Craneware sells cloud software that helps US hospitals recover missed revenue and control costs, and says about 40% of US hospitals are customers. After years of paying down debt and returning to 9% growth in FY25, revenue stalled at $206m in FY26 because a US drug-discount programme (known as 340B) stalled. A cyber incident in July 2026 then led the board to reset FY27 revenue expectations to about $185m.
Software that finds money in hospital billing and drug spend
Craneware's Trisus cloud platform pulls together hospital data, revenue and margin analytics, and AI tools. Its best-known product, Trisus Chargemaster, helps hospitals price and bill correctly. It has been ranked Best in KLAS, a US healthcare software rating, 14 times. The company says it identified in 1999 that software would be key to scaling chargemaster auditing.
Most revenue is recurring. Annual recurring revenue (ARR) was about $185m at June 2026, and customer retention is above 90%. A 2021 acquisition, Sentry Data Systems, added pharmacy data and 340B tools. The 340B programme lets eligible US hospitals buy outpatient drugs at a discount. Craneware earns from software licences and from transaction revenue linked to 340B savings, a revenue stream that depends on US regulation. It is also a Microsoft partner, using Azure AI and selling through Microsoft's marketplace. 21 Sep 2026 2 Mar 2026 15 Sep 2025 11 Mar 2025
Debt down, growth back
Craneware borrowed to buy Sentry. Bank debt fell from $83m at June 2023 to $35m a year later and $28m by June 2025. Revenue growth returned to 9% in FY24 and FY25, and the company said it expected double-digit growth. The Sentry loan's security over company assets was released in September 2024.
In July 2024 it signed an alliance with Microsoft to sell Trisus through Azure. It also ran a partner programme, called Shelter, to bring third-party tools onto the platform. Net revenue retention (revenue kept from existing customers, including upsell) rose from 98% to 107% in FY25. The shares peaked at 2,460p in May 2024. 3 Sep 2024 10 Sep 2024 2 Jul 2024 15 Sep 2025 11 Mar 2025 18 Jul 2024
A rejected bid and a cash-return push
In May 2025 Bain Capital said it was assessing a possible offer. On 11 June the board rejected a £26.50-per-share proposal, saying it undervalued the company. Bain then said it would not make a firm offer.
The board then turned to capital returns. It agreed a new $100m credit facility in September 2025. It also cancelled share premium to create $284m of distributable reserves, which a court confirmed in November. In March 2026 it launched a $25m buyback, partly funded by new borrowing. 16 May 2025 11 Jun 2025 11 Jun 2025 1 Sep 2025 1 Aug 2025 6 Nov 2025 13 Nov 2025 16 Mar 2026
The 340B stall and the profit warning
In the half-year to December 2025, revenue rose 6% and the company expected a good second half. A US pilot of rebate-based 340B purchasing was postponed. Craneware chose not to activate rebate-module licences it had already sold, and customers did not turn identified savings into revenue.
On 3 July 2026 it guided FY26 revenue and EBITDA (earnings before interest, tax, depreciation and amortisation) below market expectations. The shares had fallen from 2,180p in November 2025 to 1,330p by March 2026, and to 1,164p by July. FY26 revenue ended flat at $206m. Net revenue retention fell to 100%. 20 Jan 2026 2 Mar 2026 3 Jul 2026 21 Sep 2026
Growth that hung on a regulator's calendar
The company's expectations repeatedly ran ahead of results. In July 2025 it expected faster revenue growth in FY26. In January 2026 it said it was on track for double-digit growth. FY26 revenue rose 0.1%.
Management says customers could not realise the 340B opportunities Craneware's software had identified, and the delay in the rebate pilot hit the revenue that depended on them. Profit held up better than sales, with EBITDA up 3% and cash conversion at 98% of EBITDA. 15 Sep 2025 20 Jan 2026 3 Jul 2026 21 Sep 2026
“FY26 was challenging and growth was below our expectations.” 21 Sep 2026
Founder-era CEO, insiders buying after the fall
Keith Neilson is chief executive and holds about 9.4% of the shares. His pension scheme bought 9,074 shares at 1,102p in July 2026. Chair Will Whitehorn bought shares in April 2025 and again in July 2026. Non-executive director Susan Nelson bought shares in September 2026.
The board added US healthcare executives as non-executives in 2024. Senior director David Kemp retired in November 2025. Executives hold long-term share awards tied to performance. Canaccord cut its holding from 9.9% to 4.9% in July 2026, while Odyssean and Richard Griffiths each passed 5%. 6 Jul 2026 3 Jul 2026 22 Sep 2026 28 Apr 2025 13 Nov 2024 21 Nov 2025 17 Sep 2024 17 Sep 2025 2 Jul 2026 2 Sep 2026 28 Sep 2026
Flat sales, more debt, a data breach
FY26 revenue was $206.0m and adjusted EBITDA $67.1m, a 33% margin. Bank debt rose to $43.5m from $27.7m after the buyback, and cash was $54.8m. The total dividend held at 32p, though the final payment fell to 17p from 18.5p.
On 20 July 2026 Craneware reported that unauthorised access to part of its data environment had led to data being taken. Core services were not disrupted. An independent review found the systems secure. The company is still working out what data was involved and the customer and regulatory notices needed. It says remediation will span several financial periods and the full financial cost is not yet known. The shares closed October 2026 at 1,082p. 21 Sep 2026 20 Jul 2026
A reset year, with growth pushed back to FY28
The board now expects FY27 revenue of about $185m, equal to current ARR. The company says this excludes any 340B benefit. It has started a cost review and expects the EBITDA margin to hold in the medium term. Earlier it had spoken of margins above 30%. It expects 340B demand to build in the second half of FY27, with the rebate pilot due to restart on 1 January 2027. The new Trisus OneLink – Medication products target that market.
Management ties timing to final rules, manufacturer participation and hospital take-up. Its priorities are renewing long-term contracts, selling more to new and existing customers, sizing costs and keeping cash generation strong.
Earlier statements pointed to faster growth in FY26 and double-digit growth soon after. The company now points to a return to growth in FY28. 21 Sep 2026 15 Sep 2025 20 Jan 2026 2 Mar 2026
“High levels of recurring revenues, longevity of customer relationships and the launch of new products provide a robust foundation for a return to growth in FY28.” 21 Sep 2026
Written by AI from Craneware's own announcements since Oct 2023 · every paragraph links to its sources