Table of Contents
Our value cycle insights are delivered through our Trisus platform for revenue integrity and 340B management, as well as margin and operational intelligence.
Final Results | ||||
3 | ||||
Solutions | 4-5 | |||
Chair's Statement | 6 | |||
Strategic Report: Operational and Financial Review | 7-12 | |||
Strategic Report: Key Performance Indicators | 13-14 | |||
Strategic Report: Principal Risks and Uncertainties | 15-24 | |||
Strategic Report: Section 172 (1) Statement | 25-29 | |||
Stakeholder Engagement | 30-38 | |||
Environmental, Social and Governance (ESG) Statement | 39-49 | |||
Directors, Secretary and Advisors | 50 | |||
Board of Directors | 51-52 | |||
Directors' Report | 53-59 | |||
Corporate Governance Report | 60-74 | |||
Remuneration Committee's Report | 75-88 | |||
Independent Auditors' Report to the members of Craneware plc | 89-95 | |||
Consolidated Statement of Comprehensive Income | 96 | |||
Statements of Changes in Equity | 97 | |||
Consolidated Balance Sheet | 98 | |||
Company Balance Sheet | 99 | |||
Statements of Cash Flows | 100 | |||
Notes to the Financial Statements | 101-140 | |||
Craneware plc
2 Annual Report 2022
Final Results
The Craneware Group - Transforming the Business of HealthcareTM
Financial Highlights (US dollars)
- Revenue increase of 119% to $165.5m (FY21: $75.6m)
- Adjusted EBITDA1. increased 91% to $51.8m (FY21: $27.1m)
- Profit before tax $13.1m (FY21: $13.2m) reflecting increased operating profit offset by amortisation of acquired intangibles and bank interest payments resulting from the Sentry Data Systems, Inc ("Sentry") acquisition
-
Basic adjusted EPS1. increased 29% to 89.0 cents (FY21: 69.0 cents) and adjusted diluted EPS increased
to 88.1 cents (FY21: 68.1 cents) - Basic EPS 26.8 cents (FY21: 48.1 cents) and diluted EPS 26.5 cents (FY21: 47.5 cents)
- Annual Recurring Revenue2. increased by 164% to $170.3m (FY21 $64.5m)
- Robust operating cash conversion1. at 80% of Adjusted EBITDA (FY21: 99%) reflecting different cash generation profiles of acquired business
- Operating cash reserves at year-end of $47.2m (FY21: $48.3m) and Net Debt of $64.4m (FY21: Net Debt $Nil)
- Proposed final dividend increase to 15.5p per share (18.80 cents) (FY21: 15.5p, 21.47 cents) giving a
total dividend for the year of 28p per share (33.96 cents) (FY21: 27.5p, 38.10 cents) up 2%
Operational Highlights
- Sentry and Agilum businesses successfully acquired and integrated during the year, providing considerably increased scale, offering, team and opportunity
- The enlarged business has successfully rebranded to The Craneware Group3.
• Synergies realised have delivered target +30% Adjusted EBITDA1. margin ahead of schedule
- Initial cross-sales achieved and building pipeline of opportunities
- 80% of ARR now from the Cloud, demonstrating successful execution of cloud strategy
- Trisus Chargemaster launched and vast majority of customers expected to have moved to the Trisus platform by end of current calendar year
• Continued investment in R&D and innovation to capitalise on growing market opportunity
- Certain financial measures are not determined under IFRS and are alternative performance measures as described in Note 27 of the financial statements.
- Annual Recurring Revenue ("ARR") includes the annual value of licence and transaction revenues as at 30 June 2022 that are subject to underlying contracts.
- When we refer to 'Craneware', or 'The Craneware Group' or 'Group' in the annual report we mean the group of companies having Craneware plc as its parent and therefore these words are used interchangeably.
Craneware plc
Annual Report 2022 3
Solutions
Our applications and industry-leading team of experts contextualize operational, financial, and clinical data, providing insights that clearly demonstrate realistic revenue integrity and 340B compliance opportunities for our customers.
Trisus Pricing
Transparency
Trisus Pricing Transparency helps you meet the requirements of the rule and go beyond posting prices by providing valuable
analytics to monitor market dynamics.
Trisus Pricing Analyzer
Trisus Pricing Analyzer simplifies and automates the price- modeling process. Your organization can readily assess the potential
impact of pricing changes, such as revenue shortfalls or changes in payor contracts.
Trisus Chargemaster
Trisus Chargemaster is designed with the user in mind, to enhance efficiency in workflow, collaboration, and communication across
clinical and financial teams.
Insight Medical
Necessity
InSight Medical Necessity serves all parts of your organization that need instant access to medical necessity
requirements, from admissions and order-entry to medical records and external practices.
Trisus Claims Informatics
Trisus Claims
Informatics, a retrospective charge capture analytical application, identifies high-impact areas of
risk for your team to investigate.
Trisus Supply
Align data sets from the item master, chargemaster, and operatory with automated reviews to eliminate disparity
which can result in lost or incorrect data and revenue.
Appeals Services
Craneware has the experienced staff you need to review your denials, write successful appeals, and overturn improper denials.
Trisus Healthcare
Intelligence
Trisus® Healthcare Intelligence goes beyond traditional cost and accounting tools and provides insights into resource
consumption on the patient level.
Trisus Supplies Assistant
Trisus Supplies Assistant is Craneware's proprietary supplies coding search function that delivers HCPCS codes, UNSPSC codes,
manufacturer, description, catalog ID, status indicator, reimbursable flag, revenue codes, and other reference information - in a single screen.
PricingRevenue
Craneware plc
4 Annual Report 2022
Trisus Medication
Analytic Solutions
Prioritize, diagnose, and resolve issues in your medication systems to impact finances, workflow efficiencies, and patient outcomes
while mitigating compliance risks.
Sentinel
Sentinel® helps you capture more by providing detailed tracking of all drug activity at the 11-digit NDC level for a
complete audit trail and more insights into your pharmacy operations.
Sentrex
Sentrex® is a SaaS-based solution that helps covered entities expand medication access while maintaining compliance with evolving
legislation.
Sentrex 330
Sentrex330™ helps you leverage contract pharmacy relationships to expand your 340B program benefit
to as many eligible patients as possible, with the most complete retail and specialty pharmacy network.
Referral Verification System (Sentrex)
Our Referral Verification System™ (RVS™) leverages your existing Sentrex® platform to access referrals initially deemed ineligible,
helping you reclaim eligible prescriptions and capture more 340B opportunity.
Referral Verification System (Senturion)
Our Referral Verification System™ (RVS™) leverages your existing Sentrex® platform to access referrals initially deemed ineligible,
helping you reclaim eligible prescriptions and capture more 340B opportunity.
Sentry Core
Simplify the complexities of pharmacy procurement, utilization and compliance, and
capture more with advanced NDC mapping functionality and flexible configuration options that reflect your business processes and 340B program requirements.
Senturion Professional Service
As the leader in value cycle solutions for nearly 20 years, hospitals of all sizes and types rely on The Craneware Group's
Professional Services to help address their toughest challenges. We deliver results that lead to improved revenue recognition and retention.
Professional Services Catalog
Our team members act as an extension of your team, bringing with them 20+ years of experience working with thousands of
covered entities and contract pharmacies.
Customer Journey to Value Cycle Success
Hospitals and health systems across the country leverage the passion of our professionals, strength of our data and
innovative high-value solutions to drive better outcomes for all.
Cost | 340B | Services | |
Craneware plc | |||
Annual Report 2022 | 5 |
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Craneware plc published this content on 05 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2022 18:01:59 UTC.