6 September 2016 – Craneware plc (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, announces its results for the year ended 30 June 2016.
Financial Highlights (US dollars)
- Total Contract Value in the year continues at record levels of $82.3m (FY15: $72.9m)
- new sales increased by 63% to $58.6m (FY15: $35.9m)
- renewal rate remains above 100% by dollar value
- Revenue increased 11% to $49.8m (FY15: $44.8m)
- Adjusted EBITDA increased by 10% to $15.9m (FY15: $14.4m)
- Profit before tax increased by 10% to $13.9m (FY15: $12.5m)
- Basic adjusted EPS increased 13% to $0.429 (FY15: $0.378) and adjusted diluted EPS has increased to $0.423 (FY15: $0.375)
- Continued operating cash conversion above 100% of Adjusted EBITDA
- Cash at year-end of $48.8m (FY15: $41.8m) after payment of $6m dividend to shareholders
- Proposed final dividend of 9p (12 cents) per share giving a total dividend for the year of 16.5p (22 cents) per share (FY15: 14p (22 cents) per share)
1. Adjusted EBITDA refers to earnings before acquisition and share related transaction costs, interest, tax, depreciation, amortisation and share based payments.
Operational Highlights (Finals)
- US healthcare market continues its evolution towards value-based care with a critical dependency on accurate financial and operating data
- Further expansion of the product suite to support the Value Cycle, including:
- development of Trisus Patient Payment Module, our Patient Engagement and Access gateway product, on track for launch during calendar 2016
- launch of Craneware Healthcare Intelligence, a new group business, developing new solutions to address an emerging but significant market opportunity for healthcare cost analytics
- Two significant 5 year contract wins in the year for Craneware core value cycle solutions, worth a combined $15.5m
- Continued very high levels of customer retention
- Total visible revenue increased 23% to $149.1m (FY15 same 3 year period: $121.1m)
Keith Neilson, CEO of Craneware plc commented, “Craneware is in a stronger position than ever and we are passionate about the opportunity ahead. The double digit growth in our reported revenue and adjusted EBITDA are only beginning to reflect the record levels of sales which began three years ago. Importantly, the investment we are making in our product suite mean our market opportunity is now several times larger than it was when we joined AIM in 2007.
“The market continues to evolve as we anticipated. US healthcare providers are seeking the solutions to address the challenges the new value based re-imbursement environment brings to them. We believe the investment we are making to expand the products in our Value Cycle suite addresses these challenges and we are now recognised beyond our original niche within the revenue cycle as a more strategic provider within a hospital’s financial operations and their value cycle.
“We are confident that the ongoing investment we are making, combined with our continuing sales successes, mean we are well positioned to deliver continued future growth as well as increasing stakeholder value.”
For further information, please contact:
- +44 (0)20 7418 8900
- Dan Webster
- Adrian Trimmings
- George Sellar
- +44 (0)208 004 4218
- Caroline Forde
- Hilary Buchanan
- Adrian Trimmings
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 provider organisations discover, convert and optimise assets to achieve best clinical outcomes and financial performance. Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Boston and Phoenix employing over 200 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.