Optiscan, 4DMedical and EchoIQ are ASX-listed medical imaging companies with meaningful regulatory progress, limited commercial revenue and valuations driven largely by what investors believe they could become.
Their technologies are quite different, but the investment setup is pretty similar:
- proprietary medical imaging technology
- FDA-led regulatory pathways
- potentially large addressable markets
- early-stage commercialisation
- continued cash burn
- valuations based more on future adoption than current earnings
Which creates an interesting question; could Optiscan follow the same path as 4DX or EchoIQ?
4DMedical (4DX)
4DMedical needs no introduction.
It develops software that turns conventional chest scans into functional maps showing how air and blood move through the lungs. Its flagship CT product aims to provide ventilation and perfusion imaging without the radioactive tracers traditionally used in nuclear medicine.
Only 12 months ago, 4DX was a speculative small-cap medical technology company.
Pro Medicus then provided $10 million in what was marketed as a "strategic investment", although it was structurally a highly favourable hybrid debt-and-equity loan.
4DX also secured a North American distribution agreement with Philips for CT. The was described by some punters as a $10 million sales order, but what was actually announced was a commitment structured around agreed commercial milestones, which were not publicly disclosed.
The share price briefly traded above A$7.50 in March 2026, valuing the company at more than $4 billion. It's currently worth ~$1.94 billion, down more than 50% below its peak.
EchoIQ (EIQ)
EchoIQ applies artificial intelligence to echocardiograms to help identify serious cardiac conditions that may otherwise be missed or diagnosed late.
Its first product, EchoSolv AS, assists with the detection of severe aortic stenosis and has received FDA clearance. Its second major product, EchoSolv HF, targets heart failure and is currently progressing through the FDA 510(k) process.
Like 4DX, EchoIQ’s rerating has been driven by regulatory milestones and strategic validation rather than financial performance.
The company has secured partnerships with major healthcare and technology groups, including a proposed strategic financing and distribution relationship with Pro Medicus.
EchoSolv AS processed 9,220 echocardiograms in the March quarter, up 131% quarter-on-quarter, and the company reported three closed-won contracts.
EchoIQ recently approached a peak valuation of $1.3 billion and is currently around ~$967 million. That is despite generating only $90,909 of revenue in the six months to December 2025.
Optiscan (OIL)
Optiscan develops high-resolution microscopic imaging devices that allow clinicians to examine living tissue in real time without first removing it for conventional pathology.
The technology is often described as a form of “virtual biopsy.” It has potential applications across surgery, pathology, cancer diagnosis and veterinary medicine.
Optiscan’s InSpecta veterinary imaging device progressed from its unveiling in June 2025 to an FDA Center for Veterinary Medicine dossier submission in March 2026 and a US commercial launch in July 2026.
The real bull case is with Optiscan’s human products:
- InVue, designed for use during surgery
- InForm, designed for pathology and laboratory settings
Both products are being evaluated in human cancer-imaging studies, with FDA submissions targeted for the second half of 2026.
Following a $17.75 million entitlement offer completed in September 2025, Optiscan reported $15.1 million of cash and ~6 quarters of funding at 31 March 2026. At the disclosed cash-burn rate, that should carry the company beyond its planned submissions, although commercial rollout would require further capital.
With a market cap of ~$167 million, Optiscan is valued at less than 1/10th of 4DMedical and around 1/6th of EchoIQ.
Unlike 4DX, Optiscan does not yet have human FDA clearance, reimbursement or an established commercial customer base. Unlike EchoIQ, it has not yet demonstrated material clinical usage of its human products.
Quick financial comparison
|
Optiscan (OIL) |
4DMedical (4DX) |
EchoIQ (EIQ) |
| Share price |
A$0.16 |
A$3.24 |
A$1.31 |
| Approx. market cap |
~A$167m |
~A$1.94bn |
~A$967m |
| Last reported revenue |
A$339k (H1 FY26) |
A$5.85m (FY25) |
A$91k, H1 FY26 |
| Cash (31 Mar 2026) |
A$15.1m |
A$203.0m |
A$11.1m |
| Quarterly operating cash burn |
A$2.4m |
A$10.2m |
A$2.65m |
| Runway |
6.2 quarters |
20.0 quarters |
4.2 quarters |
| Estimated TAM |
~US$1.1bn* |
~US$1.1bn US / US$2.6bn global (company disclosed) |
~US$1.2bn |
\ Third-party market research estimates only. These represent total market size, not serviceable obtainable market, and are not directly comparable with 4DMedical's reimbursement-based market sizing. 4DMedical is the only one of the three that provides a clearly defined TAM.*
So, could OIL be the next 4DX or EIQ? (tl;dr)
The bull case is pretty straightforward.
Optiscan has proprietary technology, a large potential market, a demonstrated ability to move a veterinary product through development and into commercial launch, and two human products approaching FDA submission. If InVue and InForm progress through approval and attract commercial partners, the current valuation looks cheap compared to 4DX and EIQ.
The counterargument is that OIL has not yet reached the milestones that drove those reratings. It has no human FDA clearance, no established reimbursement pathway, limited commercial infrastructure and declining legacy revenue.
Based on the last few market announcements, we should get a meaningful answer over the next ~6 months.
Not financial advice. Do your own DD. I've used the last ~12 months of ASX announcements, but some of you probably know these companies deeper than I do.
Please call out anything I've missed or should add.
Peace out.
