Trading Update and Contract Wins

RNS Number : 6153K

Craneware plc

19 July 2011

 



Craneware plc

("Craneware" or the "Company")

Trading Update, Contract Wins and Notice of Results

19 July 2011 - Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, is pleased to give an update on trading for the year ended 30 June 2011 and announce the signing of two substantial sales to multi-hospital groups.

Trading Update

In line with expectations, revenue for the year ended 30 June 2011 is expected to have grown by approximately 34% from $28.4m in 2010, while adjusted profit (before share based payments, depreciation, amortisation and transaction related costs) is expected to show growth of approximately 30% from $7.6m in 2010.  The Company's visibility of revenue for the next three year period has risen from $83m at 30 June 2010 to $105m at 30 June 2011.

These results include the first contribution from ClaimTrust, acquired in February 2011.

Two Significant Contract Wins

Craneware is also pleased to announce the signing of two substantial sales to multi-hospital groups in June 2011. Shriners Hospitals for Children®, a 20 hospital group headquartered in Florida, with hospitals nationally, has signed a five year contract for three of Craneware's products; Chargemaster Toolkit®, Pharmacy ChargeLink® and Supplies ChargeLink®. While a 10 hospital group also headquartered in Florida, has signed a three year contract for Craneware's corporate version of Chargemaster Toolkit.

Due to the Company's annuity SaaS revenue recognition policy the majority of the revenue from these multi-year contracts will be recognised in future years.

Notice of Results

Craneware will be announcing its Final Results for the year ended 30 June 2011 on Tuesday, 30 August 2011.

The management will be hosting a presentation for analysts on the day of results at 09.30am at the offices of Threadneedle Communications. Analysts who wish to attend the presentation should register their interest with Fiona Conroy, contactable at [e-mail] or 020 7653 9847.

Keith Neilson, CEO of Craneware commented, "We are delighted to have closed the year in such a positive manner, securing strong competitive wins with two large multi-hospital groups. With the first fines from the US government's Recovery Audit Contractor programme now starting to come into effect, the drivers for our business continue to grow and we look to the future with confidence."

For further information, please contact:

Craneware plc	Peel Hunt	Threadneedle Communications
[phone]	[phone]	[phone]
Keith Neilson, CEO	Dan Webster	Caroline Evans-Jones
Craig Preston, CFO	Richard Kauffer	Fiona Conroy

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 for healthcare organisations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge, code and retain earned revenue for patient care services and supplies. This optimises reimbursement, increases operational efficiency and minimises compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com and stoptheleakage.com

 

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