TIDMCRW
RNS Number : 6837T
Craneware plc
26 July 2022
Craneware plc
("Craneware", the "Craneware Group", the "Company" or the
"Group")
FY22 Trading Update and Notice of Results
26 July 2022 - Craneware (AIM: CRW.L), the market leader in
Value Cycle solutions for the US healthcare market, today provides
an update on trading for the year ended 30 June 2022 (FY22).
Trading Update
The Company is pleased to announce this update for the enlarged
Craneware Group, following the acquisition of Sentry Data Systems
Inc ("Sentry") on 12 July 2021. Group Headline Revenues in the
period have increased 119% to approximately $165.5m with an
adjusted EBITDA increase of 85% to over $50m. The results include
an approximate 11-month contribution from Sentry and are in line
with management's expectations(2) .
Software revenue performance and customer retention continues to
be robust, as demonstrated by the growth in underlying Annual
Recurring Revenue(1) ("ARR") to $170m (31 December 2021: $165m). As
reported at the time of the Group's Interim Results, professional
services revenues have been affected by the impact of the COVID
pandemic on hospital workforce and operations. We anticipate this
situation normalising in the near term.
As at 30 June 2022, the Group had strong cash reserves of $47.2m
(31 December 2021: Cash of $41.7m) and net debt of $63.1m (31
December 2021: net debt $72.9m) representing circa 1.25 times
reported adjusted EBITDA.
This balance sheet strength, combined with our high levels of
ARR and the potential for an acceleration in professional services
revenue, leaves the Group well positioned for FY23 and beyond.
Post-Acquisition Integration Update and Margin Accretion
The integration of Sentry Data Systems has been completed, the
relevant teams have now been combined and the enlarged sales team
continues to successfully execute on the significant cross-sale
opportunity. As a result, the combined Group adjusted EBITDA margin
target of 30% has been achieved ahead of schedule, with the
synergies achieved to date and the multi-year SaaS nature of
Craneware's contracts mitigating the industry salary inflationary
pressures.
Outlook
Whilst remaining cognisant of the challenges our customers and
partners continue to face, the strength of the newly enlarged
Craneware Group, the breadth of solutions we can provide and the
scale of data flowing through our platform, the Board remains
confident in its ability to address the expanded market opportunity
presented.
Notice of Results
Craneware will announce results for the year ended 30 June 2022
on 19 September 2022.
Keith Neilson, CEO of Craneware plc, commented,
"As the U.S. healthcare market and our customers continue to
work tirelessly to overcome the challenges caused by the pandemic,
the importance of useable financial and operational data becomes
ever clearer. Now, more than ever, hospitals and pharmacies need
the insight and capabilities our offerings can give them, to ensure
their financial strength and ability to continue to deliver
outstanding care to their communities.
"It is now just over a year since we acquired Sentry and we are
delighted with how the teams have come together behind our shared
vision to transform the business of U.S. healthcare. With $170m in
ARR this year, approximately 40% of all U.S hospitals as customers
and a considerably increased scale and offering, we look to the
future with confidence."
(1) Annual Recurring Revenue ("ARR") includes the annual value
of licence and transaction revenues, that are subject to underlying
contracts, as at 30 June 2022.
(2) Expectations pro-rated to take account of an ownership
period of Sentry less than 12 months.
For further information, please contact:
Craneware plc +44 (0)131 550 3100
Keith Neilson, CEO
Craig Preston, CFO
Alma (Financial PR) +44 (0)20 3405 0205
Caroline Forde, Hilary Buchanan, Joe Pederzolli craneware@almapr.co.uk
Peel Hunt (NOMAD and Joint Broker) +44 (0)20 7418 8900
Dan Webster, Andrew Clark
Investec Bank PLC (Joint Broker) +44 (0)20 7597 5970
Patrick Robb, Henry Reast, Sebastian Lawrence
Berenberg (Joint Broker ) +44 (0)20 3207 7800
Mark Whitmore, Richard Andrews, Alix Mecklenburg-Solodkoff
About Craneware
We at the Craneware Group of companies, including our latest
additions Sentry Data Systems and Agilum Healthcare Intelligence,
passionately believe we can impact healthcare profoundly by
delivering the insights healthcare organizations need to also
transform the business of healthcare. Our shared vision is to be
the operational and financial partner for U.S. healthcare
providers.
Our combined suite of applications and industry-leading team of
experts help our customers contextualize operational, financial,
and clinical data, providing insights that clearly demonstrate what
great looks like. These value cycle insights deliver revenue
integrity and 340B compliance, as well as margin and operational
intelligence - something no other single partner can provide.
Together, approximately 40% of registered U.S. hospitals are now
our customers, including more than 2,000 U.S hospitals and health
systems and almost 10,000 clinics and affiliated retail pharmacies.
Our customers are operating with a financial impact of nearly half
a trillion dollars. We have data sets from customers covering more
than 150 million unique patients encounters.
Learn more at www.craneware.com
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END
TSTFLFIADIIEFIF
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