The 4DMedical Ltd (ASX: 4DX) share price is slipping to the downside this morning after the company released its activity report for the second quarter of FY2021.
At the time of writing, the 4DMedical share price is trading hands at $2.20, down 2.22%.
Let's take a look at a few of the details highlighted in the company's quarterly report.
Quarterly highlights
Clinical and commercial progress
The medical imaging company highlighted its continued steps forward for commercialisation of its proprietary XV Technology. On 18 December 2020, 4DMedical delivered its first commercial use case of its XV Lung Ventilation Analysis Software (XV LVAS) with its scan of a patient in Victoria. Following this, the company will be rolling out the XV LVAS software to hospitals and imaging centres nationwide.
Efforts in the US rollout have been delayed due to the impacts of COVID-19. However, 4DMedical noted in the update that during this time the company has built a significant pipeline of pilot programs with hospitals.
Currently, 4DMedical is partnered with the University of Miami Health System through a research program in the US. The quarterly updated that a number of studies are expected to commence in the coming months.
More recently, 4DMedical announced its first US pilot program for its XV LVAS software. The clinical study will be carried out in partnership with St Joseph Hospital in Orange County, California. XV LVAS will reportedly be used to screen for a variety of lung issues, including COVID-19.
By the numbers
4DMedical reported $101,000 in cash receipts from customers during the quarter. This revenue stemmed from the preclinical software use. In addition to this, the company received $80,000 in government subsidies.
The company had a net cash outflow of $4.64 million during the quarter, leaving the company's cash balance at $43.04 million at 31 December 2020.
Other highlights
4DMedical were approved for the Australian R&D tax incentive scheme for overseas findings during the quarter. This will enable the company to receive credits for up to 43.5% of eligible overseas R&D expenditure.
Late in December, (ASX: 4DX) was also added to the S&P/ASX All Technology Index (ASX: XTX)
4DMedical share price snapshot
The 4DMedical share price is now down roughly 10% year to date (YTD). Comparatively, the S&P/ASX 200 Index (ASX: XJO) is down 1.3% YTD.
Including today's movement in the 4DMedical share price, the company's market capitalisation is now $582 million.
