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Mar 31, 2021
Cross Country Healthcare Q1 2021 Earnings Report
Reported record revenue and earnings growth driven by strong demand for healthcare staffing solutions.
Key Takeaways
Cross Country Healthcare reported record first-quarter revenue of $329.2 million, a 57% increase year-over-year, and net income attributable to common shareholders of $19.4 million, a significant improvement compared to the prior year's net loss. Diluted EPS was $0.53, and adjusted EPS was $0.58, reflecting strong operational performance.
Achieved the single largest revenue quarter in the Company's history.
Revenue increased 57% year-over-year and 53% sequentially.
Net income attributable to common shareholders was $19.4 million, a substantial increase from the prior year.
Diluted EPS was $0.53, and adjusted EPS was $0.58.
Cross Country Healthcare
Cross Country Healthcare
Cross Country Healthcare Revenue by Segment
Revenue by Segment
Nurse and Allied Staffing Revenue
CapyFin.comPhysician Staffing Revenue
CapyFin.com Forward Guidance
The company provided guidance for the second quarter of 2021, expecting revenue between $300 million and $310 million, a gross profit margin between 22.0% and 22.5%, adjusted EBITDA between $19.0 million and $21.0 million, and adjusted EPS between $0.37 and $0.42.
Positive Outlook
- Revenue between $300 million and $310 million
- Gross Profit Margin between 22.0% and 22.5%
- Adjusted EBITDA between $19.0 million and $21.0 million
- Adjusted EPS between $0.37 and $0.42
- Average bill rates remaining higher than the prior year
Challenges Ahead
- COVID-19 will continue to impact our business throughout the second quarter
- Revenue to decrease (9)% - (6)% sequentially
- Adjusted EBITDA to decrease (29)% - (21)% sequentially
- Adjusted EPS* to decrease $(0.21) - $(0.16) sequentially
- Declining sequentially for certain assignments, as well as lower demand for certain services such as locum tenens, education, and search
Revenue & Expenses
Visualization of income flow from segment revenue to net income