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Jun 30, 2020
Cross Country Healthcare Q2 2020 Earnings Report
Cross Country Healthcare's second quarter results reflected strong execution in filling unprecedented demand from clients responding to COVID-19.
Key Takeaways
Cross Country Healthcare reported a 7% increase in revenue year-over-year, driven by strong demand for their services in response to COVID-19. The company reported a net loss attributable to common shareholders of $14.2 million, and an adjusted EPS of $0.16.
Consolidated revenue increased 7% year-over-year and 3% sequentially.
Net loss attributable to common shareholders was $14.2 million.
Adjusted EBITDA was $11.6 million, or 5.4% of revenue.
Adjusted EPS was $0.16, compared to $0.01 in the prior year.
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 expects revenue between $170 million and $180 million, gross profit margin between 23.8% and 24.3%, Adjusted EBITDA between $4.0 million and $6.0 million, and Adjusted EPS between $(0.06) and $(0.02) for Q3 2020.
Positive Outlook
- Gross Profit Margin between 23.8% - 24.3%
- Sequential improvement in Revenue expected for Q4
- Sequential improvement in Adjusted EBITDA expected for Q4
- The company continues to assess the impacts from COVID-19 on its operations
- The company has decided to widen the guidance ranges for the third quarter, due to volatility and uncertainty from the pandemic
Challenges Ahead
- Revenue between $170 million - $180 million
- Adjusted EBITDA between $4.0 million - $6.0 million
- Adjusted EPS between $(0.06) - $(0.02)
- The potential impact of any future divestitures, mergers, acquisitions or other business combinations
- Changes in debt structure, or future share repurchases
Revenue & Expenses
Visualization of income flow from segment revenue to net income