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FY14 Interim Results

11 March 2014 – Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, announces its unaudited results for the six months ended 31 December 2013.

Financial Highlights (US dollars)

  • Revenue increased 5% to $21.1m (H1 2013: $20.1m)
  • Adjusted EBITDA1 increased 6% to $5.7m (H1 2013: $5.4m)
  • Profit before tax increased 7% to $4.8m (H1 2013: $4.5m)
  • Adjusted basic EPS increased 8% to 14.3 cents per share (H1 2013: 13.2 cents per share)
  • Cash at period end $30.6m (H1 2013: $28.6m and $30.3m at 30 June 2013)
  • Proposed interim dividend of 5.7p per share (H1 2013: 5.2p per share)

1. Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, share based payments, released deferred consideration and transaction related costs

  • Good sales performance driven by incremental increases in the number of deals, in the size of hospital groups, the overall deal size and the number of longer-term contracts
  • 2013 Best in KLAS Awards: Chargemaster Toolkit and Bill Analyzer
  • Good growth in InSight Audit supporting the ‘Gateway Products’ strategy
  • Supportive market environment – The Affordable Care Act, new billing models, healthcare consumerisation, RAC and third party payor audits, market consolidation and affiliations
  • Strong revenue visibility over the remainder of the year and beyond

Keith Neilson, CEO of Craneware commented:

“Craneware remains at the forefront of providing solutions to US healthcare providers so they can achieve the revenue integrity required to support improved patient care and outcomes. We have seen a continued increase in sales during the period, to progressively larger hospital groups. The US Healthcare market seems to be settling as strategies are developing to support the need for change and deal with the uncertainties of the Affordable Care Act. With a strong product suite, clear strategic direction and high levels of revenue visibility, we are confident of continued future growth.”

Craneware plc

  • +44 [0] 131 550 3100
  • Keith Neilson, CEO
  • Craig Preston, CFO

Peel Hunt

  • +44 (0)20 7418 8900
  • Dan Webster
  • Richard Kauffer

Newgate Threadneedle

  • +44 (0)20 7653 9850
  • Caroline Evans-Jones
  • Fiona Conroy
  • Heather Armstrong

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.