Quality over Quantity

• Two-track Fit-for-purpose GTM strategy: EPIC's new revenue channel is timely, coming at a time when hospitals face mounting financial pressures. This has provided ONE's customers a cost-effective alternative to onboard. The move has reignited 49% of ONE's pipeline whilst offering a trojan horse for longer-term land, expand and upsell. For customers able to afford the full immersive experience CXP still provides that pathway.
• New opportunities quantified: the funnel from the Baxter partnership has now been quantified: 131 open opportunities (~36k licensed beds). The new revenue channel from Bedside Hub has also already generated 16 active EpicTV opportunities (~20k licensed beds). Both bring large potential pipeline opportunities above ONE's current 15k endpoints.
• JAWS: AI development has accelerated feature-development while cutting development costs. Combined with the redesigned front end being largely complete, we forecast development costs to remain at the lower level (Fig ?) further driving operating leverage (Fig ?).

Earnings and valuation revision: Revise FY26-28e EPS +13%, +9%, +6% from lower development costs. DCF valuation of A$0.28/share.

Recommendation: ONE in our view has derated over unfounded SaaSpocalypse concerns. 1H26 has shown material development in new revenue opportunities. We think ONE's customer profile & partnerships reflect a secular growth opportunity. Revenue growth is at an inflection point and OPEX has likely peaked. We value Oneview at A$0.28/share which is 75% above current market price.

Fig 1: Live endpoints and total potential waterfall

Source: Company data, Homodeus research