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Mar 31, 2025
AMN Healthcare Q1 2025 Earnings Report
AMN Healthcare reported its first quarter 2025 financial results.
Key Takeaways
AMN Healthcare reported first quarter 2025 revenue of $690 million, a 16% decrease year-over-year. The company posted a GAAP net loss of $1.1 million and adjusted diluted EPS of $0.45. Results were above the high end of guidance, benefiting from growth in client patient volumes and market adoption of tech-enabled solutions.
First quarter revenue and earnings exceeded guidance expectations.
Consolidated gross margin was better than guidance, and SG&A management improved operating leverage.
Improved bookings, driven by technology and process enhancements, led to sequential growth in locum tenens revenue, with the business expected to return to year-over-year growth.
Strong cash flow from operations of $93 million in Q1 allowed for a $60 million reduction in debt.
Revenue by Segment
Forward Guidance
For the second quarter of 2025, AMN Healthcare expects consolidated revenue between $645 million and $660 million.
Positive Outlook
- Guidance includes $16 million in labor disruption revenue.
- Gross margin is expected to be between 28.5% and 29.0%.
- Adjusted EBITDA margin is projected to be between 7.8% and 8.3%.
- Depreciation is estimated at $19 million.
- Amortization expense is estimated at $20 million.
Challenges Ahead
- Consolidated revenue is expected to be 11-13% lower than the prior year.
- Consolidated revenue is expected to be down 4-7% sequentially.
- Nurse and Allied Solutions segment revenue is expected to be down 14-17% year over year.
- Physician and Leadership Solutions segment revenue is expected to be 5-7% lower year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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