ONE signs six new deals, first four Bedside hub customers adding ~5,000 new beds

Our Investment Oneview Healthcare (ASX: ONE) released its quarterly report a few days ago.

ONE is producing revenues right now, so the quarterlies are always good reading (where we actually get some fresh information).

The two key takeaways for us from ONE’s latest quarterly was:

1. ONE added four US health systems as part of its partnership with Epic (software is in 54.9% of US hospital beds) - Albany Med Health System, Baptist Health, Jupiter Medical Center and Shannon Health combined for a footprint of almost 5,000 beds. AND
2. ONE signed 2 new care experience platform customers (131 bed MLK Jr. Community Hospital in Los Angeles and 25 bed Northeastern Vermont Regional Hospital)

In total, ONE added six new customer logos in the quarter - the four Bedside Hub deals plus two new hospitals for its core Care Experience Platform.

The big one for us though is how quickly ONE has managed to get four customers signed up for its Bedside Hub product being delivered in partnership with Epic.

That is the new revenue channel ONE launched 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 (EHR) - 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.

We covered that Epic/One deal here in detail: ONE: Epic pipeline grows to 16 deals representing 19,860 hospital beds - in just 98 days...

The main point for us was that ONE now had a way of piggybacking on Epic’s existing distribution into hospitals as a market leader…

… WHICH we thought could be the perfect entry method to start showing off all of ONE’s other offerings once it is already inside the hospital room.

Here is how it looks:

This is exactly the "land and expand" model, by starting small, then grow across the network once the product has had time to show off what it can do.

Land = get one product into a hospital room.

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

Landing is often the hardest part, so being helped into the room by being in Epic’s ecosystem appears to already showing good signs.

Especially as the 3-4 logos aimed for this half have already been hit, as of the August presentation, there was only 2 in negotiations, so clearly these are able to move much faster:

(source)

We also noticed ONE say it expects to end this quarter with 8-10 new logos, so we could see more of these deals over the next few months (hopefully we see ONE land the “whale” equivalent of hospitals):

(source)

How about the financials?

The one thing that may have spooked the ASX was ONE’s cash balance being only €2.4M (A$3.9M) at 30 September 2026.

Remember these quarterlies are delayed by just under a month.

And since the quarter end ONE said it had increased its cash balance to ~€8.6M (A$13.7M) - including the $7M tranche 2 of the placement that is due for shareholder approvals on the 25th of November.

(We took part in that raise)

ONE’s cash receipts for the quarter were just €594k, and operating cash flow was negative at €4.8M (A$7.6M), versus a €2.2M outflow in the same quarter last year.

This is disappointing on first read, BUT the gap is mostly down to timing, not to lost customers.

A US$2.23M annual renewal that was due in the quarter didn’t land until 19 October, plus another €1.3M from three customers who paid by this time last year is expected in coming weeks.

(last year’s quarter also had one-off hardware sales that weren’t repeated, and ONE’s costs were broadly flat year on year, so the swing is all on the receipts side)

Those delayed receipts are why the cash balance is actually effectively at €4.2M (A$6.7M) at 26 October (pro forma amount provided by ONE).

ONE also confirmed that Q4 and Q1 are historically ONE's strongest quarters for cash receipts - so we are expecting the finances to look a lot better when ONE reports its December quarterly next year…

ONE also had an update out on its Ai care assistant product - “Ovie”

On the product side, ONE's redesigned patient interface is now live with its first customer, and the pilot of the Ovie AI care assistant, formally kicking off in November.

Ovie is ONE’s created AI care assistant, which can take voice and context-aware prompts from patients ("I need a glass of water", "what time is my surgery?").

(source)

What do we want to see One do next?

🔄Sales from ONE's deal with Epic

ONE said it had 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.

Update: 4 of these 16 EpicTV customers have now signed (source)

Here are the milestones we are watching:

1. ✅ First signed Bedside Hub contract
2. 🔲 15-bed pilot with a top-20 health system starting in September
3. ✅ ONE's own target of 3-4 new Bedside Hub logo wins in H2 2026 (source)

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:

1. 🔲 First revenue from a Baxter-sourced opportunity
2. 🔲 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:

1. 🔲 Initial projects commence with the top-10 health system
2. 🔲 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:

1. ✅ Ovie digital care assistant unveiled
2. ✅ Ovie Engage launching at ViVE 2026 (source)
3. ✅ New user experience delivered (First deployments from September 2026)
4. 🔄 Ovie Voice pilot commenced (2026) (source)
5. 🔲 Ovie Console pilot commenced (2026)
6. 🔲 First Ovie-related revenue contribution