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Sep 30, 2021
Cross Country Healthcare Q3 2021 Earnings Report
Cross Country Healthcare's Q3 2021 performance was marked by significant revenue growth and improved profitability.
Key Takeaways
Cross Country Healthcare reported a strong third quarter with a 93% year-over-year increase in revenue, reaching $374.9 million. Net income attributable to common shareholders was $23.4 million, a substantial improvement from the prior year's net loss. Diluted EPS was $0.62, and adjusted EBITDA reached $30.1 million, or 8.0% of revenue.
Year-to-date revenue exceeded $1.0 billion for the first time in the Company's history.
Year-over-year and sequential increase in volume across all segments.
Third quarter financial performance exceeded guidance across all areas.
Adjusted EBITDA margin exceeded 8% for the second time this 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 provided revenue guidance for Q4 2021 of $580 million - $590 million, gross profit margin of 22.2% - 22.7%, adjusted EBITDA of $63.0 million - $68.0 million, and adjusted EPS of $1.01 - $1.11.
Positive Outlook
- Expect average bill rates to rise again in Q4 2021.
- Expect the pandemic to continue impacting our financial performance through at least the end of the current fiscal year.
- COVID-19 has driven up bill rates with regional spikes in demand related to the Delta variant.
- The impact from states and healthcare systems enacting vaccination mandates is exacerbating an already tight supply market.
- Experiencing growing needs in non-COVID assignments resulting in increased demand from clinicians leaving the bedside due to burnout or retirement.
Challenges Ahead
- Gross Profit Margin expected to be 22.2% - 22.7%.
- Potential impact of any future divestitures, mergers, acquisitions, or other business combinations.
- Changes in debt structure.
- Future share repurchases.
- Actual results may differ materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income