4DMedical (ASX:4DX) completed a strategic review of the business and will implement cost reductions to deliver an initial AU$6.5 million in annualized savings, according to a Wednesday Australian bourse filing.

The cost savings initiatives are expected to have no impact on the company's revenue targets or upcoming milestones, the company said.

The implementation of cost-saving initiatives will occur immediately and will expand over the course of the year, the filing said.

The company said it has reduced its total number of employees without providing details of the total number of staff cuts.

The company's shares fell nearly 2% in recent Thursday trade.