AMN Healthcare Q3 2024 Earnings Report
Key Takeaways
AMN Healthcare announced its third quarter 2024 financial results, with consolidated revenue of $688 million. GAAP EPS was $0.18, and adjusted EPS was $0.61. The company is innovating with clients and healthcare partners to optimize their workforce.
Consolidated revenue for the quarter was $688 million, a 19% decrease from prior year and a 7% decrease from the prior quarter.
Net income was $7 million (1.0% of revenue), or $0.18 per diluted share, compared with $53 million (6.2% of revenue), or $1.39 per diluted share, in the third quarter of 2023.
Adjusted diluted EPS in the third quarter was $0.61 compared with $1.97 in the same quarter a year ago.
At September 30, 2024, cash and cash equivalents totaled $31 million.
AMN Healthcare
AMN Healthcare
AMN Healthcare Revenue by Segment
Forward Guidance
Revenue in the fourth quarter of 2024 is expected to be 14-16% lower than the prior year and flat to up 3% sequentially.
Positive Outlook
- Revenue in the fourth quarter of 2024 is expected to be flat to up 3% sequentially.
- Physician and Leadership Solutions segment revenue is expected to grow approximately 3% year over year.
- This outlook includes $45 million of Nurse and Allied revenue that is not expected to recur after this quarter, primarily composed of labor disruption revenue.
- This revenue favorably impacts our gross margin guidance by approximately 60 basis points.
- Adjusted tax rate of 27%.
Challenges Ahead
- Revenue in the fourth quarter of 2024 is expected to be 14-16% lower than the prior year.
- Nurse and Allied Solutions segment revenue is expected to be down 21-24% year over year.
- Technology and Workforce Solutions segment revenue is projected to be lower by approximately 9% year over year.
- Depreciation of $20 million.
- Interest expense of $14 million.