Welcome to our dedicated page for Cross Country Healthcare news (Ticker: CCRN), a resource for investors and traders seeking the latest updates and insights on Cross Country Healthcare stock.
Cross Country Healthcare Inc (CCRN), headquartered in Boca Raton, Florida, is a national leader in providing advanced healthcare workforce solutions. With over 30 years of experience, the company is dedicated to placing highly qualified nurses, physicians, and allied health professionals. The core of Cross Country Healthcare’s business revolves around assisting clients in solving labor cost issues while maintaining high-quality outcomes.
Cross Country Healthcare operates in two primary business segments:
- Nurse and Allied Staffing: This segment generates a significant portion of the company's revenue. It offers temporary and permanent placements of travel and local nurses, allied professionals, and other outsourcing services.
- Physician Staffing: This segment provides licensed practitioners across various specialties, including certified registered nurse anesthetists (CRNAs), nurse practitioners (NPs), and physician assistants (PAs) on temporary assignments.
The company’s services extend to both clinical and non-clinical settings, including acute care hospitals, physician practice groups, nursing facilities, public and charter schools, rehabilitation and sports medicine clinics, government facilities, and home care. Through a network of more than 70 branch office locations and national staffing teams, Cross Country Healthcare supports over 6,500 active contracts.
Recent achievements include strategic partnerships and expansions that enhance their service capabilities. Their consultative services and total talent management solutions are designed to meet the evolving needs of healthcare customers, ensuring efficient and effective workforce management.
Financially, Cross Country Healthcare earns the majority of its revenue from operations within the United States. The company’s robust financial condition and strategic growth initiatives position it as a key player in the healthcare staffing industry.
Aya Healthcare has announced the acquisition of Cross Country Healthcare for $615 million in an all-cash transaction at $18.61 per share, representing a 67% premium to Cross Country's closing price on December 3, 2024. The merger combines complementary tech-enabled workforce solutions, expanding Aya's coverage to include Cross Country's clinical services in non-clinical settings across all 50 states.
The combined entity will offer enhanced services including travel nursing, allied health, per diem, permanent staff hiring, interim leadership, and locum tenens. Cross Country will operate as a separate brand under Aya, with John A. Martins continuing as President and CEO. The transaction is expected to close in first half of 2025, subject to stockholder and regulatory approvals.
Cross Country Healthcare (NASDAQ: CCRN) announces that Susan E. Ball, Executive Vice President, Chief Administrative Officer, and General Counsel, has been named to Staffing Industry Analysts' (SIA) Global Power 150 Women in Staffing List for 2024. Ball, who has been with Cross Country for over 22 years, was recognized for her contributions to strategic governance, cost optimization, and complex legal resolutions. She was also recently honored among the top 50 global corporate counsels in the 2024 OnCon Icon Awards and is an active member of Women's Executive Leadership of South Florida.
Cross Country Healthcare (CCRN) reported Q3 2024 financial results with revenue of $315.1 million, down 29% year-over-year and 7% sequentially. The company posted net income of $2.6 million with diluted EPS of $0.08. Gross profit margin was 20.4%, declining 160 basis points year-over-year.
Notable highlights include revenue growth in Physician Staffing and Homecare Staffing segments, a three-year contract renewal with their largest managed service program, and a strong balance sheet with $64 million cash and no debt. The company repurchased over 800,000 shares for $11.9 million during the quarter.
Cross Country Healthcare (CCRN) has announced its participation in the UBS Global Healthcare Conference, scheduled for November 11-14, 2024, at the Terranea Resort Hotel in Rancho Palos Verdes, CA. The company's President & Chief Executive Officer John Martins and Vice President of Investor Relations Josh Vogel will engage in one-on-one investor meetings on November 13. The company will not deliver a formal presentation at the event.
Cross Country Healthcare (NASDAQ: CCRN) has been named in the 2024 Most Loved Workplaces® for Wellness by Newsweek and the Best Practice Institute (BPI). This recognition highlights organizations worldwide that prioritize employee well-being initiatives.
Colin McDonald, Chief Human Resource Officer of Cross Country, expressed pride in the recognition, emphasizing the company's commitment to the physical, mental, and emotional well-being of their employees. He stated that wellness is integral to Cross Country's culture, contributing to the company's success.
Cross Country Healthcare is known for its workforce solutions and tech-enabled staffing, recruitment, and advisory services. The company's core values include treating employees, healthcare professionals, and clients with respect, integrity, and decency.
Cross Country Healthcare (NASDAQ: CCRN) has released a survey highlighting the urgent need for healthcare providers to adopt digital solutions to address ongoing staffing challenges. The survey, conducted with Healthcare Innovation, reveals insights from healthcare leaders across the US on staff shortages, burnout, and the potential of technology-driven workforce management strategies.
Key findings include:
- Nearly 90% of respondents are concerned about high turnover and burnout
- 38% spend over 20 hours weekly on recruiting
- 91% find scheduling and staff planning tools helpful
- Digital staffing solutions are important for controlling costs and optimizing resources
The survey emphasizes the importance of integrated digital platforms for streamlining workforce management across all aspects, from recruitment to retention. Cross Country is leading this digital transformation, offering innovative solutions to help healthcare providers build a more resilient and adaptive workforce.
Cross Country Healthcare's CEO, John A. Martins, has been named to Newsweek's Most Loved Workplaces CEO list for 2024. This recognition, in collaboration with the Best Practice Institute (BPI), highlights leaders who create exceptional workplace cultures. The ranking is based on extensive employee surveys across various industries, focusing on areas such as Systemic Collaboration, Positive Vision of the Future, Alignment of Values, Respect, and Outstanding Achievement.
Martins expressed his honor, attributing the success to the collective efforts of the Cross Country team in creating a supportive and empowering environment. The award reflects the company's commitment to fostering a culture of innovation, collaboration, and respect. This recognition underscores Cross Country Healthcare's position as a leading provider of workforce solutions and tech-enabled staffing, recruitment, and advisory services.
Cross Country Healthcare (NASDAQ: CCRN) has been certified as a Most Loved Workplace® for 2024 by the Best Practice Institute (BPI). This recognition, received for the second year, highlights the company's dedication to creating a workplace where employees feel valued and inspired. The certification is based on BPI's Spark Model, which evaluates areas such as collaboration, vision, values alignment, respect, and achievement.
John A. Martins, President and CEO of Cross Country, emphasized the company's commitment to exceeding expectations and ensuring employees thrive. Louis Carter, CEO of BPI, noted that Cross Country's certification reflects its focus on employee well-being and satisfaction in a competitive job market. Cross Country Healthcare is a tech-enabled workforce solutions provider with 38 years of industry experience, offering data-driven insights to help clients address complex labor-related challenges.
Cross Country Healthcare (Nasdaq: CCRN) has announced its participation in two upcoming investor conferences. The company will attend the Morgan Stanley 22nd Annual Global Healthcare Conference on September 5, 2024, in New York City, where CEO John Martins and VP of Investor Relations Josh Vogel will engage in one-on-one investor meetings. Additionally, CCRN will participate in the 17th Annual Barrington Research Virtual Fall Investment Conference on September 12, 2024, with CFO William J. Burns and Josh Vogel conducting investor meetings.
Both events will focus on private investor meetings, with no formal presentations scheduled. These conferences provide CCRN with opportunities to connect with investors and discuss the company's performance and outlook in the healthcare staffing industry.
Cross Country Healthcare (CCRN) reported Q2 2024 financial results with revenue of $339.8 million, down 37% year-over-year and 10% sequentially. The company posted a net loss of $16.1 million or $0.47 per diluted share. Adjusted EBITDA was $14.2 million, or 4.2% of revenue. Despite challenges in core nurse and allied staffing, Physician Staffing and Homecare Staffing saw growth. Cash flow from operations was strong at $82.4 million, driven by robust collections. The company maintains a solid balance sheet with $70 million in cash and no debt. For Q3 2024, CCRN expects revenue between $305-$315 million and Adjusted EBITDA of $10-$13 million.
FAQ
What is the current stock price of Cross Country Healthcare (CCRN)?
What is the market cap of Cross Country Healthcare (CCRN)?
What is Cross Country Healthcare Inc?
Where is Cross Country Healthcare Inc headquartered?
What are the primary business segments of Cross Country Healthcare?
What services does Cross Country Healthcare offer?
How many active contracts does Cross Country Healthcare have?
In what settings does Cross Country Healthcare operate?
What recent achievements has Cross Country Healthcare made?
How does Cross Country Healthcare help its clients?
How is Cross Country Healthcare's financial condition?
What makes Cross Country Healthcare a key player in the industry?
