Up another 6%, Oneview (ASX:ONE) share price hits 10-bagger status today

Additional contract information sends this healthcare tech company to the moon.

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four excited doctors with their hands in the air

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The Oneview Healthcare PLC (ASX: ONE) share price has surged as high as 52 cents today, the highest point it’s been since 2019.

The healthcare software company’s shares have pulled back slightly, still up 6.38% trading at 50 cents at the time of writing.

Let’s take a look at what’s driving the Oneview share price out of the doldrums to new highs in 2021.

Oneview reveals contract details

Last Friday, Oneview revealed it had signed public healthcare provider Northern Health, its first Cloud Start customer in Australia.

Cloud Start is a fully-managed Samsung tablet solution, enabling virtual care, entertainment, up-to-date patient information and other services.

Under the agreement, Cloud Start will be deployed at the Northern Health, Stage 2 Inpatient Unit Expansion Project, enabling patients to communicate with their clinicians in a COVID-19 safe manner.

In today’s announcement, Oneview provided the material terms of the contract with Northern Health.

According to the statement, the agreement will include an initial contract for 126 beds with a term of 5 years.

The implementation will include standard software fee arrangements on a per bed per day basis, where no material conditions need to be satisfied before a customer signs up and becomes legally bound to a contract.

Oneview advised that it does not expect the revenue from this deal to be material in 2021.

The Oneview share price hits ten-bagger status

The Oneview share price has taken investors who bought shares in January to the promised land, surging ~1,010% this year from 4.5 cents to 51 cents at the time of writing.

The healthcare technology company first started making moves on 1 February, when it signed a distribution agreement with Samsung. Under the agreement, Samsung would distribute Oneview’s Cloud Start product to healthcare-focused enterprise resellers.

The Oneview share price surged from ~115% from 4.5 cents to 9.5 cents on the day.

The second leg up came about on 12 March, after the company signed an investor awareness agreement with S3 Consortium trading, better known as Next Investors. The company’s shares surged 100% from 8 cents to 16 cents on the day of the agreement.

Since then, the company has continued to kick goals, including the attainment of ISO 27001 certification award, the launch of its cloud-based care experience platform, CXP Cloud Enterprise and Friday’s first Cloud Start customer signing.

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Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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