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US - Kforce Completes Clinical Sale

04 April 2012

Kforce Inc. (NASD: KFRC), a professional staffing provider, completed the sale of its clinical research division to inVentiv for $50 million in cash. Kforce Chairman and CEO David Dunkel also said on Tuesday that demand is strong in remaining divisions.

“Continuing strong demand in our technology, finance & accounting and [healthcare information management] businesses, which continue to grow at annual rates in excess of 10 percent, should allow us to replace the lost revenue from [the clinical research division] over the next 12 months,” Dunkel said.

In addition, the company’s government division “has also performed very well in Q1, with seven new awards that will provide $30 million in additional revenue annually once they are staffed,” he said.

Tampa, Fla.-based Kforce expects gross margin of between 31.5 percent and 32.5 percent for the second through fourth quarters of this year.

The sale of Kforce’s clinical research division closed March 30. The deal was announced earlier last month. For the original story, click here.

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