Fourth-quarter revenue at Cross Country Healthcare Inc. (NASDAQ: CCRN) jumped 197.2% year over year and is above guidance. The Boca Raton, Florida-based healthcare staffing firm reported revenue in its nurse and allied staffing segment rose 211.5%.

Looking ahead, co-founder and CEO Kevin Clark said the company is entering 2022 with continued growth and continued demand along with elevated rates.

“As its chairman and with John Martins assuming the CEO role in March, I am confident that we can continue to deliver exceptional performance for quarters to come,” Clark said.

Cross Country reported the average number of field personnel in its nurse and allied staffing segment was 11,520 on a full-time equivalent basis in the fourth quarter, up from 5,798 in the fourth quarter of 2020.

The number of travel nurses in the segment more than doubled year over the year and the company also gained headcount through the Cross Country Workforce Solutions Group acquisition. Cross Country also noted average bill rates rose in this segment thanks to significant demand for service, continuing impacts of Covid-19 and the overall tight labor supply.

In Cross Country’s physician staffing segment, revenue rose 23.3% in the fourth quarter amid an increase in volume in several specialties. Total days filled were 12,739 in the quarter compared to 9,911 in the same quarter last year.

Revenue by segment

Cross Country also recently announced that it acquired Selected, a cloud-based talent platform that provides general and special education staffing and support.

Full-year results

Guidance

Cross Country forecast first-quarter revenue will be up by between 125% and 128% year over year. Gross margin is expected to range from down by 20 basis points year over year to up by 30 basis points.

Share price and market cap

Shares in Cross Country were down 5.52% to $19.84 as of 12:35 p.m. Eastern time, they were 107.10% above their 52-week low, according to FT.com. The company had a market cap of $790.1 million.