RCM Technologies Inc.’s (NASDAQ: RCMT) first-quarter revenue fell 18.1% to $67.1 million year over year.

Specialty healthcare revenue at the Pennsauken, New Jersey-based staffing firm fell 25.0% in the first quarter. Engineering revenue was down 7.1%, and life sciences and IT revenue fell 3.8%.

“RCM started 2023 slower than we had expected, primarily due to project timing and program ramp-up in our engineering segment,” RCM Executive Chairman Bradley Vizi said. “The cadence of activity has increased as we move through the first half of the year, allowing us to retain our offensive posture as we continue to build on the foundation carefully laid in each of our business units.”

Share price and market cap

Shares in RCM Technologies were up 4.04% to $12.87 as of 12:52 p.m. Eastern time today; they were 27.30% above their 52-week low, according to FT.com. the company had a market cap of $103.4 million.