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Third-quarter revenue at Medical Connections Holdings Inc. (OTCBB: MCTH.OB) rose 45.8% to $2.3 million from $1.6 million in the third quarter of last year, according to a 10-Q filing with the U.S. Securities and Exchange Commission.
The revenue increase came from the temporary staffing segment, which recorded a 61.7% increase in revenue, according to the 10-Q. Direct hire revenue fell 18.5%.
Gross margin fell to 22.5% in the third quarter at the Boca Raton FL-based healthcare staffing firm from 30.4% in the year-ago quarter.
Medical Connections posted a third-quarter net loss of almost $1.2 million compared to a net loss of $1.9 million in the third quarter of last year. The company included a going concern note in its 10-Q.
Medical Connections reported it received $2.5 million in capital on Oct. 25 from the sale of common stock to an investment group, according to the 10-Q. The money will go toward acquisitions, working capital and other corporate purposes. The company also reported it's working to satisfy closing conditions on its proposed acquisition of Trustaff Management Inc., an Ohio-based healthcare staffing firm. TruStaff had revenue of more than $42 million in 2009.
Medical Connections Holdings Inc. (OTCBB: MCTH.OB)
For the third quarter ended Sept. 30, 2010, compared with the same period in 2009.
Revenue: $2.3 million, +45.8%
Net loss: $1.2 million vs. net loss of $1.9 million