Why Cross Country Healthcare Inc (CCRN) Saw Its Share Climbing 27% After Market?

MRAI Stock
MRAI Stock

Shares of staffing firm Cross Country Healthcare, Inc. (NASDAQ: CCRN) rose 27.04% in after market trades on Wednesday following announcement of financial results for its fourth quarter and full year ended December 31, 2020. Regular session saw the stock rising 5.67% to $10.06 at ring of the bell.

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What happened?

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A leader in the provision of total talent management services, Cross Country Healthcare provides an array of services to healthcare clients including contingent and permanent staffing, consulting services, and workforce solutions. CCRN provides outstanding patient care and high-quality outcomes by leveraging its 35 years of experience in the industry.

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What financials say?

  • In the fourth quarter, revenue was $215.6 million, the same as the same quarter last year.
  • The company’s net income soared 503% to $4.6 million. Last year, the company lost -$1.1 million and in the prior quarter, the company lost $1.3 million.
  • EPS for the quarter was $0.13 compared to losses of $0.03 per share in the year-ago quarter and $0.04 per share in the last quarter.
  • Revenue for the full year 2020 increased by 2% to $836.4 million.
  • A net loss of $13.0 million, or $0.36 per share was posted by the company, which was lesser than a loss of $57.7 million, or $1.61 per share in the prior year.

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  • Earnings per share (EPS) increased from $0.15 in the 2019 to $0.46 in 2020 as adjusted EBITDA increased from $25.5 million to $36.3 million.


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