4DMedical was the ASX’s best-performing healthcare stock through the last financial-year close. It’s on a run that traces back to the day Pro Medicus backed it at 24 cents. Here’s the story behind it.
4DMedical builds moving, functional images of how the lungs actually work, drawn from standard scans, rather than the still picture of an X-ray. It calls the technique 4D imaging.
Dawes said the stock took the number-one spot for the financial year, which he put at up about 17 times, or roughly 1,140 per cent, from 24 cents to around four dollars.
The Pro Medicus link
In July 2025, imaging company Pro Medicus put $10 million into 4DMedical while the shares sat at 24 cents. Dawes pointed to that backing as part of the story, tying two ASX health names together.
Can it run again?
Dawes did not pretend the same gain repeats.
“Can it continue to do 1,000 per cent? … I think the answer is no,” he said. But he said there was a chance of another 100 per cent from here, and he would be happy with that.
On the brokers, he said one, he thought Macquarie, was a believer, with something like 41 per cent upside.
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