- Cross Country Healthcare ( NASDAQ: CCRN ) stock fell 10% postmarket on Wednesday despite the healthcare staffing firm better-than-expected Q2 results and upbeat Q3 guidance.
- CCRN expects Q3 adj. EPS of $0.85-$0.95 vs. consensus estimate of $0.91.
- Q3 revenue is projected to be $605M-$615M, up 61-64% Y/Y but down 20-18% sequentially. Consensus estimate is $587.10M.
- Q3 gross profit margin is estimated to be 22.3-22.8%.
- CCRN reported Q2 adj. EPS of $1.40 vs. $0.47 in Q2 2021.
- Revenue more than doubled to $753.6M, helped by rise in demand, especially for travel assignments.
- Nurse and allied staffing revenue more than doubled to $731.4M, driven by a spike in professionals on assignment and volume growth.
- Physician staffing revenue grew 41% to $22.1M, helped by an increase in volume in primary care physicians and certified registered nurse anesthetists.
- "... we see strong demand from both existing and new MSP clients setting up a solid runway for continued growth," said CEO John Martins.
- Shares of CCRN, which posted two straight monthly gains in June and July, fell 1.3% YTD but climbed 22.3% in the last 6 months.
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Cross Country Healthcare falls aftermarket despite Q2 earnings beat