PRESS RELEASE: The Future of Medical Imaging Has Arrived with 4DMedical
US FDA approval was received on September 1 for 4DMedical’s lung-imaging technology, CT:VQ, the world’s first and only non-contrast, CT-based ventilation-perfusion imaging technology. This FDA clearance was described as “a historic moment in respiratory diagnostics”.
4DMedical (4DX), founded by radiologist Andreas Fouras, has developed a patented lung imaging platform that uses X-ray technology and proprietary algorithms to create functional four-dimensional scans. The company can diagnose respiratory conditions earlier, faster, and with more precision than traditional CT scans, and is on the cusp of revolutionising respiratory diagnostics.
The company’s flagship product, XV Technology, provides physicians with a detailed, four-dimensional view of lung function. Unlike traditional methods like X-rays (which show structure but not function), CT scans (which involve high doses of radiation), and spirometry (which is effort-dependent and often inaccurate), 4DX’s technology offers a non-invasive and highly accurate map of how a patient’s lungs are performing.
Respiratory disease is a leading cause of death and disability worldwide, with chronic obstructive pulmonary disease (COPD) alone impacting hundreds of millions. The global respiratory diagnostics market is valued in the tens of billions of dollars and 4DX is positioned to capture a significant share.
4DMedical’s technology is on target to become the new global standard. The science is proven, and the problem is urgent.
CT:VQ addresses critical clinical and operational challenges inherent in traditional nuclear VQ imaging. The elimination of radiotracers streamlines scheduling and improves patient access by removing the associated complex handling requirements and regulatory constraints. Traditional nuclear VQ imaging workflows are simplified through CT:VQ by seamless integration with existing CT protocols, requiring no additional infrastructure or specialised equipment. CT:VQ delivers superior image resolution and precise quantification while eliminating artifacts commonly associated with radiotracer clumping or contrast leakage.
Most significantly, CT:VQ will leverage the extensive installation base of approximately 14,500 CT scanners across the U.S. healthcare system. This broad accessibility extends advanced VQ imaging capabilities to rural and smaller healthcare facilities that may lack nuclear medicine infrastructure, democratising access to this critical diagnostic tool, and offering improved patient outcomes.
Adoption is set to be rapid and widespread, giving rise to an incredible and unprecedented opportunity for investors.
This is the fattest pitch of my career, which means I have never had such high conviction on an opportunity with the same degree of potential.
The addressable market in the US alone is $1.6 billion per annum. The company expects to rapidly win a significant share of this market, and eventually 100%. The global market is worth $4 billion per annum.
To put this target in context, Pro Medicus is forecast to have revenue of just $480 million in 2028. Pro Medicus has a market cap of $31 billion, while 4DX is just $860 million, so there is a huge disparity in the respective valuations that will narrow rapidly and eventually converge, within 3 to 5 years in a best case scenario.
There is the real prospect that 4DX will have a free cash flow margin above 50%, the equivalent of Pro Medicus, and better than all other ASX companies.
I believe 4DX will be celebrated alongside Pro Medicus as Australia’s highest quality company in the not far distant future. It is the epitome of what we seek as investors and has the potential to deliver life changing returns.
Not only does 4DX look like the next Pro Medicus, it looks like achieving this in faster time. 2025 revenue rose 56%. Underlying SaaS revenue rose 95%. SaaS products are now available at 388 sites globally, up 60%.
On September 3, the U.S. Centre for Medicare & Medicaid Services (CMS) confirmed reimbursements for CT:VQ, which was the final piece to the puzzle, and will obviously accelerate the path to market adoption.
When the ASX 300 is reweighted in March, 4DX is almost certain to be included, and I believe that will be the catalyst to set the share price on a course towards $100.
I believe the target for 4DX is $100, and that being the case, it is massively undervalued at current levels.
4DX is on the cusp of commercialising a technology that will fundamentally change respiratory diagnostics. This isn’t an incremental improvement; it’s a paradigm shift.
Over the years I’ve had a lot of success identifying high quality small caps at an early stage. Examples include Pro Medicus, Nvidia and REA. Pro Medicus climbed from $4.12 to $336, REA from $1 to $276, and Nvidia from $2.76 to $180.
Despite those incredible successes, I hold the strong view that 4DX will outperform them all in the long run.
I bought myself and also recommended 4DX to subscribers at The Super Investor (si.com.au) on August 1 at 30 cents. It is already a great outcome for many, but in my view, this is just the very start of a multi year bull market that is set to shoot the lights out and deliver massive returns to shareholders, in particular those buying in at this very early stage.
Best regards,
Paul Nojin
Si.com.au … The Super Investor
Fmi.edu.au … Financial Markets Institute of Australia
Veteran Stock Picker Paul Nojin Targets $100 for 4DMedical
About Paul Nojin
Paul Nojin is a veteran market analyst. A former Bankers Trust trader, he is renowned for early, high-conviction calls on Pro Medicus (2017), REA Group (2004) and Nvidia (2017). He founded the Financial Markets Institute of Australia and co-created the government accredited Diploma of Company Analysis and Portfolio Management. He publishes The Super Investor stock market newsletter at si.com.au, co-authored Australia’s first book on factor-based investing, and has mentored award winning analysts and head traders at leading investment banks and hedge funds.
