Cross Country Healthcare Announces Third 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 third quarter ended September 30, 2020.\n\n\n\n\n\n\n \n\n\n\nSELECTED FINANCIAL INFORMATION:\n\n\n\n\n\n\n\n\n\n\n\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\nQ3 2020 vs\n\n\n\nQ3 2020 vs\n\n\n\n\n\nDollars are in thousands, except per share amounts\n\n\n\nQ3 2020\n\n\n\nQ3 2019\n\n\n\nQ2 2020\n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n193,968\n\n\n\n \n\n\n\n \n\n\n\n(7)\n\n\n\n \n\n\n\n%\n\n\n\n(11)\n\n\n\n \n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n24.7\n\n\n\n \n\n\n\n%\n\n\n\n30\n\n\n\n \n\n\n\nbps\n\n\n\n130\n\n\n\n \n\n\n\nbps\n\n\n\n\n\nNet loss attributable to common shareholders\n\n\n\n$\n\n\n\n(1,334)\n\n\n\n \n\n\n\n \n\n\n\n57\n\n\n\n \n\n\n\n%\n\n\n\n91\n\n\n\n \n\n\n\n%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n(0.04)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.05\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.35\n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n$\n\n\n\n8,598\n\n\n\n \n\n\n\n \n\n\n\n19\n\n\n\n \n\n\n\n%\n\n\n\n(26)\n\n\n\n \n\n\n\n%\n\n\n\n\n\nAdjusted EPS*\n\n\n\n$\n\n\n\n0.12\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.07\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.04)\n\n\n\n \n\n\n\n \n\n\n\n\n\nCash flows used in operations\n\n\n\n$\n\n\n\n(8,456)\n\n\n\n \n\n\n\n \n\n\n\n41\n\n\n\n \n\n\n\n%\n\n\n\n(151)\n\n\n\n \n\n\n\n%\n\n\n\n\n\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\n\n\n\n\n“We are encouraged by the resurgence in demand and have made steady progress growing our businesses throughout the third quarter,” said Kevin C. Clark, Co-Founder and Chief Executive Officer. “Cross Country’s digital transformation remains on track with the successful deployment of our new applicant tracking system for our largest business.\"\n\nThird quarter consolidated revenue was $194.0 million, a decrease of 7% year-over-year and 11% sequentially. Consolidated gross profit margin was 24.7%, up 30 basis points year-over-year and 130 basis points sequentially. Net loss attributable to common shareholders was $1.3 million compared to $3.1 million in the prior year and $14.2 million in the prior quarter. Diluted EPS was a loss of $0.04 per share compared to losses of $0.09...

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