4DMedical (ASX: 4DX) Secures $15M Philips Deal

4DMedical Lands $15M Order from Philips, Marks Shift to Full Commercial Rollout

4DMedical (ASX:4DX) has taken a meaningful step forward, securing a US$10 million (~A$15 million) commercial order commitment from global imaging leader Philips.

With respiratory illness and chronic lung disease on the rise worldwide, healthcare systems are increasingly prioritising imaging solutions that are faster, safer, and more scalable. Against that backdrop, Philips’ two-year commitment for 4DMedical’s CT:VQ technology represents a genuine commercial inflection point for the company.

The US$10 million minimum order represents 4DMedical’s largest disclosed commercial order to date and its first multi-year, revenue-backed commitment from a major global imaging partner. It signals a shift from pilot programs and evaluation agreements toward true commercial rollout. Importantly, the commitment provides a clearer revenue baseline through calendar years 2026 and 2027, reducing execution risk and reinforcing confidence in CT:VQ’s readiness for broader adoption.

Philips is also putting its commercial strength behind the product. By embedding CT:VQ into its North American imaging catalogue and leveraging its extensive hospital network, Philips will play a central role in driving market uptake. For 4DMedical, this marks one of the strongest commercial validations it has achieved so far, while still leaving room for investors to consider execution, integration, and adoption risks as the partnership scales.

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14,500-System Network Across North America

For a company of 4DMedical’s size, this partnership delivers immediate scale that would have taken years, and significant capital, to build independently. Philips’ base of more than 14,500 installed CT systems across the US and Canada gives 4DMedical a ready-made distribution channel for CT:VQ, supported by established sales, service, and clinical teams.

Co-branded marketing at RSNA 2025, the world’s largest radiology conference, together with integration into Philips’ existing workflows, is set to reduce both customer acquisition costs and time-to-revenue. This represents a meaningful lift in commercial efficiency, shifting 4DMedical from a niche imaging innovator to a credible supplier within a global ecosystem.

Strategically, 4DMedical now finds itself in a stronger position. Its patented XV Technology and CT:VQ algorithms provide a defensible IP moat, while FDA clearance supports a smoother path to market. Integration into Philips’ hospital systems also increases switching costs, and positions 4DMedical as a more attractive collaborator for other major imaging OEMs, including Siemens Healthineers and GE HealthCare.

4DMedical Eyes $1.1B US Market

More than one million VQ scans are performed each year in the US, with an average reimbursement of roughly US$1,150. This places the domestic addressable market at over US$1.1 billion, and the global opportunity at around US$2.6 billion. Even capturing a modest 10% share of the US market would equate to more than US$110 million in recurring annual revenue, over ten times 4DMedical’s current revenue run rate.

There is also potential for the total VQ market to grow over time. Improved workflow, lower barriers to adoption, and broader clinical applications could expand utilisation beyond today’s baseline, creating additional long-term upside for companies operating in this space.

The Investors Takeaway for 4DX

The Philips agreement marks a genuine commercial turning point for 4DMedical. The company has locked in a multi-year, revenue-backed order commitment from a tier-one global imaging partner, giving investors greater confidence in the commercial readiness of CT:VQ.

The deal lowers execution risk, accelerates distribution, and provides a path to scaling far faster than 4DMedical could achieve independently. With Philips’ 14,500-plus installed CT base and strong hospital relationships, the partnership materially expands 4DMedical’s reach across North America.

At the same time, investors should remain mindful that successful adoption still depends on integration, clinician education, reimbursement dynamics, and the pace at which hospitals transition from nuclear VQ to CT-based workflows. The opportunity is large, but execution will matter.