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BOCA RATON, Fla. - Cross Country Healthcare (NASDAQ:CCRN) reported fourth quarter earnings that missed analyst expectations, while revenue came in slightly above estimates.
The healthcare staffing company posted adjusted earnings per share of $0.04, falling short of the $0.11 consensus estimate. Revenue for the quarter was $309.9 million, edging past analyst projections of $307.8 million.
Revenue declined 25% year-over-year but was at the high end of the company’s guidance range. The top line was driven by continued strength in non-travel businesses like Physician Staffing, Education and Homecare.
"As we await the closing of the pending transaction with Aya Healthcare, which we currently expect to occur in the second half of the year, we continue on our path of delivering clinical excellence in order to meet our clients’ needs in this dynamic and highly competitive market," said CEO John A. Martins.
Gross profit margin contracted to 20.0%, down 190 basis points from the prior year. Adjusted EBITDA was $9.3 million, or 3.0% of revenue, compared to $20.6 million and 5.0% of revenue a year ago.
For the full year 2024, Cross Country Healthcare reported revenue of $1.34 billion, down 33% year-over-year. Adjusted earnings per share for 2024 came in at $0.46, compared to $2.23 in 2023.
The company ended the quarter with $81.6 million in cash and no debt outstanding. Cross Country Healthcare repurchased over 2.4 million shares of common stock for $36.8 million in 2024.
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