This ASX healthcare share is rocketing ahead on the market today.
The 4DMedical Ltd (ASX: 4DX) share price is up 66.7% on yesterday’s closing price, currently trading at an intraday high of 52.5 cents. It closed trading yesterday at 31.5 cents a share.
For perspective, the S&P/ASX 200 Healthcare Index (ASX: XHJ) is up 1.03% in late afternoon trade.
Let’s take a look at why this ASX healthcare share is booming today.
New five year contract
Investors appear to be buying up 4DMedical shares on the back of news it has signed its “first US hospital Software as a Service (SaaS) contract”.
The company has signed a five-year contract with the University of Miami to deliver X-ray velocimetry lung ventilation analysis software ventilation reports.
Under the contract, 4DMedical will provide XV technology to the university to process patient data.
The deal represents a “significant milestone” for the company’s commercialisation strategy in the United States.
Commenting on the news, 4DMedical and founder Andreas Fouras said:
Todayâs announcement of our first US SaaS contract reflects the attainment of a key milestone in the companyâs commercialisation journey.
Furthermore, the fact this milestone was completed with our clinical trial partners at the University of Miami, who have developed such an extensive understanding of XV Technology, is especially satisfying.
Share price snapshot
Even with today’s boost, the 4DMedical share price has fallen 37% in the last year.
This ASX healthcare share has a market capitalisation of $141 million based on the current share price.
The post Guess which ASX healthcare share is rocketing 67% on a US hospital deal appeared first on The Motley Fool Australia.
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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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