RCM Technologies’ Q3 revenue up with growth in healthcare, engineering
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RCM Technologies’ (NASDAQ: RCMT) revenue rose 4.0% in the third quarter to $60.4 million with growth in the company’s specialty healthcare and engineering segments. Results were released Nov. 7.
“Third-quarter growth was led by healthcare and engineering, as both businesses continue to ramp in their respective end markets,” Executive Chairman Bradley Vizi said in a press release.
The Pennsauken, New Jersey-based firm provides healthcare staffing, engineering staffing and services and operates in the life sciences and IT space. The company has international operations in APAC and continental Europe.
“Growth remains consistent, while we anticipate enhanced cash conversion in coming quarters,” said CFO Kevin Mille.
Specialty healthcare revenue rose 6.7% year over year, while engineering revenue rose 7.9%. However, life sciences and IT revenue fell 9.9%.
RCM’s specialty healthcare segment provides health information management professionals, nurses, paraprofessionals, physicians and therapists to healthcare institutions and school districts, according to a regulatory filing. It also provides teletherapy services targeting the education sector.
RCM Technologies – Q3 2024
(US$ thousands) | Q3 2024 | Q3 2023 | % change |
Revenue | 60,365 | 58,049 | 4.00% |
Gross profit | 17,841 | 17,281 | 3.20% |
Gross margin | 29.60% | 29.80% | - |
Net income | 2,746 | 3,756 | -26.90% |
Revenue by Segment | |||
Specialty healthcare | 26,554 | 24,895 | 6.70% |
Engineering | 24,167 | 22,452 | 7.60% |
Life sciences and IT | 9,644 | 10,702 | -9.90% |
Share Price
Shares in RCM Technologies were up 4.86% to $24.16 as of 10:29 a.m. Eastern time Nov. 8, above the 52-week low of $17.11 set on Aug. 5.