Craneware PLC, a leader in Value Cycle solutions for the US healthcare market, has announced a positive year for the Group in its FY24 trading update. The company's ongoing investment in the Trisus platform has resulted in a good sales performance, with revenue expected to exceed $188m, an 8% increase over the prior year. Additionally, the Group expects to deliver an adjusted EBITDA of at least $58m, a 6% increase over the prior year, and towards the top end of market expectations, maintaining an above 30% EBITDA margin.
The strong sales performance and high levels of customer retention have led to growth in Annual Recurring Revenue (ARR) to $172m, with additional growth expected as more sales and partner success convert to ARR. The Group has also reduced its total bank debt to $35.4m, returned $12.8m to shareholders by way of dividends, and completed share purchases, while retaining healthy cash reserves of $34.6m at 30 June 2024.
The company's CEO, Keith Neilson, expressed confidence in the Group's ability to provide insights for delivering greater value healthcare to their communities, citing the strength of the Trisus platform, increasing partner success, and the unique position the Group holds in its market. The recent alliance with Microsoft is expected to bring new market opportunities, accelerated innovation, and exploration of new AI-based applications.
Craneware will announce its results for the year ended 30 June 2024 on 3 September 2024. The CEO highlighted the company's unique position to support all US hospitals, supported by a strong balance sheet, high levels of revenue visibility, and the partnerships and alliances being developed. He expressed confidence in the expanded and long-term opportunities ahead for the Group.
Craneware PLC, with its Trisus platform, is focused on optimizing revenue integrity, pricing intelligence, decision support, labor productivity, business of pharmacy, and 340B program management for U.S. healthcare providers. The company's collaboration with healthcare providers aims to achieve operational and financial excellence in pursuit of delivering quality care to their communities.