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Edinburgh-based Craneware, which does most of its business in US healthcare market, has increased sales by approximately 100% which includes a significant new contract signed at the end of the year.
The new contract is with a large hospital network in the Eastern US, for its Pharmacy ChargeLink solution. From October 2018, Craneware’s solution will be rolled out to the 12 facilities across the Network. This contract is expected to deliver in excess of $6m of revenue over its initial five year term. As per the revenue recognition policy all of the revenue from this contract will be recognised in future periods.
In addition to this record sales performance, the Group expects to report increases of approximately 16% in revenue and 20% in adjusted EBITDA for the year ended 30 June 2018, extending the run of organic double digit growth delivered in prior years.
Keith Neilson, CEO of Craneware plc, commented, “These record results demonstrate the ongoing momentum we are seeing across all strata of hospitals including large and complex health systems as they embrace the realities of value-based economics within healthcare.
“The strength of our solutions and the value they deliver to our customers, allows us to support our customers as they address the challenges resulting from the continued evolution of the US Healthcare market. We are playing an increasingly strategic role in assisting healthcare providers to deliver better healthcare through sustainable financial performance, whilst mitigating operational and compliance risks.
“These factors combined with our financial strength and high levels of visible revenue for future years, gives management confidence in its continuing ability to deliver increasing stakeholder value year on year whilst investing in our future.”