5× new logo growth is just the beginning...

Oneview (ONE) provides a unified communication and engagement platform between patients and healthcare providers. Post pandemic new logo wins have grown over 5× the historical rate boosted by nursing shortages, healthcare virtualisation and platform consolidation (Fig 1).

• Nursing shortage: the World Health Organisation estimates a shortage of 11m health workers by 2030, and over 1m shortage in U.S. alone. Compounded with an ageing population where the number of people aged over 65 is forecast to double by 2040. Oneview addresses the shortfall, increasing nurse productivity by 2–12 minutes per service request (e.g. via room automation).
• Virtualisation of care: Post COVID, healthcare virtualisation has driven increasing uptake of Oneview. As recently highlighted by Phil Rackliffe president & CEO of AIS at GE HealthCare, organizations are being asked to deliver more coordinated, personalized care at a time when resources are increasingly constrained. Oneview and Baxter's ecosystem provides this solution. Oneview was the first ASX-listed company (and first in connected care) to achieve ISO 42001 certification for AI management, supporting patients' preference for healthcare providers' AI agents.

• KOL recognition and global opportunities: in our view Michael Dowling, CEO Emeritus of Northwell Health joining Oneview's board was a watershed moment. Northwell is the largest healthcare provider in New York State. His appointment to the board and association with ONE in our view is strong evidence of platform validation. Northwell itself presents a large potential opportunity for ONE with 6.6k beds.

Recommendation: Initiate on ONE with a A$0.29 valuation (~80% TSR). ONE has derated over SaaSpocalypse concerns, which in our view are unfounded. We think ONE's customer profile & partnerships reflect a secular growth opportunity. Revenue growth is at an inflection point and OPEX has likely peaked.

Fig 1: Oneview new logo wins accelerating

Source: Company data, Homodeus research