ONE achieves important certification milestone for AI virtual assistant

Published 12-MAY-2025 10:47 A.M.

4 min read

Shares Held: 4,620,561

Options Held: 0

Our Healthtech Investment OneView Healthcare (ASX: ONE) just received ISO 42001 certification - making it one of the first on the ASX to receive this certification.

The certification is for ONE’s Virtual AI Assistant product.

Why is today’s news important?

Because it means ONE can now fast track the development of its virtual AI assistant product “Ovie”.

ONE first launched that product at Healthcare Information and Management Systems Society (HIMSS) conference in the US only two months ago…

Here is a slide from ONE’s most recent investor presentation on “Ovie”:

ISO 42001 is a widely accepted signal of trust and security.

Having ISO 42001 certification tells potential buyers of ONE’s tech that it’s AI is complying with security/data privacy standards and is governed by recognised industry standards.

ONE mentioned in it’s recent quarterly that customer pilots would be “progressed over the coming months” following a market launch during the second half of 2025…

With today’s announcement ONE can bring forward those milestones…

What else is ONE up to?

The main thing we are watching out for with ONE is how many beds the company’s technology is being deployed to.

For ONE the key is to try and get deals signed up with as many major hospital network as possible.

The term ONE has been using to describe these is “logos” where it can “land and expand” its technology offering.

ONE’s strategy is to get into these networks at whatever size they are comfortable signing up for and then eventually expanding it across the whole network…

We were at a lunch that ONE presented at recently and Managing Director James Fitter highlighted examples where initial 60-70 beds proof of concept projects transpired into a 1,000+ bed contracts.

That’s exactly what we want to see ONE do…

On that front, over the last two years we have seen ONE sign up more “logos” than it has in all of the previous years the company has been operating…

Is ONE like $26BN Pro Medicus in the early days?

The “land and expand” strategy was something we have seen Pro Medicus execute on…

Pro Medicus had a slow start but after years of developing and selling its products, the “network effect” of reaching a critical mass of customers meant that sales and momentum accelerated rapidly.

Now Pro Medicus is capped at ~A$26BN, after being in a relatively similar position as ONE several years ago with fewer customers.

Here is how Pro Medicus went from small cap to mega cap in under 6 years…

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

We are hoping that ONE’s recent momentum can start to steer the company on a Pro Medicus style scale up over the coming years.

Where will that hockey stick growth come from? Baxter relationship to drive ONE growth

We think the major turning point for ONE will be its partnership with ~$25BN Baxter International.

A few months ago Baxter posted some images co-branding its product offering with ONE at the VIVE2025 conference - a big event on the calendar for the digital health tech industry.

Baxter is one of the biggest companies in the hospital bed market. Baxter sells a huge range of medical products and is rumored to hold up to ~75% of the hospital bed market.

At the moment there are over 900,000 hospital beds in the US and ONE’s tech is only in ~23,000 worldwide.

Over 80% of the market currently doesn’t have a patient experience platform and if ONE is able to capture just 15% of this market it could grow its revenue to the hundreds of millions of dollars.

We think the Baxter relationship could be a game changer for ONE once sales start to come in through Baxter’s networks.

Baxter now has ~100 salespeople trained to resell ONE’s tech into the US market .

Baxter’s director of IT has also promoted the Oneview platform in an industry webinar.

Watch the full video here: Baxter: Empowering Patients Through Digital Transparency

The Baxter partnership commenced in late 2023, which means that by the next half ONE is hoping to close some of the bigger hospital network deals from Baxter.

This is based on the typical 18-24 month sales cycle that ONE’s product has.

What we want to see next from ONE?

More contracted beds and logos:

More contracted beds and a transition to the more smoothed out revenue streams of a true SaaS model with MyStay.

We want to see ONE hit 25,000 beds - it’s our number one objective for ONE in our ONE Investment Memo.

So we’ll be looking out closely for ONE to seal the remaining contracts in late stage negotiations and start to see Baxter’s 100 person strong salesforce deliver results.