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View All NewsCross Country Q4 revenue down 9%
Cross Country Healthcare Inc. (NASD: CCRN) reported fourth-quarter revenue fell 8.5%. The Boca Raton, Fla.-based staffing provider reported physician staffing revenue was down 19.1% while nurse and allied revenue fell 7.3%.
| (US$ thousands) | Q4 2018 | Q4 2017 | % change |
| Revenue | $200,907 | $219,674 | -8.5% |
| Gross margin | 25.2% | 26.5% | |
| Net (loss) income attributable to common shareholders | ($19,691) | $27,950 | nm |
Cross Country’s results include an impairment charge of $22.4 million in the fourth quarter related to the goodwill and trade names of physician staffing, up from an impairment charge of $14.4 million in the fourth quarter of 2017.
Revenue by segment
| (US$ thousands) | Q4 2018 | Q4 2017 | % change |
| Nurse and allied staffing | $179,514 | $193,740 | -7.3% |
| Physician staffing | $18,253 | $22,555 | -19.1% |
| Other human capital management services | $3,140 | $3,379 | -7.1% |
Quote
“2018 was a challenging year on several fronts, with softer demand in the first half and unexpected higher costs, but I am looking to the future,” President and CEO Kevin Clark said in a statement. “Our primary focus is to drive operational improvements to return the company to growth and improved profitability. Achieving this goal will require a laser focus on productivity and technology across our entire business.”
Full-year results
| (US$ thousands) | FY 2018 | FY 2017 | % change |
| Revenue | $816,484 | $865,048 | -5.6% |
| Gross margin | 25.7% | 26.4% | |
| Net income/loss attributable to common shareholders | ($16,951) | $37,513 | nm |
Guidance
Cross Country forecast first-quarter revenue of between $195 million and $200 million, a year-over-year decrease of between 5% and 7%.
Share price and market cap
Cross Country shares were down 3.78% to $8.65 at 11:17 a.m. Eastern time; the company had a market cap of $ 325.89 million, according to FT.com.