Overview
AMN Healthcare Q2 revenue falls 11% yr/yr but beats analyst expectations, per LSEG data
Adjusted EPS of $0.30 beats estimates despite a 69% decline, per LSEG data
GAAP net loss of $116 mln due to $128 mln impairment charges
Outlook
AMN expects Q3 revenue between $610 mln and $625 mln
Company sees Q3 gross margin at 28.7%-29.2%
Nurse and Allied Solutions revenue to decline 11-14% in Q3
Technology and Workforce Solutions revenue to fall 12-14% in Q3
Result Drivers
IMPAIRMENT CHARGES - $128 mln non-cash goodwill and intangible asset impairment charges impacted GAAP loss
ALLIED STAFFING - Allied staffing business exceeded revenue projections, while other segments met expectations
CASH FLOW - Strong cash flow from operations allowed for $80 mln debt reduction
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$658.20 mln
$652.10 mln (9 Analysts)
Q2 Adjusted EPS
Beat
$0.3
$0.19 (9 Analysts)
Q2 EPS
-$3.02
Q2 Net Income
-$116.20 mln
Q2 Gross Margin
29.8%
Q2 Operating margin
-18.8%
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the healthcare facilities & services peer group is "buy."
Wall Street's median 12-month price target for AMN Healthcare Services Inc is $25.50, about 32.5% above its August 6 closing price of $17.22
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 18 three months ago
Press Release: ID:nGNX75tPJ3
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)