LONDON, July 3, 2026, 12:05 (BST)
- Craneware plc (LON:CRW) dropped 18.74% to 1,188 pence in late London trade. The company lowered its FY26 guidance.
- The guidance points to second-half revenue of around $100.8 million, coming in below last year’s second half. That’s after first-half revenue rose 6%.
- The stock is down around 55% from Bain Capital’s 2,650p-a-share offer that Craneware turned down in June 2025.
Craneware plc (LON:CRW) shares dropped almost 20% on Friday. The U.S. hospital finance software maker warned that a slowdown in 340B drug pricing and contract delays will probably keep FY26 revenue and adjusted EBITDA close to last year’s levels.
Shares last traded at 1,188 pence on delayed London South East data, down 274 pence. The market cap was at 406.74 million pounds. Hargreaves Lansdown listed the previous close at 1,462 pence and volume at 1.32 million.
| Instrument / measure | Level | Move |
|---|---|---|
| Craneware | 1,188p | fell 18.74% |
| FTSE AIM 100 | — | off 0.08% |
| Health Care Equipment & Services | 9,956.64 | lost 0.07% |
Selling in the shares outpaced both the AIM and the broader healthcare sector. By 11:24 in London, the Health Care Equipment & Services sector was off 0.07% on Sharecast, and the FTSE AIM 100 dipped 0.08% on Hargreaves Lansdown.
A closer look at the half-year numbers shows Craneware is guiding FY26 revenue between $205 million and $208 million, with adjusted EBITDA at $65 million to $67 million. For the first half, it reported revenue of $105.7 million and adjusted EBITDA of $33.4 million. FY25 revenue was $205.7 million, with adjusted EBITDA of $65.3 million.
| Metric, $ mln | H1 FY26 | FY26 guide midpoint | Implied H2 FY26 | H2 FY25 | Implied H2 change |
|---|---|---|---|---|---|
| Revenue | 105.7 | 206.5 | 100.8 | 105.7 | -4.6% |
| Adjusted EBITDA | 33.4 | 66.0 | 32.6 | 35.0 | -6.9% |
This is a bigger deal than a simple trim to full-year growth. According to the company, the second half slipped after some growth in the first half.
Craneware said in the last weeks of FY26 it saw slower conversion of identified 340B opportunities into recognised revenue. The company pointed to about $500 million in outstanding 340B drug purchases, but said pharma manufacturers have expanded restrictions on some 340B-priced drugs.
Chief Executive Keith Neilson said he was “disappointed not to have delivered the growth” targeted for FY26, while adding that the “long-term opportunity remains intact.” The company said it would release full-year results in September 2026. London South East
340B trouble had already shown up ahead of the trading update. In a July 1 post on Craneware’s site, Chief Customer Officer Lidia Rodriguez-Hupp said Eli Lilly NYSE:LLY started dropping hospitals from 340B pricing when they wouldn’t share claims data. She also said 12 drugmakers now want data from in-house pharmacies.
Capital Access Group has lowered its forecasts after new guidance, seeing the miss as simply pushing back the anticipated growth. The firm trimmed its discounted cash flow valuation by 5% to 2,945 pence, which remains more than twice the current share price, according to research published on Vox Markets.
The new price brings back the takeover question. In June 2025, Reuters said Craneware turned down a 26.50 pounds-per-share offer from Bain Capital, putting the company at about 939.4 million pounds. Now, shares at 1,188 pence are roughly 55% lower than that bid, and the company’s market cap sits about 57% under Bain’s proposal.
