LONDON (ShareCast) - (ShareCast News) - Healthcare industry value cycle solutions provider Craneware continued its "strong performance" throughout the 2017 full year, it claimed in a trading update on Tuesday, with the group expecting to report full-year revenue growth of 16% to $57.8m and EBITDA of $18m, up from $15.9m, for the 12 months to 30 June.
The AIM-traded firm said underlying sales in the year continued to support further future growth.

In accordance with the company's revenue recognition policy, the majority of the revenue resulting from sales would be realised over future periods, continuing to add to the group's long term visibility of revenue under contract.

In addition, the company launched its first product on its new cloud based platform 'Trisus', with the board reporting early sales of 'Trisus Claims Informatics'.

Launched in June, the product enabled hospitals and healthcare systems to drive revenue growth and increase compliance by automating claims review through analysing for completeness, accuracy, and patterns of charging behavior.

"We are delighted to confirm ongoing double digit growth and the first product sales on our new cloud-based platform, Trisus," said CEO Keith Neilson.

"The need to drive value in healthcare, and the challenges this brings, remains a universal topic of focus.

"We believe the innovation in Trisus positions us firmly at the forefront of an expanding market opportunity as the long term shift in US healthcare to value-based care and increased consumerism continues unabated."

Other key performance indicators continued to be positive, the board claimed.

Despite fewer renewals falling due in the year, the group successfully renewed the number of hospitals that were due for renewal at greater than 100% by dollar value, maintaining ongoing customer retention "significantly higher" than the industry norm.

Continued strong cash generation in the year resulted in cash reserves in excess of $50m at 30 June, up from $47m a year earlier.

The group said it continued to utilise its cash reserves to invest in the future, including in further development of the 'Trisus' product suite and its cost analytics produce 'Craneware Healthcare Intelligence'.

It retained the funding facility from the Bank of Scotland of up to $50m as it continued to investigate strategic opportunities to further expand its 'value cycle' solution.

"The ongoing investment in the Trisus platform and our Cost Analytics solutions continue to help customers improve margins so they can invest in quality patient outcomes," Neilson explained.

"This growing market opportunity, combined with our ongoing profitable growth and strong cash position, provide management with confidence in its ability to deliver stakeholder value, at the same time as investing in our future."

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