1 September 2020
Release date 28 August 2020
4DMedical Limited, a medical technology company focused on commercialising its patented respiratory imaging technology, today announces its full year results for the financial year ended 30 June 2020 (FY20).
During the period, operating revenue and other income increased by 117% to $3.4m with $1.2m in reported sales of preclinical hardware and SaaS revenue.
4DMedical reported a net loss after tax of $21.97m for the period, which includes a non-cash interest expense of $7.7m relating to the convertible notes issued in December 2019. These convertible notes and associated accrued interest were converted into equity on 7 August 2020.
The Company’s cash reserves at 30 June 2020 were $8.4m, up 173% from 30 June 2019, which excludes the capital raised from its initial public offering (IPO) completed in August 2020 after the FY20 period.
The IPO successfully raised $55.8m, including $50.0m of new capital, and was strongly supported by a wide range of institutional and retail investors, including both new and existing shareholders.
As set out in 4DMedical’s prospectus, the proceeds from the IPO will be used to execute 4DMedical’s growth strategy, which is predominantly focused on increasing sales and marketing capabilities in the U.S., executing its clinical trial strategy to drive market penetration, and additional investment into research and development of its product portfolio.
In May 2020, 4DMedical received confirmation that its Lung Ventilation Analysis Software (XV LVAS) obtained 510(k) clearance from the U.S. Food and Drug Administration (FDA). This regulatory clearance represents a significant milestone as it validates over 15 years of research and development and allows the Company to commence selling XV LVAS to hospitals and clinics in the U.S.
Andreas Fouras, Founder & CEO of 4DMedical said:
“We are extremely pleased to announce our FY20 results on the back of achieving some significant milestones. The combination of our FDA 510(k) clearance and successful IPO allows 4DMedical to begin leveraging demand for innovative lung diagnostics and begin commercialising our SaaS products in the U.S. The next 12 months will be an exciting period for 4DMedical as we begin to deliver on our mission to improve the respiratory health of patients globally.