ongoing development and execution of the XV Scanner's commercialisation rollout. Announcement • Nov 18
4Dmedical Unveils XV Scanner 4DMedical will unveil the "XV Scanner," a breakthrough lung scanning device that integrates fluoroscopy with advanced analytics software at the 2022 annual meeting of the Radiological Society of North America (RSNA) in Chicago. The XV Scanner provides significant technological and competitive advantages over existing imaging modalities that will improve quality of life for patients with respiratory issues. It is the first dedicated lung scanner to provide non-invasive functional insights into breathing lungs with images that provide an unprecedented level of clinical detail and actionable information. Current lung imaging modalities include: X-ray, high-res CT, and nuclear medicine. They represent tradeoffs between accuracy, sensitivity, cost, and high radiation exposure. Importantly, these modalities don't provide combined insights into the structure and function of a patient's lungs at the regional level. The XV Scanner is the first dedicated lung scanner to provide clinicians with both qualitative and quantitative metrics including regional ventilation volume, ventilation defect percentage, and ventilation heterogeneity. These metrics are produced as color-coded images, corresponding to functionality by lung region. Using the XV Scanner, physicians can detect areas of high and low ventilation with pinpoint accuracy—across all parts of the lung and in all phases of a single breath. The scan takes 5 seconds to perform and delivers less radiation than a typical chest X-ray. After RSNA, the 4DMedical XV Scanner will be placed at a major U.S. teaching hospital, providing unique capabilities and functional insights for lung disease research. Price Target Changed • Nov 16
Price target increased to AU$1.33 Up from AU$1.23, the current price target is an average from 2 analysts. New target price is 161% above last closing price of AU$0.51. Stock is down 59% over the past year. The company is forecast to post a net loss per share of AU$0.074 next year compared to a net loss per share of AU$0.084 last year. 
