RCM Technologies Q3 revenue up 44% with specialty healthcare jumping 118%

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November 12, 2021

Third-quarter revenue rose 44.1% year over year at RCM Technologies Inc. (NASDAQ: RCMT) with revenue in the staffing provider’s specialty healthcare segment jumping 117.9%.

“Our third-quarter results demonstrate the tangible progress RCM Technologies has made over the past year,” RCM Executive Chairman Bradley Vizi said. “Compared to this point last year, the company’s business momentum and financial results have shown a stark improvement.”

(US$ thousands) Q3 2021 Q3 2020 % change
Revenue $45,471 $31,561 44.1%
Gross profit   $12,214 $8,820 38.5%
Gross margin 26.9% 27.9%  
Net loss/income $2,752 ($244) nm

Revenue by segment

(US$ thousands) Q3 2021 Q3 2020 % change
Engineering $16,482 $15,087 9.2%
Specialty healthcare $19,646 $9,015 117.9%
IT $9,343 $7,459 25.3%

RCM sold two offices in Ontario, Canada, during the quarter. The offices primarily provided engineering services to two nuclear power providers in Canada. Revenue from the offices was approximately $500,000 in the third quarter and $2.7 million in the year-ago quarter.

Share price and market cap

Shares in RCM Technologies were down 1.90% to $6.09 as of 12:55 p.m. Eastern time today; they were 351.26% above their 52-week low set Nov. 13, 2020, according to FT.com. The company had a market cap of $68.7 million.

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