The 4DMedical Ltd (ASX: 4DX) share price is soaring higher today as the company announced it completed its first commercial scan in Australia. In early trade, the 4DMedical share price shot up 6.1% to $2.24 but has since retreated to $2.19, up 3.79% at the time of writing.
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What does 4DMedical do?
4DMedical is a Melbourne and Los Angeles-based software technology company commercialising its patented imaging platform, XV Technology.
This four-dimensional lung imaging technology utilises mathematic models and algorithms to convert X-ray scans into quantitative data. Physicians are then able to use this information to manage patients with respiratory and lung diseases.
The respiratory diagnostic sector represents a global market of more than US$31 billion per year.
What did 4DMedical announce?
In today's release, 4DMedical advised that it has successfully completed the first XV lung ventilation analysis software (XV LVAS) scan to a patient. Conducted in Victoria, Australia, the accomplishment occurred ahead of schedule. The delivery of the first XV LVAS arrived in September, 2020, six months earlier than planned.
As a result, 4DMedical will now move to roll-out its infrastructure from early 2021. The XV LVAS is expected to be installed within hospitals and imaging centres across the country, offering greater accessibility for all patients.
All facilities with XV LVAS will be able to offer 4DMedical's lung report for both inpatient and outpatient care. This in-turn will maximise the number of addressable patients for the company, effectively increasing revenue streams.
Management commentary
4DMedical CEO Andreas Fouras welcomed the progress, saying:
We're pleased to hit yet another milestone ahead of schedule and see our end-to-end SaaS clinical solution perform flawlessly in a real-world setting.
COVID-19 has seen traditional spirometry assessments shut down and our technology also provides an excellent alternative for patients who need regular and more detailed lung health assessments.
While this might be our first ever Australian patient report, we expect to scale up quickly and begin to make a real difference to lung health in Australia.
How has the 4DMedical share price performed?
Since debuting on the ASX in August at a price of 73 cents, the 4DMedical share price has gone from strength to strength. For investors who picked up shares before the listing, they would be sitting on returns of more than 206%.
The company's sharesreached an all-time high of $2.98 just 2 months ago, and are hovering 24% below.
