Yes, the application works on Windows 7 64bit. I have downloaded and tested the application on Windows 7 and Windows 8 Pro x64 and it's working correctly. Access the latest version from the official website and make sure to use the Admin when right clicking the setup package. This will make sure the software is installed correctly.
You can check the image below to see that it works. It's absolutely necessary to run the software as Administrator or you'll receive many errors.