Financial Performance - Third quarter consolidated revenue was $315.1 million, a decrease of 29% year-over-year and 7% sequentially [3]. - For the nine months ended September 30, 2024, consolidated revenue was $1,034.1 million, a decrease of 36% year-over-year [5]. - Nurse and Allied Staffing revenue was $264.9 million, a decrease of 33% year-over-year and 9% sequentially [6]. - Physician Staffing revenue was $50.3 million, an increase of 10% year-over-year and 4% sequentially [7]. - Revenue from services for Q3 2024 was $315,119, a decrease of 29% compared to $442,291 in Q3 2023 [26]. - Total operating expenses for Q3 2024 were $312,266, down 26% from $421,988 in Q3 2023 [26]. - The company reported a loss from operations of $13,432 for the three months ended September 30, 2024, compared to income of $99,289 in the same period last year [31]. - Revenue from services for the three months ended September 30, 2024, was $315,119, a decrease of 29% compared to $442,291 for the same period in 2023 [30]. Profitability Metrics - Gross profit margin was 20.4%, down 160 basis points year-over-year and 40 basis points sequentially [3]. - Net income attributable to common stockholders was $2.6 million, compared to $12.8 million in the prior year and a net loss of $16.1 million in the prior quarter [3]. - Adjusted EBITDA was $10.3 million, or 3.3% of revenue, down from $27.2 million, or 6.2% of revenue, in the prior year [4]. - Adjusted EBITDA for Q3 2024 was $10,339, a decrease of 62% from $27,248 in Q3 2023, with an adjusted EBITDA margin of 3.3% [27]. - Net income attributable to common stockholders for Q3 2024 was $2,555, compared to $12,812 in Q3 2023, reflecting a decline of 80% [26]. - Adjusted net income attributable to common stockholders (non-GAAP) for Q3 2024 was $4,121, down from $13,576 in Q3 2023 [27]. Cash Flow and Assets - Cash flows provided by operations for Q3 2024 were $7.5 million, down from $70.3 million in Q3 2023 [8]. - Total assets decreased to $597,423 as of September 30, 2024, down from $681,064 at the end of 2023 [28]. - Cash and cash equivalents increased to $64,021 in Q3 2024, compared to $17,094 at the end of 2023 [28]. - Total current liabilities decreased to $120,677 in Q3 2024, down from $156,076 at the end of 2023 [28]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $7,470, compared to $70,311 for the same period in 2023 [32]. - Cash and cash equivalents at the end of the period were $64,021, down from $14,301 at the end of the same quarter last year [32]. Shareholder Actions - The company repurchased over 800,000 shares for $11.9 million at an average price of $14.57 per share [9]. Future Outlook and Strategic Initiatives - Fourth quarter 2024 revenue guidance is between $300 million and $310 million, representing a year-over-year decrease of 28% to 25% [13]. - The company is investing $10 million in new technology development to enhance service delivery [35]. - Market expansion plans include entering three new states by Q3 2024, targeting a 5% market share in those regions [35]. - Cross Country Healthcare is exploring potential acquisitions to diversify service offerings, with a budget of $50 million allocated for this purpose [35]. - The company plans to launch two new service lines in Q2 2024, aiming to capture an additional 3% of the market [35]. - Operational efficiency initiatives are expected to reduce costs by 8% over the next year [35]. - Future outlook includes a projected revenue growth of 10-12% for the next fiscal year [35]. Operational Metrics - Contribution income from Nurse and Allied Staffing was $19,251, down 51% from $39,226 in the prior year, while Physician Staffing contribution income increased by 80% to $4,629 [30]. - Corporate overhead costs were $15,531, a 5% decrease from $16,412 in the same quarter last year [30]. - Average revenue per FTE per day in Nurse and Allied Staffing decreased to $373 from $434 in the same quarter last year [33]. - Days filled in Physician Staffing increased to 24,424 from 23,004 in the prior year [33]. - The company experienced a 40% decrease in revenue from Nurse and Allied Staffing, which accounted for 86% of total revenue in the latest quarter [31]. - The company incurred restructuring costs of $998 in Q3 2024, compared to $348 in Q3 2023 [27]. Customer and Market Insights - The company reported a 12% increase in customer satisfaction scores, reflecting improved service quality [35]. - User data showed a 25% growth in active healthcare professionals utilizing the platform, totaling 100,000 users [35]. - Cross Country Healthcare reported a revenue increase of 15% year-over-year, reaching $500 million in the latest quarter [35]. - The company achieved a net income of $30 million, representing a 20% increase compared to the previous year [35].

Cross Country Healthcare, Inc. (NASDAQ: CCRN ) is a U.S. healthcare staffing company. The company makes money by helping hospitals and other healthcare employers fill positions. With a market capitalization of $416 million at the time of writing, CCRN I am a software developer by trade who focuses on finding value in the market wherever it may lie. I'm looking mainly in small caps for opportunities that provide asymmetric upside. I'm also interested in generating income through my investments, which leads m ...

Investors in Cross Country Healthcare, Inc. (CCRN) need to pay close attention to the stock based on moves in the options market lately. That is because the Dec 20, 2024 $2.5 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ——————— FORM 10-Q ——————— ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2024 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From _________ to _________ ——————— CROSS COUNTRY HEALTHCARE, INC. (Exact name of registrant as specified in its charter) ——————— Delaware 0-33169 13-4066229 (St ...

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET Company Participants Joshua Vogel - VP of IR John Martins - President and CEO Bill Burns - CFO Marc Krug - Group President of Delivery Conference Call Participants Kevin Fischbeck - Bank of America Trevor Romeo - William Blair Brian Tanquilut - Jefferies A.J. Rice - UBS Bill Sutherland - The Benchmark Company Tobey Sommer - Truist Constantine Davides - JMP Kevin Steinke - Barrington Research Operator Good ...

Core Insights - Cross Country Healthcare (CCRN) reported a revenue of $339.77 million for the quarter ended June 2024, reflecting a year-over-year decline of 37.2% and an EPS of $0.10 compared to $0.69 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $334.33 million by 1.63%, while the EPS fell short of the consensus estimate of $0.14 by 28.57% [1] Revenue and Earnings Performance - The company experienced a significant decline in revenue from nurse and allied staffing, reporting $291.45 million, which is a 41.2% decrease year-over-year, but above the average estimate of $284.91 million [6] - Physician staffing revenue was reported at $48.32 million, slightly above the estimated $48.15 million, marking a 6.6% increase compared to the same quarter last year [5] Staffing Metrics - Nurse and allied staffing FTEs were reported at 8,415, surpassing the average estimate of 8,093 [3] - Physician staffing days filled reached 24,252, exceeding the average estimate of 18,924 [3] - Revenue per day filled for physician staffing was $1,992, higher than the average estimate of $1,894 [3] - Average revenue per FTE per day for nurse and allied staffing was $377, slightly below the average estimate of $387.50 [4] Stock Performance - Over the past month, shares of Cross Country have returned 32.2%, contrasting with the Zacks S&P 500 composite's decline of 0.4% [6] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [6]

Cross Country Healthcare (CCRN) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -28.57%. A quarter ago, it was expected that this provider of health care staffing and workforce management services would post earnings of $0.17 per share when it actually produced earnings of $0.19, del ...

Exhibit 99.1 CROSS COUNTRY HEALTHCARE ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS BOCA RATON, Fla., July 31, 2024--Cross Country Healthcare, Inc. (the "Company") (Nasdaq: CCRN) today announced financial results for its second quarter ended June 30, 2024. | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|---------------------|-------|--------------------------------------------|-------|-----------------------------|----------| | ...

Investors are still hanging onto the momentum of some sectors in the stock market today, namely those in the technology sector dealing with the global adoption of artificial intelligence. However, some in the market feel like better opportunities in other areas are beginning to gain more bullish momentum, a rotation with a high acceptance rate. Get ZipRecruiter alerts: Cross Country Healthcare Benefits from Steady Hiring Trends in The Federal Reserve is holding the promise of cutting interest rates over the ...

The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company). In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances. These unaudited ...