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On Assignment jumps with 1Q report, 2Q outlook

On Assignment jumps with 1Q report, 2Q outlook

Shares of On Assignment Inc. shot up Friday after the professional staffing firm released first-quarter results and second-quarter guidance that beat analyst expectations.

On Assignment which provides medical, life science, information technology and engineering staff, shares rose $1.85, or 20.1%, to $11.06 by mid-afternoon.

The company, based in Calabasas, Calif., said late Thursday that it earned $3.2 million, compared with a loss of $302,000, a year earlier. Revenue rose 34% to $129.4 million. Analysts were looking for $122.9 million, on average.

Revenue from On Assignment's IT and engineering units rose 67.9% to $60.1 million, while life sciences unit revenue climbed 43% to $33 million. The company's health care staffing unit revenue grew 7% to $19.8 million, and revenue from its physician staffing unit fell nearly 13% to $16.5 million.

The company said its first-quarter revenue included $2 million contributed by Belgian clinical research staffing company Valesta, which it bought during the quarter.

For the current quarter, On Assignment expects $142 million to $145 million in revenue.

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