The S&P/ASX 200 Index (ASX: XJO) may be edging higher today, but that is nothing compared to some gains being made at the small side of the market.
For example, two small-cap ASX shares that are catching the eye with strong gains today are listed below. Here's why they are rising:
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4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is racing 15% higher to 75.5 cents. Investors have been scrambling to buy this small-cap ASX share after it received clearance for its CT-based ventilation product (CT LVAS) from the U.S. Food and Drug Administration (FDA).
CT LVAS provides an almost identical report to 4DMedical's proven, FDA-cleared, XV LVAS product, but utilises widely available Computed Tomography (CT) imaging infrastructure (instead of X-ray). This provides clinicians and patients with greater access to XV Technology.
This comes at an opportune time for the company. It will be exhibiting at the world's largest Radiology congress, RSNA (Radiological Society of North America), from Sunday 26 November.
DroneShield Ltd (ASX: DRO)
The Droneshield share price is up almost 10% to 34.5 cents. This has been driven by the counterdrone technology company announcing a rapid surge in cash receipts.
According to the release, following the receipt of a $13 million progress payment, the small-cap ASX share has received $62.9 million year to date. This is four times greater than its entire cash receipts in FY 2022.
But it may not stop there, with management continuing to strengthen its 2024 pipeline and significantly scale operations to support demand. Management commented:
We are expecting the current significant surge in demand to continue even with the eventual slowdown in global tensions, due to no military or Government customer globally having anywhere near enough of counterdrone equipment, due to the nascent stage of the counterdrone industry.
