Cross Country Healthcare, Inc. (CCRN) Bundle
An Overview of Cross Country Healthcare, Inc. (CCRN)
General Summary of Cross Country Healthcare, Inc.
Cross Country Healthcare, Inc. (CCRN) is a leading provider of healthcare staffing solutions based in the United States. Founded in 1986, the company has evolved significantly, offering a range of services that include nurse and allied staffing, physician staffing, and homecare staffing. As of 2024, Cross Country Healthcare operates in a highly competitive market, serving various healthcare facilities across the nation.
In 2024, the company reported total sales of approximately $1.034 billion, reflecting a significant decline from $1.606 billion in 2023, primarily due to reduced demand for travel nurse staffing and lower average bill rates. The company remains committed to expanding its services, particularly in the homecare staffing sector, which has shown resilience and growth during recent economic challenges.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reporting period for the nine months ended September 30, 2024, Cross Country Healthcare experienced a notable decrease in revenue and profitability. The company's revenue from services decreased by 35.6% to $1.034 billion compared to $1.606 billion for the same period in 2023. This decline was primarily attributed to a 39.7% drop in revenue from nurse and allied staffing, which fell to $888.5 million from $1.474 billion.
Conversely, the physician staffing segment saw a 10.8% increase in revenue, reaching $145.6 million, up from $131.4 million. This growth was driven by a 5.1% increase in billable days and improved average rates due to a favorable specialty mix.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue from Services | $315.1 million | $442.3 million | -28.8% |
| Direct Operating Expenses | $251.0 million | $344.9 million | -27.2% |
| Selling, General and Administrative Expenses | $54.3 million | $69.6 million | -22.0% |
| Net Income | $2.6 million | $12.8 million | -80.1% |
The company reported a net loss attributable to common stockholders of $10.8 million for the nine months ended September 30, 2024, compared to net income of $63.6 million for the same period in 2023. The decline in profitability was influenced by substantial credit loss expenses, including a $19.4 million charge related to a single large customer's bankruptcy filing.
Introduction to Cross Country Healthcare, Inc. as a Leader in the Industry
Cross Country Healthcare, Inc. is recognized as one of the leading companies in the healthcare staffing industry. With a comprehensive range of services and a robust operational framework, it has established a strong presence in both nurse and allied staffing and physician staffing sectors. The company's ability to adapt to changing market conditions, particularly in the wake of the COVID-19 pandemic, has positioned it favorably against competitors.
As of 2024, the company continues to expand its footprint, particularly in the homecare staffing segment, which has shown resilience amid fluctuating demands in other areas. Investors and stakeholders are encouraged to explore further details about Cross Country Healthcare's operational strategies and market position to understand the factors contributing to its ongoing success in a challenging environment.
Mission Statement of Cross Country Healthcare, Inc. (CCRN)
Mission Statement of Cross Country Healthcare, Inc. (CCRN)
The mission statement of Cross Country Healthcare, Inc. (CCRN) serves as a guiding principle for the company's long-term objectives and operational strategies. It reflects the company's commitment to providing high-quality healthcare staffing solutions, enhancing patient care, and supporting healthcare facilities across the United States.
Core Component 1: Quality of Care
Cross Country Healthcare emphasizes the importance of delivering exceptional quality in patient care. The company’s staffing solutions are designed to ensure that healthcare facilities have access to qualified professionals who can meet the varying demands of patient care.
- Latest Statistics: In the nine months ended September 30, 2024, Cross Country Healthcare reported total revenue from services of $1.034 billion, a decrease of 35.6% from $1.606 billion in the same period of the previous year.
- Days Filled: The company filled 72,461 days in its Physician Staffing segment during the nine months ended September 30, 2024, compared to 68,927 days in the prior year, reflecting a 5.1% increase.
Core Component 2: Innovation
Innovation is a critical aspect of Cross Country Healthcare's mission. The company continually seeks to improve its services and operational efficiencies through technology and new methodologies in staffing.
- Revenue Per Day Filled: For the three months ended September 30, 2024, the revenue per day filled was $2,058, up from $1,986 in the prior year, indicating an increase due to price adjustments.
- Corporate Overhead: The corporate overhead for the three months ended September 30, 2024, decreased to $15.5 million, representing 4.9% of consolidated revenue.
Core Component 3: Commitment to Workforce
Cross Country Healthcare is dedicated to supporting its workforce, ensuring that its employees are well-trained, motivated, and equipped to provide the best care possible. This commitment enhances employee satisfaction and retention, which is vital in the competitive healthcare staffing industry.
- Average Revenue per FTE: The average revenue per Full-Time Equivalent (FTE) in the Nurse and Allied Staffing segment was $373 per day for the three months ended September 30, 2024, down from $434 in the previous year.
- FTEs on Contract: The average number of FTEs on contract decreased by 22.2% in the Nurse and Allied Staffing segment, from 9,849 in 2023 to 7,660 in 2024.
| Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue from Services | $315.1 million | $442.3 million | (28.8%) |
| Days Filled (Physician Staffing) | 24,424 | 23,004 | 6.2% |
| Average Revenue per Day Filled | $2,058 | $1,986 | 3.6% |
| Corporate Overhead | $15.5 million | $16.4 million | (5.5%) |
Vision Statement of Cross Country Healthcare, Inc. (CCRN)
Vision Statement of Cross Country Healthcare, Inc. (CCRN)
The vision statement of Cross Country Healthcare, Inc. (CCRN) encompasses several components that reflect its strategic direction and aspirations as of 2024. This chapter details these components and their implications for the company's future.
Growth and Innovation
Cross Country Healthcare aims to be a leader in healthcare staffing solutions, focusing on growth and innovation. The company reported a revenue decline of 35.6% to $1.034 billion for the nine months ended September 30, 2024, compared to $1.606 billion for the same period in 2023. This decline was primarily due to decreased demand in the Nurse and Allied Staffing segment, which faced a 39.7% drop in revenue to $888.5 million. In contrast, the Physician Staffing segment experienced a 10.8% increase in revenue to $145.6 million, indicating a shift towards higher demand for specialized staffing solutions.
Commitment to Quality Care
Quality care remains a cornerstone of Cross Country Healthcare's vision. The company reported a contribution income of $64.1 million for the nine months ended September 30, 2024, down from $170.7 million the previous year. The contribution income margin for the Nurse and Allied Staffing segment was 5.9%, down from 11.0% in 2023. This focus on maintaining quality care is reflected in the company's strategic initiatives aimed at improving service delivery and client satisfaction.
Employee Engagement and Development
Employee engagement is critical to Cross Country Healthcare's vision. The company reported an average of 7,660 full-time equivalents (FTEs) in the Nurse and Allied Staffing segment for the three months ended September 30, 2024, down from 9,849 FTEs in the prior year. The decline emphasizes the need for enhanced recruitment and retention strategies to ensure a skilled workforce capable of delivering high-quality staffing solutions.
Technological Advancement
Technological advancement is integral to Cross Country Healthcare's vision. The company has invested in improving its operational efficiency through technology, evident from its reduced corporate overhead, which decreased from $54.0 million in 2023 to $51.3 million in 2024. Additionally, the company implemented a new Rule 10b5-1 Repurchase Plan to facilitate share buybacks, reflecting a strategic approach to enhancing shareholder value.
Financial Resilience
Financial resilience is a key aspect of Cross Country Healthcare's vision. As of September 30, 2024, the company reported cash and cash equivalents of $64.0 million, with no borrowings drawn under its asset-based lending facility. This strong liquidity position enables the company to navigate market fluctuations and pursue growth opportunities effectively.
| Financial Metrics | 2024 (YTD) | 2023 (YTD) | Change (%) |
|---|---|---|---|
| Revenue from Services | $1.034 billion | $1.606 billion | -35.6% |
| Nurse and Allied Staffing Revenue | $888.5 million | $1.474 billion | -39.7% |
| Physician Staffing Revenue | $145.6 million | $131.4 million | +10.8% |
| Contribution Income | $64.1 million | $170.7 million | -62.5% |
| Cash and Cash Equivalents | $64.0 million | N/A | N/A |
Cross Country Healthcare's vision for 2024 reflects a comprehensive approach to navigating the complexities of the healthcare staffing industry, emphasizing growth, quality, employee engagement, technology, and financial resilience.
Core Values of Cross Country Healthcare, Inc. (CCRN)
Integrity
Integrity is a core value that underpins Cross Country Healthcare's operations and interactions. It emphasizes honesty, transparency, and ethical conduct in all business dealings.
In 2024, Cross Country Healthcare demonstrated its commitment to integrity through various initiatives, including compliance training programs for employees and the establishment of a whistleblower policy. The company reported a compliance training completion rate of over 95% among its staff, ensuring that all employees are equipped to uphold ethical standards in their work.
Collaboration
Collaboration fosters teamwork and partnership both internally and externally. This value encourages employees to work together towards common goals, enhancing service delivery and client satisfaction.
In 2024, Cross Country Healthcare launched a new platform for internal communication that improved collaboration among teams. This initiative resulted in a 20% increase in project completion rates on time and within budget. Additionally, client feedback surveys indicated a 15% improvement in satisfaction scores related to service responsiveness and teamwork.
Excellence
Excellence reflects Cross Country Healthcare's commitment to providing high-quality services and solutions in the healthcare staffing industry. This value drives continuous improvement and innovation in service delivery.
As of September 30, 2024, the company reported a revenue of $1.03 billion for the nine months ended, demonstrating resilience and a focus on quality despite a challenging market. The Nurse and Allied Staffing segment contributed $888.5 million, while Physician Staffing brought in $145.6 million, reflecting a strategic focus on enhancing service offerings in high-demand areas.
Respect
Respect promotes a culture of inclusivity, valuing diverse perspectives and treating all stakeholders with dignity.
In 2024, Cross Country Healthcare implemented diversity and inclusion training, achieving a participation rate of 90% among employees. The company also established employee resource groups (ERGs) aimed at supporting underrepresented groups within the organization. As a result, employee engagement scores increased by 25% in areas related to workplace culture and respect.
Accountability
Accountability ensures that all employees take responsibility for their actions and decisions, fostering a culture of trust and reliability.
In 2024, Cross Country Healthcare instituted a new performance management system that ties employee performance metrics to accountability measures. This system has led to a 30% reduction in performance-related issues reported compared to the previous year. The company also maintained a low turnover rate of 10% within its staffing divisions, indicating a stable and accountable workforce.
| Core Value | Initiative | Impact |
|---|---|---|
| Integrity | Compliance training programs | 95% training completion rate |
| Collaboration | New internal communication platform | 20% increase in project completion rates |
| Excellence | Revenue growth strategies | $1.03 billion revenue for nine months |
| Respect | Diversity and inclusion training | 90% participation rate |
| Accountability | Performance management system | 30% reduction in performance issues |
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Resources:
- Cross Country Healthcare, Inc. (CCRN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cross Country Healthcare, Inc. (CCRN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cross Country Healthcare, Inc. (CCRN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.