Craneware Group | FY24 results - Trisus delivering, raising forecasts
Craneware reported FY24 results slightly ahead of its trading statement, including a 9% YoY increase in revenue. Further to the results, we have raised our forecasts for revenue growth to an average of c8.5% from c6.0%, including over 9% growth this year, which flows through to our earnings forecasts and also indicates a large build up of net cash on the balance sheet, providing management with optionality for further distribution or investment. Our discounted cash flow (DCF) based valuation approach now computes to 3,073p, 48% above the current share price. In our view, these results confirm that the full benefits of the transition to the cloud based Trisus platform are beginning to shine through. Craneware sits in the sweet spot of the structural transformation underway in the US healthcare market to value-based care which is currently also the hottest area of healthcare SaaS M&A activity.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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