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AMN revenue up 6% in first quarter, firm’s nurse staffing rises 8%

May 04, 2018

First-quarter revenue rose 5.5% at AMN Healthcare Services Inc. (NYSE: AMN), the largest healthcare staffing firm in the US. Growth was led by the San Diego, Calif.-based firm’s nurse and allied staffing business, where revenue rose 7.9%.

(US$ thousands) Q1 2018 Q1 2017 % change
Revenue $522,489 $495,169 5.5%
Gross profit $167,824 $161,776 3.7%
Gross margin percentage 32.1% 32.7%  
Net income $42,681 $32,008 33.3%

Locum tenens revenue edged up 0.3% in the first quarter, while the company’s “other workforce soutions” segment rose 3.0%. Other workforce solutions includes AMN’s physician permanent placement, interim leadership and executive search, vendor management system, recruitment process outsourcing, education, medical coding and workforce optimization business lines.

Quote

“I am very proud of how our teams rallied to meet our clients’ higher-than-expected staffing needs,” CEO Susan Salka said. “Demand continues to grow for strategic partners capable of providing comprehensive solutions to meet the evolving healthcare workforce challenges.”

Revenue by segment

(US$ thousands) Q1 2018 Q1 2017 % change
Nurse and allied solutions $338,179 $313,523 7.9%
Locum tenens solutions $103,117 $102,843 0.3%
Other workforce solutions $81,193 $78,803 3.0%

The company also noted it acquired three firms in April — MedPartners, Phillips DiPisa and Leaders for Today — that expected to be immediately accretive to AMN’s adjusted earnings per share.

Guidance

AMN forecast second-quarter revenue to be up between 8.2% and 9.6% year over year. Gross margin is forecast to be 32.5% to 33.0% compared to 32.9% in the second quarter of 2017.

Share price and market cap

Shares in AMN were down 18.15% to $53.00 in trading as of 12:12 p.m. Eastern time. The company had a market cap of $2.60 billion.

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