Last checked at 16 Jul 2015 07:00
Craneware plc
("Craneware", "the Group" or the "Company")
Trading Update and Notice of Results
16 July 2015 - Craneware (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, provides an update on trading for the year ended 30 June 2015.
The Board is pleased to confirm total value of contracts signed for the year of $72.5m, building on the previous year's record sales performance.
As the Group's revenue recognition policy retains focus on long term sustainable growth and mitigates against year on year fluctuations in the total value of contracts signed, the vast majority of the revenue from these sales has not been recognised in the year to 30 June 2015, and will instead benefit future years. Accordingly the Group expects to report revenues in a range of $44.5m to $45m (FY14: $42.6m) and deliver an adjusted EBITDA in a range of $14.0m to $14.5m (FY14: $13.1m).
Other key performance indicators for the Group continue to trend well including renewals in the year above 100% (by $ value) with strong cash generation resulting in cash reserves in excess of $40m at 30 June 2015 (2014 $32.6m).
Keith Neilson, CEO of Craneware plc commented, "We are delighted with the continued level of strong sales throughout the period that underpin the Group's financial and operational performance. We believe this continues to demonstrate our solutions' importance in supporting US hospitals as they transition towards value based healthcare. Having now defined the "Value Cycle" for US Healthcare providers, Craneware's leading position in providing solutions to discover, convert and optimise value for them along with the Group's ongoing financial performance, gives management confidence in its ability to deliver continued and increasing stakeholder value."
The Company will announce its Full Year Results on 8th September 2015.
For further information, please contact:
Craneware plc | Peel Hunt | |
+44 (0)131 550 3100 | +44 (0)20 7418 8900 | |
Keith Neilson, CEO | Dan Webster | |
Craig Preston, CFO | Richard Kauffer | |
About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Arizona, Massachusetts and Tennessee employing over 200 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance for healthcare organisations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge, code and retain earned revenue for patient care services and supplies. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.