CCRN Filings — Cross Country Healthcare, Inc. - FilingSpy
CCRN
Cross Country Healthcare, Inc.
A company that places nurses, therapists, and physicians on temporary assignments at hospitals and health systems across the U.S., plus educators and home-care staff, through brands like Cross Country Locums and its Intellify® and Xperience™ software platforms. Founded in 1986 as Cross Country Healthcare Personnel, it pioneered the travel-nursing industry and got its name from sending clinicians to work "across the country," often on roughly 13-week stints. It holds The Joint Commission certification and is one of the larger players in U.S. healthcare staffing.
Revenue fell 17.8% to $241.1M as the nurse staffing reset extended into a thirteenth straight quarter of decline.
The post-pandemic reset in nurse staffing showed no sign of reaching a floor. fell 17.8% to $241.1 million and the net loss widened to $4.3 million as clinician volumes continued to shrink in both the Nurse and Allied Staffing and Physician Staffing segments. The company is shrinking toward a smaller base, with $105.6 million in cash and no debt as its new leadership searches for a bottom.
Key takeaways
Nurse and Allied Staffing fell 16.9% , extending a multi-year decline driven by lower clinician volumes, while Physician Staffing revenue dropped 22.5% on a decline in days filled.
The net loss widened to $4.3 million from $0.5 million a year ago, weighed down by $1.2 million in legal and settlement charges and $0.8 million in restructuring costs.
Direct operating expenses fell 17.6% but rose as a percentage of to 80.3% from 80.0%, indicating slight compression from already-thin levels.
Section summaries
Management's Discussion and Analysis
Q1 FY2026 revenue fell 17.8% to $241.1M on volume declines in both segments; net loss widened to $4.3M.
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Consolidated decreased 17.8% to $241.1M, driven by volume declines in Nurse and Allied Staffing (-16.9%) and Physician Staffing (-22.5%), partially offset by 15.8% growth in Cross Country Community Care.
Selling, general and administrative expenses declined 12.7% to $45.8 million as the company reduced headcount and variable compensation, though severance for two officers partially offset the savings.
The company ended the quarter with $105.6 million in cash, no borrowings on its $300 million , and $91.0 million in net availability, and repurchased $5.8 million in shares.
What changed
The prior filing flagged whether Nurse and Allied Staffing would stabilize in Q1 2026 or decline for a thirteenth consecutive quarter: it fell 16.9% , extending the decline with no sign of a floor.
The prior filing asked whether the could hold at or above 20%: direct operating expenses rose to 80.3% of , indicating slight compression from the 20.0% gross margin reported a year ago.
The prior filing questioned how the company would deploy its $108.7 million in cash now that the Aya merger is off: it spent $5.8 million on share repurchases and ended the quarter with $105.6 million in cash, a modest drawdown.
The prior filing noted the California regulatory challenge to home-based staffing operations: the , now reported as Cross Country Community Care, grew 15.8%, showing no immediate disruption from the challenge.
What to watch
Whether Nurse and Allied Staffing stabilizes in Q2 2026 or declines for a fourteenth consecutive quarter, indicating whether a post-pandemic demand floor is finally reached.
Whether the can hold near 20% as direct operating expenses remain elevated and the mix continues to shift away from higher-rate assignments.
How the new CEO and returning co-founder deploy the $105.6 million in cash and $91.0 million in ABL availability, including whether share repurchases continue or the company pursues acquisitions.
Whether the California regulatory challenge to home-based staffing operations results in a required restructuring, additional costs, or a change to the growth trajectory of the Cross Country Community Care .
Direct operating expenses fell 17.6% to $193.5M but rose as a percentage of to 80.3% from 80.0%, indicating slight .
Selling, general and administrative expenses declined 12.7% to $45.8M due to lower headcount and variable compensation, though severance for two officers and higher software costs partially offset savings.
Net loss attributable to common stockholders widened to $4.3M from $0.5M, impacted by $1.2M in legal and settlement charges, $0.8M in restructuring costs, and a $0.5M income tax expense versus a prior-year benefit.
Liquidity remained strong with $105.6M in cash, no borrowings on the $300M ABL, and $91.0M in net availability; the company repurchased $5.8M in shares during the quarter.
Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk We are exposed to variable interest rate risk associated with our Loan Agreement entered into on October 25, 2019. This agreement charges interest at a rate based on either SOFR or Base Rate (as defined in the Loan Agreement) plus an applicable margin. A 1.0%…
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Interest Rate Risk
We are exposed to variable interest rate risk associated with our Loan Agreement entered into on October 25, 2019. This agreement charges interest at a rate based on either SOFR or Base Rate (as defined in the Loan Agreement) plus an applicable margin.
A 1.0% change in interest rates would have resulted in interest expense fluctuating an immaterial amount for the three months ended March 31, 2026 and 2025, respectively. See Note 8 - Debt to our condensed consolidated financial statements.
Other Risks
There have been no material changes to our other exposures as disclosed in our 2025 Form 10-K.
Information with respect to certain legal proceedings is included in Part I, Item 1, Note 13 - Contingencies - Legal Proceedings of this Quarterly Report on Form 10-Q, and is incorporated herein by reference.
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Information with respect to certain legal proceedings is included in Part I, Item 1, Note 13 - Contingencies - Legal Proceedings of this Quarterly Report on Form 10-Q, and is incorporated herein by reference.
Except as set forth above in Information Relating to Forward-Looking Statements, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A of the Company’s 2025 Form 10‑K.
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Except as set forth above in Information Relating to Forward-Looking Statements, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A of the Company’s 2025 Form 10‑K.