4DMedical Hits All-Time High as UC San Diego Begins Commercial Use of CT VQ

4DMedical Takes Flight

4DMedical (ASX:4DX) announced today that UC San Diego Health has commenced commercial clinical use of its CT VQ software, a meaningful milestone that further validates the company’s technology. Following the announcement, the stock reached a new all time high of A$4.70 per share. This marks the company’s fourth major academic medical centre adoption within just four months of receiving FDA approval, which in our view is a very strong signal of early commercial momentum.

When highly respected institutions such as Stanford and UC San Diego move beyond evaluation and into day-to-day clinical use, it often acts as a catalyst for broader adoption across the healthcare system.

Importantly, CT VQ is now being embedded in routine clinical workflows at UC San Diego Health rather than being limited to pilot programs or investigational use, reinforcing the view that this technology is transitioning from validation to real-world revenue-generating deployment.

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4DMedical Builds Momentum Through Tier-One Academic Centres

So far, 4DMedical has secured commercial deployments at Stanford University Medical Center, University of Miami Health System, Cleveland Clinic, and now UC San Diego Health. Some investors may ask why 4DX is prioritising leading academic medical centres rather than hospitals where scan volumes are typically higher. In our view, this strategy is deliberate and well considered.

Academic medical centres play a critical role in shaping clinical practice. These institutions train the next generation of radiologists, many of whom will carry their clinical workflows and technology preferences into future roles across the broader hospital network. When CT VQ is embedded into standard practice at these centres, it helps normalise advanced functional CT imaging and establishes repeatable clinical processes that can be adopted elsewhere.

Just as importantly, widespread use at respected institutions such as Stanford and Cleveland Clinic materially reduces sales friction. Mid tier and large hospital systems are far more likely to adopt software that is already proven and actively used within these globally recognised centres. From an investor perspective, this creates a powerful reference base and shortens future sales cycles.

Overall, we believe 4DX’s commercial strategy is well structured and focused on long term scale. By anchoring adoption within influential academic centres first, the company is building strong momentum and credibility that should support broader commercial expansion through 2026 and beyond.

Early Discounts, Long-Term Dividends

In terms of revenue and profitability, the specific commercial terms have not yet been disclosed publicly. However, based on comparable early stage partnerships across the medical imaging software sector, we would expect 4DX to initially agree to lower upfront fees to support early adoption. This typically includes integration into clinical workflows, staff training, and education, all of which help remove barriers to long term use.

As a result, the near term revenue contribution from these academic centres is likely to be modest compared with large volume hospital deployments.

Over time, as usage becomes embedded and scan volumes increase, revenues should begin to scale. Once introductory pricing phases conclude, standard SaaS pricing is usually applied, at which point incremental margins improve materially. Importantly, volume expansion within existing sites can become a meaningful driver of revenue growth, even without adding new customers.

This view is consistent with how early enterprise healthcare software partnerships have evolved historically.

4DX takeaway

For investors, the key takeaway is that 4DX’s clinical and commercial strategy appears well structured and disciplined. The company is clearly focused on building credibility, reference sites, and long term scalability rather than maximising short term revenue.

That said, with small cap stocks, strong price momentum can sometimes run ahead of fundamentals, and it is easy to get caught up in the excitement. From our perspective, this is a name where position sizing and entry discipline still matter.

For long term investors with a 5 to 10 year horizon, however, we believe 4DX remains a high quality company with a compelling long term growth opportunity.