This morning CEO Adreas Fouras presented a webcast update on 4DX's recent $150m capital raise.  Around 15 minutes was spent on the presentation and 25 minutes on questions.

06vct9mdsmykhj.pdf

Some Points:

• Emphasized the advantages and superiority of CT:VQ over current nuclear pharma imaging.
• Size of CT:VQ market - $US1m in US and $2.6b globally. Said 4DX expects to get 100% of this currently nuclear market.
• 4DX has contracts with 15% of the top 20 US hospitals and actively quoting 45% of them.
• CT:QV 4DX looking at getting $US500 reimbursement at a cost of around $4 each, a 99% Gross Margin.
• “Pipeline bursting with opportunity” – CEO words. Though focus is on the CT:QV opportunity.
• Recent capital raise led to a dilution of only 3.8%

Q&A:

• Future opportunities? Said 4DX are doing much research and spoke of where there is blood flow there is 4DX imaging opportunity. CEO talked of pulmonary angiograms as the near-term opportunity and said had a market size 4x CT:VQ. 
• Veterans Affairs has been slow to uptake 4DX products, however 4DX are working on and assistance from Phillips is useful. Similar with DoD, slow but "they like the technology".
• Concerning the share price and analyst reports valuing 4DX at $3:00? CEO said the assumption in these reports were for much slower adoption of CT:VQ. CEO expects will have 100% of the lung market in less than 10 years. Andreas drew on the obvious comparison with PME.
• Why raise the capital when had stated late last year can get to breakeven without raising cash?  Andreas said this remains true, however can now push the company harder and faster. Plus said the share price and circumstances presented an opportunity to raise more capital.
• Said TGA (Australia) CT:VQ approval should happen by the end of this calendar year. (was not clear on Europe).

Andreas himself looked well with a haircut and beard trim and wasn’t the disheveled and slightly irritable person he appeared earlier in 2025. He showed no hint of arrogance at the 13x 4DX share price appreciation in the last 5 months. Him and his immediate family now being worth around $400m. Was very matter of fact about the job he and his 130 staff have ahead of them.  

Appears to be a lot to be positive about 4DX, even at a market cap of nearly $2.5b. Its anyone’s guess where 4DX will be in 5 years time. 

After the COB today Cyclopharm (ASX:CYC) lodged the following with the ASX:

Cyclopharm with their Technigas product are in a fight to the death with 4DX with its recently FDA approved and US reimbursable  CT:VQ™ technology.

Regal Funds Management has 11% of CYC.  Looking like another Opthea moment for Phil.

For CEO and founder of 4DMedical(ASX:4DX), Andreas Fouras the latest share price run must be a welcome and long awaited vindication of his life’s work.

As at the 30/6/25 he has through his interest in Velocimery Consulting Pty Ltd 65.7m shares in 4DX or 16% of the company. Worth today around $110m.

His personal holding outside of Velocimetry appears to be much smaller, at around 6m director options.

According to the FY25 annual report Helen Fouras (presumably his wife) has voting power in Velocimetry Consulting Pty Ltd of “above 50%”. Whilst Andreas has voting power “above 20%”. 

I hope Andreas has been, and continues to be nice to his Mrs. 

Seems just like the rest of us, Andreas is only one fat-arse comment away from career and financial ruin. 

Below are my notes and comment from webinar:

CT:VQ™ market is around 1m scans a year in the US and a value of around $1b.

Superior technology to the current radiopharma procedures in:

• No contrast agents – ie either radioactive dust or injectables into bloodstream
• Clearer image
• More accessible with 14,500 existing scanners in US
• Better workflow
• Better patient experience
• Lower cost.

Questions: Costs and Sales pricing:

Was cagey, but said expected $600 per procedure, about the same as their LVAS product and it costs about $4 each (said this with a straight face). Said a share of this will need to go to the hospitals. $300m of sales would be just the beginning

(Importantly said this was the first time 4DX was selling a product that was a replacement product, not something new). Said product was ready for rollout.

Conversion to paying customers:

Had never given a free trial for any 4DX product where the practice did not end up paying.

Medicaid Reimbursement:  Said confident will have by the end of the year.

VA and DoD progress: said had a team in Washington. Spoke of the value of their XV LVAS product and gave example of DoD burns pit scans versus a biopsy. Their existing scan cost around $1k (?) versus $30k for a biopsy.

Asked about PME partnerships: refused to comment, but did say product was technically compatible

CME approvals; Said focus of on the US where 40% of the market and 50% of the profits are.

It is interesting the changes in Department of Health and Human Services (Robert Kennedy) and how the US healthcare landscape is changing. Today announcement from PNV in response to New York Times press speculation. It would seem PNV is on the right side of the muted changes with a low cost product. Similarly the same thing seems to apply with 4DX and their offerings. (Contrast this with BOT and its old school management whose major skills and experience appear to be in rorting the US insurance and government reimbursement system. And just how they appear to have come unstuck, for that and other reasons.

Andreas was his in a black T shirt and looking his usual disheveled self. His demeanor was slightly more upbeat than his previous webinars over the years and he took questions. He said that he and his team will working around the clock to make this work.  Looks good to me and I think you can be reasonably sure Andreas is working for you the shareholder and will not be spending his evenings rooting whores and snorting lines of cocaine.   Share price is off post his presentation, so f&%$ed if I know what I got wrong.