Cross Country Healthcare Announces Third Quarter 2019 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 third quarter ended September 30, 2019.\n\n\nFINANCIAL HIGHLIGHTS:\n\n\n\n\n \n\n\nDollars are in thousands, except per share amounts\n\n\n\nQ3 2019\n\n\n\nVariance\nQ3 2019 vs\nQ3 2018\n\n\n\nVariance\nQ3 2019 vs\nQ2 2019\n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n209,200\n\n\n\n \n\n\n\n \n\n\n\n4\n\n\n\n \n\n\n\n%\n\n\n\n3\n\n\n\n \n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n24.4\n\n\n\n \n\n\n\n%\n\n\n\n(130\n\n\n\n)\n\n\n\nbps\n\n\n\n(100\n\n\n\n)\n\n\n\nbps\n\n\n\n\n\nNet loss attributable to common shareholders\n\n\n\n$\n\n\n\n(3,128\n\n\n\n)\n\n\n\n \n\n\n\n(609\n\n\n\n)\n\n\n\n%\n\n\n\n94\n\n\n\n \n\n\n\n%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n(0.09\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(0.08\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n1.35\n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n$\n\n\n\n7,251\n\n\n\n \n\n\n\n \n\n\n\n(11\n\n\n\n)\n\n\n\n%\n\n\n\n15\n\n\n\n \n\n\n\n%\n\n\n\n\n\nAdjusted EPS*\n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.03\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.04\n\n\n\n \n\n\n\n \n\n\n\n\n\nCash flows used in operations\n\n\n\n$\n\n\n\n(14,249\n\n\n\n)\n\n\n\n \n\n\n\n(473\n\n\n\n)\n\n\n\n%\n\n\n\n(215\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“We were pleased to have exceeded our expectations on both revenue and adjusted EBITDA for the quarter,” said Kevin Clark, President and Chief Executive Officer. He added, “We have made steady progress in a short period of time since January, and our targeted investments are beginning to have the desired impact. The market remains strong and we are well positioned to improve profitability and drive continued growth, especially with the successful refinancing of our senior credit facility in late October.”\n\n\nThird quarter consolidated revenue was $209.2 million, an increase of 4% year-over-year and 3% sequentially. Consolidated gross profit margin was 24.4%, down 130 basis points year-over-year and 100 basis points sequentially. Net loss attributable to common shareholders was $3.1 million compared to $0.4 million in the prior year and $51.7 million in the prior quarter. Diluted EPS was a loss of $0.09 per share compared to $0.01 per share...

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