RCM Technologies revenue up in Q4, but net income falls
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RCM Technologies (NASDAQ: RCMT) revenue rose 8.3% in the fourth quarter to $76.9 million with growth in the company’s specialty healthcare and engineering segments.
However, net income fell 45.4%.
Results were released March 12.
“2024 demonstrated substantial progress as many of our strategic initiatives gained traction heading into the new year,” Executive Chairman Bradley Vizi said in a press release.
The Pennsauken, New Jersey-based firm provides healthcare staffing as well as engineering staffing and services. It also has a life sciences, data and solutions segment, which provides technology and process improvements across key industry segments.
The company has international operations in APAC and continental Europe.
“As we look to 2025, we believe we have forged the foundation for increased earnings power,” said CFO Kevin Miller.
Specialty healthcare revenue rose 11.8% year over year, while engineering revenue rose 15.7%. However, revenue in life sciences, data and solutions fell 17.2%.
RCM Technologies – Q4 2024
(US$ thousands) | Q4 2024 | Q4 2023 | % change |
Revenue | 76,912 | 71,028 | 8.3% |
Gross profit | 21,569 | 21,631 | -0.3% |
Gross margin | 28.00% | 30.5% | - |
Net income | 2,867 | 5,255 | -45.4% |
Revenue by Segment
(US$ thousands) | Q4 2024 | Q4 2023 | % change |
Engineering | 26,279 | 22,719 | 15.7% |
Specialty healthcare | 41,011 | 36,688 | 11.8% |
Life sciences, data and solutions | 9,622 | 11,621 | -17.2% |
Full-Year Results
(US$ thousands) | FY 2024 | FY 2023 | % change |
Revenue | 278,380 | 263,237 | 5.8% |
Gross profit | 79,778 | 76,696 | 4.0% |
Gross margin | 28.70% | 29.1% | - |
Net income | 13,327 | 16,831 | -20.8% |
Share Price
Shares in RCM Technologies were down 21.36% to $14.03 as of 10:26 a.m. Eastern time on March 13; they set a new 52-week low during the day’s trading session when they reached $13.58.