ATLANTA, Aug. 30, 2011 /PRNewswire/ -- Craneware plc
(AIM: CRW.L), the leader in automated revenue integrity solutions
for the U.S. healthcare market, today announced its financial
results for fiscal year 2011.
Financial Highlights for the Year Ending June 30, 2011 include (all figures in US
dollars):
- Continued strong revenue and profit growth:
- Revenue increased 34% to $38.1m
(2010: $28.4m)
- Adjusted EBITDA(1) increased 32% to $10.1m (2010: $7.6m)
- Adjusted profit before taxation increased 27% to $9.3m (2010: $7.3m)
- Profit before tax increased 19% to $8.7m (2010: $7.3m)
- Basic adjusted EPS increased 17% to 25.6
cents (2010: 21.8 cents)
- Basic EPS increased 6% to 23.1
cents (2010: 21.8 cents)
- Positive operational cash flow of $10.1m (2010: $8.9m)
- Cash at year end $24.2m (2010:
$29.4m) following $9m payment to acquire ClaimTrust in February 2011
- Proposed final dividend of 4.8p (7.7
cents) per share giving total dividend for the year of 8.8p
(14.2 cents) per share (2010: 8p
(12 cents) per share)
(1) Adjusted EBITDA refers to earnings before interest, tax,
depreciation, amortization, share based payments and transaction
related costs
Operational Highlights for FY2011 include:
- Significantly increased market share; approx. 1,500 US
hospitals now use Craneware software
- Integration of ClaimTrust as Craneware InSight, Inc. proceeding
ahead of plan
- Leading indicator, the acceleration of the Recovery Audit
Contractor program, now taking place and expected to increase
demand in future years
"This has been another year of strong growth for Craneware both
in operational and financial terms, highlighting the strength of
our product offering and business model," said Keith Neilson, CEO of Craneware.
"The financial challenges presented by today's economy and
healthcare reform mean it has never been more important for
hospitals to increase efficiency and protect revenue in order to
meet their objectives of providing increased levels of care to a
growing hospital population," added Neilson. "We believe our suite
of software combined with our industry expertise uniquely positions
us to help hospitals protect themselves against this changing
market landscape, automating regulatory updates, increasing
accuracy of pricing, charging and coding for procedures, supplies
and pharmaceuticals and helping to manage the increasing number of
government led audits."
"Consequently with the market drivers, such as the Recovery
Audit Contractor program, expected to increase in the year ahead,
the robust nature of our business model which provides for strong
cash generation and high levels of future revenue visibility,
together with our strong pipeline, we look to the future with
confidence," Neilson concluded.
About Craneware
Craneware (AIM: CRW.L) is the leader in automated revenue
integrity solutions that improve financial performance for
healthcare organizations. 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 optimizes reimbursement, increases
operational efficiency and minimizes 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.
To see the full announcement please go to the investor
section of the craneware.com website.
SOURCE Craneware