# 4Dmedical (4DX.AU)

Canonical: https://gigainvestors.com/s/4DX.AU

Analysis as of: 2026-10-16T07:41:40.383Z. Financial observations: FY2016–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 4.08 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 10

- Operating margin variation: 2.75×

Chart: Operating margin; fiscal year observations.

- FY2017: -2,430.60×

- FY2018: -6.55×

- FY2019: -10.10×

- FY2020: -12.95×

- FY2021: -63.11×

- FY2022: -34.86×

- FY2023: -42.66×

- FY2024: -7.45×

- FY2025: -8.11×

- FY2026: -8.14×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 361.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: -198.2%

- ROIC, second-lowest year: -344.8%

- Typical minus recent gross margin: 361.6 pp

- Typical gross margin (annual median): -177.7%

- Recent gross margin (lower of latest and 3-year median): -539.2%

- Years with nonpositive capital: 2

- Capital spending / revenue: 141.4%

- ROIC including acquisitions, ten-year median: -173.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -176.4%

- FY2018: -131.2%

- FY2019: -124.0%

- FY2020: -249.2%

- FY2021: -259.7%

- FY2022: -198.4%

- FY2023: -344.8%

- FY2024: -809.7%

- FY2025: -198.0%

- FY2026: -26.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -315M

- Net income, five-year total: AUD -327M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -5110.8 pp

- Working capital / revenue, change between three-year averages: -31277.0 pp

- Working capital / revenue, final three-year average: 25.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -26M

- FY2023: AUD -31M

- FY2024: AUD -33M

- FY2025: AUD -26M

- FY2026: AUD -200M

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -131.2% vs -198.0%

- Per-share earnings: -0.03 to -0.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.7%

- Ordinary dilution, 5-year annual growth: 15.2%

- Diluted shares, 10-year annual growth: 14.7%

- Diluted shares, 5-year annual growth: 15.2%

- Per-share value change: AUD -0.03

- Per-share value, starting three-year median: AUD -0.03

- Per-share value, ending three-year median: AUD -0.06

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 74M

- Cumulative net income, 10 years: AUD -384M

- ROIC, first three-year median: -131.2%

- ROIC, last three-year median: -198.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.03

- FY2018: AUD -0.03

- FY2019: AUD -0.02

- FY2020: AUD -0.08

- FY2021: AUD -0.07

- FY2022: AUD -0.07

- FY2023: AUD -0.08

- FY2024: AUD -0.06

- FY2025: AUD -0.06

- FY2026: AUD -0.34

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -47.4%

- Receivables to sales index (DSRI): 5.55×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.40×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -36.7%

- FY2018: -10.2%

- FY2019: -7.9%

- FY2020: -90.5%

- FY2021: -7.4%

- FY2022: 0.9%

- FY2023: -9.5%

- FY2024: -4.3%

- FY2025: 4.6%

- FY2026: -47.4%

## Holders

## Price story

Down 27% since Mar 2026 · sales +20.6%

Story as of 2026-10-16T10:00:12.062Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +20.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2K 

- FY2018: AUD 789K 

- FY2019: AUD 695K 

- FY2020: AUD 1.2M 

- FY2021: AUD 217K 

- FY2022: AUD 1.1M 

- FY2023: AUD 719K 

- FY2024: AUD 3.8M 

- FY2025: AUD 5.9M 

- FY2026: AUD 7.1M 

### Gross margin · FY2025

gross margin 92.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: 57.7% 

- FY2022: 26.6% 

- FY2023: 95.2% 

- FY2024: 93.7% 

- FY2025: 92.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are AUD 7.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:40.383Z); FY2026: revenue 7061546; grossProfit -38077980; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 4DX.AU: 4DMedical Limited operates as a medical technology company in the United States and Australia. The company engages in medical research technology and development of a non invasive respiratory imaging solution. It offers CT:VQ, non-contrast post processing technology; CAC, a non-contrast cardiothoracic risk assessment sotware; CT LVAS, a regional lung function imaging software; IQ-UIP, a state-of-the-art software; LDAf, Patented Parametric Response Mapping (PRM) technology; LDAi, an automated detection of potential emphysema software; LTA provides visualization and quantification of the lung textures; PHA Analysis, a cutting-edge, fully-automated imaging solution; XV LVAS, a lung airflow imaging software; and XV Scanner, a lung function scanner. The company has partnership with AstraZeneca to launch and expand a lung health screening program; and a contractual engagement with GlaxoSmithKline to provide its proprietary quantitative lung imaging analytics in support of pulmonary drug development and clinical research. 4DMedical Limited was incorporated in 2012 and is based in Carlton, Australia.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:40.383Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 4DX.AU SharesStats.PercentInsiders = 16.583000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 345.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:40.383Z); Closing price 4.08 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 0.011821890150804919; price multiple 345.122476013043. FY2026 cash earnings/share -0.33470456097822304. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2020-08: AUD 1.49 per share

- 2020-09: AUD 1.70 per share

- 2020-10: AUD 2.31 per share

- 2020-11: AUD 2.30 per share

- 2020-12: AUD 2.43 per share

- 2021-01: AUD 2.20 per share

- 2021-02: AUD 1.73 per share

- 2021-03: AUD 1.72 per share

- 2021-04: AUD 1.58 per share

- 2021-05: AUD 1.28 per share

- 2021-06: AUD 1.23 per share

- 2021-07: AUD 1.54 per share

- 2021-08: AUD 1.60 per share

- 2021-09: AUD 1.47 per share

- 2021-10: AUD 1.36 per share

- 2021-11: AUD 1.37 per share

- 2021-12: AUD 1.35 per share

- 2022-01: AUD 1.10 per share

- 2022-02: AUD 0.70 per share

- 2022-03: AUD 0.85 per share

- 2022-04: AUD 0.73 per share

- 2022-05: AUD 0.65 per share

- 2022-06: AUD 0.59 per share

- 2022-07: AUD 0.71 per share

- 2022-08: AUD 0.68 per share

- 2022-09: AUD 0.58 per share

- 2022-10: AUD 0.65 per share

- 2022-11: AUD 0.48 per share

- 2022-12: AUD 0.42 per share

- 2023-01: AUD 0.44 per share

- 2023-02: AUD 0.40 per share

- 2023-03: AUD 0.32 per share

- 2023-04: AUD 0.85 per share

- 2023-05: AUD 0.77 per share

- 2023-06: AUD 0.67 per share

- 2023-07: AUD 0.69 per share

- 2023-08: AUD 0.67 per share

- 2023-09: AUD 0.45 per share

- 2023-10: AUD 0.47 per share

- 2023-11: AUD 0.96 per share

- 2023-12: AUD 0.72 per share

- 2024-01: AUD 0.59 per share

- 2024-02: AUD 0.67 per share

- 2024-03: AUD 0.65 per share

- 2024-04: AUD 0.60 per share

- 2024-05: AUD 0.59 per share

- 2024-06: AUD 0.52 per share

- 2024-07: AUD 0.48 per share

- 2024-08: AUD 0.44 per share

- 2024-09: AUD 0.68 per share

- 2024-10: AUD 0.53 per share

- 2024-11: AUD 0.46 per share

- 2024-12: AUD 0.48 per share

- 2025-01: AUD 0.55 per share

- 2025-02: AUD 0.39 per share

- 2025-03: AUD 0.27 per share

- 2025-04: AUD 0.32 per share

- 2025-05: AUD 0.34 per share

- 2025-06: AUD 0.24 per share

- 2025-07: AUD 0.24 per share

- 2025-08: AUD 0.57 per share

- 2025-09: AUD 1.98 per share

- 2025-10: AUD 1.74 per share

- 2025-11: AUD 1.71 per share

- 2025-12: AUD 3.93 per share

- 2026-01: AUD 3.17 per share

- 2026-02: AUD 4.00 per share

- 2026-03: AUD 5.56 per share

- 2026-04: AUD 4.01 per share

- 2026-05: AUD 3.97 per share

- 2026-06: AUD 4.53 per share

- 2026-07: AUD 3.63 per share

- 2026-08: AUD 3.42 per share

- 2026-09: AUD 4.25 per share

- 2026-10: AUD 4.08 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.