Revenue up 16% to $58m at Edinburgh’s Craneware

Shares of Edinburgh-based Craneware, a software firm that specializes in the US healthcare market, rose about 3% on Tuesday after it reported revenue up 16% to $57.8 million and profit before tax up 22% to $16.9 million in the year to June 30 — and said it has a record sales pipeline for the current financial year.

In his outlook, Craneware chairman George Elliott said: “We remain positive that the business environment in the US will continue to be supportive for our business.

“The investments we have made in the business mean we have the product suite, people and scalability to drive long-term growth and we will continue to build Craneware with the future opportunity in mind.

“While always mindful of the global and US macro environment, the continued sales success, high levels of revenue visibility, continued cash generation and a record sales pipeline provide the board with confidence in the success of Craneware in the year ahead.”

Craneware CEO Keith Neilson said: “We are delighted to report that, with record levels of revenue and profitability, the launch of our Trisus platform with secured sales for the first Trisus product (Trisus Claims Informatics), and the launch of Craneware Healthcare Intelligence, this was the year in which we saw our unique vision of the Value Cycle, turn from concept to reality.

“While laying out our vision for the Value Cycle over the last two years, Craneware has delivered double digit growth in our key metrics, including revenue and profit, supported by sales success throughout the period.

“We have expanded our product suite into the Value Cycle; developed a new cloud-based technology platform, Trisus; and created a new group business, Craneware Healthcare Intelligence, all significantly increasing the company’s total addressable market.

“At the same time we have been investing in improving our customers’ experience and have returned in excess of $15 million to shareholders by way of dividends and share buy backs.

“The unceasing evolution of the US healthcare market towards value-based care presents us with an ongoing, growing market opportunity and the investments we have made mean we now have the potential to deliver against this expanding opportunity.

“With our sales pipeline increasing each year, this increased scalability and opportunity, combined with our high levels of revenue visibility, strong cash position and extensive customer base provide us with confidence in Craneware’s ongoing success.”