New product launch success
Craneware revises forecasts on higher sales
Healthcare software company Craneware has revised its revenue and profit expectations after reporting double digit growth in the second half of the year.
The Edinburgh based company, which has almost all of its business in the US health service, now expects full year revenue growth of 16% to $57.8m (FY16: $49.8m) delivering EBITDA of $18m (FY16: $15.9m).
The company has reported encouraging early sales of a new product launched last month, enabling hospitals and healthcare systems to drive revenue growth and increase compliance by automating claims review.
Other key performance indicators continue to be positive. There were fewer renewals falling due in the year, but those which have re-signed have done so on higher value deals.
Cash reserves are in excess of $50m at 30 June (FY16: $47m). The group continues to use its cash reserves to invest and retains the funding facility from the Bank of Scotland of up to $50m as it continues to investigate “strategic opportunities”.
Keith Neilson, CEO, said: “We are delighted to confirm ongoing double digit growth and the first product sales on our new cloud-based platform, Trisus.”
The company will announce full year results on 5 September.