The Mayo Clinic will use 4DX’s CT:VQ and investors are thrilled

Another day, another piece of good news from 4DX Medical (ASX:4DX), today news the Mayo Clinic would be employing the company’s technology. Mayo is not the first place where CT:VQ has been deployed, but is easily the highest profile. And investors agree.

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Recap of 4DX Medical

4DMedical’s (ASX: 4DX) core intellectual property sits across two platform lines. The first is XV Technology which is a proprietary X-ray velocimetry system that captures dynamic, four-dimensional images of airflow through the lungs across all phases of a breathing cycle, delivering regional ventilation data that conventional imaging cannot.

The second, and now its most commercially significant product, is CT:VQ and this is a software solution that converts a standard non-contrast CT scan into a full ventilation-perfusion map without radioactive tracers, contrast agents, or specialist nuclear medicine equipment. CT:VQ received FDA 510(k) clearance in September 2025, alongside CMS reimbursement classification under Category III CPT codes. Canadian regulatory approval followed in December 2025. The company operates on a software-as-a-service model, integrating into existing hospital DICOM and PACS infrastructure without requiring new hardware.

In the months since FDA clearance, 4DMedical has pursued a deliberate strategy of establishing CT:VQ at leading US academic medical centres, which function as clinical validation and reference sites for broader hospital procurement decisions. By January 2026 (four months the after clearance) the technology had been deployed at Stanford Health Care, University of Miami Health System, Cleveland Clinic, and UC San Diego Health. And now another has joined the list.

The Mayo Clinic Is Deploying CT:VQ!

The company’s announcement to the ASX this morning confirmed that the world-famous Mayo Clinic has entered into an agreement to deploy CT:VQ for ventilation and perfusion analysis. The deployment will initially focus on integrating the technology into existing clinical workflows, allowing clinicians to evaluate its capabilities across a range of use cases.

Mayo is consistently ranked as the top hospital in the United States and is one of the most referenced institutions in global clinical medicine. Its decisions to adopt or endorse a technology carry significant weight with other hospital systems, health networks, and clinicians evaluating new tools. This is not a research collaboration or a pilot study — it is a commercial clinical deployment. That distinction matters for how the market interprets the signal.

What This Means for 4DMedical

Seven months after receiving FDA clearance, 4DMedical now has CT:VQ operating at six of the most prominent academic medical centres in the United States: Stanford, University of Miami, Cleveland Clinic, UC San Diego Health, University of Chicago Medicine, and Mayo Clinic. The pace of that adoption with six tier-one institutions in seven months is unusually fast for a new clinical imaging modality.

Academic medical centres typically move slowly through technology evaluation, and each of these sites required procurement approval, IT integration, and clinical workflow modification before going live. The rate of conversion from evaluation to deployment is a more informative metric than the total number of sites, and the trend to date is positive.

The specific value of Mayo Clinic’s adoption is its market signalling effect. When an institution with Mayo’s profile and clinical reputation chooses to deploy a technology into patient care pathways rather than isolating it to a research protocol, it provides a form of third-party validation that marketing cannot replicate.

There’s no doubt that other hospital systems are evaluating CT:VQ and they can now reference Mayo’s adoption as part of their own assessment process. Health system procurement committees, insurance networks reviewing coverage policies, and international health authorities watching the US rollout will all weigh Mayo’s decision meaningfully. This is the non-revenue value of a flagship site win.

Investors like the news

The market reaction, in the form of shares being up 38% to a record A$6.40 in early trading, reflects both the institutional significance of Mayo and the cumulative momentum of the six-site adoption sequence. Keep in mind this is just 3 days after its addition to the ASX 300 which would trigger institutional buying.

Up to this point, each previous announcement added a data point but Mayo adds a qualitative step change. Investors are pricing the probability that this cadence continues and that the next phase (adoption across integrated health networks and community imaging centres rather than individual flagship sites) is now more likely to follow. That is a reasonable inference, but it is not a certainty.

The land-and-expand model that academic centre adoption is designed to enable requires that CT:VQ becomes embedded in routine workflow at those sites, not just installed. Volume data will ultimately determine whether these deployments translate into durable, recurring revenue.

The questions remaining

Now, the financial reality has not changed with today’s announcement. 4DMedical remains pre-profitability, with the half-year results to December 2025 reflecting a business still in commercial build-out. The Philips distribution agreement provides a revenue floor, the January capital raise provides a funding runway, and the six academic medical centre deployments provide clinical reference sites.

The question that follows Mayo is whether that combination is now sufficient to drive the scale of adoption in the US needed to justify the valuation the market is applying. The Mayo deployment does not answer that question, but it makes the thesis more credible than it was yesterday.