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.
