Cross Country Healthcare, Inc. (NASDAQ: CCRN) has announced its financial results for the third quarter ended September 30, 2025. Here are the key highlights from the press release:
- Revenue for the third quarter of 2025 was $250.1 million, marking a 21% decrease year-over-year and a 9% decrease sequentially.
- The gross profit margin remained flat at 20.4% year-over-year and sequentially.
- Net loss attributable to common stockholders was $4.8 million, a significant decrease from the net income of $2.6 million in the prior year and a net loss of $6.7 million in the prior quarter.
- Diluted earnings per share (EPS) was a net loss of $0.15, compared to a net income of $0.08 in the prior year and a net loss of $0.20 in the prior quarter.
- Adjusted EBITDA was $6.5 million, representing a 37% decrease year-over-year and a 14% decrease sequentially, with an adjusted EBITDA margin of 2.6%.
- Cash flows provided by operations were $20.1 million for the quarter, reflecting a 169% increase year-over-year and a 377% increase sequentially.
For the nine months ended September 30, 2025: Consolidated revenue was $817.5 million, a decrease of 21% year-over-year. Consolidated gross profit margin was 20.3%, down 20 basis points year-over-year. Net loss attributable to common stockholders was $11.9 million, or $0.37 per diluted share, compared to a net loss of $10.8 million, or $0.32 per diluted share, in the prior year. Adjusted EBITDA was $22.7 million, or 2.8% of revenue, compared to $39.8 million, or 3.8% of revenue, in the prior year. * Adjusted EPS was $0.08, compared to $0.41 in the prior year.
In terms of business segments: Nurse and allied staffing revenue was $202.0 million, a decrease of 24% year-over-year and 10% sequentially. Physician staffing revenue was $48.1 million, a decrease of 4% year-over-year and 3% sequentially.
In terms of cash flow and balance sheet highlights: Net cash provided by operating activities for the three months ended September 30, 2025 was $20.1 million, compared to $7.5 million for the same period in 2024 and $4.2 million for the three months ended June 30, 2025. As of September 30, 2025, the company had $99.1 million in cash and cash equivalents with no debt outstanding.
Regarding the update on the merger with Aya Healthcare: * The company and Aya Healthcare are currently discussing an extension of the end date beyond December 3, 2025, but there is no assurance that an agreement with respect to an extension will be reached.
Due to the pending transaction, the company will not host an earnings conference call to review third quarter 2025 financial results, nor will it provide forward-looking guidance.
The company's press release also provides a disclaimer regarding the use of non-GAAP financial measures, stating that such measures are provided for consistency and comparability to prior year results. It also includes reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
Today the company's shares have moved 1.69% to a price of $12.64. For more information, read the company's full 8-K submission here.
