Craneware Announces Year-End Financial Results for Fiscal Year 2016

Company Continues to Expand Product Line with Value Cycle Solutions to Help Provider Organizations Improve Margins and Invest in Quality Patient Outcomes

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Craneware

Sep 06, 2016, 01:32 ET

ATLANTA, Sept. 6, 2016 /PRNewswire/ -- Craneware plc (AIM: CRW.L), the healthcare market leader in automated value cycle solutions, announced results for its 2016 fiscal year that ended June 30, 2016.

Financial Highlights (U.S. dollars)

Total Contract Value in the year continues at record levels of $82.3m (FY15: $72.9m)
- New sales increased by 63% to $58.6m (FY15: $35.9m)
- Renewal rate remains above 100% by dollar value
Revenue increased 11% to $49.8m (FY15: $44.8m)
Adjusted EBITDA^1.increased by 10% to $15.9m (FY15: $14.4m)
Profit before tax increased by 10% to $13.9m (FY15: $12.5m)
Basic adjusted EPS increased 13% to $0.429 (FY15: $0.378) and adjusted diluted EPS has increased to $0.423 (FY15: $0.375)
Continued operating cash conversion above 100% of Adjusted EBITDA
Cash at year-end of $48.8m (FY15: $41.8m) after payment of $6m dividend to shareholders
Proposed final dividend of 9p (12 cents) per share giving a total dividend for the year of 16.5p (22 cents) per share (FY15: 14p (22 cents) per share)

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

Operational Highlights (Finals)

U.S. healthcare market continues its evolution towards value-based care with a critical dependency on accurate financial and operating data
Further expansion of the product suite to support the value cycle, including:
- Development of Trisus Patient Payment Module, a patient engagement and access gateway product, on track to launch during calendar 2016
- Launch of Craneware Healthcare Intelligence, a new business unit, developing solutions to address an emerging but significant market opportunity for healthcare cost analytics
Signed two significant five year contracts, worth a combined $15.5m
Continued high levels of customer retention
Total visible revenue increased 23% to $149.1m (FY15 same 3 year period: $121.1m)

"As the market continues to evolve, Craneware is in a stronger position than ever," said Keith Neilson, CEO of Craneware. "U.S. healthcare providers are seeking the solutions to address the challenges the new value-based reimbursement environment brings to them, and we believe that by expanding the products in our value cycle suite, we are able to address these challenges. We are confident that the ongoing investment we are making, combined with our continuing sales successes, mean we are well positioned to deliver continued future growth as well as increasing stakeholder value."

About Craneware

Craneware (AIM: CRW.L) is the leader in automated value cycle solutions that help provider organizations discover, convert and optimize assets to achieve the best clinical outcomes and financial performance. Our solutions normalize disparate data sets, bringing in up-to-date regulatory and financial compliance data to deliver value at the points where clinical and operational data transform into financial transactions, creating actionable insights that enable informed tactical and strategic decisions. Learn more at Craneware.com.

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SOURCE Craneware