Craneware's shares dive after sales disappoint
Craneware's shares plummeted on Friday after it reported that the quantity of sales closed in the second half of the year ended 30 June was lower than anticipated.
Even so, the AIM traded company insisted that it had continued to make progress on its long-term strategic aim to become ubiquitous in US Hospitals as the intelligence layer sitting across all other systems, delivering the information required to improve financial and operational performance.
Consequently, the US-focused medical technology company said annual revenue growth is expected to be approximately 6%, down from 16% growth during the year before, while adjusted EBITDA growth is now forecast to slip from 20% to approximately 10%.
The EBITDA figure has also been adjusted for one-off exceptional costs of approximately $1.5m relating to fees for an acquisition opportunity that the group decided not to pursue.
Capitalised R&D has also increased as the company launched three new products on its Trisus platform.
Keith Neilson, chief executive of Craneware, said: "As we close our financial year, we continue to look to the future with high levels of confidence despite our short-term sales performance in the latter part of the year. We have a significant and growing pipeline, which we are focused on converting. As a board we are convinced that our strategy with the Trisus platform differentiates us from other healthcare solutions vendors."
Craneware's shares were down 30.35% at 2,047.80p at 0938 BST.