Craneware Announces H1 FY18 Financial Results
ATLANTA, March 6, – Craneware, Inc. (AIM: CRW.L), the healthcare market leader in automated value cycle solutions, today announced its unaudited results for the six months ending December 31, 2017. The company also announced the initial launch of Craneware Healthcare Intelligence, a new business division focusing on providing cost analytics decision support solutions for healthcare organizations with its software solution, Trisus CARE (Trisus Cost Analytics and Resource Efficiency).Financial Highlights
- Revenue increased 16% to $31.1m (H1 2017: $26.8m)
- Adjusted EBITDA1 increased 18% to $9.7m (H1 2017: $8.2m)
- Profit before tax increased 16% to $8.7m (H1 2017: $7.5m)
- Adjusted basic EPS increased 18% to 25.4 cents per share (H1 2017: 21.6 cents per share)
- Cash position of $52m (H1 2017: $45m) following dividend payment of $4.1m
- Proposed interim dividend increased 15% to 10p (H1 2017: 8.7p per share)
1. Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortisation, share based payments and acquisition and share transaction related costs.Operational Highlights
- Two significant contracts secured in the half, with a further two announced post period end
- Increasing market engagement with our newly launched cloud-based platform, Trisus
- Record sales pipeline for the current financial year
- Total visible revenue of over $63.1m for the current financial year and $179.4m for the three-year period to June 2020
(H1 2017 same three year period: $149.1m)
Keith Neilson, CEO of Craneware plc commented, “Our extensive expertise and experience in the US healthcare market means we are well positioned to provide actionable insight for our customers. By combining their financial and operational data in unique ways, our solutions ensure they can continue to thrive in the new era of value-based care.
“The investments made into Craneware’s product suite and operations in recent years means we are now delivering growth rates which are outperforming our industry. We are seeing growing interest across our enlarged product suite and are particularly pleased with the high levels of interest and opportunities across our customer base for our newly launched cloud-based platform, Trisus.
“With an ongoing, growing market opportunity, a record sales pipeline and increasing long-term revenue visibility, we enter the second half of the year with great confidence for the future and the ongoing success of the business.”
The importance of understanding costs across the hospital and health system at the department and patient levels is essential to uncovering cost saving opportunities. Craneware Healthcare Intelligence’s core software solution, Trisus CARE, integrates clinical, financial and operational patient information and determines the actual costs to each patient episode based on the services/activities of the patient during the encounter and the corresponding consumption of resources.
Trisus CARE users are able to:
- identify true cost based on resource allocation;
- determine profitability by multiple metrics including the medical condition;
- gauge an actual patient journey and identify physician variability that is driving cost and profit variability; and
- utilize analytical insights to drive actionable process improvement.
“Healthcare IT systems have traditionally relied on estimations of cost and surrogate markers to approximate the cost against revenue streams. Unfortunately, this has led to a poor understanding of whether revenue covers costs by medical condition,” said Pietro Ferrara, senior vice president and leader of Craneware Healthcare Intelligence. “Trisus CARE sheds light on how variations in clinical care based on physician decisions produce different profit margins by medical condition. This insight can be used to determine best practices which will improve financial performance and lead to a competitive advantage in the marketplace.”
“From hospital management and cost analytics to supply chain and clinical operations, Pietro brings a vast range of international experiences to Craneware,” said Keith Neilson, Craneware CEO. “We are excited about this strategic initiative as we extend the value of our product offering into new and emerging areas.”
For those attending HIMSS18, Craneware Healthcare Intelligence will be demonstrating Trisus CARE in the Georgia, USA booth (#3261).About Craneware
Craneware (AIM: CRW.L) is the market leader in software and supporting services that help healthcare providers improve margins so they can invest in quality patient outcomes. The company’s flagship solution, Chargemaster Toolkit®, has earned the KLAS No.1 ranking in Revenue Cycle – Chargemaster Management since 2006 and is part of our value cycle management suite, which includes Patient Engagement, Charge Capture & Pricing, Coding Integrity, Revenue Recovery & Retention, and Cost Analytics solutions. Learn more at craneware.com.###
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