Cross Country Healthcare Announces Second Quarter 2020 Financial Results

About this update from Cross Country Healthcare, Inc.

[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nCross Country Healthcare, Inc. (the \"Company\") (Nasdaq: CCRN) today announced financial results for its second quarter ended June 30, 2020.\n\n\n\n\nSELECTED FINANCIAL INFORMATION:\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nVariance\n\n\n\nVariance\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nQ2 2020 vs\n\n\n\nQ2 2020 vs\n\n\n\n\n\nDollars are in thousands, except per share amounts\n\n\n\nQ2 2020\n\n\n\nQ2 2019\n\n\n\nQ1 2020\n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n216,779\n\n\n\n \n\n\n\n \n\n\n\n7\n\n\n\n \n\n\n\n%\n\n\n\n3\n\n\n\n \n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n23.4\n\n\n\n \n\n\n\n%\n\n\n\n(200\n\n\n\n)\n\n\n\nbps\n\n\n\n(20\n\n\n\n)\n\n\n\nbps\n\n\n\n\n\nNet loss attributable to common shareholders\n\n\n\n$\n\n\n\n(14,151\n\n\n\n)\n\n\n\n \n\n\n\n73\n\n\n\n \n\n\n\n%\n\n\n\n(577\n\n\n\n)\n\n\n\n%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n(0.39\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n1.05\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.33\n\n\n\n)\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n$\n\n\n\n11,612\n\n\n\n \n\n\n\n \n\n\n\n84\n\n\n\n \n\n\n\n%\n\n\n\n152\n\n\n\n \n\n\n\n%\n\n\n\n\n\nAdjusted EPS*\n\n\n\n$\n\n\n\n0.16\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.15\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.17\n\n\n\n \n\n\n\n \n\n\n\n\n\nCash flows provided by operations\n\n\n\n$\n\n\n\n16,569\n\n\n\n \n\n\n\n \n\n\n\n34\n\n\n\n \n\n\n\n%\n\n\n\n(3\n\n\n\n)\n\n\n\n%\n\n\n\n\n\n* Refer to accompanying tables and discussion of Non-GAAP financial measures below.\n\n\n“Our second quarter results reflect Cross Country’s position as a leader in the market, as well as strong execution in filling an unprecedented level of demand from clients responding to COVID-19,” said Kevin C. Clark, Co-Founder and Chief Executive Officer. He continued, “We are continuing to adapt to rapid changes in demand across our industry, and we are committed to achieving our long-term goal for growth and improved profitability.\"\n\n\nSecond quarter consolidated revenue was $216.8 million, an increase of 7% year-over-year and 3% sequentially. Consolidated gross profit margin was 23.4%, down 200 basis points year-over-year and down 20 basis points sequentially. Net loss attributable to common shareholders was $14.2 million compared to $51.7 million in the prior year and $2.1 million in the prior quarter. Diluted EPS was a loss of $0.39 per shar...

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