Edinburgh firm beats forecasts after snubbing US approach
Craneware's software is used in about 2,000 hospitals across the US, giving it an approximately 40% share of that market. Its products are used by around a further 10,000 clinics and affiliate retail pharmacies.
The company told the market today that it 'experienced positive trading throughout the fiscal year, delivering continued strong growth, and profitability ahead of consensus market expectations'. Annual recurring revenue increased by 7% to $184 million amid 'continued sales momentum' and the company stated that it continued to 'deliver high levels of operating cash conversion, which have been used to invest in the product portfolio, reduce debt, and interest costs'. Total bank debt was reduced to $27.7m from $35.4m, while cash reserves stood at $55.9m by year-end, up from $34.6m last year.
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And the company underlined its confidence of achieving further growth, declaring that it 'anticipates that the ongoing drive within US healthcare to improve efficiency and deliver value in healthcare will continue to provide a positive market environment for Craneware's offerings'.
Craneware added: 'The partnership with Microsoft is progressing well, raising the profile of The Craneware Group and its AI-powered Trisus offerings with hospital CIOs (chief information officers) across the US, providing the basis for increased market penetration in future periods. AI development in conjunction with Microsoft continues as planned.'
Chief executive Keith Neilson said in a statement to the stock market: 'We are pleased to see our growth rates accelerating and profitability exceed expectations, with this year's performance supporting a move to sustainable, double-digit growth.
'Our extensive data sets and the powerful insights we can provide via our Trisus platform give our customers the means they need to improve their operational and financial performance. We have a unique capability to support our customers in their missions, and are seeing this translate into continued strong expansion sales within our customer base and a significant and growing base of recurring SaaS (software as a service) revenues.
'With continued strong cash generation, and a strategic position as a source of independent data and insights at the heart of the US healthcare market, we are excited by the opportunity ahead, for us and our customers, and look to the future with confidence.'
Headquartered in Edinburgh, Craneware has about 200 employees in the UK made up mainly of product developers and engineers. The company employs roughly another 600 people in the US following the £283m acquisition of Florida-based Sentry in 2021.
Shares in the company closed up 10.44%, or 235p, at 2,480p.
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