Oneview Healthcare PLC (ONE) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the Oneview Healthcare Plc Annual General Meeting. [Operator Instructions] I would now like to hand the conference over to Joe Rooney, Chairman of the Meeting. Please go ahead.

Thank you very much. Good afternoon, ladies and gentlemen. My name is Joe Rooney, and I'm very happy to welcome you to the 2020 Annual General Meeting of Oneview Healthcare Plc. In accordance with the company's constitution, I have been appointed by the directors to act as Chairman in respect of this AGM. Let me begin by introducing my fellow board members. With me in the boardroom here in Dublin is James Fitter, the Chief Executive Officer and Executive Director; and Helena D’Arcy, the Company Secretary. Joining us by telephone are Mark McCloskey, President and Executive Director; Dr. Lyle Berkowitz, Independent non-Executive Director, and Michael Kaminski, Independent non-Executive Director. The company considers the health, safety and well-being of shareholders and colleagues to be a priority. And has, therefore, implemented the government restrictions on the measures advised by the Irish health authorities to minimize the spread of COVID-19 in relation to the holding of this AGM. It is therefore necessary to hold today's AGM with limited attendance. As laid out in the notice of the meeting, we have asked people not to attend the physical AGM this year. And to its instead avail of the established and existing proxy voting services in order for your vote to count. To take the opportunity to submit in advance any questions you would like addressed at this AGM and to avail of the teleconferencing facility to listen to the business of the meeting. So thank you for all your cooperation in these difficult circumstances. And for your help in ensuring that the company adheres to the government's restrictions and the health authorities instructions. The time is now 3 minutes past midday in Dublin. Under Article 54 of the company's constitution, the quorum of this meeting -- for this meeting is 1 person. As I hold a valid proxy appointment, I can confirm that the quorum has been validly constituted, and the meeting may proceed to the business. The purpose of today's meeting is to consider the resolution set out in the notice of the AGM sent to shareholders on the 19th of October 2020. But first, I would like to hand you over to James Fitter, who will spend a few minutes reviewing the progress made by Oneview Oneview since the last AGM and give a business update. Following that update, I will move to shareholder questions and the formal business of the meeting. So James?

Thank you, Joe. The past 8 months since the onset of the pandemic has been a challenging yet rewarding time for the company. Our initial response was to reach out to all of our existing customers, to see how we can assist them in their time of need. And it quickly became apparent that video was going to play a crucial role as clients grappled with shortages of PPE, incredible pressure on their front line nursing staff and the need to explore new virtual models of care on the fly. Our clients are extremely thankful to have Oneview's foundational technology platform in place to allow them to deploy virtual rounding, virtual visitation and virtual interpretation quickly as it became apparent that high-risk patients posed new risks and challenges to their care teams. We heard many harrowing stories from our customers of nursing staff, having to broker end-of-life conversations on their smartphones between COVID patients and their loved ones. Enterprise strength video capability has long been part of our vision, as evidenced by our ability to stream a funeral for a high-risk patient at UCSF, who was unable to leave the hospital to attend to mother's funeral 5 years ago. But sadly, it has taken a global pandemic to verify this use case at scale. Pivoting to deliver our cloud for COVID solution in less than 3 weeks in March, for 1 of our largest customers in the epicenter of the crisis in New York was testament to our agility and the quality of our entire team and has now laid the foundations to migrate our entire platform to the cloud in 2021. The pandemic has also prompted fresh partnership conversations with a number of exciting companies, and we're thrilled to have joined with Caregility in New Jersey and Cloudbreak in California, to significantly expand our respective product offerings. Just this week, we signed our first Caregility expansion opportunity at OU Medicine Oklahoma, and we look forward to working with both of these market-leading providers to expand the power of the Oneview platform. Their extensive relationships with over 1,800 hospitals in the United States will open many doors for us. This week, we've also been appointed vendor of choice for a new children's hospital in the Midwest of the United States and are on the verge of closing a further cloud opportunity in Victoria in the coming days. Our path to delivering a fully integrated cloud solution is well and truly underway. We've been very encouraged by the market's response to this initiative, which has rekindled a number of pricing conversations with major enterprise providers in both of our key target markets. We also see cloud enterprise as a logical and cost-effective way to expand our geographical footprint with the health of strategic partners in other markets of interest. We acknowledge the immediate financial pressure many of our existing and potential customers are currently facing but also believe that new virtual models of care will see an acceleration in the deployment of bedside technology. We fervently believe our long-term investment in a scalable, open architecture platform and recent partnership developments leave us uniquely positioned to deliver on the rapidly changing needs of our clients and that the transition to cloud will shorten our sales and implementation cycles, perhaps materially. However, we're not being complacent. As you know, we've implemented a salary sacrifice program for senior staff, ranging between 10% and 1/3 of salary, commencing this month and extending until December 2021. We continue to review all aspects of our cost base at the same time, ensuring we don't compromise our ability to deliver world-class service to our customers. I'd like to take this opportunity on behalf of the company and our clients to say a personal thank you to our founder, Mark McCloskey, who as you know, is stepping down from his full-time role with the company today. Mark has been a great friend and an inspiration to us all. He's devoted an extraordinary amount of time and passion to the business. And I know I speak for everyone at the company when I say we remain determined the CE Mark's vision of a Oneview tablet in every hospital room fulfilled in the months and years ahead. Hopefully, this will be the last pandemic generation has to endure at this scale. I feel certain that health care systems will respond to the challenges that have been posed and be much better prepared for the future. Innovative patient-centric technology like Oneview will undoubtedly be an important part of that future. Thank you for your support.

Thank you, James. Shareholders were invited to submit questions prior to the commencement of this meeting by post to the Company Secretary together with evidence of their shareholding. As of 12:00 p.m. Dublin time on the 10th of November, the final date for receipt of these questions, no questions have been received. Before we proceed to the formal business, I will pause to take any questions from shareholders on the resolutions before the meeting. I'll remind those on the line that the purpose of today's meeting is specifically to consider the business of the resolutions contained in the notice, and therefore, questions are limited to these matters. If there are any detailed supplementary questions, please direct them in writing to the company's secretary at the company's registered offices as per the Investor Relations section of the company's website or by e-mail to C-O-S-E-C, cosec@oneviewhealthcare.com. Please address your questions to me. And if I come out to answer, then I direct the questions to the appropriate colleague who will answer them. So moderator, do we have any questions from shareholders on the resolutions?

At this time, I'm not showing any questions. [Operator Instructions] There are no further questions at this time, and I'll now hand it back to Joe Rooney.

Thank you Elisa. As there are no questions, I will now move to the formal business of the meeting. I will take the notice of meeting issued to members on the 19th of October 2020, including the details of each of the resolutions as read. I'll now move on to the voting procedures. There are 12 resolutions to be considered at this AGM, full details of which are set out in the notice of the meeting. These resolutions shall be voted upon by those shareholders present today in person or by proxy. In accordance with Article 61 of the company's constitution, I, as Chairman, hereby demand voting by poll. Of the 12 resolutions being voted upon today, 9, are ordinary resolutions, which in order to be past, must be approved by a majority of 50% plus 1 vote of those voting. These ordinary resolutions are identified in the notice of meeting. The 3 other resolutions are special resolutions, which in order to be passed, must be approved by a majority of not less than 3/4 of those voting. These special resolutions are identified in the notice of meeting. Every ordinary shareholder or cast holder present as a nominated proxy of CDN, shall have 1 vote for every ordinary share or casts of which he or she is the holder. I now propose that each of the resolutions listed in the notice of the meeting is put to the meeting by way of poll, of the poll. As Chairman of the meeting, I have been appointed as proxy in respect of 99,958,374 shares, representing 57% of the issued capital. No other properties have been appointed, and there are no other shareholders entitled to vote. The proxy vote instructions delivered have been verified by the registrars, Computershare, by reference to the register of members. The casts registered and a list of authenticated voting instruction forms received by the company. I now cast the votes in respect of those 99,958,374 shares in accordance with the proxy vote instructions. No further votes are to be cast, and I declare the poll closed. I confirm that the majority of the resolutions before the meeting have been passed by in excess of 90% of the votes cast. The full result of the poll, including the total of the votes cast for and against the resolutions and the abstentions, will be published immediately through the ASX and on the company website tomorrow. That concludes the business of the meeting. And I would like to thank you all for your attendance today. Good afternoon, and thank you.

That does conclude our conference call for today. Thank you for participating. You may now disconnect.