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Craneware focused on US opportunities

Keith NeilsonHealthcare billing company Craneware sees opportunities for “significantly increasing” its market share in the US.

The Edinburgh-based company reported a 22% rise in pre-tax profits for the year and says it has a record pipeline of sales.

Keith Neilson (pictured), chief executive, said: “The unceasing evolution of the US healthcare market towards value-based care presents us with an ongoing, growing market opportunity and the investments we have made mean we now have the potential to deliver against this expanding opportunity.

“With our sales pipeline increasing each year, this increased scalability and opportunity, combined with our high levels of revenue visibility, strong cash position and extensive customer base provide us with confidence in Craneware’s ongoing success.”

Financial Highlights (US dollars)

·      Revenue increased 16% to $57.8m (FY16: $49.8m)

·      Adjusted EBITDA increased 13% to $18.0m (FY16: $15.9m)

·      Profit before tax increased 22% to $16.9m (FY16:  $13.9m)

·      Basic adjusted EPS increased 20% to $0.514 (FY16:  $0.429) and adjusted diluted EPS increased to $0.503 (FY16: $0.423)

·      Total visible revenue increased 13% to $163.8m (FY16 same 3 year period: $145.3m)

·      Continued operating cash conversion above 100% of Adjusted EBITDA

·      Cash at year-end of $53.2m (FY16: $48.8m) after payment of $6.4m dividend to shareholders and increased investment of over $3.0m in R&D

·      Proposed final dividend of 11.3p (14.71 cents) per share giving a total dividend for the year of 20.0p (26.04 cents) per share (FY16: 16.5p (22 cents) per share)

·      Renewal rate remains above 100% by dollar value 

Operational Highlights

·      Continued supportive market environment as the US healthcare market evolves towards value-based care, with a critical dependency on accurate financial and operating data

·      Continued high levels of customer acquisition and retention

·      Successful launch of cloud-based Trisus platform, with extremely positive customer response

·      Initial sales of Trisus Claims Informatics, the first product on the Trisus platform

·      Early adopters secured for Craneware Healthcare Intelligence, the Group’s new business focused on healthcare Cost Analytics and Resource Efficiency (CARE)

·      Record sales pipeline for the current financial year

 

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