ASX announcement
ASX:4DX
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Quarterly Activity Report and Appendix 4C for Q4 FY2022
25 July 2022
Highlights
- 4DMedical secures a national contract with I-MED, Australia's largest diagnostic imaging network.
- Substantial progress in the I-MED rollout with the growth from four to seven sites.
- 4DMedical progresses its clinical pilot at Providence St. Joseph Hospital in Orange, California with first scans successfully delivered.
- Findings from the COPD clinical trial undertaken at Johns Hopkins were presented at ATS and concluded 4DMedical's XV Technology™ showed significant promise as a tool to phenotype or classify disease.
- 4DMedical makes two changes to its senior executive team with the appointment of Mr John Livingston as Senior Strategist and Executive Director, and Mr Simon Glover as Chief Financial Officer.
- 4DMedical is well funded to progress commercialisation opportunities with cash balances of $51.1 million and zero debt as of 30 June 2022.
- To watch a presentation on the June quarter highlights by CEO Andreas Fouras,click here.
Melbourne, Australia, 25 July 2022: Respiratory imaging technology company 4DMedical Limited (ASX:4DX, "4DMedical", or the "Company") today announces its Quarterly Activity Report and Appendix 4C Cash Flow Report for the quarter ended 30 June 2022.
4DMedical expands I-MED relationship with national contract
On 28 June 2022, 4DMedical announced that it had signed a three-year national contract with I-MED Radiology Network (I-MED), Australia's largest outsourced provider of radiology, offering a range of diagnostic services to private and public hospitals through a network of 250 clinics spread across Australia.
The contract expands and formalises an existing commercial arrangement that resulted in the successful rollout of the Company's XV Technology™ across I-MED clinics located in Berwick, Brisbane, Wagga Wagga, Launceston, and Albury. 4DMedical has now delivered XV Lung Ventilation Analysis Software (XV LVAS™) scans to patients at each of these sites with disease indications including long COVID, asthma, Chronic Obstructive Pulmonary Disease (COPD) and silicosis. Since the end of the reporting period, 4DMedical's XV Technology™ has been installed at Traralgon in Victoria and St. Andrews in South Australia.
As 4DMedical expands its offering through a rapidly developing product pipeline, the I-MED collaboration may provide streamlined adoption across Australia without requiring extensive pilot programs for these new products.
In an associated positive development, 4DMedical and I-MED have agreed to establish a Lung Centre of Excellence leveraging 4DMedical's lung imaging technology. Combined with the nationwide agreement now in place, this centre of excellence will enable world-class research and development activities to advance diagnostic imaging throughout Australia.
The future of lung health
Melbourne | Los Angeles | ||
Level 7 | 21255 Burbank Boulevard | 4DMedical Limited | |
700 Swanston St, | Suite 102, Woodland Hills, | ABN: 31 161 684 831 | |
Carlton, VIC, 3053 | CA, 91367 | Email: info@4DMedical.com | 1 |
Tel: +61 (3) 9545 5940 | Tel: +1 (818) 403-8490 | www.4DMedical.com |
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Johns Hopkins clinical trial results presented at ATS
In mid-May investigators from Johns Hopkins and the University of Miami presented findings from their COPD study at the International Conference of the American Thoracic Society (ATS), which indicated that 4DMedical's XV LVAS™ technology showed significant promise as a tool to phenotype or classify COPD disease. This means that clinicians and investigators now have access to powerful imaging biomarkers that can regionally identify functional pathology. According to the World Health Organisation, COPD is the third leading cause of death worldwide.
Clinical trials remain a fundamental pillar of the Company's commercialisation strategy. In addition to driving awareness of 4DMedical's technologies amongst the medical community. The data from the clinical trials provide evidence for indication-specific use by clinicians. The Company currently has eight clinical trials running at hospitals in the US and Australia, including Cleveland Clinic, Duke, Vanderbilt, and The Alfred.
4DMedical makes key changes to its senior executive team
On 23 May, 4DMedical announced the appointment of experienced Company Director, John Livingston, as Senior Strategist and Executive Director. Mr Livingston has significant commercial experience in relation to business strategy, sales and systems in digital radiology, having previously been the Founder and CEO of Integral Diagnostics (ASX:IDX). He will be responsible for helping to drive sales revenue and will also assist by representing 4DMedical at industry events and in communications with key partners.
In another key hire made during the reporting period, 4DMedical appointed experienced ASX-listed MedTech CFO Simon Glover as its new Chief Financial Officer (CFO), effective 25 July. Mr Glover has significant corporate experience in relation to commercialisation, business strategy and a track record of driving revenue growth. He joins 4DMedical after three years serving SaaS MedTech MedAdvisor Limited (ASX: MDR) in the role of CFO.
Mr Glover is in a unique position to leverage his experience at MedAdvisor, which had global operations across the US, UK, Asia, and Australia. Prior to his time at MedAdvisor, Mr Glover held senior finance leadership roles for Coles Group (ASX:COL), Tabcorp Holdings Limited (ASX:TAH), Jetstar (ASX:QAN) and KPMG.
4DMedical well-funded to progress commercialisation strategy
4DMedical's cash balance as of 30 June 2022 was $51.1 million. Cash received from operations for the quarter includes receipts of $3.7 million in government grants and tax incentives and $0.2 million from customer receipts including both hardware and SaaS revenues.
Operating cash outflows were $12.0 million, mainly relating to payments for research and development, staff costs, administration, and general operating costs.
Based on the Company's net cash outlay expectations and allowing for an additional $15.0 million in MRFF funds yet to be received and the existing strong cash balance of $51.1 million, the Company has a significant cash runway of at least six quarters.
©4DMedical Limited | 2 |
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Related Party Transactions (Listing Rule 4.7C.3)
Payments to related parties of $0.3 million included in Item 6 of the attached Appendix 4C Cash Flow Report were for salaries and fees paid to executive and non-executive directors during the quarter ended 30 June 2022.
4DMedical Managing Director and Chief Executive Officer Dr Andreas Fouras said: "The commercialisation of our unique medical technology continued in earnest over the June 2022 quarter. A key highlight was the very significant contract we signed with I-MED, Australia's largest outsourced provider of radiology. It will see our XV Technology™ rolled out across the country. We anticipate that 4DMedical will generate material additional revenues on the back of this now wider I-MED agreement.
We were also thrilled to see the release of another package of study results indicating that 4DMedical's XV LVAS™ technology had significant promise as a tool to phenotype or classify COPD disease. Such trials remain a crucial component of our commercialisation strategy, and we are now eagerly awaiting the results of other studies being undertaken at US and Australian hospitals that are now in the wrap-up stage."
-ENDS-
Authorised by the 4DMedical Board of Directors.
Contacts
Corporate | Media |
Melanie Leydin | Julia Maguire |
Company Secretary | +61 2 8999 3699 |
companysecretary@4DMedical.com | julia@thecapitalnetwork.com.au |
About 4DMedical
4DMedical Limited (ASX:4DX) is a global medical technology company that has created a step change in the capacity to accurately and quickly understand lung function of patients with respiratory diseases.
Through its flagship patented XV Technology™, 4DMedical enables physicians to understand regional airflow in the lungs and identify respiratory deficiencies earlier and with greater sensitivity as they breathe. This technology powers 4DMedical's FDA-cleared XV Lung Ventilation Analysis Software (XV LVAS™), which is the first and only modality that can dynamically quantify ventilation throughout the lungs. It additionally exposes the patient to lower levels of radiation relative to other diagnostic methods, a clear advantage when disease progression and therapeutic effectiveness need to be regularly monitored.
XV LVAS™ reports are prepared utilising 4DMedical's Software as a Service delivery model using existing hospital imaging equipment or the company's own revolutionary XV Scanner.
To learn more, please visit: www.4dmedical.com
©4DMedical Limited | 3 |
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Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity | ||
4DMedical Limited | ||
ABN | Quarter ended ("current quarter") | |
31 161 684 831 | 30 June 2022 | |
Consolidated statement of cash flows | Current quarter | Year to date |
$A'000 | (12 months) | |
$A'000 |
1. Cash flows from operating activities
1.1 | Receipts from customers | 207 | 430 | |
1.2 | Payments for | |||
(a) | research and development | (4,976) | (16,813) | |
(b) | product manufacturing and operating | |||
costs | (1) | (810) | ||
(c) | advertising and marketing | (934) | (2,538) | |
(d) | leased assets | (308) | (923) | |
(e) | staff costs | (3,019) | (10,681) | |
(f) | administration and corporate costs | (2,901) | (6,543) | |
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | 15 | 93 | |
1.5 | Interest and other costs of finance paid | (80) | (179) | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives (GST | |||
inclusive) | 3,735 | 12,643 | ||
1.8 | Other (provide details if material) | 8 | 51 | |
1.9 | Net used in operating activities | (8,254) | (25,270) |
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) | entities | - | - |
(b) | businesses | - | - |
(c) property, plant and equipment | (103) | (2,647) | |
(d) | investments | - | - |
(e) | intellectual property | - | - |
ASX Listing Rules Appendix 4C (17/07/20) | Page 1 | ||
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Consolidated statement of cash flows | Current quarter | Year to date | ||
$A'000 | (12 months) | |||
$A'000 | ||||
(f) | other non-current assets | (265) | (431) | |
2.2 | Proceeds from disposal of: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Research and development tax incentive | - | - | |
2.6 | Capitalisation of development costs to | - | (423) | |
intangible assets | ||||
2.7 | Other (provide details if material) | - | - | |
2.8 | Net cash used in investing activities | (368) | (3,501) |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | - | - |
3.2 Proceeds from issue of convertible debt
securities | - | - | |
3.3 | Proceeds from exercise of options | - | - |
3.4 Transaction costs related to issues of
equity securities or convertible debt | |||
securities | - | - | |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 Transaction costs related to loans and
borrowings | - | - | |
3.8 | Dividends paid | - | - |
3.9 Other
(a) | payment of lease liabilities | (261) | (995) |
(b) | net cash paid for settlement of options | - | - |
3.10 Net cash used in financing activities | (261) | (995) |
ASX Listing Rules Appendix 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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4DMedical Ltd. published this content on 24 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2022 23:53:05 UTC.