4DMedical's US Hospital Wins Drive a Rapid Lung Imaging Re-Rate
Fund managers say a string of academic medical centre adoptions and an FDA clearance are validating the clinical case for CT:VQ
26 Jun 2026 · 4 min read
In short
4DMedical's share price rose from 47 cents to over $5 within a year on a run of US hospital adoptions and FDA clearance.
The Mayo Clinic, GSK and Cleveland Clinic have all adopted or contracted 4DMedical's CT:VQ lung imaging technology.
Ellerston Capital says 4DMedical has raised approximately A$233 million in new capital with modest dilution to fund commercialisation.
A rapid string of US hospital adoptions and regulatory approvals has turned 4DMedical, the Melbourne-based lung imaging software company, into one of the fastest re-rating healthcare technology names on the ASX, with its share price rising from 47 cents to more than $5 within a year.
FDA clearance opens the US market
ELM Responsible Investments traced the turning point back to the September 2025 quarter, when 4DMedical secured FDA clearance for its CT:VQ ventilation-perfusion imaging technology, validating its clinical safety and efficacy in the United States. That cleared the way for a run of commercial milestones through the December quarter, including Health Canada approval enabling deployment across Canadian hospitals via a Philips distribution agreement, and clinical adoption by Cleveland Clinic, joining Stanford and the University of Miami among leading US centres using the technology.
CT:VQ received Health Canada approval, enabling deployment across Canadian hospitals via its Philips distribution agreement and expanding its North American addressable market. This represented a transformational moment for the company, opening access to an addressable market exceeding US$1.1 bn annually in the United States alone.
— ELM Responsible Investments, Quarterly Report, December 2025
Mayo Clinic joins a growing list of academic centres
NorthStar Impact Funds' December 2025 update quantified the early commercial traction: a US$10 million order from Philips for the CT lung imaging software, adoption at the University of Miami and Cleveland Clinic, Canadian regulatory approval, and a share price that had risen from 47 cents at the start of the year to $3.93 by year end. By March 2026, Perennial Partners reported the Mayo Clinic, consistently ranked the number one hospital in the US, had agreed to deploy CT:VQ, following five other leading academic medical centres including Stanford, UC San Diego Health, University of Chicago Medicine and University of Miami.
Ellerston Capital's April 2026 commentary added texture to the Mayo deal, noting the agreement followed initial engagement at the December 2025 RSNA conference, with the turnaround from introduction to contract taking just four months. Ellerston also flagged a separate agreement with GSK, one of the largest global developers of respiratory medicine, to use 4DX data for quantitative assessment of lung structures across GSK's clinical trials, alongside roughly A$233 million in new capital raised with modest dilution.
The ongoing adoption of CT:VQ by leading academic centres in the US is another validation of the clinical relevance of the technology. These and other key contracts are expected to transform into meaningful revenue generators and growth over the course of 2027/28.
— Ellerston Capital, Monthly Report, April 2026
High conviction, with high risk attached
Medallion Financial's June 2026 view captured the risk-reward balance most managers are now weighing: a very expensive stock, but one with consistently good newsflow and a growing pile of small, high-margin contracts, comparable in style to Pro Medicus but focused on lungs rather than radiology more broadly. The manager flagged that any hiccup or underwhelming trial result could see the stock pull back quickly, even as it remained comfortable holding through a 90-day trial period recently commenced with the Mayo Clinic.
Questions
What regulatory approvals has 4DMedical secured?
ELM Responsible Investments reported that 4DMedical received FDA clearance for its CT:VQ technology in the September 2025 quarter, followed by Health Canada approval in the December quarter, opening an addressable US market exceeding US$1.1 billion annually.
Which major US hospitals have adopted 4DMedical's CT:VQ technology?
Perennial Partners and Ellerston Capital report that CT:VQ has been adopted by Stanford, Cleveland Clinic, UC San Diego Health, University of Chicago Medicine, University of Miami, and the Mayo Clinic, the top-ranked hospital in the US.
What risk do fund managers flag with 4DMedical?
Medallion Financial described 4DMedical as a high risk, high reward holding, noting the stock trades on an expensive valuation and any hiccup or underwhelming trial result, such as during its ongoing Mayo Clinic trial period, could trigger a quick pullback.
5 managers, 6 comments, with each manager's latest recorded position.
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