The Capital Brief | 4DX EBR OSL

With the obligatory New Year celebrations now well and truly fading from memory, investors’ focus has slowly but surely returned to financial market happenings and what they mean for wealth creation.

Our initial read on broader financial markets is that not much has changed when comparing the late 2025 and very early 2026 versions of the world.

The bottom line here is that current uncertainties cutting across a host of economic and political developments will continue to see investors remaining very watchful.

While many investors will be disappointed with this challenging macro backdrop, this does not take away from the fact that a steady stream of positive stock specific news has been hitting their screens over the early 2026 period.

Within the ASX’s Health Care sector, three of Australia’s emerging medical technology stocks have issued multiple positive announcements over the first few weeks of January 2026.

This news flow highlights how all three of these companies are slowly but surely progressing stated commercialisation strategies for their respective medical technology platforms.

The first of these three Health Care companies is medical technology group 4DMedical (ASX:4DX).

Early calendar 2026 ASX announcements by 4DMedical show the Company is moving ever closer to its stated goal of changing the outcome for patients with lung disease by revolutionizing respiratory imaging and ventilation analysis.

Growing deployment of 4DMedical CT:VQ™ and a successful insto capital raise

In the first week of calendar 2026, 4DMedical (ASX:4DX) announced that highly respected US health care group UC San Diego Health had entered into a commercial arrangement for the clinical use of the Company’s CT:VQ™.

CT:VQ™ is designed to set new benchmarks in cardiothoracic imaging by combining ventilation and perfusion analysis, from a standard-of-care non-contrast CT scan of the lungs.

UC San Diego Health has consistently been ranked in the top 10 in the U.S. for Pulmonology & Lung Surgery.

With UC San Diego Health on board, 4DMedical now has four U.S. academic medical centers on its books now utilising CT:VQ™, with the others being Stanford, University of Miami and Cleveland Clinic.

This fantastic achievement has occurred less than four months after CT:VQ™ received FDA clearance.

The deployments are a clear validation of 4DMedical's stated commercialisation strategy and the compelling clinical value proposition of CT:VQ™, which has clear advantages over existing alternatives.

And from a financials perspective, 4DMedical’s balance sheet robustness was also further enhanced in early calendar 2026, with the successful completion of a $150m equity raise.

The raising saw strong support from existing shareholders, with investor applications multiple times the placement size.

This additional capital will fund an accelerated commercialisation strategy for 4DMedical’s CT:VQ™ product in the U.S.

4DMedical’s pro forma cash position post completion of the raise is more than $200m, setting the Company up for a transition to profitability and beyond.

EBR Systems (ASX:EBR) has been another Australian Health Care stock releasing positive news flow early in calendar 2026.

The Company’s patented proprietary Wireless Stimulation Endocardially (WiSE) technology has continued to gain traction in target markets.

This technology has been developed to eliminate the need for cardiac pacing leads, historically the major source of complications, effectiveness and reliability issues in cardiac rhythm disease management.

EBR achieves strong Q4 FY2025 commercial and clinical progress & February roadshow

In mid-January 2026, EBR Systems (ASX:EBR) announced that strong commercial momentum had extended through the December 2025 quarter (Q4 FY2025), with case volumes double levels for the prior quarter.

The Company’s innovative WiSE® System was successfully implanted in 18 commercial patients during Q4 FY2025, reaching 30 implants for the combined pilot phase and Limited Market Release.

Powered by this uplift in implant levels, EBR Systems now expects to report revenue in the range of US$0.870-0.935m in its Q4 2025 reporting period.

And for the year as a whole, the Company now expects to report 2025 full year revenue of US$1.552-1.617m.

All this while the Limited Market Release continued to advance in Q4 FY2025, with an incremental nine purchase agreements signed and 11 additional physicians trained to support the adoption of WiSE.

At the same time, EBR Systems has continued to progress key studies in Q4 FY2025.

The WiSE-UP post-approval study commenced, with initial patient enrolments, while the Totally Leadless CRT (TLC-AU) feasibility study also commenced, with the first patient enrolled.

A third Australian Health Care small cap stock kicking further goals in its commercialisation journey is OncoSil Medical (ASX:OSL).

This medical device company is now well on the way to commercialising its unique localised treatment for patients with unresectable locally advanced pancreatic cancer (LAPC).

The company is conducting an Australian roadshow from Monday 2 February - Friday 6 February. Reply to this email if you would like to express your interest in a meeting with management.

OncoSil™ device treatment performed in Türkiye

In early January 2026, OncoSil Medical (ASX:OSL) announced that the first OncoSil™ treatment had been successfully performed at Acibadem Maslak Hospital, Istanbul, Türkiye.

This healthcare facility is one of the flagship hospitals within the Acibadem Health Group that boasts a hospital network spread across Türkiye and four other European countries.

The successful OncoSil™ treatment at Acibadem Maslak Hospital is further evidence that OncoSil Medical is delivering on its stated strategy of penetrating key target markets across Europe.

In another recent positive news, OncoSil Medical has informed the market of the publication of a peer-reviewed Comparative Analysis study that highlighted the potential benefits of the OncoSil™ therapy.

This study, which compared outcomes in patients with LAPC treated with the OncoSil™ device plus chemotherapy versus chemotherapy alone. The publication was accompanied by an editorial that commented favourably on the analysis.

And the good news has just kept coming for OncoSil Medical in early calendar 2026, with the Company announcing the receipt of a $1.84m R&D tax incentive (RDTI) refund.

This refund relates to eligible Australian and international research and development activities undertaken by OncoSil Medical during the financial year ended 30 June 2025.