Last checked at 13 Feb 2018 07:00
Craneware plc
("Craneware", "the Group" or the "Company")
Significant Contract Wins
13 February 2018 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, is pleased to announce two significant new contracts with hospital providers in the US. Both hospital providers are new customers to Craneware.
The first contract with a large blue chip healthcare provider, sees Craneware's Value Cycle products being deployed across this organisation's 20 hospitals. Craneware's solutions will be an integral part of this provider's major system change, helping to ensure revenue integrity during the initiative and beyond. This contract is expected to deliver c$5m of revenue over its initial multi-year term.
The second contract win with an innovative surgical hospital is for the provision of Craneware's suite of products as part of its strategic growth plans, deploying multiple Craneware solutions, including the Trisus Platform and Trisus Claims Informatics. This provider is focused on improving all aspects of its value cycle. This multi-year contract is expected to deliver c$3.5m of revenue over its initial term.
In accordance with the Company's revenue recognition policy, the majority of the revenue resulting from these two contracts will be recognised over future periods, adding to the Group's long term visibility of revenue under contract, supporting ongoing financial performance.
Keith Neilson, CEO of Craneware plc, commented, "These contract wins confirm that the positive momentum and financial success we reported in the first half of the year has continued into the second half.
"This is further evidence of the strategic importance and value that Craneware's solutions can bring to all sizes and complexities of hospital healthcare providers, as they look to address the challenges they face with the ongoing evolution of the US Healthcare market.
"This continued momentum across the entire business, combined with the strength of our solution set, means we are well positioned to support our customers in the new era of value-based care and deliver increasing stakeholder value."
For further information, please contact:
Craneware plc | Peel Hunt | Alma |
+44 (0)131 550 3100 | +44 (0)20 7418 8900 | +44 (0)208 004 4218 |
Keith Neilson, CEO | Dan Webster | Caroline Forde |
Craig Preston, CFO | Adrian Trimmings George Sellar | Hilary Buchanan Robyn Fisher |
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The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
About Craneware
Craneware enables healthcare providers to improve margins and enhance patient outcomes so they can continue to provide quality outcomes for all.
Craneware is the leader in automated value cycle solutions that help US Healthcare provider organisations discover, convert and optimise assets to achieve best clinical outcomes and financial performance. Founded in 1999, Craneware is headquartered in Edinburgh, Scotland with offices in Atlanta, Boston and Pittsburgh employing over 250 staff. Craneware's market-driven, SaaS solutions normalise disparate data sets, bringing in up-to-date regulatory and financial compliance data to deliver value at the points where clinical and operational data transform into financial transactions, creating actionable insights that enable informed tactical and strategic decisions. To learn more, visit craneware.com and thevaluecycle.com.