Cross Country Healthcare Inc. (NASD: CCRN) reported a pull-back on spend from some its larger customers in the second quarter, and reported revenue fell 2.3%. The Boca Raton, Fla.-based firm reported the decrease would have been 12% without its acquisition of Advantage RN in July 2017.

The company reported revenue fell 0.9% in its “nurse and allied staffing” segment, but the decrease would have been 12% excluding Advantage RN.

Revenue by segment

Cross Country also announced it elected Darrell Freeman Sr. as an independent director on its board, effective Aug. 1. Freeman is the executive managing director of Zycron, an IT services and solutions firm he founded in 1991 and sold to BG Staffing Inc. (NYSE MKT: BGSF) in 2017. Zycron, now a division of BG Staffing, provides IT staffing, outsourcing and project management services primarily in the healthcare, energy and government sectors. Freeman also co-founded Tennessee-based Reliant Bank in 2006 and construction management firm Pinnacle Construction Partners in 2007; he also served on several boards.

Quote

“After a good start to 2018 recovering from the headwinds we faced in the fourth quarter of 2017, we experienced a pull-back on spend from some of our larger customers in the second quarter,” President and CEO William Grubbs said. “This pull-back offsets the growth from our new managed service programs. We are making adjustments to our business to address these challenges and believe the underlying market dynamics will allow us to get back to year-over-year growth.”

Guidance

Cross Country forecasts third-quarter revenue will range from $195 million to $205 million, a decline of 15% to 10% compared to the third quarter of 2017.

Share price and market cap

Shares in Cross Country fell 30.13% to $8.29 as of 1:15 p.m. Eastern time today. The company had a market cap of $ 301.64 million.