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AMN Healthcare Revenue Jumps 57%

August 05 2011

AMN Healthcare Services Inc. (NYSE: AHS), a San Diego-based healthcare staffing company, reported second-quarter revenue rose 57.1 percent on a year-over-year basis to $234.5 million. On a sequential basis, from the first quarter of 2011, revenue rose 2.2 percent. AMN acquired Nursefinders Inc., the parent company of Medfinders, in September 2010.

First-quarter revenue in the company’s nurse and allied staffing segment rose 85.2 percent year over year to $140.0 million from year-ago revenue of $75.6 million. On a sequential basis, revenue rose 3.9 percent.

Locum tenens revenue rose 8.8 percent year over year to $70.2 million, and was up 1.3 percent sequentially. Physician permanent placement services revenue rose 13.8 percent on a year-over-year basis to $9.5 million, but was down 12.6 percent from the first quarter. The sequential decline was due primarily to the adoption of a new revenue recognition standard in the first quarter.

The home healthcare services segment, first introduced in the third quarter of 2010 with the Medfinders acquisition, posted revenue of $13.9 million, up 2.5 percent from first-quarter results of $13.6 million.

“We continue to experience a steady market recovery, as represented by a fifth consecutive quarter of sequential, consolidated revenue growth … driven primarily by the overall health and improvement in the travel nursing business [as well as MSP clients],” said Susan R. Salka, president and CEO. “We are also experiencing the performance improvement and cost savings benefits from the Medfinders acquisition, which we closed almost a year ago.”

Gross margin edged up to 27.7 percent from 27.6 percent a year ago.

Net income jumped to $813,000 from $137,000 last year.

Looking forward, AMN Healthcare expects second-quarter revenue of between $241 million and $245 million, a gain of between 36.7 percent and 39.0 percent. AMN’s 2010 third-quarter earnings include Nursefinders/Medfinders results only from Sept. 10 to Sept. 30, the completion date of the acquisition.

AMN Healthcare Services Inc. (NYSE: AHS)
For the first quarter ended March 31, 2011, vs. first quarter ended March 31, 2010
Revenue: $234.5 million, +57.1 percent
Net income: $813,000, compared with $137,000

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