AMN Healthcare Services Inc. (NYSE: AHS), the largest U.S. healthcare staffing firm, reported first-quarter revenue fell 15.0% year-over-year to $249.6 million. The company reported signs of stabilization in travel nurse orders and some growth in allied healthcare. However, it announced fewer new physician permanent placement searches.

"Though it is too early to call a bottom in our market, we are starting to see signs of stabilization in some of our key leading indicators," said President and CEO Susan Nowakowski.

First-quarter nurse and allied healthcare staffing revenue fell 19.7% year-over-year to $163.9 million.

Locum tenens staffing first-quarter revenue fell 2.0% to $74.8 million, and physician permanent placement revenue fell 17.4% to $11.0 million.

First-quarter gross margin narrowed to 25.6% from 26.4% in the same period last year. AMN reported the decrease came from lower revenue in its higher margin international nursing business and narrower margins in its travel nursing business.

The company reported a first-quarter net loss of $121.8 million compared with net income of $8.7 million in the year-ago quarter. AMN cited a $176 million noncash impairment charge for goodwill and other intangible assets. In addition, it posted a $2.9 million restructuring charge, mainly involving severance pay and charges for consolidation of locations.

AMN Healthcare Services Inc. (NYSE: AHS)
For the first quarter ended March 31, 2009, compared with the same period in the previous year.
Revenue: $249.6 million, -15.0%
Net loss: $121.8 million vs. net income of $8.7 million