The following is a summary of the Cross Country Healthcare, Inc. (CCRN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cross Country reported Q1 2024 revenue of $379 million, an 8% sequential decline and 39% year-over-year decline.
Gross profit for the quarter was $77 million, representing a gross margin of 20.4%.
Adjusted EBITDA of $15 million reflected an adjusted EBITDA margin of 4%.
The company ended the quarter with $5 million in cash and no debt.
Q2 2024 guidance estimates revenue between $330 million and $340 million, and adjusted EBITDA ranging from $10 million to $15 million.
Business Progress:
Despite challenges in the Nurse and Allied segment, focus is on growth in locums, education, home care staffing, search and recruitment.
Signed another client on their Intellify technology platform, planning more cost savings as remaining clients migrate.
Plans to leverage operations in India for further cost savings and efficiency improvements.
The demand for locum tenens and allied division services, specifically in physical therapy and imaging, is strong.
Anticipated growth seen in the travel nursing market and an increase in contract renewal rates for 2024.
Optimism regarding the future maintained, given the intact underlying industry fundamentals.
More details: Cross Country Healthcare IR
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