Oneview Healthcare PLC

2025 revenue increased 21% versus 2024, and on a constant-currency basis growth was over 25% because of foreign exchange pressure, especially the weaker Australian and U.S. dollar. Gross margin declined 3 percentage points to 64% in 2025 due to a larger share of non-recurring revenue. Operating EBITDA loss improved 8% to EUR 8.1 million, cash at 31 December 2025 was EUR 4.6 million, and live endpoints were 14,880. Management guided to just under 18,000 endpoints by the end of 2026, about 20% growth, said gross margin should remain around the mid-to-low 60s, and said H2 2025 OpEx of just over EUR 7.63 million implies more than EUR 1.4 million of annualized savings versus H1 run rate.

James Fitter framed 2025 as a turning point, saying the business has more momentum than ever, helped by 18 new logos, a major Baxter channel partnership, and the addition of Michael Dowling to the board. He emphasized that Oneview’s moat comes from the complexity of hospital workflows, integrations, compliance, and device management, not just software features. His tone was confident and upbeat, while still noting risks such as U.S. regulatory uncertainty affecting capital spending and the fact that Baxter pipeline conversion is outside the company’s control.

Darragh Lyons said revenue grew 21% year over year, with EUR 1.6 million of the increase from non-recurring revenue and 7% growth in annual recurring revenue. He noted gross margin fell to 64% because of mix, while operating EBITDA loss improved to EUR 8.1 million and cash OpEx was steady versus 2024; H2 cash OpEx was EUR 7.63 million, more than EUR 700,000 below H1 and over EUR 1.4 million better on an annualized basis. He also pointed to cash of EUR 4.6 million, inventory of EUR 2.9 million, and said the company expects further OpEx efficiencies in 2026, with H2 2025 OpEx levels likely to hold in H1 2026 before more benefit later in the year.

Analysts focused on the shift from beds to endpoints, asking about revenue per endpoint and whether the 2026 endpoint target was too conservative given the newly disclosed Northwell-related potential. Management said revenue per endpoint was about EUR 1.50 per day and that the current platform supports a 92% upsell opportunity on prior wins, but James Fitter would not imply that Michael Dowling’s board role guarantees a Northwell win. On costs, management said the H2 OpEx reductions equate to over EUR 1.4 million of annualized savings, and when asked about implementation costs for the new AI tools, Fitter said the new product should be simpler and hopefully faster to deploy than legacy products.