Healthcare Staffing Report: Aug. 8, 2013

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On Assignment revenue up 5% in healthcare, physician, life sciences

Healthcare, physician staffing and life sciences revenue rose 4.7 percent year over year at On Assignment Inc. (NYSE: ASGN) to $83.0 million. The operations represented 19.9 percent of On Assignment’s revenue for the quarter. The Calabasas, Calif.-based company also provides information technology and other types of staffing.

The increase came because of 4.6 percent more contract professionals on assignment partly offset by a 2.7 percent decrease in the average billing rate, according to a filing with the U.S. Securities and Exchange Commission.

Healthcare staffing revenue at On Assignment, which includes staffing of allied health professionals, rose 7.0 percent year over year to $14.7 million in the second quarter. Physician staffing revenue rose 5.7 percent to $26.5 million; the division includes physician search and locum tenens.

Life sciences revenue rose 3.4 percent to $41.9 million.

The company completed the sale of its nurse travel division on Feb. 13. It sold the division for $33.7 million in cash.

Total second-quarter revenue at On Assignment — including its information technology and engineering divisions — rose 15.4 percent on a pro forma basis to $417.9 million in the second quarter, exceeding analyst expectations. Pro forma revenue treats On Assignment’s May 2012 acquisition of Apex Systems — a provider of information technology staffing that marked a major acquisition for the firm —as though it occurred on Jan. 1, 2012.

Net income fell 2.9 percent to $7.3 million in the second quarter from $7.6 million in the year-ago quarter.

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