Overview
US healthcare workforce provider's Q1 revenue fell 18% yr/yr but beat analyst expectations
Adjusted EPS for Q1 beat consensus, while adjusted EBITDA missed analyst expectations
Company repurchased over 650,000 shares, or 2.1% of shares outstanding, in Q1
Outlook
Company did not provide specific financial guidance for the current quarter or full year
Result Drivers
TRAVEL NURSE AND ALLIED GROWTH - Sequential revenue growth driven by 7% increase in Travel Nurse and Allied segments
COMMUNITY CARE GROWTH - Cross Country Community Care saw 16% yr/yr revenue growth
NEW CONTRACT WINS - Signed 4 new MSP/VMS agreements and licensed Intellify platform to a top ten healthcare staffing provider
Company press release: ID:nBwc1MQSxa
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$241.06 mln
$236.84 mln (9 Analysts)
Q1 Adjusted EPS
Beat
-$0.03
-$0.04 (9 Analysts)
Q1 EPS
-$0.14
Q1 Net Income
-$4.27 mln
Q1 Adjusted EBITDA
Miss
$3.85 mln
$4.40 mln (9 Analysts)
Q1 Gross Margin
19.70%
Q1 Adjusted EBITDA Margin
1.60%
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the employment services peer group is "buy."
Wall Street's median 12-month price target for Cross Country Healthcare Inc is $10.50, about 3.9% above its May 6 closing price of $10.11
The stock recently traded at 62 times the next 12-month earnings vs. a P/E of 97 three months ago
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)