Cross Country Healthcare reports gross profit margin of over 25% in 2015
Florida-based Cross Country Healthcare, Inc. has announced financial results in line with its expectations for the fourth quarter and full year ended 31st December 2015.
Fourth quarter consolidated revenue was $193.1m, an increase of 3% year-over-year and a decrease of 1% sequentially. On a pro forma basis, fourth quarter revenue was up 3% year-over-year. The company's consolidated gross profit margin was 26.1%, up 80 basis points year-over-year and down 20 basis points sequentially. Adjusted EBITDA was $10.9m or 5.7% of revenue, as compared with $6.2m or 3.3% of revenue in the prior year. Net loss attributable to common shareholders was $6.1m, or $0.19 per diluted share, compared to a net loss of $20.2m or $0.65 per diluted share in the prior year. Adjusted EPS was $0.18 compared to $0.03 in the prior year and $0.23 in the prior quarter.
For the year ended 31st December 2015, consolidated revenue was $767.4m, an increase of 24% year-over-year. On a pro forma basis, revenue was up 5% year-over-year. Consolidated gross profit margin was 25.7%, up 20 basis points from the prior year. Adjusted EBITDA was $37.6m or 4.9% of revenue, as compared with $17.2m or 2.8% of revenue in the prior year. Net income attributable to common shareholders was $4.4m, or $0.14 per diluted share, compared to a net loss of $31.8 million or $1.02 per diluted share in the prior year. Adjusted EPS was $0.54 compared to $0.09 in the prior year.
William J. Grubbs, president and chief executive officer, said, "This was a year of significant improvement for Cross Country Healthcare. After only the second full year executing our turnaround plan, I am extremely pleased with the progress we are making. We continue to execute on our strategy as a leader in healthcare staffing and as a provider of value-added workforce solutions.
"We reached our fourth quarter Adjusted EBITDA target of 5% one quarter early and exceeded that goal for both the third and fourth quarters. Full year Adjusted EBITDA grew by more than $20 million to 4.9% representing a 210 basis point improvement. The market remains robust and we expect 2016 to be another year of providing our shareholders with superior returns."