Citi Comments On CCRN 4Q

Citi is commenting on Cross Country Healthcare's CCRN 4Q results.

“Revenues of $114m slightly missed consensus on lower physician staffing volume,” Citi writes. “GM was 50bps above our model, G&A dollars were inline. EBITDA ($5.4m) and EPS (+2c) were inline, despite an implied mid 60-65% tax rate (driven higher by permanent differences and low pretax earnings).

“Nurse staffing FTE's were -8.2% vs. our -7% estimate. Pricing in this segment continues to be flat. Physician days filled were weaker than we expected, though offset by stronger pricing/mix. The company's clinical trials and other management services segments were inline with our estimates. There was a $10m non-cash impairment charge related to trademarks associated with MDA.”

Cross Country Healthcare is currently trading at $7.67.