4DMedical Shares Rise 4.4% as Investors Bet on Expanding US and European Rollout of Its CT:VQ Lung Scans

SYDNEY — Shares of 4DMedical Ltd. rose more than 4% on Monday as investors continued to back the Melbourne-based medical technology company's efforts to bring its lung imaging technology to hospitals in the United States and Europe.

4DMedical shares climbed 0.18 Australian dollars, or 4.44%, to A$4.23 during Monday's session. The stock traded between A$4.08 and A$4.39, with more than 2.6 million shares changing hands, giving the company a market value of about A$2.5 billion.

The shares are up about 91% over the past year.

It was not immediately clear whether the company had released new information to the market. The gain came as the broader S&P/ASX 200 index rose about 0.7% by midday.

What CT:VQ does

4DMedical develops respiratory imaging technology designed to give doctors a more detailed picture of how the lungs are functioning.

Its flagship product, CT:VQ, analyzes standard CT scans to produce three-dimensional images of lung ventilation and blood flow. The company presents it as a noninvasive alternative to traditional nuclear medicine ventilation-perfusion scans, which require radioactive tracers.

CT:VQ received clearance from the U.S. Food and Drug Administration in 2025, opening the door to commercial adoption in the world's largest health care market.

Rapid adoption in the US

Since then, 4DMedical has signed up a growing list of major U.S. medical institutions. Leading academic medical centers including Stanford, Cleveland Clinic, the University of Miami, UC San Diego Health and Mayo Clinic have adopted the technology.

The company also signed a three-year commercial agreement with Arizona-based SimonMed Imaging, extending CT:VQ into the U.S. outpatient market through SimonMed's network of about 170 sites.

"Their decision to adopt CT:VQ, moving directly to commercial deployment, is a major milestone for 4DMedical and a strong validation of both our technology and our clinical value," CEO and founder Andreas Fouras said at the time of the SimonMed announcement.

4DMedical said the SimonMed contract would not be immediately financially material but represented a significant long-term opportunity.

Expanding into Europe and Australia

The company has also moved to broaden its global reach. CT:VQ received CE Mark certification, allowing commercial launch across the European Union, and 4DMedical acquired Contextflow to create a European platform for its products.

In Australia, CT:VQ received approval from the Therapeutic Goods Administration, opening its home market to clinical use.

4DMedical has raised significant capital to support its expansion, including a A$150 million placement with institutional investors to accelerate U.S. commercialization.

A volatile ride

4DMedical's shares have been among the most volatile on the ASX. The stock soared more than 700% in 2025 as investors bet on the commercial potential of CT:VQ, reaching a record high of A$4.84 earlier in its run.

The shares have since swung sharply, with periods of steep declines followed by renewed rallies on contract announcements.

Analysts have cautioned that the company remains in the early stages of converting partnerships into meaningful revenue. Much of its value depends on how quickly hospitals and imaging providers adopt CT:VQ and whether insurers reimburse its use.

What's next

Investors will be watching for further contract wins, evidence of growing revenue from existing customers and progress on insurance reimbursement, which could determine how widely the technology is adopted.

Monday's rise suggests investors remain optimistic that 4DMedical can turn its growing list of partnerships into a sustainable commercial business.