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View All NewsCross Country revenue up 5% on pro forma basis
Cross Country Healthcare Inc. (NASD: CCRN), the fourth-largest US healthcare staffing firm, reported first-quarter revenue rose 5% on a pro forma basis, which treats acquired firms as if Cross Country owned them in both reported quarters. Total income was up 57.5%.
Nurse and allied staffing revenue rose 85% in the first quarter, and was up 8% on a pro forma basis. Revenue in this segment got a boost from the company’s acquisition of Medical Staffing Network on June 30 of last year.
| (US$ thousands) | Q1 2015 | Q1 2014 | % growth |
| Revenue | $185,964 | $118,091 | 57.5% |
| Gross margin | 25.3% | 25.8% | |
| Net income/loss | $3,050 | -$782 | nm |
Quote
“We had a good start to 2015 with strong year-over-year revenue growth and a $5 million improvement in our Adjusted EBITDA,” President and CEO William Grubbs said. “We are well positioned for continued improvement throughout the year and, as previously announced, expect to achieve our targeted 5% Adjusted EBITDA by the fourth quarter.”
Revenue by segment
| (US$ thousands) | Q1 2015 | Q1 2014 | % growth |
| Nurse and allied staffing | $149,112 | $80,730 | 84.7% |
| Physician staffing | $27,374 | $28,599 | -4.3% |
| Other human capital management services | $9,505 | $8,762 | 8.5% |
Guidance
Cross Country forecast second-quarter revenue of $188 million to $192 million, a year-over-year increase of 53% to 57%.
Share price
Shares in Cross Country fell 9.02% in early afternoon trading to $10.09. The company had a market cap of $322.18 million.