Cross Country Healthcare +3.2% post Q2 results

|About: Cross Country Healthca... (CCRN)|By:, SA News Editor

Cross Country Healthcare (CCRN +3.2%) reports Q2 revenue decrease of 0.9% Y/Y to $202.8M.

Segment revenue: Nurse and Allied Staffing $180.8M (+1% Y/Y); Physician Staffing $18M (-15% Y/Y) & Search Services $3.9M (-8% Y/Y).

Contribution income: Nurse and Allied Staffing $16.1M (-5.3% Y/Y); Physician Staffing $0.5M (-64.3% Y/Y) & Search Services -$0.2M (-166.7% Y/Y).

Average Nurse and Allied Staffing revenue per FTE per day of $283; Average field FTEs were 7,016 (-1.8% Y/Y).

For Physician Staffing, days filled were 10,754 (-21.8% Y/Y) & revenue per day filled $1,676.

Gross profit margin declined 80 bps to 25.4%.

Adj. EBITDA margin declined 114 bps to 3.1%.

CFO increased to $12.4M, with the principal driver being improvement in days' sales outstanding.

The Company had $24.8M in cash and equivalents and $71.4M principal balance on our term loan.

Q3 Outlook: Revenue: $200-205M; Gross profit margin of 24.5-25%; Adj. EBITDA $5.5-6.5M & Adj. EPS $(0.00) to 0.02.

Previously: Cross Country Healthcare EPS beats by $0.01, beats on revenue (Jul. 31 2019)

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