Craneware plc Trading Update (5852G)
02 Luglio 2012 - 8:00AM
UK Regulatory
TIDMCRW
RNS Number : 5852G
Craneware plc
02 July 2012
Craneware plc
("Craneware" or the "Group")
Trading Update and Notice of Results
2 July 2012 - Craneware plc (AIM: CRW.L), the market leader in
automated revenue integrity solutions for the US healthcare market
provides an update on trading for the year ended 30 June 2012.
Trading Update
The Group continues to make positive progress with a number of
large opportunities identified at the time of the interim results,
however no further large deals have closed in the financial year.
Consequently the Board expects to report revenue for the year in
the region of $41m (FY11: $38.1m) and adjusted EBITDA*
approximately 15% higher than the previous year (FY11: $10.1m).This
is below current consensus of market expectations for the year.
As announced at the time of the interim results, the Group's
performance has been impacted by an unexpectedly high percentage of
healthcare providers focusing on Electronic Health Records. As a
result, sales cycles extended for all the Group's products in the
first half of the year. However, increased month on month activity
and sales levels in the second half of this year support the
Board's expectation that sales cycles are returning to normal
lengths.
Medicare Recovery Auditors continue to add pressure on all US
hospitals as overpayments being recovered from hospitals increase
quarter on quarter. As a result, the Board believes hospitals will
continue to refocus on Revenue Integrity Solutions to rectify the
underlying causes of the Medicare Recovery Auditors' findings as
well as to provide a strong underlying return on invested
capital.
Keith Neilson, CEO of Craneware plc commented "This has been a
mixed trading year for the Group; however we are in a stronger
position than we have ever been. Our sales and opportunity pipeline
continues to build, supported by a market that is refocusing on the
problems our products can help solve. This combined with the
acknowledged quality of our product suite and our balance sheet
strength, means we are well placed to help our customers deal with
their increasing fiscal and regulatory pressures and as a result we
continue to be confident in the future growth of the Group."
Notice of Results
Craneware will be announcing its preliminary results for the
year ended 30 June 2012 on Tuesday 4 September 2012.
*adjusted EBITDA is profit before share based payments,
depreciation, amortization and acquisition related costs.
For further information, please contact:
Craneware plc Peel Hunt Newgate Threadneedle
-------------- --------------- --------------------
+44 (0)131 550 +44 (0)20 7418
3100 8900 +44 (0)20 7653 9850
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Keith Neilson, Dan Webster Caroline Evans-Jones
CEO
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Craig Preston, Richard Kauffer Fiona Conroy
CFO
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About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh,
Scotland with offices in Atlanta, Arizona, Massachusetts and
Tennessee employing over 220 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
This information is provided by RNS
The company news service from the London Stock Exchange
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