Fourth-quarter revenue at Cross Country Healthcare Inc. (NASDAQ: CCRN) fell 34.1% year over year to $414.0 million. The decline was centered in the nurse and allied segment at the Boca Raton, Florida-based healthcare staffing firm. Revenue in Cross Country’s physician staffing segment rose.
Still, the company noted fourth-quarter revenue exceeded the high range of guidance.
“We are proud of all we accomplished in 2023, such as successfully rolling out our vendor neutral offering Intellify and driving growth in our non-travel businesses: physician staffing, education and homecare,” John Martins, president and CEO, said in a press release.
Nurse and allied revenue fell 37.9% year over year to $367.2 million. Cross Country reported the average field contract personnel as measured on a full-time equivalent basis declined to 9,570 in the quarter from 12,447 in the year-ago quarter. Revenue per FTE per day was $414 compared to $510 in the third quarter of last year.
On the other hand, physician staffing revenue rose 26.3% to $46.8 million. Total days filled were 23,578, up from 21,335 in the third quarter of last year. In addition, revenue per day filled was $1,988, up from $1,740 a year ago.
Cross Country’s fourth quarter included $863,000 in restructuring costs primarily related to employee termination costs, lease-related exit costs and reorganization costs.
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Guidance
Cross Country forecast first-quarter revenue will be between $370 million and $380 million, a year-over-year decrease of between 39% and 41%.
