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AMN revenue rises 3%; nurse and allied staffing revenue up 2%

October 31, 2014

AMN Healthcare Services Inc. (NYSE: AHS), the largest US healthcare staffing firm, reported revenue rose 2.9 percent in the third quarter to $264.6 million. That’s above AMN’s guidance of between $254 million and $258 million. It’s also above analysts’ estimates of $257.30, according to Yahoo!

Nurse and allied staffing revenue, the company’s largest division, rose 2.0 percent in the third quarter to $174.3 million.

Gross margin improved to 30.4 percent in the third quarter from 29.4 percent in the year-ago quarter.

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,” President and CEO Susan Salka said. “The improved market dynamics coupled with the solid execution of our team delivered sequential increases in revenue, gross margin, adjusted EBITDA margin, and adjusted EPS.”

Revenue

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Revenue $264,584 $257,095 2.9%

Revenue by segment

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Nurse and allied healthcare staffing $174,292 $170,955 2.0%
Locum tenens staffing $78,816 $75,253 4.7%
Physician permanent placement services $11,476 $10,887 5.4%

Gross margin

  Q3 2014  Q3 2013 
Gross margin 30.4% 29.4%

Gross margin by segment

  Q3 2014  Q3 2013 
Nurse and allied healthcare staffing 28.7% 27.4%
Locum tenens staffing 29.0% 29.3%
Physician permanent placement services 64.9% 62.6%

Net income

  Q3 2014 ($000s) Q3 2013 ($000s) % growth
Net income $8,499 $8,615 -1.3%

Guidance

AMN forecast fourth-quarter revenue of between $265 million and $269 million and gross margin of 30.0 percent.

Share price and market cap

Shares in AMN fell 4.14 percent in early afternoon trading to $16.46. AMN had a market cap of $765.4 million, according to Yahoo!