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View All NewsAMN revenue rises 8% in Q4, reports travel nurse up 23%
AMN Healthcare Services Inc. (NYSE: AMN) reported record demand in its nurse and allied staffing segment during the fourth quarter amid rising hospitalizations and a shortage of workers.
The Dallas-based healthcare staffing provider reported fourth-quarter revenue rose 7.6% year over year while travel nurse revenue was up 23%.
| (US$ thousands) | Q4 2020 | Q4 2019 | % change |
| Revenue | $631,271 | $586,892 | 7.6% |
| Gross profit | $207,539 | $197,133 | 5.3% |
| Gross margin percentage | 32.9% | 33.6% | |
| Net income | $9,308 | $27,482 | -66.1% |
“Our hearts are with the patients and their families, health professionals and our clients and team members dealing with the lives lost and affected in the tragic events over the last year,” CEO Susan Salka said. “I am humbled and so proud of how the AMN team and our healthcare heroes rose again and again to challenges faced by our clients as the pandemic surged and shifted.”
Revenue by segment
| (US$ thousands) | Q4 2020 | Q4 2019 | % change |
| Nurse and allied solutions | $447,802 | $422,705 | 5.9% |
| Physician and leadership solutions | $111,042 | $139,394 | -20.3% |
| Technology and workforce solutions | $72,427 | $24,793 | 192.1% |
The increase in the company’s nurse and allied solutions segment was driven by travel nursing. AMN reported travel nurse revenue rose 23% while allied revenue fell 13%.
Locum tenens revenue was down 12% year over year and flat sequentially; the company reported its typical seasonal decline was offset by an increase in Covid-19 assignments. Interim leadership was 29% lower year over year but up 5% sequentially. Search revenue was down 33% year over year but up 2% sequentially.
Technology and workforce solutions revenue rose 32% organically. The company reported that acquisitions contributed $40 million in revenue growth.
Full-year results
| (US$ thousands) | FY 2020 | FY 2019 | % change |
| Revenue | $2,393,714 | $2,222,107 | 7.7% |
| Gross profit | $791,778 | $743,465 | 6.5% |
| Gross margin percentage | 33.1% | 33.5% | |
| Net income | $70,665 | $113,988 | -38.0% |
Guidance
AMN forecast first-quarter revenue of between $800 million and $820 million, a year-over-year increase of between 32.8% and 36.1%.
AMN expects first-quarter nurse and allied solutions revenue to be up 40% year over year.
Share price and market cap
Shares in AMN were up 2.84% to $77.13 as of 1:09 p.m. Eastern time; they were 13.55% below their 52-week high, according to FT.com. The company had a market cap of $3.53 billion.