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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.
Cross Country Healthcare, a leader in workforce solutions for healthcare, has been awarded the Great Place to Work Certification for 2021. This certification reflects the positive employee experience, with 77% of employees rating it as a great workplace compared to the 59% average among U.S. companies. The recognition is based on employee feedback, emphasizing the company's focus on fostering a valued workplace culture. This accolade highlights Cross Country's commitment to employee satisfaction, retention, and organizational success.
Cross Country Healthcare (Nasdaq: CCRN) reported Q2 2021 financial results with revenue of $331.8 million, a 53% increase year-over-year. The gross profit margin was 21.9%, down 150 basis points from last year. Net income attributable to shareholders reached $11.5 million, a significant improvement from a net loss of $14.2 million a year earlier. Diluted EPS was $0.31, down from $0.53 in Q1 2021. Looking ahead, management expects Q3 revenue between $310 million and $320 million, representing a 60% - 65% year-over-year increase, despite sequential declines.
Cross Country Healthcare (Nasdaq: CCRN) has announced updated dial-in numbers for its quarterly conference call to discuss Q2 2021 financial results, scheduled for August 4, 2021, at 5:00 p.m. ET. The previous numbers are now obsolete. The conference call will be accessible via the company’s website and by phone. A replay of the call will be available until August 18, 2021. Cross Country Healthcare specializes in talent management for healthcare, providing solutions in staffing and consulting while maintaining high-quality service standards.
Cross Country Healthcare, Inc. (Nasdaq: CCRN) will hold its quarterly conference call on August 4, 2021, at 5:00 p.m. ET to discuss its second quarter financial results. The earnings press release is set for distribution after market close on the same day. Interested parties can access the live webcast on the company’s website or dial in using specified numbers for U.S. and international locations. A replay will be available until August 18, 2021. Cross Country is recognized for its comprehensive staffing solutions in healthcare and has received numerous accolades for its services.
Cross Country Healthcare, Inc. (NASDAQ: CCRN) partners with the Centers for Medicare & Medicaid Services to enhance infection control in nursing homes through free training for staff. The program, 'Targeted COVID-19 Training for Frontline Nursing Home Staff & Management,' equips staff with techniques in hygiene, emergency preparedness, and vaccine management. Participants earn completion certificates and a $250 bonus for finishing the course. This initiative underscores CCRN's commitment to healthcare quality and infection prevention in long-term care facilities.
Cross Country Healthcare (NASDAQ: CCRN) has announced the acquisition of Workforce Solutions Group (WSG), effective June 8, 2021, for $30 million, including cash and stock. WSG specializes in in-home care and talent management services. This acquisition aims to enhance CCRN's market presence in home care services and strategically support healthcare facilities in managing staffing needs. CCRN has also secured a $100 million term loan to finance the acquisition. The deal may yield an additional $15 million based on WSG's performance from 2021 to 2023.
Cross Country Healthcare (Nasdaq: CCRN) will participate in the Jefferies 2021 Virtual Healthcare Conference from June 1-4, 2021. The company’s Executive Vice President & CFO, William J. Burns, and Group President, Delivery, John A. Martins, will engage in one-on-one investor meetings. No formal presentation is scheduled. Cross Country Healthcare, a leader in talent management for healthcare, emphasizes quality service and has received multiple awards, including the Best of Staffing Award and the Top Workplaces USA award in 2021.
Cross Country Healthcare (NASDAQ: CCRN) has appointed Phillip Noe as the new Chief Information Officer, succeeding Bill Halnon, who is retiring. Noe will start on May 10, 2021, and will directly report to CEO Kevin C. Clark. Noe's appointment aligns with the company's digital transformation efforts, leveraging his extensive IT background to enhance innovative technology solutions. Prior to this role, he held leadership positions in various organizations, bringing a wealth of experience in software engineering and healthcare administration.
Cross Country Healthcare reported record first-quarter results for 2021, with revenues hitting $329.2 million, marking a 57% year-over-year increase. The company achieved a net income of $19.4 million, rebounding from a $2.1 million loss last year. Diluted EPS rose to $0.53 from a loss of $0.06. However, the gross profit margin declined to 21.7%, a 190 basis point drop year-over-year. Adjusted EBITDA improved significantly to $26.7 million. The company restructured its reporting segments to enhance operational clarity.
The National Association of Travel Healthcare Organizations (NATHO) has appointed Marc Krug, division president at Cross Country Healthcare (NASDAQ: CCRN), to its board of directors. With over 30 years in healthcare staffing, Krug aims to enhance industry standards and legislative representation. His leadership during the pandemic and digital transformation has driven revenue growth and operational efficiency at Cross Country. CEO Kevin C. Clark praises his expertise in scaling the travel nurse and allied divisions.
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