Oneview Healthcare (ASX:ONE) reported full-year 2025 results (year ended December 2025) and outlined product, commercial, and cost initiatives during its earnings call, with management highlighting accelerating deployment activity, continued U.S. focus, and a growing role for AI in product development and operations.
Financial performance and margins
CFO Darragh Lyons said the company posted a 21% increase in revenue in 2025 versus 2024. Management attributed the growth to an increase in non-recurring revenue and 7% growth in annual recurring revenue, supported by the addition of 18 new logos over the past few years.
Gross margin declined by 3 percentage points to 64%, which Lyons said was driven by revenue mix, as non-recurring revenue carries lower margins than recurring revenue. In Q&A, Lyons said he expects gross margin to hold around current levels in 2026, describing expectations as “mid- to low-60s.”
Operating EBITDA loss improved, with Lyons reporting an 8% reduction to EUR 8.1 million, which he attributed to higher revenue while cash operating expenses remained consistent with 2024.
Cost actions and liquidity
Management emphasized a reduction in operating expenses in the second half following a restructuring executed in May 2025 and additional efficiencies. Lyons said H2 2025 cash OpEx was 9% lower than H1 2025 and 13% lower than H2 2024.
In response to a webcast question on the run-rate impact of overhead cost reductions, Lyons said OpEx declined from just under EUR 8.4 million in H1 2025 to just over EUR 7.63 million in H2 2025—more than EUR 700,000 in savings—equating to roughly EUR 1.4 million annualized. He added the company expects H2 2025 OpEx levels to hold into H1 2026 while further efficiencies are implemented, with more benefit anticipated in H2 2026 and into 2027.
On the balance sheet, Lyons reported cash of EUR 4.6 million at December 31, 2025, with the year-over-year decline broadly in line with the operating EBITDA loss. He also pointed to inventory of EUR 2.9 million, largely proprietary hardware, which he said could help insulate the company from potential pricing or tariff volatility and support planned 2026 deployments.
Deployments, endpoints, and expansion strategy
Lyons said the company ended 2025 with 14,800 live endpoints. Net deployment growth was impacted by the decommissioning of about 900 endpoints at an Australian customer due to budget constraints, though he noted new endpoint additions are generating more than double the revenue per endpoint compared with the decommissioned units.
He also cited a 31% acceleration in deployment activity during H2 2025 versus H1 2025, attributing the change to improvements in deployment efficiency and momentum from recent logo additions. Looking ahead, Lyons said the company’s target is an endpoint base of just under 18,000 by the end of 2026, representing roughly a 20% increase, supported by an ability to “turn on endpoints” at new customers within a 90-day window.
CEO James Fitter said the company’s “land and expand” approach has become more powerful with three products added to the portfolio in the last 15 months: Digital Whiteboard, Digital Door Sign, and MyStay Mobile. He said these offerings provide the ability to nearly double revenue with existing customers, describing this as “nearly 100%” revenue growth potential within installed bases.
Fitter also discussed the company’s shift from focusing on beds to focusing on endpoints, defining endpoints as “any revenue-generating data point in the room,” including TVs, tablets, whiteboards, and door signs. He said that across the 18 logos added in the past three years, the company sees approximately 46,000 endpoints as a target opportunity, and in recent contracts the company is averaging around 2.5 endpoints per room.
During Q&A, Chief Product Officer Niall O’Neill said Oneview previously disclosed revenue per endpoint of about EUR 1.50 per day at the half-year and said it remained “solid” in the second half. He added that revenue per endpoint will depend on the mix of products deployed over time. O’Neill also referenced a 92% upsell opportunity from adding additional endpoints to previously won beds, particularly among legacy customers that signed before newer products were available.
Partnership momentum and product roadmap, including AI
Fitter highlighted the addition of Michael Dowling to the board effective December 2, describing him as the CEO for the past 23 years of a large New York health system and emphasizing his experience in U.S. healthcare operations and reimbursement. In Q&A, Fitter said Northwell is not a current customer, though it has been in the sales pipeline, and cautioned investors not to assume the board appointment would directly lead to a win.
Fitter also emphasized the company’s partnership with Baxter (via Baxter’s Hill-Rom acquisition), describing Baxter as a major supplier of smart beds, nurse call systems, and infusion pumps. He said the partnership has produced over 156 qualified opportunities in the pipeline and noted completed integrations into the Voalte nurse call platform, plus upcoming engagement at Baxter’s national sales conference.
O’Neill detailed Oneview’s product development initiatives, including a redesigned software development lifecycle using AI with a goal of “velocity with quality.” He said the company is on its third iteration leveraging agentic AI, with maturity targets for key phases such as requirements definition, build, and test. O’Neill said a new staff-facing product, OVI Console, is expected to go from concept to pilot in 2026 using a single “high agency engineer” leveraging AI, and he cited internal survey data showing the share of engineers reporting more than 15% daily time savings increased from 58% to 76% over two quarters.
He also outlined a new user interface for MyStayTV and MyStayTablet designed to improve accessibility, support demographic-specific layouts, and enable a broader “digital care assistant” concept called Ovie. O’Neill described Ovie as aimed at reducing non-clinical interruptions for nurses by routing requests to appropriate teams, delivering reminders and prompts to patients, enabling voice-based control of room functions, and providing operational visibility for staff and leaders.
The company described an “Ovie ecosystem” consisting of four products:
- Ovie Engage, a context-aware home screen widget launching at the ViVE show and expected to go live with customers in the coming months;
- Ovie Voice, a natural-language voice assistant integrated with MyStay TV and Tablet, expected to enter pilot in 2026;
- Ovie Console, a staff-facing real-time visibility tool to be previewed at ViVE with pilots planned in the coming months;
- Ovie Rounds, a smart rounding tool in prototype, planned for delivery in 2027 subject to customer validation.
Fitter said Oneview was the first ASX-listed company to be ISO 42001 certified for AI management systems, emphasizing governance, privacy, and trust in healthcare settings. He also announced the appointment of Dr. Greg Jackson as AI transformation lead, stating Jackson identified 54 projects to automate or change business processes and was tasked with initiating work across functions including HR, finance, project management, and software development.
Looking ahead, management cited improved U.S. hospital profitability and capital availability, growth opportunities through expansion within recent customer wins, and expected ongoing OpEx reductions. Fitter also flagged risks including regulatory uncertainty in the U.S. potentially delaying capital spending, and noted that conversion of the Baxter pipeline is outside the company’s control.
About Oneview Healthcare (ASX:ONE)
Oneview Healthcare PLC develops and sells software and related consultancy services for the healthcare sector in Ireland, the United States, Australia, Asia, and the Middle East. The company operates Care Experience Platform (CXP) Cloud Start that allows customers to implement critical digital engagement capabilities across their entire enterprise; CXP Cloud Enterprise and CXP Enterprise On-Prem that meets enterprise needs across various types of facilities from new construction to existing hospitals with legacy wiring, as well as provides automated device management, system integrations, and data analytics services.
