4DMedical Limited

4DX.AX

Medical - Devices · Healthcare

Price

A$3.83

-0.19 (-4.73%)

Market Cap

A$2.30B

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−17.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 261.4M (2021) → 214.8M (2025)

Winston Score History

The full picture

4DMedical is an Australian medical technology company that makes software for lung imaging. Its main product, called XV Technology, turns standard CT scans into detailed moving pictures that show how air flows through the lungs — something traditional scans cannot do. The technology is used by hospitals and radiology clinics to help doctors diagnose lung diseases like COPD and asthma more accurately.

The company earns revenue by charging healthcare providers to use its software, primarily through a fee-per-scan model rather than selling hardware. 4DMedical operates mainly in Australia and the United States, where it has received FDA clearance — a significant regulatory milestone that opens the door to the large US hospital market. The company is still early-stage and currently loses money on each dollar of revenue, so its main challenge is scaling adoption fast enough to reach profitability before it needs to raise more capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-50.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+73.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$3M/ year

↓ Declining (-49% vs prior year)

42.8% of revenue

2.4x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

A$7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

4DMedical Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

92.1%

Premium pricing power — 92.1% gross margin

Profit after running costs

Operating Margin

-811.5%

Losing money on operations — -811.5%

Return on the money invested

ROCE

-72.7%

Weak — -72.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+55.9%

Fast-growing sales (+55.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-590.4%

Burning cash (-590.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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