Cross Country Healthcare Inc
NASDAQ:CCRN

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Cross Country Healthcare Inc
NASDAQ:CCRN
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Price: 8.16 USD 2.64% Market Closed
Market Cap: 267.3m USD

Cross Country Healthcare Inc
Investor Relations

Cross Country Healthcare, Inc. engages in the provision of healthcare staffing and workforce management solutions. The company is headquartered in Boca Raton, Florida and currently employs 2,250 full-time employees. The company went IPO on 2001-10-25. The firm operates through two segments: Nurse and Allied Staffing and Physician Staffing. The Nurse and Allied Staffing segment provides traditional staffing, recruiting, including temporary and permanent placement of travel and local nurse and allied professionals, managed services programs (MSP) services, education healthcare services, in-home care services, and outsourcing services. The Physician Staffing segment provides physicians in various specialties, certified registered nurse anesthetists, nurse practitioners, and physician assistants as independent contractors on temporary assignments throughout the United States at various healthcare facilities, such as acute and non-acute care facilities, medical group practices, government facilities, and managed care organizations.

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Last Earnings Call
Fiscal Period
Q3 2024
Call Date
Nov 6, 2024
AI Summary
Q3 2024

Revenue: Q3 revenue was $315 million, near the high end of guidance, but down 7% sequentially and 29% year-over-year due to declines in Travel Nursing & Allied.

Profitability: Gross margin dropped to 20.4%, pressured by competitive pay rates; adjusted EBITDA margin came in at 3.3%, below the company's long-term goal.

Segment Trends: Home care staffing grew 13% year-over-year, physician staffing (Locums) rose 10% YoY and 4% sequentially, and education is approaching a $100 million annual run rate.

Q4 Outlook: Management guides Q4 revenue to $300–310 million and adjusted EBITDA to $11–13 million, with revenue roughly flat to slightly down sequentially when excluding a non-recurring labor disruption.

Order Activity: Travel orders are up around 20% entering Q4, but over half of new orders are not at market bill rates, limiting immediate volume impact.

Capital Allocation: The company repurchased 800,000 shares for $12 million in Q3 and plans to prioritize cash for strategic investments and potential M&A going forward.

Key Financials
Revenue
$315 million
Gross Profit
$64 million
Gross Margin
20.4%
SG&A Expense
$54 million
SG&A as % of Revenue
17%
Adjusted EBITDA
$10 million
Adjusted EBITDA Margin
3.3%
Adjusted EPS
$0.12
Interest Income
$1 million
Interest Expense
$550,000
Income Tax Expense
$800,000
Effective Tax Rate
24.6%
Cash from Operations
$7.5 million
Cash and Cash Equivalents
$64 million
Debt Outstanding
$0
Share Repurchase
800,000 shares for $12 million
Nursing & Allied Revenue
$265 million
Home Care Staffing Revenue Growth
up 4% sequentially and 13% year-over-year
Physician Staffing (Locums) Revenue
$50 million
DSO (Days Sales Outstanding)
61 days
Spend Under Management (MSP)
$650–700 million
MSP Capture Rate
73%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Kevin Cronin Clark
Co-Founder & Non-Executive Chairman of the Board
No Bio Available
Mr. John A. Martins
President, CEO & Director
No Bio Available
Mr. William J. Burns CPA, M.B.A.
Executive VP & CFO
No Bio Available
Ms. Susan E. Ball J.D., M.B.A., R.N.
Chief Administrative Officer, Executive VP, General Counsel & Secretary
No Bio Available
Mr. Marc S. Krug J.D., M.B.A.
Group President of Delivery
No Bio Available
Mr. James V. Redd III, CPA, M.B.A.
Senior VP & Chief Accounting Officer
No Bio Available
Mr. Phillip Lyn Noe
Chief Information Officer
No Bio Available
Mr. Joshua David Vogel
Vice President of Investor Relations
No Bio Available
Karen Varga-Sinka
Director of Corporate Communications
No Bio Available
Mr. Gerald Purgay
Chief Marketing Officer
No Bio Available

Contacts

Address
FLORIDA
Boca Raton
6551 Park Of Commerce Boulevard, N.W.
Contacts