Craneware Group | 1HFY26 trading update – strong performance
Craneware has released a positive update on its results for the half-year through end December. The company reported strong YoY growth of 6% in revenue, and 10.2% in adjusted EBITDA, despite disruption connected with the stay of implementation of the HRSA Rebate Model Pilot. Annual Recurring Revenue increased 4% and Net Revenue Retention exceeded 100%. The EBITDA margin was 31.5% continuing Craneware's long track record of reliably delivering a 30% plus margin even as it continues to invest in product development. Craneware is trading in line with current full-year expectations, and we leave our forecasts unchanged, although this update suggests our FY26 EBITDA forecast of US$69.0m may prove to be on the light side. Our discounted cash flow valuation computes to 3,112p, 65% above the current share price while the recovery in the US healthcare services index from mid-2025 suggests a more positive background for Craneware's core market following turbulence earlier in the year.Craneware is engaged in the development, licensing and ongoing support of computer software for the U.S. healthcare industry. Co.'s solutions span four product families: Patient Engagement, Charge Capture & Pricing, Revenue Collection & Retention, and Cost Analytics. The patient engagement segment provides: medical necessity & prior authorization, and patient responsibility. The charge capture & pricing segment provides procedures, pharmacy, and supplies. The revenue recovery & retention segment provides billing & claims analysis, audit management, and denials management. The cost analytics segment provides cost of care.
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