RCM Technologies’ engineering segment leads growth in Q2
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RCM Technologies’ (NASDAQ: RCMT) revenue rose 3.2% in the second quarter to USD 69.2 million with growth in the company’s engineering and specialty healthcare segments.
“Second-quarter growth was led by engineering, as project activity continues to ramp building on the foundation carefully laid over the last several years,” Executive Chairman Bradley Vizi said in a press release.
The Pennsauken, New Jersey-based firm provides healthcare staffing, engineering staffing and services, and operates in the life sciences and IT space. The company has international operations in APAC and continental Europe.
Engineering revenue rose 7.1% year over year, while specialty healthcare revenue rose 4%. However, life sciences and IT revenue fell 7.3%.
RCM’s speciality healthcare segment provides health information management professionals, nurses, paraprofessionals, physicians and therapists to healthcare institutions and school districts, according to a regulatory filing. It also provides teletherapy services targeting the education sector.
RCM Technologies - Q2 2024
(USD thousands) | Q2 2024 | Q2 2023 | % change |
Revenue | 69,164 | 67,035 | 3.2% |
Gross profit | 20,001 | 18,760 | 6.6% |
Gross margin | 28.9% | 28.0% | - |
Net income | 3,762 | 3,983 | -5.5% |
Revenue by Segment
(USD thousands) | Q2 2024 | Q2 2023 | % change |
Engineering | 22,508 | 21,014 | 7.1% |
Specialty healthcare | 36,932 | 35,528 | 4.0% |
Life sciences and IT | 9,724 | 10,493 | -7.3% |
Share Price
Shares in RCM finished the day up 6.10% to $19.32. They were 34.17% above their 52-week low.