Oneview Healthcare (ONE) H2 2024 earnings summary

Executive summary

• Revenue for 2024 reached €9.9 million, up 5% year-over-year, with recurring revenue of €7.2 million, up 9%.

• Gross margin improved to 67% from 66% in 2023.

• Net loss widened to €10.8 million, with adjusted EBITDA loss of €8.8 million, impacted by delayed projects and investment in US deployment resources.

• Eight major new US customer logos were added, a record for any 12-month period.

• The Baxter partnership was extended and expanded to Canada, driving pipeline growth.

Financial highlights

• Total revenue increased 5% year-over-year to €9.9 million; recurring revenue rose 9% to €7.2 million.

• Gross profit increased 8% to €6.7 million; gross margin at 67%.

• Adjusted EBITDA loss was €8.8 million, a 60% increase from €5.5 million loss in 2023.

• Cash at year-end was €13.8 million, up from €11.5 million, following an oversubscribed capital raise.

• Net assets rose 46% to €13.3 million.

Outlook and guidance

• Deferred revenues from delayed US and Irish projects are expected to be recognized in 2025.

• Focus remains on accelerating deployment of contracted beds and leveraging the Baxter partnership.

• Gross margins are expected to remain in the mid-to-high 60s, with potential for improvement as mobile products grow.

• Management expects existing cash and working capital to fund operations and capital expenditure for at least 12 months.

• US market remains the primary growth target, aiming for 15-20% market share.