Shares of Edinburgh-based Craneware plc, a provider of software for financial performance in the US healthcare market, fell as much as 7% after it published an update on trading for the six months ended December 31, 2025.
The firm said: “Craneware is pleased to announce a strong performance for the six months ended 31 December 2025, delivering year-on-year revenue growth of 6% to c.$106m (H1 FY25: $100m) and double-digit growth in Adjusted EBITDA to approximately $33.4m (H1 FY25: $30.3m).
“This reflects continued execution of the Group’s strategic priorities and sustained demand across its core markets. Annual Recurring Revenue (“ARR) has, so far, grown by approximately 4% to c.$184.3m (H1 FY25: $177.3m), with continued sales and Net Revenue Retention above 100%.
“The Group continues to deliver high levels of operating cash conversion, which has been used to invest in its product portfolio, reduce debt and interest costs, with total bank debt reduced to $23.4m (H1 FY25: $31.6m), whilst retaining healthy total cash reserves of $71.2m (H1 FY25: $72.2m) after adjusting for cash in transit of $30.3m …”
However, Craneware added: “The introduction of the Health Resources and Services Administration (HRSA” Rebate Model Pilot, which aimed to reshape reimbursement dynamics within the US 340B program, was stayed by a US District court and in turn, HRSA has announced a temporary halt to the pilot programme, giving welcome short-term clarity for healthcare providers.
“While this halt has impacted the Group’s reported revenue and recurring revenue growth for the period, relating to signed sales contracts in this area, the speed at which the Group was able to launch a fully viable Rebate solution to protect its customers, demonstrates the depth of data and technical strength of the Trisus platform, and the team’s commitment to customer success.”
Craneware CEO Keith Neilson said: “We are pleased to have delivered another healthy first half performance, which combined with the strength of our recurring revenue model provides confidence in near-term, sustainable double-digit growth, as customers increase their use of our Trisus platform and platform partner offerings.
“Through our continued innovation, including collaborations with Microsoft and Oracle, we are ideally positioned to support our customers in the evolving landscape of US Healthcare.
“With continued sales successes, ARR growth and continued strong cash generation, we are well positioned to leverage our strategic position as a powerful source of independent data and insights at the heart of the US healthcare market. We look to the future with confidence.”