The 4DMedical Ltd (ASX: 4DX) share price is shooting higher today following the rollout of the company's respiratory imaging platform.
At the time of writing, 4DMedical shares are swapping hands for $1.43, up 19.17%.
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4DMedical makes strides on XV LVAS
In today's statement, 4DMedical advised it has partnered with I-MED Radiology Network (I-MED) for the commercial rollout of its XV Lung Ventilation Analysis Software (XV LVAS).
I-MED is Australia's largest diagnostic imaging provider with more than 250 clinics across the country.
The first XV LVAS deployment will occur next month at the Berwick clinic in Melbourne after a successful pilot program. Clinicians and specialists based in and around the Casey region of Victoria, Australia, will soon be able to refer patients to I-MED's state-of-the-art Berwick imaging clinic.
4DMedical's proprietary XV LVAS technology converts X-ray images into a four-dimensional data package using mathematical models and algorithms. The platform then provides physicians with information about a patient's lung motion and airflow. This enables the detection and monitoring of various lung diseases which can be managed or treated if possible.
The XV LVAS is expected to be further installed within hospitals and imaging centres, offering greater accessibility for all patients. This includes sites in Brisbane and Wagga Wagga in early 2022 and at selected locations across I-MED's network thereafter.
In addition, all facilities with XV LVAS will be able to offer 4DMedical's lung report for both inpatient and outpatient care. This in turn is expected to maximise the number of addressable patients for the company, effectively increasing revenue streams.
4DMedical is making progress with its commercial pilots in the United States. The company currently has a near-term commercialisation pipeline, particularly within the large and important Veterans Health Administration (VHA) healthcare system.
The respiratory diagnosis industry is worth an estimated US$31 billion per annum worldwide. The United States, the world's largest healthcare market, represents an annual opportunity of US$13.7 billion.
About the 4DMedical share price
Despite today's gain, 4DMedical shares have disappointed investors, with the company's share price losing 40% over the last 12 months. The company's share price hit a 6-month low of $1.16 yesterday before rebounding higher.
4DMedical has a market capitalisation of roughly $292 million, with more than 208.95 million shares outstanding.
