ONE: Epic pipeline grows to 16 deals representing 19,860 hospital beds - in just 98 days...

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 7,250,658 ONE Shares at the time of publishing this article. The Company has been engaged by ONE to share our commentary on the progress of our Investment in ONE over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

Oneview Healthcare (ASX:ONE) sells technology that turns hospital rooms into connected, digital bedside experiences for patients and care teams:

One of the best ways for a health tech company like ONE to get its tech into hospitals is to partner with the technologies already in the hospital doing other things.

These technologies are embedded, the investment has been made, they are well understood, and will be hard to displace...

Three years ago ONE signed a partnership with the biggest provider of hospital beds in the USA... (Baxter)

Three months ago ONE launched a new revenue channel with the largest provider of hospital software in the USA - Epic Systems.

Epic Systems runs in 43.7% of acute hospitals in the USA, 56.9% of hospital beds.

Epic mainly provides Electronic Health Records - Epic doesn't provide entertainment, meal ordering, or hardware like ONE does.

In May, Epic certified ONE’s tech for use, which means ONE and Epic can deliver a unified bedside experience for ‘Epic-centric’ health systems - which is most health systems in the USA.

This morning we listened in on the ONE investor update call to see what has been happening over the last three months...

In the call, ONE revealed that in just 98 days since ONE’s technology was certified by Epic, ONE’s sales pipeline from its new Epic sales channel has grown to 16 deals representing 19,860 hospital beds.

Remember one bed = up to 4 endpoints for ONE (a digital whiteboard, a tablet, the mobile app and a digital door sign).

So 19,860 beds = up to ~79,000 endpoints for ONE.

This number is bigger than ONE's entire current installed base of ~15,092 live endpoints ... built over a decade.

98 days is “warp speed” in hospital tech sales.

(this comes from experience after being Invested in ONE for over five years now)

We are three years into ONE’s Baxter “Value Added Reseller Agreement” and that pipeline sits at 131 opportunities for 36,375 beds.

(As we noted above, Baxter is the dominant supplier of hospital beds in the USA - with an estimated 75% market share)

It took ONE 10 years to get to ~15,092 beds for its current ~€5.5M in recurring revenues (over a 6 month period).

But the trajectory is moving in the right direction...

In the seven years to 2019, ONE won 10 health systems. In the five years since the pandemic, it has won nearly twice as many.

(Source)

And in today’s earnings call - ONE reckons it has FOUR deals in the contract negotiation stage right now. (source)

With Epic alone, ONE now has:

1. 16 US health systems in its “active pipeline” - when the new Epic revenue channel was announced in May, there was only one hospital system in the Epic + ONE pipeline.
   
2. Those 16 opportunities represent 19,860 licensed beds - which is bigger than ONE's entire current installed base of ~15,092 live endpoints... built over a decade.

ONE also said today that its first enterprise pilot would start next month - a 15-bed pilot across three hospitals (part of a top-20 US health system).

A small pilot, but one where success could unlock other deals through the Epic certification.

ONE said it is targeting “3 to 4 new Bedside Hub customers in the second half of 2026”:

(ONE calls its connected care platform a “Bedside Hub”, this has been certified by Epic)

(source)

AND that 2 of the 4 new logos already in contract negotiation right now are Epic Bedside Hub.

(source)

So the game changing new deals might not be too far away (fingers crossed).

If we can see ONE’s Epic AND Baxter partnerships fire up at the same time - we think it could result in the next re-rate we have been waiting for with ONE.

(no guarantees of course, ONE is a small cap tech stock and delays and sales misses can occur.)

Key Takeaways from ONE earnings call this morning

As we said above, we sat in on the ONE earnings call earlier this morning - here were some of our main takeaways and key quotes from the ONE management team:

Financials

• Recurring revenue up 13% to €4.3m (+20% constant currency) — now 79% of total revenue. "Recurring revenue, which is the true measure of any software business, grew by 13% year over year."
  
  (recurring revenue growth is the key thing we need to see for a SaaS company to rerate, ONE moving away from non-recurring revenue streams is good)
  
  
• Gross margin jumped from 61% to 70%; EBITDA loss improved 11%; cash burn down 15%.

Epic (this is the most exciting part for us)

• Epic opens a new lower-cost revenue channel into Epic's 43% of US hospitals. "Between Baxter and Epic, we're getting really unparalleled access to the market."
  
  
• 16 opportunities covering ~20,000 beds - more than Oneview's entire 15,000-endpoint installed base - with 9 of them previously stalled deals that came back after certification.
  
  
• ONE reckons that the first enterprise pilot starts September: 15 beds across three hospitals of a top-20 US health system.
  
  
• Faster money: "The sales cycle is going to be measured in weeks, not months."

Growth pipeline

• Four new logos (this means major hospital customers) in redline contract negotiation: "We could triple the size of our recurring revenue business just by selling into these customers."
  
  
• Added to Baxter's agreement with a top-10 US health system GPO; projects kick off Q4.
  
  
• US$50bn federal Rural Health Transformation Program funds exactly what Oneview sells: "This is bigger than that [Obamacare's $30bn EMR program], and I think it's going to have a real impact on our growth in the next five years."
  
  

Product & moat

• New front end (biggest investment in a decade) deploying to first customers this quarter: "[It] will be the most sophisticated patient experience platform available anywhere in the world."
  
  
• "We're effectively becoming the operating system for the patient room."
  
  
• AI: "85% of code is now written by AI agents", feature development ~1.7x faster. (great - confirmation ONE is firmly on AI for tech development and its actually delivering)
  
  
• Retention: "We've only ever lost one customer in the United States."
  
  

Outlook

• "We want to land another three or four Bedside Hub logo wins before the end of the year, and I think we're going to finish the year very strongly."

A full recording of it should be available in the next 24 hours, check on the ONE website.

In the meantime here is the results presentation that they ran through on the call this morning.

Why is the Epic channel now the FIRST thing we go looking for in a ONE result?

Because Epic needs ONE's box to display its patient interface on hospital room screens AND a company to work with the hospital to get it all up and running.

At the moment, Epic’s software sits out of sight of patients.

At face value it sounds like ONE is just enabling Epic’s tech in the hospital setting.

But we think ONE getting its "box" in more hospital rooms will eventually mean it can more easily upsell its “patient experience platform”.

Land the bed with the little box, then upsell the endpoints for ONE’s:

• Digital Door Sign (outside the room - patient name + information)
• Digital Whiteboard (inside the room - schedule, care team, key updates)
• MyStay Tablet (bedside - patient info, service requests)
• MyStay Mobile (patient's own phone - same as the tablet but on the patient's phone.

Not to mention ONE gets the new relationship with the hospital from the box rollout.

The second thing we went straight to in the results - the $19BN Baxter partnership.

A$19BN Baxter International is one of the world's largest hospital suppliers.

Its products - IV solutions, pumps, nutritional therapies - are in more than 60% of US hospital beds.

Baxter resells ONE's platform through its own salesforce under its "Care Communications" portfolio.

(source)(source)(source)

The key bit of news from the Baxter partnership for us was that one of the 10 largest health systems in the US is expected to kick off THIS half.

So the Baxter partnership is ticking along pretty reasonably too - IF that project with the top 10 US healthcare system comes in it could be game on for ONE and Baxter.

So now ONE has deals / certification with two of the big dogs that supply a hospital room in the USA:

• Baxter with the hospital beds and equipment.
• Epic with the hospital operating system and patient record management.
  
  
• ONE with the patient experience interface that glues ALL OF IT together.

We think Epic and Baxter are the two partners that could land ONE the single game-changing deal it needs to re-rate significantly.

All we need now is for ONE to lob in a few big deals from either of those two channels...

We think validating that distribution model will de-risk ONE a lot more relative to building up its revenues.

Especially because it would make ONE a natural takeover target from its partners (or their competitors).

But that doesn't mean the financials don't matter at all.

So how is ONE tracking from a numbers perspective

Here’s how based on today’s half yearly:

1. Recurring revenue was up 13% to €4.3M - Now 79% of ONE's total revenue (it was 60% a year ago).
   
2. 15,092 live endpoints - 693 new endpoints deployed in the half, and each endpoint installed earns ~59% MORE recurring revenue than the endpoints being decommissioned.
   
3. Four new logos in contract negotiation - 1 direct, 1 via Baxter, 2 via Epic (these could drop any day).
   
4. TWO big product launches are incoming - ONE's completely redesigned front end goes live in September, and pilots of “Ovie” (ONE's AI care assistant) are planned during 2026.

The one metric that did stand out as a bit of a drag on the half yearly was overall revenues - down on H1-2025 numbers.

We think that is just a natural part of moving the business away from hardware and into software.

The software may sell for less nominally - but is usually a higher margin sale.

So as long as we are seeing recurring revenues rise then we can overlook overall revenues falling.

ONE said ~85% of code is written by AI agents, with human-in-the-loop review of every change.

(source)

Also a quick side note: Very nice to see ONE going all in on AI.

And it's contributing to bringing costs down.

(Cash operating expenses fell 6% again this half).

This image lives rent free in our head - every time we think of tech businesses nowadays.

So it's good to see the trend play out for our Investment, ONE.

(source - a visual showing how AI MAY have changed software dev costs)

What we think can get ONE’s share price moving

Ultimately, it's one of three things:

1. A few big deals land from the Epic certification.
2. A few big deals land from the Baxter partnership, and/OR
3. ONE executes its growth strategy organically.

ONE currently has 15,092 live endpoints generating ~€5.5M revenue over the last 6 months. (source)

Right now, ONE, across its two partnerships has:

• The Epic sales pipeline for 16 active opportunities across 19,860 licensed beds
  
• The Baxter sales pipeline for 131 open opportunities across 36,375 licensed beds

That's a total of 56,235 beds.

Remember 1 bed = 4 endpoints.

An “endpoint” is each of ONE’s devices ((a digital whiteboard, a tablet, the MyStay mobile and the door sign) and is a part of a hospital bed/room where ONE can sell a product.

One room generally has 4 “endpoints”:

(source)

So across the two sales channels that's ~224,940 endpoints...

Versus ONE’s current live endpoint number of 15,092.

Back-of-napkin calcs (using the same per-endpoint maths ONE uses in its recent deck), the pipelines across Epic and Baxter would be worth ~€130M in potential annual recurring revenue.

For a $150M capped ASX-listed medtech.

Of course these are very rough back-of-napkin calculations. They assume full conversion which is far from guaranteed.

So you can see why we think these sales channels can be game changing for ONE (IF they can deliver deals).

The four different endpoints (and potentially more when the AI ecosystem is in place) is why ONE keeps referencing its “land and expand” strategy.

Land = get one product into a hospital room

Expand = sell the other endpoints to that same customer AND expand to more rooms.

All we need to see now is ONE building up some momentum and landing deals back to back, across (preferably) both partnerships.

Ultimately, distribution through Baxter, Epic or organically is how we think ONE can achieve our Big Bet as follows:

Our ONE Big Bet:

"ONE re-rates to a +$500M market cap as it converts its sales pipeline into signed contracts and/or attracts a takeover bid at a premium to its market value"

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including development risk, country risk and commodity price risk - just some of which we list in our ONE Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

In the rest of today’s note we will cover:

• What ONE does
• More detail on ONE’s deal with Epic
• More detail on ONE’s deal with Baxter International
• Why we think ONE is important for Baxter

What does ONE do?

ONE sells technology to hospitals.

ONE’s software connects various hospital systems and runs on hospital TVs, tablets, and mobile devices so patients can get information, control their room, and request help while giving staff better visibility and smoother workflows.

ONE’s hardware business is the connection between the digital world and the hospital room.

Can you believe hospitals still fax things to one another in 2026...

Each hospital bed ONE "lands" opens four upsell "endpoints":

• Digital Door Sign (outside the room - patient name + information)
• Digital Whiteboard (inside the room - schedule, care team, key updates)
• MyStay Tablet (bedside - patient info, service requests)
• MyStay Mobile (patient's own phone - same as the tablet but on the patients phone)

That's the "land and expand" sales playbook that ONE references a fair bit - get one product in, then upsell three more endpoints to the same hospital.

And then there's "Ovie" - ONE's AI care assistant launching commercially through 2026.

(source)

ONE has two big sales channels we think are important - first is with Epic

ONE signed a deal with the USA’s largest hospital enterprise software provider - electronic health record vendor - Epic.

Epic’s reach in the US hospital space is literally second to none:

• Epic is in ~42.3% of US acute care hospital EHR (electronic healthcare records) market. (source)
• It's in ~54.9% of all US hospital beds. (source)
• It supports over 305 million patient records (source)

Epic is literally the default platform for virtually all leading US health systems. (source)

(source)(source)(source)(source)

Despite being embedded in over half of US hospitals, Epic doesn’t actually have a fully managed bedside hardware (device + content management system).

Epic literally calls itself a “software factory”. (source)

Enter ONE who has been doing this hardware for over a decade and can provide a platform for Epic:

• With TV hardware deployment
• Device provisioning and lifecycle management
• Clinical-grade reliability
• Integration with patient engagement and virtual care workflows

And given ONE explicitly said this deal would open up a “brand new” revenue channel.

All of the other products ONE sells just became easier to sell into 54.9% of all US hospitals.

This is why we think the deal is the biggest ONE has signed to date.

It's like skipping the queue at the nightclub - getting in as part of your celebrity mates’ entourage.

and then everyone inside is more willing to hear you out on anything you have to offer.

In ONE’s case, these:

(source)

As of today’s half yearly ONE says it has “16 active EpicTV opportunities” containing 19,860 licensed beds for its brand new revenue channel.

(source)

19,860 beds = 79,440 potential endpoints... which is more than 5 times the amount of ONE’s current live endpoints.

And the new revenue channel has just been launched.

So now we have another sales channel to follow along from in addition to its deal with one of the biggest hospital room suppliers...

Another nice to see - ONE was at Epic's annual User Group Meeting in Wisconsin, where ONE met 50+ hospital organisations (after running 10 demos in the two weeks leading into it).

(source)

ONE also has an agreement in place with $19BN Baxter International

In 2023, Baxter and ONE signed a Value-Added Reseller Agreement where Baxter would resell (and co-sell) ONE's platform through Baxter's existing hospital relationships.

Then in October 2024, the deal got extended by two years through to July 2027 and Canada was added to the regions covered by the deal.

That was an early decision to continue the deal (only 15 months into the first 2 year term).

Clearly Baxter liked what they saw moving early on the extension (and expanding the deal to cover Canada).

We think that deal gives ONE another big distribution advantage in North America.

A$19BN Baxter International is one of the world's largest hospital suppliers.

Its products - IV solutions, pumps, nutritional therapies - are in more than 60% of US hospital beds.

(source)(source)(source)

We think the Baxter agreement is important because it means ONE gets plugged straight into Baxter's salesforce and distribution network in the US.

And it seems to be working so far.

In the last 3 years, ONE’s added 18 new logos and ~90% of the beds from those logos are in the US:

(source)

At least five of those deals came from the Baxter VAR deal:

(source)

And according to ONE’s recent presentations there are still another 131 “Baxter opportunities” totalling 36,375 beds.

Why ONE is important for Baxter

We think ONE’s tech is very important to a company like Baxter.

Baxter and its biggest competitor Stryker are the two largest hospital bed companies in the US.

Stryker has a ~21.5% market share, Baxter ~17.3%. (source)

Baxter has been quietly building its own connected-care stack for years (the Hillrom acquisition in 2021 brought it smart beds, Voalte communications and the early bones of a tech platform).

And now it co-markets ONE's Care Experience Platform under its own "Care Communications" portfolio.

(source)

As for Baxter's biggest competitor Stryker.

Stryker bought a smart hospital startup called care.ai in September 2024.

It then spent the next 18 months integrating care.ai's AI virtual care workflows into its hospital bed, communication and workflow products.

Then on the 9th March 2026 launched its integrated product called the “SmartHospital Platform”.

Basically its fully integrated product offering - here are the images they released:

(source) (source)

Look familiar?

(source)

We think everything Stryker’s been doing and that product launch is good for ONE’s deal with Baxter.

It's validation that the connected patient experience is the way of the future.

Between Stryker and Baxter, it's happening in a market like hospital beds - where we think differentiation can be very important for landing new deals.

We think Baxter will now start to treat ONE’s tech as a core part of its offering over the coming years.

Especially after ONE did that deal earlier this week, and its AI digital assistant product (Ovie) is launching this year.

We are biased here as ONE shareholders but we think Baxter now has to deepen its existing partnership with ONE to stay competitive.

(which can only be good for ONE)

What we want to see ONE deliver next

Sales from ONE's deal with Epic

The Epic certification was back in May and Bedside Hub launched off the back of it, so now we want to see it turn into signed contracts.

ONE says it has 16 active EpicTV opportunities representing 19,860 licensed beds and that 9 of those 16 were stalled or dormant before certification and are now active again.

Here are the milestones we are watching:

• 🔲 First signed Bedside Hub contract
• 🔲 15-bed pilot with a top-20 health system starting in September
• 🔲 ONE's own target of 3-4 new Bedside Hub logo wins in H2 2026

A bonus would be those beds turning into additional endpoints by upselling ONE's other tech into the same hospitals.

Convert Baxter opportunities into sales

ONE's Baxter funnel is now 131 open opportunities across 36,375 licensed beds.

What matters more to us is where those opportunities sit:

37 are at design stage or beyond, and 1 is now at negotiation.

Here are the milestones we are tracking for the Baxter partnership:

• 🔲 First revenue from a Baxter-sourced opportunity
• 🔲 More than one opportunity reaching the negotiate stage

Sales from GPO with Top-10 US hospital network

ONE was added to a national care communication agreement between Baxter and the group purchasing organisation of one of the ten largest US health systems, a network ONE described as 85+ hospitals.

ONE says engagement has continued to progress and initial projects are expected to commence in the second half.

Here are the milestones we are tracking for this:

• 🔲 Initial projects commence with the top-10 health system
• 🔲 First signed deal out of the GPO

Launch of AI care assistant tech (Ovie)

We want to see the Ovie AI product suite move from announcement to live deployment and start contributing to per-endpoint revenue uplift.

Here are the milestones we are tracking for the AI care assistant product:

• ✅ Ovie digital care assistant unveiled
• ✅ Ovie Engage launching at ViVE 2026 (source)
• 🔲 New user experience delivered (First deployments from September 2026)
• 🔲 Ovie Voice pilot commenced (2026)
• 🔲 Ovie Console pilot commenced (2026)
• 🔲 First Ovie-related revenue contribution

What could go wrong?

The key risk for ONE in the short-medium term is “sales / pipeline conversion risk”.

Sales / pipeline conversion risk

ONE has a large and growing pipeline, but hospital procurement cycles are long and unpredictable at typically 18 months to 2 years. Being added to a GPO (Group Purchasing Organisation) doesn't guarantee purchase orders, it just means ONE is on the approved vendor list. ONE's pipeline of hospital opportunities may take longer than expected to convert into signed contracts, or may not convert at all. We see this is the single biggest risk to our investment thesis.

Source: “what could go wrong” - ONE Investment Memo 16 March 2026

Other risks

Like any small-cap healthcare technology company, ONE carries significant risk, here we aim to identify a few more risks.

ONE relies heavily on third-party partners like Epic and Baxter for market access, meaning any change in these corporate relationships or shifts in partner priorities could severely impact sales growth.

Despite improving cash operating expenses, extended sales cycles could lead to cash burn pressures, introducing the risk of future capital raises and shareholder dilution.

Deploying hardware and software across legacy hospital IT systems carries technical integration risks, which can cause unexpected delays in converting signed beds into live, revenue-generating endpoints.

Operating directly within acute care systems exposes the company to strict healthcare privacy regulations and cybersecurity risks, where any software vulnerabilities could lead to significant financial and reputational damage.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our ONE Investment Memo:

You can read our ONE Investment Memo here. We use this memo to track the progress of all our Investments over time.

Our ONE Investment Memo covers:

• What does ONE do?
• The macro theme for ONE
• Our ONE Big Bet
• What we want to see ONE achieve
• Why we are Invested in ONE
• The key risks to our Investment Thesis
• Our Investment Plan