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Half Yearly Report

28 February 2012 – 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 2011.

Financial Highlights (US dollars)

  • Revenue increased 13% to $18.8m (H111: $16.6m)
  • Adjusted EBITDA1 steady at $4.7m (H111: $4.6m)
  • Profit before tax $3.8m (H111: $4.3m)
  • Adjusted basic EPS decreased 11% to 11.2 cents (H111: 12.6 cents)
  • Cash at period end $23.6m (H111: $31.2m), from $24.2m at 30 June 2011
    • Over $4m cash collected since period end
  • Proposed interim dividend of 4.8p per share (H111: 4.0p)

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

Operational Highlights

  • New partnership signed at end of period
  • Further significant partnership announced this morning,
    • Mitigates the $0.7m financial impact to EBITDA in the period of third party contract loss previously announced
    • Extends market opportunities for all Craneware products
    • Further underlines the Board’s confidence in current year
  • Signs of increased activity post 31 December 2011, the US Government Electronic Health Records Incentive Payments claims deadline
  • Renewal levels remain strong at over 100% of dollar value
  • Craneware InSight integration ahead of schedule and first cross-sales delivered
  • Increasing collaboration with partners presents enlarged market opportunity
  • Leading indicator, the Medicare Recovery Auditor programme (previously RAC programme) continues to accelerate

Keith Neilson, CEO of Craneware commented:

“We are pleased to announce this morning a significant new partnership which, combined with our growing pipeline gives us confidence in securing a positive outcome for the year, and mitigates the mixed results for the first half of the year which, in management’s opinion, were impacted by a combination of temporary factors.”

“The dramatic upheaval taking place in the US healthcare market continues to present a significant long term opportunity for Craneware. Our vision is to be the partner that healthcare providers rely on to improve and sustain strong financial performance through revenue integrity. With approximately a quarter of US hospitals using one or more of our solutions and many of the largest suppliers to this market seeking to add our software to their offerings, we believe we are well placed to capitalise on this significant opportunity, delivering continued growth and shareholder value.”

For further information, please contact:

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 and mitigate risk for healthcare organisations. Craneware’s market-driven, 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 minimise compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.