Oneview Healthcare PLC

Thanks very much and good morning everyone in Australia. Good afternoon to those in the United States and good evening to those here in Dublin where I am calling from, joined with me by Darren Lyons, our CFO, Niall O'Neill, our Chief Product Officer, and Tony Pettit, our Company Secretary. Firstly, as always, I just want to draw your attention to the legal disclaimer and, as usual, remind you that we are a calendar year-end, so we're presenting our full year results for the year-ended December 2025, and then our reporting currency is in euros. We have released this deck. For those of you who are on the phone rather than the webinar, we have released the deck to the ASX, but has not yet been published. So apologies to that, but hopefully we'll be able to get through this with the deck as is. So the agenda today, we're going to talk about, obviously, the 2025 financial results, provide commercial and sales updates. Niall's going to talk through product innovation. I'm going to address where we are on our AI journey. And then, of course, we'll provide an outlook and hopefully provide ample time for some Q&A. So just a reminder, OneView Healthcare is a global leader in connected care experience solutions. We have been listed in Australia for 10 years, and we are enjoying commercial success on four continents. As part of that, we're proudly partnered with three of the top 25 hospitals in the United States, which remains our key focus of attention. Nearly 85% of our business today is in the United States. Just a reminder of how... value for our customers, we have four key pillars. Firstly, enhancing the patient experience, really empowering the patients to be more control of their own environment, providing them with a digital journey to get them home safer, faster, better informed. Secondly, is to enhance the care team experience. And as those who know the company world will know that this has been a massive focus since the pandemic. Obviously, if we're putting technology in the room, we better make sure that it's driving operational efficiency. Thirdly, the technology is improving safety and outcomes through intelligent sensing, anticipating risk, monitoring adherence to protocols, and providing a layer of transparency that typically isn't available without systems like ours. Fourthly, and most importantly, we're optimizing operational efficiency for hospitals and moving to more of a proactive delivery of care rather than a reactive delivery of care. So for 2025 in review, on page nine, we have the financial snapshots. I'm not going to steal Dara's thunder because he's going to talk to them in detail in very few minutes. But I would just draw your attention to the new user interface, a really important part of the product we're delivering this year that Niall is going to refer to. In terms of business and innovation highlights for the year, I think perhaps the most significant for the company last year was Michael Dowling joining the board of the company, which was effective from the 2nd of December last year. Michael, for the last 23 years, has been the CEO of the largest health system in New York. It's the largest private employer in New York with over 140,000 employees. And Michael brings with him unparalleled expertise in healthcare. He's going to bring us incredible insights into the way that enterprise healthcare is run and reimbursed in the United States. But perhaps most importantly, he brings a huge level of optimism, a growth mindset that I think is going to be incredibly exciting for us as a company as we embark on this next chapter of growth. And I think if I'm Thinking about where we are today, I don't think we've ever had as much momentum in the business. And a big part of that has been generated by Michael joining the board. So a huge welcome to Michael and we're super excited to have him as part of the OneView team going forward. We're delivering a next generation experience, which Niall is going to talk to today around the new front end user interface. And that obviously has some really exciting elements of AI embedded design. and I'll let Niall talk at length around how that's going to drive greater value for us and our customers. So I want to go across to Dara who's going to talk through the numbers in some detail for you. Over to you, Dara.

Thanks, James. Good evening and good morning all. So we posted a 21% increase in revenues in 2025 compared to 2024. And that increase was driven by a 1.6 million increase in non-recurring revenue and a 7% growth in our annual recurring revenue channel. That strong momentum that we have seen and adding 18 new logos over the past few years is the driver of that revenue growth that we were able to deliver in 2025. Our growth was negatively impacted by the weakening Australian dollar and in particular the US dollar during 2025. Almost 80% of our revenues are now generated in the United States. So on a constant currency basis, our year-on-year growth was actually over 25%. With the larger proportion of non-recurring revenues in 2025 compared to 2024, Our gross margin declined by three percentage points to 64% in 2025. Our margins within the recurring and non-recurring revenue channels are holding. So the decline in the overall gross margin is due to mix only. Our operating EBITDA loss for the year reduced by 8% to 8.1 million. and the decrease is attributable to the higher revenue generation during 2025. Our cash OPEX remained consistent with 2024, but of significance is the decline that we're seeing in our cash OPEX during the second half of 2025, following the restructuring that we executed in May 2025, and also some other efficiencies that we're driving through Uh, the business, um, and we are doing that on an ongoing basis. So our H two, um, 2025 cash OPEX was 9% lower than the first half of 2025 and was actually 13% lower than the same period. So H two 2024. And as we'll cover, uh, later in the presentation, we expect to drive further efficiencies in our OPEX during 2026. Turning to the balance sheet on the next slide, so our cash position at 31 December 2025 was 4.6 million, and the decline in our cash over the course of the year was broadly in line with the operating EBITDA loss that we had in the year. Our net working capital position is broadly consistent with the prior year balance sheet. Importantly, on our balance sheet, it would refer to the strong infantry balance of 2.9 million that we have on the balance sheet that's largely comprised of proprietary hardware. And that does give us a benefit in terms of insulating us against potential future pricing or tariff volatility and gives a strong cash generation potential from our planned deployment activity during 2026. Turning then to our live endpoints. So at the end of December 2025, we had 14,880 endpoints live. As we previously highlighted in our half-year results, our net deployment growth in 2025 was impacted by the decommissioning of about 900 endpoints at an Australian customer due to budgetary constraints. But notably, our new endpoint additions are generating more than double the revenue per endpoint compared to the decommissioned endpoints. Also important to note on this slide is the 31% acceleration and deployment activity that we've enjoyed during the second half of the year compared to H1 2025. And that is attributable to the efforts that we're making in terms of making our deployments more efficient. and obviously the momentum that we're seeing in terms of adding new customer logos over the past few years. So on the next slide, then as we look forward, we are continuing to see efficiency and we've invested a lot of time and resources into gaining efficiency in terms of deployments. And we're now at a position where we can turn on endpoints at new customers within that 90 day window. That efficiency and the continued momentum we're seeing across our existing and new customer logos is giving us the potential to add 20% increase in endpoints by the end of 2026 to land at just under 18,000 endpoints at the end of 2026. So that's the target for 2026. So hand it back to you, James.

Thanks, Dara. So let me just get into the commercial and sales updates. So as Dara already mentioned, we've had a really fertile period over the last three years, adding 18 new logos, which is almost double the number that we landed since the IPO. So it's been a really fundamental change. And in the first couple of weeks of this year, we announced a very significant development that Baxter had had us added to the group purchasing organization of one of the 10 largest health systems in the United States. Again, it would be impossible to overstate the significance of that. This is a really important development for us and for the Baxter partnership, and I think really speaks to the power of that partnership, which we'll talk a little bit later further in the presentation. But I wanted to help give you a sense of what these logos mean in terms of our commercial strategy, because It's incredibly hard. Those of you who followed the company so patiently know that the sales cycle in this business is incredibly challenging. It's typically 18 months to two years. But once you're in, you have a unique opportunity to build partnerships and relationships with some of the most sophisticated health systems in the country, which is what we've done. And this concept of landing and expanding is very, very powerful. It's even more powerful for us because in the last 15 months, we've added three significant new products to our portfolio with the Digital Whiteboard, the Digital Door Sign, and MyStay Mobile. And those products, as we've specified before, give us the ability to basically grow our revenue with existing customers by nearly 100%. So on this slide 18, you can see we've just highlighted some of our older legacy customers dating back to 2014. You can see in green the initial deployment we have at those customers, and then you can see the expansion that we've received since then. And in pretty much every case, the expansion has been multiples of the initial deployment. In the case of Customer A, we will be fully deployed across their enterprise. At Customer D, we've been fully deployed across their enterprise since 2014. Customer B is the exception. You'll note there there's a lot of endpoint potential in gray. That endpoint potential is a function of the fact that that customer made a very major acquisition in 2024, and we have not yet been able to convert that customer's acquisition, but we do know that they do not have a solution like ours, and we think there's a real opportunity to do that in the fullness of time. So as we think about the 18 logos that we've landed in the last three years, those 18 health systems together manage 11,631 licensed beds. You can see the vast majority of those beds that we've landed have been in the United States with just over 500 here in Ireland, which we're very excited to have our first European customer and a fairly small number, 183 customers at ADNI and Aviv in Australia. And I just want to explain a little bit of the logic behind why these health systems are so focused on providing an equitable patient experience. Firstly, the obvious point being that if you visit one of these large health systems like NYU and you turn up at their flagship facility where they have the state of the art one view experience, they don't want you going to one of their other fully owned facilities and finding yourself back in the sort of 1980s style patient experience that a lot of health systems are still running. So the patient experience is important. They want to have a consistent baseline experience that helps reduce variation that can often contribute to inequity. They want to provide consistent access to health information, to education, to care plans. They want to reduce disparities tied to literacy and language. Most importantly, perhaps they want to have data and real-time dashboards to surface any inequities in utilizations and response patterns. And if you don't have it across the entire system, it's obviously impossible to do that. And I think amongst some of our more Midwestern style customers, there's a real desire to make sure that their flagship facilities in major cities are also delivering the same experience to rural low income and more underserved communities. So there's a real desire to standardize across the enterprise. And we've seen that. I think it's a consistent theme amongst the customers that we have secured. So what's that mean in terms of addressable market? And I think there's been a little bit of confusion in the market when we made the decision last year with these new products to move away from focusing on beds to focusing on endpoints. So endpoints are defined as any revenue generating data point in the room. So that could be the TV, it could be the tablet, it could be the digital whiteboard, or it could be the digital door sign. So in every room, we now have four revenue generating opportunities, which creates amongst these 18 customers, 46,000 endpoints that we are able to target. And in recent contracts, we are averaging around two and a half endpoints per room. So if we were to assign that across the 18 logos that we won on the two and a half point average, we'd have an addressable market of nearly 16 million euros in average recurring revenue. Now I would point out there's a slight disparity between licensed beds, which is the number of beds that's approved by the state licensing agencies with staffed beds. So staff beds are the number of beds that are physically available based on the staff on hand. So the licensed bed number might be slightly higher, but it would be a relatively consistent, but I think it really speaks to the opportunity. And on slide 21, we've tried to provide a visual of that. We can see where we finished the end of the year 2025 with these logos are in green. The forecast delivery for 2026 is in orange and the white space, which is the gray bars, shows the potential opportunity that we have to deliver new products and expand across these enterprises. And I think what this tells you is we're very early in our journey. And if you think back to some of the earlier examples I showed from 2014 and 2016, in the fullness of time, we'd expect to be filling in a huge amount of this white space. And I would point out that this graph does not include any beds from the Baxter General Purchasing Organization we announced back in January. And that health system would in itself be larger than these 18 new logos combined. So I think that gives you a bit of a sense of the opportunity that that system is putting before us. And that's what's leading to so much momentum in the business. So as we think about the end points in the room, again, I just want to, I think this is a slide 22 is a really important reminder of the power of the Baxter partnership. So I think as most of you know, Baxter is, through their Hillrom acquisition, one of the largest suppliers of smart beds in the United States. They're one of the largest suppliers of nurse call. They're one of the largest suppliers of infusion pumps. There really aren't too many health systems in the country that they don't touch. So as we think about the smart room of the future, which is the vision that Niall has built for us over the past few years, We have a series of data points that are all being orchestrated by a common ecosystem. So we are controlling the patient TV, we're controlling the tablet, we're controlling the door sign, the whiteboard, the voice assistant, which Niall is going to speak to momentarily. And then Baxter is providing the bed, the nurse call and the precision locating or the RTLS system within the room. The one piece that neither of us are delivering is the camera and computer vision, which has been the driver of the virtualization of care. And again, I think those who know the company well know that our strategy on that has been to create a virtual care API and to certify the leading vendors in the space. So Caregility was the first. We've now also licensed Care AI, Artisite and Teladoc through that API to be able to deliver their capabilities through the OneView platform. So that's the, I hope gives you a sense of the synergy between ourselves and Baxter. And the Baxter partnership is obviously starting to deliver. The news we announced in the 4C was obviously hugely significant. It brings a real confidence, I think, to the sales organisation at Baxter that one of the 10 largest health systems in the country has embraced what we're doing. In terms of the partnership itself, we have over 156 qualified opportunities in the pipeline. We have delivered already some significant integrations into the Vault Nurse Corps. Niall is actually presenting at their national sales conference next week in Dallas, and we've got further active engagement going on on the co-innovation pipeline. So I think we are really blessed to have this partnership. It's opening opportunities with these large integrated delivery systems, which for a smallish company like ours would be almost impossible to access on our own. So with that, I'm going to pass control of the deck to Niall, and he is going to share an update on the innovation roadmap. Over to you, Niall.