Cross Country Healthcare, Inc. (CCRN): History, Ownership, Mission, How It Works & Makes Money

Cross Country Healthcare, Inc. (CCRN) is a key player in the US healthcare staffing market, but how does its core business model hold up when third-quarter 2025 revenue dropped 20.6% year-over-year to $250.1 million? You're looking at a company that generated $1.19 billion in trailing twelve-month (TTM) revenue as of mid-2025, but just reported a net loss of $4.8 million for the quarter, so what's the real story behind this market volatility? The answer lies in the segment breakdown: while core travel nursing is stabilizing, the Homecare Staffing business is a defintely bright spot, surging 29.1% year-over-year-a clear signal of where the near-term opportunity lies for this staffing giant.

Cross Country Healthcare, Inc. (CCRN) History

Cross Country Healthcare, Inc. started as a staffing solution for a healthcare system under pressure, and its history is a masterclass in growth through strategic acquisition. The company's evolution from a single-focus staffing firm to a diversified, tech-enabled workforce solutions provider is what you need to understand its current market position. As of the third quarter of 2025, the company reported consolidated revenue of $250.1 million, showing how it continues to navigate the post-pandemic market shift in healthcare staffing.

Given Company's Founding Timeline

The company's origin story is rooted in recognizing the critical need for flexible, high-quality clinical staffing, a problem that only intensified over the decades.

Year established

1986

Original location

The original location is not publicly specified, but the company's current corporate office is in Boca Raton, Florida, United States.

Founding team members

The company was co-founded by Kevin Clark, who would later return to lead a major turnaround. He was joined by a group of unnamed partners who focused on innovative marketing and technology to transform the nascent industry.

Initial capital/funding

Specific initial capital figures are not publicly disclosed, but the company's early growth was driven by entrepreneurial spirit and later, strategic sales, such as the business's sale to W.R. Grace & Co. in the early 1990s.

Given Company's Evolution Milestones

Cross Country Healthcare's trajectory is defined by a series of acquisitions that built out its service lines, moving beyond just nursing to become a total talent management service. Here's the quick math on their strategic moves:

Given Company's Transformative Moments

The most transformative moments for Cross Country Healthcare weren't just acquisitions; they were strategic pivots that changed the company's operating model. You can't defintely ignore these shifts.

• The 2001 IPO: Going public allowed the company to use its stock as currency for the aggressive acquisition strategy that followed, building its diversified portfolio of staffing solutions.
• The Return of Kevin Clark: After a hiatus, co-founder Kevin Clark returned in 2019 to lead a major turnaround, consolidating 24 brands into one with nine divisions and driving a crucial digital transformation, including the launch of the Cross Country Marketplace.
• The Pandemic Era Surge and Subsequent Normalization: The demand for travel nurses during the 2020-2022 period drove revenue to historic highs. However, the subsequent normalization of the market is the current challenge, reflected in the nine months ended September 30, 2025, consolidated revenue of $817.5 million and a net loss of $11.92 million, as high-margin crisis rates fade.
• The Planned Acquisition by Aya Healthcare: This 2024 agreement fundamentally changes the future. It signals a major consolidation in the healthcare staffing sector, moving Cross Country Healthcare from an independent public entity to part of a larger, integrated workforce solutions platform. This is the single biggest near-term action for investors to watch.

To be fair, the company's strong balance sheet, with $99 million in cash and no outstanding debt as of September 30, 2025, gives it a solid foundation as it awaits the merger completion. If you want a deeper dive into the numbers, you should read Breaking Down Cross Country Healthcare, Inc. (CCRN) Financial Health: Key Insights for Investors.

Cross Country Healthcare, Inc. (CCRN) Ownership Structure

Cross Country Healthcare, Inc. (CCRN) is currently a publicly traded company on the NASDAQ, but its ownership structure is heavily weighted toward institutional investors, which control the vast majority of shares. This concentration means that large asset managers and hedge funds, not individual retail traders, drive the stock's major movements and governance decisions.

You can dig deeper into the specific institutional movements and investor profiles here: Exploring Cross Country Healthcare, Inc. (CCRN) Investor Profile: Who's Buying and Why?

Given Company's Current Status

Cross Country Healthcare, Inc. is a publicly held company trading under the ticker CCRN on the NASDAQ Stock Market. Its market capitalization was around $414$ million as of November 2025, based on a stock price of $12.65$ per share.

To be fair, this status is precarious: the company is currently in a pending merger agreement to be acquired by Aya Holdings II Inc., a subsidiary of Aya Healthcare, Inc., for $18.61$ per share in cash. If that deal closes, which was initially expected by December 3, 2025, Cross Country Healthcare will become a private company. The current stock price trading at a discount to the proposed merger price-around a 32% discount-reflects the market's uncertainty about the deal's completion due to regulatory review by the Federal Trade Commission (FTC).

Given Company's Ownership Breakdown

The ownership structure is highly concentrated, a common trait for companies nearing a merger or acquisition. Institutional investors hold a dominant position, essentially controlling the company's float.

The institutional control at over 96% is defintely a huge factor. For example, BlackRock, Inc., one of the largest holders, reported owning over 2.7$ million shares as of mid-2025 filings, making it a key stakeholder influencing any shareholder vote.

Given Company's Leadership

The company is steered by a seasoned executive team that has been navigating a volatile healthcare staffing market, even as the merger with Aya Healthcare, Inc. looms. The leadership is focused on managing operations, which are projected to generate approximately $1.08$ billion in revenue for the 2025 fiscal year.

The key figures driving the company's strategy as of November 2025 are:

• John A. Martins: President and Chief Executive Officer (CEO). He also sits on the company's Board of Directors.
• William J. (Bill) Burns: Executive Vice President and Chief Financial Officer (CFO). He manages the company's financial strategy, including the projected 2025 EBITDA of $30.0$ million.
• Susan E. Ball: Executive Vice President, Chief Administrative Officer, and General Counsel. She oversees legal and administrative functions, which is crucial during the FTC review of the pending merger.
• Henry Drummond (Hank Drummond): Senior Vice President and Chief Clinical Officer. He drives the clinical strategy and quality outcomes across the staffing segments.

This team is currently tasked with two simultaneous, high-stakes jobs: running the core business-a challenging task in a post-pandemic healthcare labor market-and managing the complex regulatory process for the acquisition. That's a tough dual mandate.

Cross Country Healthcare, Inc. (CCRN) Mission and Values

Cross Country Healthcare, Inc.'s mission centers on solving the complex labor crisis in healthcare by providing total talent management solutions (TMT), ensuring clinical excellence remains the priority. This cultural DNA, rooted in five core values, guides their strategy as they navigate a volatile market, especially considering the $4.8 million net loss reported in the third quarter of 2025, even with $250.1 million in consolidated revenue for the quarter.

Cross Country Healthcare's Core Purpose

You're looking for the 'why' behind the numbers, and for Cross Country Healthcare, Inc., it's all about connecting the right people to the right places. Honestly, the company's purpose is a direct response to the persistent staffing shortages across the US healthcare system. They are a crucial intermediary.

Official Mission Statement

The company's mission is to provide total talent management solutions that meet the needs of healthcare organizations, always ensuring clinical excellence and exceptional patient care come first. That's a mouthful, so here's the quick breakdown of what they focus on:

• Connecting people and jobs through intuitive technologies and innovative solutions.
• Enabling healthcare practitioners and organizations to achieve their goals.
• Delivering exceptional value to clients and candidates.

The mission is a clear mandate: use technology and a comprehensive suite of services to solve the staffing problem, but never compromise on the quality of patient care. It's a simple, defintely challenging balancing act.

Vision Statement

The vision statement maps out their long-term aspiration to be the undisputed leader in their space. They aren't just aiming for growth; they want market dominance through service quality and innovation.

• To be the leading provider of innovative healthcare workforce solutions.
• To be recognized for excellence in service and quality of professionals.
• To deliver end-to-end connectivity and best-in-class talent management experiences.

This vision is the strategic compass, especially as the company navigates a pending merger and works to secure over $400 million in new and renewed contract value in 2025. You can see the full context of their financial performance in Breaking Down Cross Country Healthcare, Inc. (CCRN) Financial Health: Key Insights for Investors.

Cross Country Healthcare Core Values/Tagline

While Cross Country Healthcare, Inc. doesn't use a single, catchy slogan, their core values serve as the internal motto and cultural tagline, defining how they operate daily. These five principles are the cultural bedrock.

• We Are Connected: Fostering relationships and collaboration.
• We Are Accountable: Taking ownership of results and commitments.
• We Are Compassionate: Prioritizing empathy for clients, clinicians, and patients.
• We Are Driven: Pursuing excellence and measurable impact.
• We Are Entrepreneurial: Embracing innovation and agility.

The 'We Are' statements are a powerful internal driver. They are the human side of the business that generated a trailing twelve-month (TTM) revenue of approximately $1.19 billion as of mid-2025.

Cross Country Healthcare, Inc. (CCRN) How It Works

Cross Country Healthcare operates as a critical talent management service, bridging the gap between a fluctuating supply of healthcare professionals and the persistent demand from US healthcare facilities, essentially acting as a sophisticated, tech-enabled staffing broker.

The company generates its revenue by deploying nurses, allied health professionals, and physicians on temporary and permanent contracts, with its trailing twelve-month revenue as of late 2025 standing at about $1.19 Billion USD.

Cross Country Healthcare's Product/Service Portfolio

Cross Country Healthcare's Operational Framework

You're a healthcare system facing a sudden shortage of pediatric nurses, so Cross Country Healthcare's operational framework is designed to fill that critical need fast. The process is a high-volume, tech-driven matching system that connects over 6,500 active contracts with a vast pool of credentialed professionals.

• Talent Sourcing: Use proprietary technology and national recruiting teams to maintain a large, diverse pipeline of clinical and nonclinical talent.
• Credentialing & Compliance: Rigorously vet and credential professionals to meet client-specific and Joint Commission Certification standards-this is defintely a non-negotiable step.
• Deployment & Management: Place personnel through short-term contracts (travel, locum tenens) or long-term workforce programs (MSP/VMS).
• Cost Optimization: Leverage a low-cost center of excellence in India to handle back-office functions like payroll, billing, and administrative support, which keeps their operational costs lean.
• Value Creation: The company makes money on the spread-the difference between the bill rate charged to the facility and the pay rate given to the professional, minus overhead. For example, in Q2 2025, the Nurse and Allied Staffing segment saw an average revenue per full-time equivalent (FTE) per day of $348.

Cross Country Healthcare's Strategic Advantages

The company's ability to thrive despite a challenging market-Q3 2025 consolidated revenue was $250.1 million, down from the prior year-comes down to scale and technology.

• Scale and Reach: Over 38 years of industry experience and a national footprint across all 50 US states means they can meet demand anywhere.
• Contract Momentum: They have a proven ability to secure large, long-term contracts, having won, expanded, and renewed over $400 million in contract value in 2025, predominantly through Managed Service Programs.
• Digital Integration: Investment in proprietary technology platforms and integrated digital workforce solutions helps clients streamline recruitment and compliance, which is a major pain point for healthcare leaders.
• Financial Strength: A strong balance sheet with $99 million in cash and no debt as of Q3 2025 provides stability, even as the company navigates a pending merger.

This is a complex business, and you can learn more about the institutional interest in the company here: Exploring Cross Country Healthcare, Inc. (CCRN) Investor Profile: Who's Buying and Why?

Cross Country Healthcare, Inc. (CCRN) How It Makes Money

Cross Country Healthcare generates revenue by acting as a critical intermediary, providing healthcare organizations with temporary and permanent staffing solutions across the United States. This is a classic staffing model: the company earns a spread between the bill rate charged to the client (hospitals, clinics) and the pay rate given to the contracted professional, plus a markup for recruiting, technology, and management services.

Cross Country Healthcare's Revenue Breakdown

The company's financial engine is dominated by its core staffing services, though the market conditions in 2025 have shifted the revenue mix and growth trends. Based on the third quarter of 2025 (Q3 2025) results, the total revenue from services was approximately $250.1 million, reflecting a significant year-over-year decline.

The Nurse and Allied Staffing segment, which includes travel nurse, local nurse, and allied professional placements, generated approximately $202.0 million in Q3 2025, but this was a 24% decrease year-over-year. This segment's decline is a direct result of the post-pandemic normalization of demand and bill rates for contingent labor.

The smaller Physician Staffing segment, which provides temporary assignments for doctors and other advanced practitioners, brought in $48.1 million, a more modest 4% decrease year-over-year. To be fair, a small but powerful bright spot is the Homecare Staffing business within the Nurse and Allied segment, which saw robust revenue growth of over 29% in Q3 2025, showing where the future demand is moving.

Business Economics

The economic fundamentals of Cross Country Healthcare are highly sensitive to the supply-demand dynamics of the U.S. healthcare labor market, which is currently undergoing a major shift. The near-term risk is the 'normalization' of bill rates (the price clients pay), but the long-term opportunity is the persistent structural shortage of healthcare professionals.

• Pricing Power: The company's pricing strategy is a variable markup on the clinician's pay rate. In Q3 2025, the average revenue per full-time equivalent (FTE) per day in Nurse and Allied Staffing dropped to $343 from $373 in the prior year. This loss of pricing power is the primary headwind.
• Physician Staffing Resilience: While overall Physician Staffing revenue fell, the revenue per day filled actually increased to $2,324 in Q3 2025, up from $2,058 a year ago, suggesting higher rates for specialized or in-demand physicians. That's a key pricing metric to watch.
• Operational Leverage: Cross Country Healthcare is focused on cost control, specifically reducing selling, general, and administrative (SG&A) expenses by leveraging its low-cost center of excellence in India. This operational efficiency is crucial to maintaining margins during a revenue downturn.
• Merger Uncertainty: The pending merger with Aya Healthcare, expected to close by December 3, 2025, is the single largest factor impacting the stock's valuation and future business model. If the deal closes, the company will become private.

Cross Country Healthcare's Financial Performance

The Q3 2025 financial results clearly reflect the market pressures, showing a significant contraction in profitability despite a strong balance sheet. The company has a solid foundation, but profitability is under strain. You can learn more about what drives this business in the long run here: Mission Statement, Vision, & Core Values of Cross Country Healthcare, Inc. (CCRN).

• Profitability: The company swung to a net loss of $(4.8) million in Q3 2025, a sharp deterioration from the $2.6 million net income in the same quarter last year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) fell to $6.5 million, a 37% decline year-over-year.
• Liquidity and Debt: The balance sheet is defintely a strength. As of September 30, 2025, the company held $99 million in cash and had no outstanding debt, giving them significant financial flexibility.
• Cash Flow: Despite the net loss, cash flow from operations was robust at $20.1 million for the quarter, a 169% increase over the prior year, suggesting strong working capital management. Here's the quick math: they are collecting cash from customers faster than the loss suggests.
• Full-Year Outlook: For the nine months ended September 30, 2025, consolidated revenue was $817.5 million, a 21% decrease year-over-year, with a net loss of $11.9 million. The near-term risk remains the continued volume and rate pressure.

Cross Country Healthcare, Inc. (CCRN) Market Position & Future Outlook

Cross Country Healthcare, Inc. (CCRN) is currently positioned at a critical inflection point, with its near-term outlook dominated by the pending acquisition by Aya Healthcare, Inc. Despite a challenging market that saw a Q3 2025 consolidated revenue of $250.1 million (a 21% year-over-year decrease), the company's long-term trajectory hinges on a strategic pivot toward higher-margin, tech-enabled solutions and a rapidly growing Homecare segment.

Competitive Landscape

In the highly fragmented U.S. healthcare staffing market, Cross Country Healthcare is a top-tier player, but it lags behind the two largest firms, one of which is its potential acquirer. Here's the quick math: based on its trailing twelve-month revenue of $1.19 billion and the estimated 2024 U.S. market size of $19.47 billion, Cross Country Healthcare holds an estimated market share of approximately 6.9%.

Opportunities & Challenges

You need to weigh the company's internal strengths against the macro headwinds and the uncertainty surrounding its most significant strategic move. The market is defintely stabilizing post-pandemic, but the core travel nurse business remains soft.

Industry Position

Cross Country Healthcare is a key player, often cited alongside AMN Healthcare Services and Aya Healthcare, Inc. as one of the largest firms in the U.S. healthcare staffing industry. The company's valuation currently trades at a 32% discount to the proposed acquisition price, which reflects the market's skepticism about the merger's completion. If the merger closes, Cross Country Healthcare will become part of the largest US platform, instantly gaining a massive technology and scale advantage.

The company's strategic focus is clearly on its Managed Service Program (MSP) offerings, which provide recurring, sticky revenue from major health systems. This shift helps mitigate the volatility of the spot-market travel nurse business. You can dive deeper into the company's current financial standing by reading Breaking Down Cross Country Healthcare, Inc. (CCRN) Financial Health: Key Insights for Investors.

• The revised 2025 EBITDA estimate is $30.0 million, indicating profitability pressure despite cost controls.
• The Homecare segment is the primary organic growth engine, contrasting with declines in Nurse and Allied Staffing and Physician Staffing.
• The firm's strong balance sheet, with $99 million in cash and no debt as of Q3 2025, provides a solid foundation regardless of the merger outcome.