Craneware Reports Six Monthly Financial Results – Increased Sales and New Product
February 22, 2010 – Craneware plc (AIM: CRW.L), the leader in automated revenue integrity solutions for the U.S. healthcare market, is pleased to announce its financial results for the first half of fiscal year 2010. The company reports its financials on a six-month basis.
Financial Highlights for the six months ending 12/31/09 include: (all figures in US dollars)
- Total of $25.0m of contracts signed in the half (H109: $21.8m)
- 25% increase in revenues to $13.3m (H109: $10.6m)
- Future revenues under contract increasing to $71.8m (FY09: $60.1m).
- EBITDA1 increased 36% to $3.4m (H109: $2.5m).
- EBITDA1 margin increased to 26% (H109: 24%).
- Profit before taxation increased by 28% to $3.3m (H109: $2.6m).
- Basic EPS increased by 18% to $0.092 (H109: $0.078).
- Interim dividend of 4.7 pence / 7.2 cents per share with total dividend for FY10 expected to be in line with stated progressive dividend policy. (FY09 Interim dividend 1.8 pence / 2.7 cents; FY09 total dividend 4.7 pence / 7.2 cents).
1. EBITDA refers to earnings before interest, tax, depreciation, amortization and share based payments
Operational Highlights First Half of FY2010
- Launched the Company’s fifth product, Supplies ChargeLink™, and secured first sales
- Increased product attachment rate to 1.5 (compared to 1.4 in FY09)
- Signed reseller agreement with McKesson and secured first sales
- Signed a multi-year contract with North Shore-LIJ Health System, the largest integrated healthcare system in New York State.
Keith Neilson, CEO of Craneware, commented:
“Due to current legislative and fiscal pressures on healthcare providers, our customers are focusing on revenue integrity, a niche in the U.S. IT healthcare market, of which we are at the forefront,”
“These market dynamics combined with Craneware’s focus on quality software and customer support have led to another record half of sales. With our sixth product due to launch this calendar year and our ongoing focus on sales execution, we are confident in our ability to achieve significant revenue and earnings growth.”
A full copy of the Company’s Half-Yearly Results can be found on Craneware’s Web site at craneware.com. In the Investors area of the Web site, click on Announcements.
For further information, please contact:
- +44 (0) 20 7418 8900
- Oliver Scott
- Nicholas Marren
- +44 (0) 20 7653 9850
- Caroline Evans-Jones
- Fiona Conroy
Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta and Arizona, employing over 200 staff. Craneware is the leader in automated revenue integrity solutions that improve financial performance and mitigate risk for healthcare organisations. Craneware’s market-driven, annuity SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. These optimise reimbursement, increase operational efficiency and minimize compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.