Pava Partners has exclusively advised the shareholders of contextflow GmbH (“contextflow”) on the sale to 4DMedical Limited (“4DMedical”) (ASX: 4DX), a global leader in respiratory imaging technology. contextflow is an Austria-based category leader in AI-driven chest CT analysis to support radiologists in the detection of lung cancer and diagnosis of lung diseases.

The transaction provides 4DMedical with an immediate, comprehensive, on-the-ground commercial platform in Europe, significantly accelerating its global growth strategy and establishing operations across North America, Europe, and Australia.

contextflow’s cutting-edge AI-based medical device software will complement and extend 4DMedical’s existing lung imaging portfolio, bringing structural and functional capabilities together for the first time.

4DMedical is now also present on three continents, creating a global operating footprint spanning North America, Europe, and Australia/New Zealand. Europe is one of the world’s largest healthcare regions, with demand for advanced lung diagnostics supported by ageing populations, a high and rising burden of respiratory disease, and expanding lung cancer screening programs across the region. The acquisition of an established, in-market platform gives 4DMedical immediate entry into this large and growing opportunity and to commence commercial operations immediately. As part of the expansion, regional leadership continuity will be maintained. Markus Holzer, CEO of contextflow, will assume the role of General Manager for Europe, leading the company’s growth across the region.

The acquisition provides 4DMedical with a highly specialized established European AI R&D & commercial team, supported by experienced customer solutions and integration capabilities with deep knowledge of the regional healthcare landscape. This established and expanding local team, with a strong commercial pedigree, provides 4DMedical with a robust and sustainable platform for long-term growth in Europe.

“Together, our established U.S. leadership and growing European presence, are building a truly global lung health platform, well positioned to support lung cancer screening, advance clinical practice and deepen partnerships with industry on both sides of the Atlantic,” says Andreas Fouras, MD/CEO and Founder of 4DMedical.

contextflow on Pava Partners

“contextflow represents a technology that is unrivalled globally – as the first and only radiology AI company with statutory health insurance reimbursement in Europe, with millions of proprietary medical imaging data points and a multi-year competitive lead. Communicating this value and guiding us throughout the competitive process with an international buyer like 4DMedical was truly valuable. We would like to thank Kevin Kissner and his team at Pava for their extraordinary commitment, their reliability, and for being by our side at every moment of the process,” says Markus Holzer, CEO and Co-founder of contextflow.

About contextflow

contextflow is a Vienna-based medical imaging AI company developing clinical decision support software to enhance the detection and management of lung diseases, including lung cancer, interstitial lung disease (ILD) and COPD. Founded in July 2016 as a spin-off from the Medical University of Vienna and the Khresmoi European research project, and supported by the Technical University of Vienna’s Innovation Incubation Center (i²c), the company has developed proprietary AI solutions for the analysis of chest CT scans, including its CE-marked AI Solution Suite. contextflow’s technology is designed to improve diagnostic accuracy and workflow efficiency for radiologists, while supporting healthcare providers, pharmaceutical companies and payers.

The company has gained international recognition for its innovation and commercial progress, including selection for the Philips HealthWorks accelerator program and multiple industry awards. contextflow has also received grant and investment funding from the European Innovation Council and has secured a pioneering reimbursement agreement for lung cancer screening in Germany, with first revenues received in Q3 2025, marking a key step toward broader adoption of reimbursed AI-driven screening solutions in Europe.

For more information, visit www.contextflow.com.

About 4DMedical

4DMedical Limited (ASX:4DX) is a global medical technology company revolutionizing respiratory care with advanced imaging and artificial intelligence. Its patented XV Technology® transforms standard scans into rich, functional insights that allow physicians to detect, diagnose, and monitor lung disease earlier and with greater precision.

4DMedical’s expanding software portfolio includes the FDA-cleared XV Lung Ventilation Analysis Software (XV LVAS®), CT LVAS™, and the ground-breaking CT:VQ™ solution designed to set new benchmarks in cardiothoracic imaging by combining ventilation and perfusion analysis.

Delivered seamlessly through a Software-as-a-Service (SaaS) model, 4DMedical’s solutions integrate into existing hospital infrastructure, enhancing physician productivity and enabling more personalized patient care. With the addition of advanced AI capabilities from its 2023 acquisition of Imbio, 4DMedical continues to push the boundaries of medical imaging to redefine how respiratory disease is understood and treated worldwide.

For more information, visit www.4dmedical.com.