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Sep 30, 2023
Cross Country Healthcare Q3 2023 Earnings Report
Cross Country Healthcare's financial performance declined in Q3 2023 due to challenging market conditions, especially in nursing, but experienced growth in physician staffing, education and homecare staffing.
Key Takeaways
Cross Country Healthcare reported a revenue of $442.3 million for Q3 2023, a 30% decrease year-over-year and an 18% decrease sequentially. Net income was $12.8 million, with diluted EPS at $0.36, and adjusted EPS at $0.39. The company highlighted growth in physician staffing, education, and homecare staffing, and the signing of a significant Intellify® agreement.
Revenue decreased by 30% year-over-year and 18% sequentially.
Physician Staffing, Education and Homecare experienced year-over-year revenue growth.
Net income attributable to common stockholders was $12.8 million.
Company repurchased approximately 600,000 shares of common stock for $14.8 million.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2023, Cross Country Healthcare anticipates revenue between $400 million and $410 million, adjusted EBITDA between $19.0 million and $24.0 million, and adjusted EPS between $0.25 and $0.35.
Challenges Ahead
- Revenue is projected to decline between 36% and 35% year-over-year.
- Revenue is projected to decline between 10% and 7% sequentially.
- Adjusted EBITDA is projected to decline between 67% and 58% year-over-year.
- Adjusted EBITDA is projected to decline between 30% and 12% sequentially.
- Adjusted EPS is projected to decline between $0.84 and $0.74 year-over-year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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