Revenue at Cross Country Healthcare (NASDAQ: CCRN) fell 29% year over year in the third quarter to $315.1 million. Nurse and allied staffing revenue fell 33% at the Boca Raton, Florida-based healthcare staffing provider; however, physician staffing revenue rose 10%.

Revenue reached the high end of the $305 million to $315 million guidance provided with the prior quarter’s results.

The firm noted results reflect the continued stabilization across the company’s core business as well as the ongoing momentum in its homecare, physician and education staffing businesses.

“Though margins remain under pressure, I am encouraged to see demand for our services continue to rise amidst bill rate stability,” President and CEO John Martins said in a press release. “We find ourselves well positioned to capitalize on the market as it normalizes by leveraging our strong balance sheet to make strategic investments that we believe will deliver long-term profitability.”

Nurse and allied staffing revenue was down 33.2% year over year in the third quarter to $264.9 million. Average field contract personnel on a full-time equivalent basis came in at 7,660, down from 9,849 in the third quarter of 2023 and 8,415 in this year’s second quarter. Revenue per FTE per day fell to $373 from $434 in the year-ago quarter and $377 in the most recent quarter.

Physician staffing revenue rose 10.0% to $50.3 million in the third quarter. Total days filled rose to 24,424 in the quarter from 23,004 in the third quarter of 2023.

Cross Country Healthcare – Q3 2024

Revenue by Segment

Guidance

Cross Country forecast fourth-quarter revenue of between $300 million and $310 million, a year-over-year decline of between 28% and 25%.

Share Price

Shares in Cross Country were down 0.74% to $12.06 as of 11:20 a.m. Eastern time on Nov. 7; they set a new 52-week low on Nov. 4 when it reached $11.02.