4DMedical's (ASX:4DX) fiscal first-half results did not include revenue from its CT:VQ products, as expected, but a more "meaningful" revenue contribution is expected in fiscal year 2027, according to a Monday Jefferies note.

The company reported a Friday fiscal first-half loss of AU$0.259 per share, widening from a loss of AU$0.025 a year earlier. Revenue was AU$2.9 million, compared with AU$2.9 million a year earlier.

Following the partnership agreement with Philips and the expiry of introductory pricing at five academic medical centers, initial revenue from the products is expected to emerge in the second half of fiscal year 2026, the note added.

Jefferies maintained a buy rating on 4DMedical and raised its price target to AU$4.90 from AU$2.50.

The company's shares rose 4% in recent Tuesday trade.