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Cross Country Healthcare, Inc. (the "Company") (Nasdaq: CCRN) today announced financial results for its first quarter ended March 31, 2021.
SELECTED FINANCIAL INFORMATION:
Variance
Variance
Q1 2021 vs
Q1 2021 vs
Dollars are in thousands, except per share amounts
Q1 2021
Q1 2020
Q4 2020
Revenue
$
329,241
57
%
53
%
Gross profit margin*
21.7
%
(190
)
bps
(350
)
bps
Net income attributable to common shareholders
$
19,448
1,031
%
322
%
Diluted EPS
$
0.53
$
0.59
$
0.40
Adjusted EBITDA*
$
26,733
480
%
132
%
Adjusted EBITDA margin*
8.1
%
590
bps
280
bps
Adjusted EPS*
$
0.58
$
0.59
$
0.39
Cash flows used in operations
$
(24,927
)
(245
)
%
(1,392
)
%
* Refer to accompanying tables and discussion of non-GAAP (Generally Accepted Accounting Principles) financial measures below.
“We entered the year on a very positive trajectory, with solid execution, higher productivity, and exceptional performance," said Kevin Clark, Co-founder and Chief Executive Officer for Cross Country Healthcare. He continued, "This was the single largest revenue quarter in our Company's history and was fueled by our passionate, tireless efforts to deliver the critical professionals needed across the country."
First quarter consolidated revenue was $329.2 million, an increase of 57% year-over-year and 53% sequentially. Consolidated gross profit margin was 21.7%, down 190 basis points year-over-year and 350 basis points sequentially. Net income attributable to common shareholders was $19.4 million compared to a net loss of $2.1 million in the prior year and net income of $4.6 million in the prior quarter. Diluted earnings per share (EPS) was $0.53 per share compared to a loss of $0.06 per share in the prior year and income of $0.13 per share in the prior quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $26.7 million or 8.1% of revenue, as compared with $4.6 million or 2.2% of revenue in the prior year, and $11.5 million or 5.3% of revenue in the prior quarter. Adjusted EPS was $0.58 compared to a loss of $0.01 in the prior year and income of $0.19 in the prior quarter.
Quarterly Business Segment Highlights
In the first quarter of 2021, the Company modified its reportable segments to the following two reportable segments – Nurse and Allied Staffing and Physician Staffing. Previously reported Search segment results have been reclassified to Nurse and Allied Staffing. See accompanying tables below.
Nurse and Allied Staffing
Revenue was $313.0 million, an increase of 63% year-over-year and 57% sequentially. Contribution income was $37.4 million, an increase compared to $13.8 million in the prior year and $22.8 million in the prior quarter. Average field contract personnel on a full-time equivalent (FTE) basis were 6,614 as compared with 7,145 in the prior year and 5,798 in the prior quarter. Revenue per FTE per day wa
cross country healthcare, headquartered in boca raton, florida, is a national leader in providing leading-edge healthcare workforce solutions. our solutions are geared towards assisting our clients to solve labor cost issues while maintaining high quality outcomes. with more than 30 years of experience, we are dedicated to placing highly qualified nurses and physicians as well as allied health, advanced practice, and case management professionals. we also provide both retained and contingent placement services for physicians, as well as retained search services for healthcare executives. we have more than 6,500 active contracts with a broad range of clients in both clinical and nonclinical settings, including acute care hospitals, physician practice groups, nursing facilities, both public schools and charter schools, rehabilitation and sports medicine clinics, government facilities, and home care. through our national staffing teams and network of more than 70 branch office locations,
