FINANCIALS: US Cross Country Healthcare posts slight decrease in revenue

US healthcare staffing specialist Cross Country Healthcare has posted a marginal decrease in revenue year-on-year, according to Q2 2019 results.

The results, released late yesterday, reveal revenue of $202.8m (£167.3m) down 1% year-on-year but up 4% sequentially, with the group’s nurses and allied staffing division posted a 1% increase in revenue year-on-year and a 3% increase sequentially.

The group’s search and physician staffing divisions saw revenue decline 8% and 15% respectively year-on-year but increase 17% and 12% sequentially.

The group posted gross profit margin of 25.4%, down 80 basis points year-on-year with a net loss attributable to common shareholders of $51.7m compared to net income of $1.5m in the previous year.

Commenting on the group’s performance, Kevin Clark, Cross Country president and CEO, said he was generally pleased that all segments reported sequential growth and improved profitability in the second quarter, and that strong cashflow allowed the group to make an additional prepayment on its debt.

“While we are in the early stages of our turnaround, we are making solid progress across many fronts including investing in revenue generating resources and technology, along with refining our go-to-market strategies,” he added.

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