RCM Technologies Inc. (NASDAQ: RCMT), a staffing provider focused on engineering, healthcare and IT, reported revenue rose 57.7% in its fiscal fourth quarter ended Jan. 1. The year-ago quarter included an extra week.
The Pennsauken, New Jersey-headquartered company’s specialty healthcare segment led fourth-quarter growth with an increase of 87.1% year over year.
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| Revenue | $64,922 | $41,163 | 57.7% |
| Gross profit | $17,794 | $10,689 | 66.5% |
| Gross margin | 27.4% | 26.0% | |
| Net income/loss | $5,974 | ($1,688) | nm |
“Our fourth quarter results serve as a nice bookend to 2021,” Executive Chairman Bradley Vizi said. “As I reflect on our transformation plan dating back before the pandemic, I am proud of the team’s execution.”
Revenue by segment
| (US$ thousands) | Q4 2021 | Q4 2020 | % change |
| Engineering | $18,290 | $14,427 | 26.8% |
| Specialty healthcare | $34,772 | $18,585 | 87.1% |
| IT | $11,860 | $8,151 | 45.5% |
RCM noted that it sold two offices in Ontario, Canada, on July 30, 2021; the offices had revenue of $3.2 million in the fourth quarter of 2020.
Full-year results
| (US$ thousands) | 2021 | 2020 | % change |
| Revenue | $203,875 | $150,409 | 35.5% |
| Gross profit | $53,124 | $38,855 | 36.7% |
| Gross margin | 26.1% | 25.8% | |
| Net income/loss | $10,989 | ($8,869) | nm |
“We are excited to announce our record fourth quarter of 2021, growing adjusted EBITDA by 627% over 2020 and 120% over 2019,” said Kevin Miller, CFO at RCM. “In addition, we grew revenue by $53 million for the year and continued to generate positive cash flow from operations.”
Share price and market cap
Shares in RCM were up 15.50% to $9.91 as of 12:35 p.m. Eastern time, and they had set a new 52-week high during trading when they reached $10.74 at one point, according to FT.com. the company had a market cap of $90.0 million.