4DMedical Ltd (ASX: 4DX) shares have been among the best performers on the Australian share market over the past 12 months.
Since this time last year, this ASX tech stock has risen just over 500%.
To put that into context, a $2,500 investment a year ago would now be worth $15,000.
Is it too late to invest? Bell Potter doesn't believe it is and is recommending the health imaging platform provider to clients with a high tolerance for risk.
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What is the broker saying about this ASX tech stock?
Following a capital raising last month, Bell Potter believes 4DMedical is "recapitalised and set to conquer." Commenting on the cash injection, the broker said:
The removal of any perceived over-hang on the stock related to its funding requirement has been a material driver of renewed investor interest in 4DX. The $150m cap raise in mid January 2026 has helped position the company for a sustained period of business development and revenue growth over the next two to five years.
4DX has never been better positioned to make major inroads into the US market by virtue of its re-capitalised balance sheet, 5 years of business development experience, the introduction of its ground-breaking CT:VQ exam along with an extensive list of new business opportunities arising from the recent RSNA conference – all with interest in acquiring CT:VQ. There are now 430 sites globally with access to the 4DX technology producing in excess of 300K scans annually.
Is it too late to invest?
Bell Potter believes there's still potential for further big returns in 2026.
According to the note, the broker has reaffirmed its speculative buy rating with an improved price target of $4.50 (from $2.50).
Based on its current share price of $3.21, this implies potential upside of 40% for investors over the next 12 months.
Commenting on its bullish view of this ASX tech stock, the broker concludes:
4DX is now transitioning from an emerging technology provider to a full scale commercial enterprise. We expect this will manifest in revenue growth over the next two to five years as clinicians harness the full benefit of the product portfolio, particularly in areas which include surgery planning, monitoring of patient response to therapy and a host of other pulmonary conditions for which conventional imaging is sub-optimal. Our valuation is raised to $4.50 and we maintain our Buy (Speculative) rating. Catalysts include further client announcements for CT:VQ.
