Craneware plc Trading Update (8557H)
26 Giugno 2013 - 8:01AM
UK Regulatory
TIDMCRW
RNS Number : 8557H
Craneware plc
26 June 2013
Craneware plc
("Craneware", the "Group" or the "Company")
Trading Update
26 June 2013 - Craneware (AIM: CRW.L), the market leader in
automated revenue integrity solutions for the US healthcare market,
provides an update on trading for the year ending 30 June 2013.
The Group continues to see increased levels of sales activity
and conversion of its growing sales pipeline into revenue in our
underlying small and medium sized hospital business. Progress also
continues to be made with a significant number of large sales
opportunities. It has not, however, been possible to sign one of
these large deals in this period due mainly to corporate activity
within this customer base. Management expects that the likelihood
of one of these deals closing before the end of the financial year
is now low. In the past, at least one of these large sales deals
has contributed to revenue growth in any individual year, as was
the case in 2012.
As such, without the contribution from new large deals and with
the final month of the financial year still to complete, the Board
expects to report revenue for the year in a range of $41 million to
$42 million and adjusted EBITDA in a range of $11.9 million to
$12.6 million, both in line or marginally ahead of the prior year
but below current market expectations.
Our historical success in large hospital networks and other
'routes to market' confirms the demand for our product set in this
significant sector of the market. However, these sales are more
complex and involve a much longer sales cycle which is inevitably
harder to predict, particularly when further complicated by current
high levels of corporate activity in this segment. The investment
we made during the year in our sales force has produced the
expected positive results in our underlying small and medium sized
business. Looking forward, the Company will be dedicating more
resources on large hospital networks and other routes to market to
specifically focus on delivering revenue growth from these sectors
on a more predictable basis.
Keith Neilson, CEO of Craneware,commented, "The success we have
seen in our investment in sales is not fully reflected in these
results due to the large deals we have in the pipeline not closing
during this year. Although we believe we have been hampered in our
efforts to close these deals by corporate activity within our
customer base, this trend of consolidation will not ease. We will
therefore continue to build our focused team dedicated to servicing
these organisations which we believe will provide us with better
predictability and ultimately a greater success in closing these
deals in the future. Fiscal and regulatory pressures on all US
hospitals continues to drive interest in our unique suite of
solutions and we are confident in the ongoing strength and
relevance of our position within the US healthcare market."
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
Keith Neilson, Dan Webster Caroline Evans-Jones
CEO
Craig Preston, Richard Kauffer Fiona Conroy
CFO
Heather Armstrong
About Craneware
Founded in 1999, Craneware has headquarters in Edinburgh,
Scotland with offices in Atlanta, Arizona, Massachusetts and
Tennessee employing over 200 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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