Oneview Healthcare PLC

FY2025 revenue rose 21% versus 2024, driven by a EUR 1.6 million increase in non-recurring revenue and 7% growth in annual recurring revenue; on a constant-currency basis, revenue growth was over 25%. Gross margin declined 3 percentage points to 64% because of product mix. Operating EBITDA loss improved 8% to EUR 8.1 million, and cash at 31 December 2025 was EUR 4.6 million. Live endpoints ended the year at 14,880. Looking ahead, management targets just under 18,000 endpoints by end-2026, roughly 20% growth, expects H1 2026 OpEx to hold around the H2 2025 level, and said gross margin should remain around the mid-to-low 60s.

James Fitter said the business has more momentum than at any point in its history, citing the addition of Michael Dowling to the board, stronger U.S. customer budgets, and the Baxter partnership as key contributors. He emphasized that the company’s moat is the difficulty of healthcare deployments: complex integrations, compliance, hardware in patient rooms, and long sales cycles. His tone was notably confident on the product roadmap and AI, arguing that the new front end and Ovie ecosystem will improve velocity, quality, and pricing power.

Darragh Lyons focused on the financial improvement and cost discipline. He said revenue rose 21%, gross margin was 64% after a 3-point decline from mix, operating EBITDA loss narrowed to EUR 8.1 million, and cash ended at EUR 4.6 million. He also noted H2 2025 cash OpEx was just over EUR 7.63 million, more than EUR 700,000 below H1, implying over EUR 1.4 million of annualized savings, and said further OpEx efficiencies should flow through 2026. On working capital, he said the balance sheet was broadly consistent with last year and inventory of EUR 2.9 million should help insulate against pricing or tariff volatility.

Analysts focused on the move from beds to endpoints, asking for revenue per endpoint and whether FY2026’s endpoint target was conservative. Management said revenue per endpoint was about EUR 1.50 per day at half-year and that the mix of the four products will affect it over time; they also reiterated a 92% upsell opportunity on existing wins. Questions about Michael Dowling and Northwell were answered carefully: Northwell is not an existing customer, is already in the pipeline, and management would not imply any direct influence from his board role. On margins and AI, Darragh said gross margin should hold around the mid-to-low 60s in 2026, while James said the new product configuration tooling should make implementations simpler and faster, not more expensive.