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HomeStaffingAMN Healthcare Q3 income up 29.7%, exceeds steerage

AMN Healthcare Q3 income up 29.7%, exceeds steerage


November 04, 2022

Third-quarter income at AMN Healthcare Companies Inc. (NYSE: AMN) rose 29.7% 12 months over 12 months to $1.14 billion.

The corporate reported all three enterprise segments — nurse and allied options, doctor and management options, and expertise and workforce options — exceeded steerage and consensus income expectations.

Nevertheless, consolidated gross margin narrowed, due primarily to larger clinician compensation and decrease hours, partially offset by larger margins in its expertise and workforce options section.

AMN additionally famous a unbroken elevated want for expertise options in healthcare.

“AMN is collaborating with a broad spectrum of organizations and investing to create options to deal with the labor shortages which are anticipated to endure for years,” stated CEO Susan Salka.

The corporate lately introduced that former Aon and Financial institution of America government Cary Grace will likely be taking up the president and CEO position from Salka, who introduced her retirement earlier this 12 months.

“With AMN in such a place of power and an amazing market want forward, I’m extraordinarily excited concerning the subsequent steps within the firm’s evolution,” Salka stated. “As lately introduced, I will likely be handing the CEO baton over to Cary Grace quickly, and I’m assured she and our skilled management group are fantastically ready to make sure that AMN will proceed to evolve and make an distinctive impression for all our stakeholders.”

Click on on chart to enlarge.

Within the firm’s nurse and allied options section, journey nurse income grew 31% 12 months over 12 months, whereas allied income rose 39%. Nevertheless, the companies sequentially fell 25% and eight%, respectively.

Locum tenens income, which is included in AMN’s doctor and management options section, rose 19% 12 months over 12 months to $106 million, whereas interim management income elevated 9%. Nevertheless, income was flat in each when in comparison with the second quarter of 2022.

In AMN’s expertise and workforce options section, language companies income was up 18% 12 months over 12 months — up 4% sequentially — to $56 million, whereas vender administration system income was $60 million, up 80% 12 months over 12 months however down 20% from the prior quarter.

Steering

AMN forecast fourth-quarter income will likely be $1.05 billion to $1.08 billion, a lower of between 21% and 23% 12 months over 12 months, pushed primarily by the continued decline in common journey nurse and VMS invoice charges and hours labored, partially offset by a rise in healthcare professionals on task. Excluding labor disruption income, the corporate expects fourth quarter income to be down 16% to 18% 12 months over 12 months.

Forecast year-over-year adjustments by section:

  • Nurse and allied options income, down roughly 29%
  • Doctor and management options income, flat
  • Expertise and workforce options income, up roughly 10%

Share worth and market cap

Shares in AMN had been up 1.25% to $125.64 as of 9:41 a.m. Jap time; they had been 2.70% beneath the 52-week excessive, based on FT.com. The corporate had a market cap of $5.37 billion.

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