The good news story continues for Craneware, the Scottish provider of healthcare software to the US market, with revenue anticipated to be up 34% on the 2010 figure of $28.4m for the year to 30 June 2011. Growth was boosted by the contribution from ClaimTrust, the SaaS revenue cycle solution provider company it acquired in February.
In its latest trading update, Craneware said revenue is in line with expectations. Adjusted profit is expected to show a 30% increase over the $7.6m of last year, although the “real” profit will be lower.
Two significant multi year, multi hospital contracts - one running over Craneware’s favoured five year period, one over three years – helped increase revenue visibility over the next three years from $83m at the end of FY 2010 to $105m. These contracts will have been more than welcome given that at the time of its half year report (see here) the company raised a note of caution referring to short term timing difficulties around the signing of large sales.
The full results are due on 30 August, when it will be interesting to see the revenue split and growth across its product line, and how much of the revenue increase was due to organic versus acquisition-led growth. And of course, the SaaS versus on-premise split.