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AMN revenue above guidance in Q2, trends strengthen

August 01, 2014

Second-quarter revenue fell 1.2 percent at AMN Healthcare Service Inc. (NYSE: AHS) to $250.9 million with declines in nurse and allied staffing as well as physician permanent placement services. Revenue was above guidance, and AMN’s gross margin improved to 30.8 percent from 29.3 percent in the year-ago quarter.

Net income at the San Diego-based healthcare staffing firm fell 14.4 percent to $7.2 million.

Quote

“Market trends strengthened across all of our segments as we progressed through the second quarter, contributing to a stronger-than-expected performance and a brighter outlook for the remainder of the year,” said AMN President and CEO Susan Salka. 

Revenue

  Q2 2014 ($000s) Q2 2013 ($000s) % growth
Revenue $250,913 $253,943 -1.2%

Revenue by segment

  Q2 2014 ($000s) Q2 2013 ($000s) % growth
Nurse and allied healthcare staffing $165,894 $170,138 -2.5%
Locum tenens staffing $74,309 $72,708 2.2%
Physician permanent placement services $10,710 $11,097 -3.5%

Gross margin

  Q2 2014  Q2 2013 
Gross margin 30.8% 29.3%

Gross margin by segment

  Q2 2014  Q2 2013 
Nurse and allied healthcare staffing 29.1% 27.2%
Locum tenens staffing 29.8% 29.0%
Physician permanent placement services 63.5% 62.7%

Net income

  Q2 2014 ($000s) Q2 2013 ($000s) % growth
Net income $7,193 $8,399 -14.4%

Guidance

AMN forecast third-quarter revenue of $254 million to $258 million, a year-over-year decrease of 1.2 percent to an increase of 0.4 percent.

Share price and market cap

Shares in AMN rose 5.27 percent in early afternoon trading to $13.79. The company had a market cap of $641.23 million.