4DMedical signs deal to acquire Imbio for an initial $25 million

MELBOURNE, AUSTRALIA: Respiratory imaging technology company 4DMedical Limited has signed a binding agreement for the acquisition of Imbio, a U.S.-based medical technology company that uses artificial intelligence (AI) to turn standard-of-care CT scans into personalised medicine for transforming the way patients are diagnosed, treated, and managed.

Imbio will be acquired for an upfront purchase price of US$25 million, plus a contingent earnout including one tranche of up to US$10 million in CY2024 and two tranches of up to US$5 million each in CY2025, all conditional on the achievement of key milestones.

The upfront cash component of the acquisition will be funded by the capital raise, raising A$35 million by way of a placement of approximately 44.3 million new fully paid ordinary shares.

4DMedical Founder and CEO Andreas Fouras said: I am extremely excited to join forces with the incredibly talented and committed Imbio team. Imbio’s market-leading suite of AI solutions provide life-changing insights from CT scans, and perfectly complement 4DMedical’s functional imaging technology. We now offer a comprehensive cardiothoracic imaging solution set to providers and their patients. Importantly, the Imbio acquisition also significantly boosts our capacity to improve the respiratory health of Veterans, especially for those impacted by toxic exposures during service.

Imbio is a leading medical imaging AI company transforming how patients with lung and cardiothoracic conditions are detected, diagnosed and treated. Physicians are provided with comprehensive information extracted from standard-of-care CT scans, optimising diagnoses and patient care outcomes through the use of Imbio’s visual and quantitative reports.

The acquisition aligns with 4DMedical’s growth strategy by providing physicians with four additional lung diagnostic tools, thereby offering a comprehensive suite of products combining structure and function in assessing lung disease, effectively ‘owning the lung’.

Furthermore, the acquisition of Imbio will accelerate 4Dmedical’s commercialisation of XV Technology® in the US, opening up exciting opportunities for patient screening programs for chronic obstructive pulmonary disease (COPD), interstitial lung disease (ILD), lung cancer and heart disease, in the Australian and US markets.

Operating extensively through market leading channel partners within their Companion Diagnostics and General Radiology business units, Imbio expects to report revenue of US$3.0 million in CY2023.

Imbio is forecast to generate revenue of US$6.3 million in CY2024, driven by contracted revenue and significantly expanded pipeline. Gross margin as a percentage of sales is forecast at 84%, with further margin accretion expected.

The acquisition accelerates 4DMedical in its pathway to profitability, with Imbio expected to be cashflow positive in its first full year of integration.

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