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AMN’s Q3 Revenue Rises

November 04 2011

AMN Healthcare Services Inc. (NYSE: AHS), a San Diego-based healthcare staffing company, reported third-quarter revenue rose 37.4 percent on a year-over-year basis to $242.3 million. AMN acquired Nursefinders Inc., the parent company of Medfinders, in September 2010. On a pro forma basis, revenue rose 11 percent.

AMN’s 2010 third-quarter earnings include Nursefinders/Medfinders results only from Sept. 10 to Sept. 30, the completion date of the acquisition.

Third-quarter revenue in the company’s nurse and allied staffing segment rose 58.8 percent to $147.7 million from year-ago revenue of $93.1 million.

Locum tenens revenue rose 3.6 percent year over year to $72.1 million. Physician permanent placement services revenue rose 5.9 percent on a year-over-year basis to $9.2 million.

The home healthcare services segment, first introduced in September 2010 with the Medfinders acquisition, posted revenue of $13.3 million compared with revenue of $5.0 million in third quarter of last year when AMN had the business for a portion of the year.

In October, the company signed a non-binding letter of intent to sell its 19 home healthcare offices. The target close date is during the first quarter of 2012.

“We continue to experience a steady market recovery, with sequential revenue growth across our largest business segments of nursing and allied healthcare staffing and locum tenens,” said President and CEO Susan Salka. “We have been successful in adding new managed services program (MSP) clients and expanding our leadership position in this important service offering, which is increasingly preferred by clients.”

Third-quarter gross margin rose to 28.4 percent from 27.4 percent a year ago.

The company posted a net loss of $26.9 million, compared with a net loss of $51.3 million in the year-ago period. The third quarter of this year included a $31.2 million noncash impairment charges for goodwill and other intangible assets related to the home healthcare segment. The third quarter of 2010 includes impairment charges of $49.8 million.

Looking forward, AMN Healthcare expects fourth-quarter revenue of between $232 million and $236 million, compared with fourth-quarter 2010 revenue of $220.3 million. Gross margin is expected to be between 27.5 percent and 28.0 percent.

AMN Healthcare Services Inc. (NYSE: AHS)
For the third quarter ended Sept. 30, 2011, compared with the same period in 2010.
Revenue: $242.3 million, +37.4 percent
Net loss: $26.9 million vs. net loss of  $51.3 million


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