AMN Healthcare Q3 revenue beats on strength in travel nurse business
AMN•AMN Healthcare reported third-quarter revenue of $717.3 million, up 13% year over year and above analyst expectations, while adjusted EPS of $1.16 also beat estimates. The company expects fourth-quarter revenue of $655 million to $670 million, down 10% to 12% year over year.
1. Quarterly results
AMN Healthcare said third-quarter revenue rose 13% year over year to $717.3 million, compared with analyst expectations of $649.54 million. Adjusted EPS was $1.16, versus estimates of $0.23; net income was $33.4 million and EPS was $0.83.
2. Demand and outlook
The company attributed double-digit volume growth to increased demand for travel nurse and allied staffing, and said higher labor disruption revenue contributed to results. Search revenue grew 15% year over year, led by executive search and physician permanent placement. For the fourth quarter, AMN expects revenue of $655 million to $670 million and an adjusted EBITDA margin of 5.8% to 6.3%; it expects revenue to decline 10% to 12% year over year due to lower labor disruption revenue.
