Daily News
View All NewsCross Country Healthcare revenue up 57% in Q1
Cross Country Healthcare Inc. (NASDAQ: CCRN) reported first-quarter revenue jumped 56.7% and net income rose. Co-founder and CEO Kevin Clark said the first quarter was the largest revenue quarter in the Boca Raton, Florida-based company’s history.
“We entered the year on a very positive trajectory, with solid execution, higher productivity, and exceptional performance,” Clark said.
| (US$ thousands) | Q1 2021 | Q1 2020 | % change |
| Revenue from services | $329,241 | $210,064 | 56.7% |
| Gross margin | 21.7% | 23.6% | |
| Net income/loss | $19,448 | ($2,089) | nm |
In its nurse and allied segment, Cross Country noted revenue per full-time equivalent per day was $522 in the first quarter compared with $290 in the year-ago quarter. The company noted a rise in demand and tight labor market resulted in average travel bill rates increasing as pay rates to attract healthcare professionals rose.
Revenue by segment
| (US$ thousands) | Q1 2021 | Q1 2020 | % change |
| Nurse and allied staffing | $313,008 | $191,883 | 63.1% |
| Physician staffing | $16,233 | $18,181 | -10.7% |
Cross Country rearranged its segments starting in the first quarter. The segment formerly known as search has been reclassified into the nurse and allied segment.
Guidance
The company forecast second-quarter revenue of between $300 million and $310 million, a year-over-year increase of between 38% and 43%.
Share price and market cap
Shares in Cross Country were up 16.28% to $16.50 as of 11:47 a.m. Eastern time; the $16.50 was also a new 52-week high, according to FT.com. The company has a market cap of $532.3 million.