Craneware revenue soars to $165m after acquisition

Craneware CEO Keith Neilson

Edinburgh-based Craneware, a provider of software for the US healthcare market, announced that group headline revenues for the year ended June 30, 2022, increased 119% to $165.5 million and adjusted EBITDA rose 85% to over $50 million.

The results include an approximate 11-month contribution from recently-acquired Sentry Data Systems Inc and are in line with management’s expectations.

In a trading update, Craneware said: “Software revenue performance and customer retention continues to be robust, as demonstrated by the growth in underlying Annual Recurring Revenue (ARR) to $170m (31 December 2021: $165m).

“As reported at the time of the Group’s Interim Results, professional services revenues have been affected by the impact of the COVID pandemic on hospital workforce and operations.

“We anticipate this situation normalising in the near term.”

Craneware CEO Keith Neilson said: “As the U.S. healthcare market and our customers continue to work tirelessly to overcome the challenges caused by the pandemic, the importance of useable financial and operational data becomes ever clearer.

“Now, more than ever, hospitals and pharmacies need the insight and capabilities our offerings can give them, to ensure their financial strength and ability to continue to deliver outstanding care to their communities.

“It is now just over a year since we acquired Sentry and we are delighted with how the teams have come together behind our shared vision to transform the business of U.S. healthcare.

“With $170m in ARR this year, approximately 40% of all U.S hospitals as customers and a considerably increased scale and offering, we look to the future with confidence.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.