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View All NewsCross Country Healthcare revenue up 127.1% in Q2, record number of professionals on assignment
Second-quarter revenue rose 127.1% at Cross Country Healthcare Inc. (NASDAQ: CCRN). It reported a record number of professionals on assignment. Also, the Boca Raton, Florida-based healthcare staffing firm announced the launch of its Intellify vendor management system for MSPs.
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| Revenue from services | $753,561 | $331,827 | 127.1% |
| Gross margin | 22.6% | 21.9% | |
| Net income | $52,894 | $11,548 | 358.0% |
“Our second-quarter 2022 results reflect continued strong performance that showcases our ongoing success in leveraging technology and our deep relationships to efficiently place professionals across the healthcare continuum,” President and CEO John Martins said.
Revenue by segment
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| Nurse and allied staffing | $731,443 | $316,188 | 131.3% |
| Physician staffing | $22,118 | $15,639 | 41.4% |
In Cross Country’s nurse and allied staffing division, the average number of field contract personnel was 13,494 on a full-time equivalent basis, up from 7,578 in the prior year. The company also noted average bill rates in the second quarter were down in the mid-single digits.
Meanwhile, physician staffing revenue rose 41% in the second quarter. Growth came amid an increase in volume in primary care physicians and certified registered nurse anesthetists.
Guidance
Cross Country forecast third-quarter revenue of between 61% and 64% year over year.
Share price and market cap
Shares in Cross Country were down 17.60% to $22.61 as of 12:18 p.m. Eastern time; they were 48.17% above their 52-week low, according to FT.com. The company had a market cap of $1.05 billion.