AGM Statement and Integration Update
16 November 2021
Craneware plc
("Craneware" or the "Company")
AGM Statement and Integration Update
Craneware (AIM: CRW.L), the market leader in Value Cycle software solutions for the US healthcare market, is pleased to provide an update on trading ahead of its Annual General Meeting for the financial year ended 30 June 2021 which takes place at 10am today.
The Company has continued to make positive progress during the first four months of the new financial year, trading in line with management's expectations.
Integration progressing well
The integration of Sentry Data Systems is progressing ahead of plan, with the integration of operational departments and operating systems nearing completion and the sales and technology teams on track to be fully integrated by the end of the current financial year. Good levels of initial synergies have already been realised, more than fully mitigating the salary inflation currently being seen across the industry. Morale in the enlarged group is strong with a collective passion to "transform the business of healthcare" resulting in a lower attrition rate than the industry average widely reported.
Positive sales activity
Sales activity is high, with initial cross-sale opportunities emerging, as anticipated, across the two customer sets alongside new customer opportunities. The migration of existing customers to the Trisus platform continues to plan with all customers expected to be migrated by the end of calendar year 2022.
Increased scale and opportunity
The acquisition of Sentry has significantly increased Craneware's scale and opportunity, expanding the Group's pharmacy offerings, customer base and valuable data sets, as well as increasing total revenue visibility for the next three years to approximately half a billion dollars.
Craneware's AI and data science team continue to analyse what the Company believes to be the largest and most relevant independent proprietary hospital data set in the world. The Group's aim is to identify future product opportunities further underpinning the long-term success of the Company; achieving its mission: to profoundly impact healthcare by improving customers' operational efficiency and margins, so they can continue to invest in providing quality care for their communities.
Confident outlook
With a strong balance sheet, high levels of visible revenue and strong customer retention rates, Craneware has a strong financial foundation from which to accelerate growth and to fulfil its potential, thereby increasing shareholder value. T he Board is confident in the continued strong performance of the business.
For further information, please contact:
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Craneware plc |
+44 (0)131 550 3100 |
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Keith Neilson, CEO |
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Craig Preston, CFO |
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Alma (Financial PR) |
+44 (0)20 3405 0205 |
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Caroline Forde, Hilary Buchanan, Joe Pederzolli |
craneware@almapr.co.uk |
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Peel Hunt (NOMAD and Joint Broker) |
+44 (0)20 7418 8900 |
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Dan Webster, George Sellar, Andrew Clark |
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Investec Bank PLC (Joint Broker) |
+44 (0)20 7597 5970 |
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Patrick Robb, Henry Reast, Sebastian Lawrence |
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Berenberg (Joint Broker ) |
+44 (0)20 3207 7800 |
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Mark Whitmore, Jack Botros, Alix Mecklenburg-Solodkoff |
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About Craneware
We at the Craneware Group of companies, including our latest additions Sentry Data Systems and Agilum Healthcare Intelligence, passionately believe we can impact healthcare profoundly by delivering the insights healthcare organizations need to also transform the business of healthcare. Our shared vision is to be the operational and financial partner for U.S. healthcare providers.
Our combined suite of applications and industry-leading team of experts help our customers contextualize operational, financial, and clinical data, providing insights that clearly demonstrate what great looks like. These value cycle insights deliver revenue integrity and 340B compliance, as well as margin and operational intelligence - something no other single partner can provide.
Together, approximately 40% of registered U.S. hospitals are now our customers, including more than 2000 U.S hospitals and health systems and almost 10,000 clinics and retail pharmacies. Our customers are operating with a financial impact of nearly half a trillion dollars. We have data sets from customers covering more than 150 million unique patients encounters.
Learn more at craneware.com
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