4DMedical (ASX:4DX) soars as Philips signs US$10m CT:VQ orders: A major turning point for respiratory imaging

Key Highlights

• Philips commits to US$10 million (A$15m) in minimum CT:VQ orders across 2026 and 2027.
• CT:VQ added to Philips’ North American product catalogue, supported by dedicated sales and clinical teams.
• Technology offers transformative advantages over traditional nuclear VQ scans and leverages 14,500 existing CT scanners in the US.
• CEO Andreas Fouras calls the deal a “major commercial inflection point” for 4DMedical.
• 4DX shares trade at $1.87, up 12.99% midday as investors react to the announcement.
  
   

4DMedical lands its biggest commercial breakthrough yet

4DMedical Ltd (ASX:4DX) has secured a pivotal commercial win, announcing that Philips will integrate the company’s CT:VQ imaging solution into its North American product catalogue and back it with a minimum order commitment of US$10 million across two years.

The news, unveiled on 3 December, triggered renewed enthusiasm among investors, with 4DX shares trading 12.99% higher at $1.87 in midday trade.

The agreement marks the most significant commercial milestone in 4DMedical’s history and strengthens the company’s positioning in the fast-evolving respiratory diagnostics market.

What the Philips deal actually means

Under the expanded distribution partnership, Philips will:

• Add CT:VQ™ to its North American sales portfolio.
  
   
• Deploy dedicated sales and clinical teams specifically tasked with CT:VQ targets.
  
   
• Run joint marketing campaigns to drive adoption.
  
   
• Launch the collaboration at RSNA 2025, the world’s largest radiology conference.
  
   

Importantly, the agreement includes underwriting mechanisms that guarantee the minimum order value, giving 4DMedical forward visibility on revenue.

A technology positioned to disrupt a US$1.1 billion market

CT:VQ is the first solution capable of producing ventilation–perfusion (VQ) maps using standard non-contrast CT scans, eliminating the need for radiotracers used in nuclear medicine.

This is more than a workflow improvement. It changes accessibility.

Why CT:VQ is a game-changer

• No radioactive tracers.
• No specialised equipment.
• Can be performed on any CT scanner already installed.
• Offers higher resolution and quantitative analysis unavailable through conventional VQ scans.
  
   

With more than one million nuclear VQ scans performed annually in the US at an average reimbursement of US$1,150 per scan, the technology targets an addressable US market of over US$1.1 billion annually and US$2.6 billion globally.

4DMedical states it ultimately expects CT:VQ to displace 100% of nuclear VQ scans over time. This is the strongest commercial positioning the company has publicly taken regarding market share ambitions.

Why Philips matters

Philips is one of the largest medical imaging providers globally, with deep penetration across US and Canadian hospitals.

By leveraging Philips’ established sales infrastructure:

• CT:VQ gains immediate access to thousands of existing customers.
• Adoption barriers decrease dramatically.
• 4DMedical avoids building a large direct sales force.
  
   

This sort of scaling accelerant is rare for early-stage imaging technologies.

CEO Andreas Fouras: “A major commercial inflection point”

In the announcement, 4DMedical founder and CEO Dr Andreas Fouras called the partnership a critical validation and a turning point for adoption.

Here is his full statement:

“This agreement represents a major commercial inflection point for 4DMedical. Philips’ commitment provides compelling validation of CT:VQ as a transformative solution in pulmonary imaging, while opening the way for us to leverage Philips’ world-class leadership, resources and reach to accelerate adoption across North America. The partnership builds on the growing momentum around CT:VQ following FDA clearance in September and adds significant commercial scale to our expansion strategy. Together with Philips, we can rapidly expand access to advanced pulmonary diagnostics, delivering powerful insights for clinicians and improved outcomes for patients.”

The comments underscore the strategic importance of timing, given CT:VQ only received FDA clearance in September.

Why investors are paying attention

The market had been waiting for a major commercial validation step following the FDA clearance. The Philips contract delivers:

• Immediate revenue visibility.
• A distribution engine the company could not build alone.
• A clear path toward scaling across North America.
• Stronger positioning in a multibillion-dollar diagnostic category.
  
   

With 4DX up 289% over the past year, this deal may shift the company from early-stage momentum to a more mature commercial phase.

What comes next

4DMedical will host an investor webinar on 4 December to outline additional details of the rollout and expected timelines.

Meanwhile, the launch at RSNA 2025 sets the stage for global visibility, as radiologists worldwide gather to evaluate the latest imaging innovations.

CT:VQ’s integration into Philips’ portfolio might also open the door to future collaborations, potentially across other imaging modalities or regions.