The 4DMedical Ltd (ASX: 4DX) share price is on the move this Thursday morning.
This follows the company's latest announcement regarding a purchase order for preclinical scanner.
At the time of writing, 4DMedical shares are trading at $1.34, up 5.51%.
Image source: Getty Images
What did 4DMedical announce?
In today's statement, 4DMedical advised it has sold one Permetium preclinical scanners to the University of Michigan in the United States.
The $600,000 purchase will see the University of Michigan deploy the medical device to its Centre of Molecular Imaging. From there, it will be used to perform safe and quick quantitative imaging of lung function and vascular changes.
The Permetium preclinical scanner adopts the company's patented XV Technology in analysing lung airway disease. Utilising the hospital's existing systems, a series of x-ray images are taken from different angles simultaneously.
The XV Technology then uses image-processing methods to measure the motion in lung tissue, calculating ventilation at each stage of breath. The measurements are then recorded and visualised as a coloured heat-map to identify ventilation deficits.
The United States National Institutes of Health (NIH), a government agency responsible for biomedical and public health research, will fund the purchase. While this includes the preclinical scanner and its software, additional scans required will generate Software-as-a-Service (SaaS) revenue for 4DMedical.
It is expected that the preclinical scanner will be shipped to the University of Michigan in the next few months.
Commenting on the sale, 4DMedical founder and CEO Andreas Fouras said:
We are very pleased to support the University of Michigan's activities with our XV Technology and preclinical scanner. This provides the organisation with the only commercially available device for ultra-high- resolution imaging and quantification of cardiothoracic disease models. The sale of preclinical scanners and XV Technology software to opinion-leading sites will provide further evidence of the effectiveness of our technology and help drive clinical demand for 4DMedical's software products.
About the 4DMedical share price
Despite today's gain, 4DMedical shares have disappointed investors, trailing at a loss close to 50% in the last 12 months.
The company's share price is travelling within the lower end of its 52-week range of $1.12 to $2.98.
4DMedical has a market capitalisation of roughly $263 million, with more than 207 million shares outstanding.
