Oneview Healthcare PLC

Thank you for standing by and welcome to the OneView Healthcare half-year 2023 results announcement. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type it into the ask a question box and click submit. I would now like to hand the conference over to Mr. James Fitter, CEO. Please go ahead.

Thanks very much and good morning everyone in Australia. Good afternoon to those here in the United States. I'm calling today from our St. Louis office. And to those in Dublin this evening, I'm joined by Helena Darcy, Chief Financial Officer, who will be talking through the numbers fairly shortly. Let's get started. We're obviously talking about a half year result. Just a reminder, we are a calendar year-end company. I would just draw your attention to the legal disclaimer at the start of the presentation. And just a reminder that our vision is to power personalized exemplary care experiences, and I think it's fair to say that that challenge has never been greater in light of the very obvious challenges coming out of the pandemic. So the first half of this year was the busiest half in the company's history. We'll talk through a number of the key highlights. Firstly, we're going to talk a little bit about product innovation. Helena will go through the financial results. We'll talk a bit about the outlook and obviously give plenty of time for questions if anyone has any. So let's start with the operational performance. So those of you who follow the company will recall that last year's number was somewhat positively impacted by the settlement of the Regal Eagle case. So adjusting for that, the loss from continuing operations this year is reduced by 30%, which we think is a very incredible performance. We're seeing very strong post-pandemic sales momentum continue to build across the business. And as I mentioned, this half year represents the largest volume of net new contract signings in the company's history. And that's most importantly, all new customer signings this year are for our cloud products, which actually reinforces the decision we made back in 2019 to lift and shift the product to a pure SaaS offering. And that in turn has allowed in the development of the BYOD product, which is scheduled for delivery in the fourth quarter of this year. This product is expected to materially improve serviceable market and take a huge amount of friction out of the sales cycle. So delighted to report in the early stages that that project is on schedule. We'll talk a little bit about the Baxter reselling agreement, which has obviously got the potential to really significantly change the company's growth profile. We really think of this as a bit of a rebirth of the company. These are everyone who supported the recent capital raise. As I think you know, we completed a $20 million placement last month. And then yesterday announced to the market that the $2 million share purchase plan was significantly oversubscribed. We received applications for $5.6 million of new shares. We're very grateful for that support, but we're also cognizant that we don't want to be diluting those that were participating in the placement and are expecting a $2 million raise. So we have exercised the discretion under the SPP and scaled the SPP back by 50%. But for those of you who subscribe through the share purchase plan, you will be receiving exactly half of your allocation. It's a blanket scour back across all of those who applied for the subscription. I'm not going to talk too much about the financial highlights because I don't want to steal Helena's thunder, but the green, which I think is a good sign, and I'll let her talk to those in more detail as we get into the financial analysis. Let's talk a bit about the operational highlights, though. As I mentioned, our 5G customers for our cloud products, including the recently announced Children's Hospital of Ireland, which is a very high-profile new hospital being built, obviously, in our backyard in Dublin, Ireland. Thrilled to have won that piece of business, and I think it's going to prove a great launchpad as we think about European expansion in the future. Significantly, we grew our contracted beds by 16% year-over-year. That excludes the further 645 beds that have been contracted in August for the Children's Hospital. We completed the value-added resale grant with Baxter, as we announced earlier in the year. That was a very competitive process. We're obviously thrilled with the outcome there. We'll talk a bit about how that's progressing when we talk about the outlook. We've also seen a significant growth in live beds. Obviously, live beds are what pay the salaries. We are still recovering from some of the challenges that some of our customers experienced during the pandemic. So we are continuing to be laser focused on how we can get these remaining beds live as fast as practically possible. And we have a very aggressive schedule from the second half of this year onwards into 2024. The hypothesis we've had around the pandemic revalidating the business case of bedside technology is continuing to be reinforced by independent research. So Gartner most recently in their hype cycle for interactive healthcare systems have identified that our category has now reached the plateau of productivity, which represents the point at which technology reaches maturity and widespread adoption. And we are seeing that across our sales pipeline here in the United States. As we mentioned in the business update last month, we've been selected as a vendor of choice for two further very important customers representing nearly 2,300 beds. We also have been shortlisted as finalists for two other very high-profile opportunities here in the United States. We're not yet in contracting phase with those, but we believe we're extremely well positioned. As I mentioned earlier, BYOD development is commenced and ahead of schedule. We've done a lot of work around enhancing our value framework to define and measure customer value. And the best evidence of that, of course, is when our customers are renewing and expanding with us. And we have seen our largest U.S. customers continue to do that with both BJC and NYU deploying us across their entire enterprise. And as I mentioned earlier, we completed the capital raise. We've raised $22.8 million Australian dollars. with the SPP being oversubscribed by nearly 180%, which I think is a great testament. In terms of the new customer wins, here in North America, Catholic Health on Long Island, where we're currently deploying across five customer sites for them, the University of Miami Health System in Florida. In Australia, we have projects with Adeny Primary Hospital, And as I mentioned, in Europe, we have the New Kids Hospital, which is a great flagship for us. Collectively, they represent nearly 10 million euros in total contract value, and that is slightly, although it would be the minimum case because the contract with CHI is the minimum seven-year contract with a three-year option to extend, which obviously we hope to ensure that we can do that with them. We're also continuing to see some important expansions and upgrades. I think as many of you know who follow the company, we are end of life in our Gen 2 product in December of this year. We've reached terms to upgrade woman grads from Thailand to the new Gen 3 platform and extended that contract for a further three years.

Thank you.