AMN Healthcare Services - AMN STOCK NEWS

AMN Healthcare reported Q3 2024 financial results with revenue of $688 million, representing a 19% decrease year-over-year. The company posted GAAP EPS of $0.18 and adjusted EPS of $0.61. Net income was $7 million, down 87% from Q3 2023. Despite challenging conditions, performance exceeded expectations with strong cash flow from operations at $67 million. The Nurse and Allied Solutions segment revenue decreased 30% to $399 million, while Physician and Leadership Solutions grew 13% to $181 million. The company reduced debt by $60 million during the quarter, with a net leverage ratio of 2.8:1.

AMN Healthcare (NYSE: AMN) has appointed Tomya Watt as Chief People Officer, effective January 13, 2025. Watt joins from Memorial Sloan Kettering Cancer Center, where she served as interim Chief Human Resources Officer and Chief Diversity Officer, managing a 170-person team in a $6.7 billion, 22,000-employee organization. She previously held senior leadership positions at Kelly Services and Comerica Bank. At Memorial Sloan Kettering, Watt enhanced organizational effectiveness, improved decision-making with real-time people data, reduced talent acquisition costs, and strengthened inclusion initiatives. She holds an MBA from Howard University and a BA in Economics from Spelman College.

AMN Healthcare Services, Inc. (NYSE: AMN) has appointed Brian Scott as Chief Financial Officer and Chief Operating Officer, effective November 21, 2024. Scott, who previously worked at AMN for 17 years, including as CFO and Chief Accounting Officer from 2011 to 2021, will be responsible for finance and enterprise operating functions. During his previous tenure, AMN experienced significant growth, with a fourfold increase in quarterly revenue and a 13x increase in adjusted EBITDA from Q4 2010 through Q2 2021.

Scott's appointment follows the announcement that Jeffrey Knudson will step down as CFO on November 8, 2024. Most recently, Scott served as CFO of Jack in the Box Inc. (NASDAQ: JACK). AMN's CEO, Cary Grace, expressed confidence in Scott's ability to drive increased value for stakeholders, citing his deep knowledge of AMN and industry expertise.

AMN Healthcare has launched WorkWise, an innovative technology suite that unifies its technologies into a single offering. This comprehensive solution addresses staffing efficiency, enhances financial planning, and improves operational efficiency in healthcare systems. WorkWise combines capabilities for quantifying staffing demand, predictive scheduling, automated workforce management, and enhanced clinician engagement using AI technology.

The integrated system allows hospitals to optimize personnel for various job types, sourcing from both internal and external talent pools. It aims to reduce costs and predict staffing needs with greater precision. WorkWise leverages automation and data analysis to provide insights and build engaged talent networks, increasing the speed-to-fill for staffing needs.

This solution is designed to create a more responsive, efficient, and patient-centered workforce, leading to enhanced healthcare delivery. It offers benefits such as greater staff efficiency, reduced burnout and turnover, and improved financial planning.

AMN Healthcare Services, Inc. (NYSE: AMN) announced that Jeffrey Knudson will step down as Chief Financial Officer on November 8, 2024, to pursue an opportunity outside the healthcare staffing industry. The company expects to announce a new leader in an expanded Chief Financial Officer/Chief Operating Officer role before Knudson's departure.

AMN's President and CEO, Cary Grace, thanked Knudson for his leadership over the past three years. Knudson expressed confidence in the team's capabilities and the company's future positioning. AMN also reaffirmed its financial guidance for the third quarter of 2024, which was previously provided on August 8, 2024. The company will report its Q3 2024 financial results on November 7, 2024.

AMN Healthcare Services (NYSE: AMN) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Thursday, November 7, 2024, at 5:00 p.m. Eastern Time. The company plans to release its earnings report after market close on the same day, at approximately 4:15 p.m. Eastern Time. Interested parties can access the live webcast through a provided link or participate via telephone by registering online. A replay of the webcast will be available on AMN Healthcare's investor relations website following the call.

AMN Healthcare is described as the leader and innovator in total talent solutions for healthcare organizations across the United States. The company offers a comprehensive network of healthcare professionals and provides various services including managed services programs, clinical and interim healthcare leaders, temporary staffing, permanent placement, and more.

AMN Healthcare Language Services (AMN LS) has launched Strategic Partnership Solutions (SPS), a groundbreaking in-house full-service language solution for health systems. SPS aims to transform language access programs by taking on operational responsibilities and providing comprehensive services including video remote interpreting, over-the-phone interpreting, in-person interpreting, and translation.

The offering addresses common healthcare challenges such as resources, high staff turnover, compliance issues, and difficulty serving English proficient populations. SPS is designed to enhance reliability, efficiency, and cost-effectiveness of language access programs while improving patient outcomes. Yuma Regional Medical Center, an SPS pilot site, has reported positive initial results, noting improved speed and quality of interpretation services.

AMN Healthcare Services, Inc. (NYSE: AMN) reported its Q2 2024 financial results with revenue of $741 million, down 25% year-over-year. GAAP EPS was $0.42, a 73% decrease, while adjusted EPS was $0.98, down 59%. The company's performance was in line with expectations, with earnings surpassing projections due to effective expense management. Notable highlights include:

- ShiftWise Flex platform rollout exceeded 50% of vendor-neutral clients' spend
- Technology and Workforce Solutions contributed 41% of operating income
- Strong cash flow from operations at $100 million
- Debt reduction of $80 million in Q2, totaling $115 million year-to-date
- Net leverage ratio at 2.6:1

For Q3 2024, AMN projects revenue between $660-$680 million, representing a 20-23% year-over-year decrease.

AMN Healthcare's 2024 Review of Physician and Advanced Practitioner Recruiting Incentives reveals significant disparities in starting salaries across medical specialties. Orthopedic surgeons top the list with an average starting salary of $686,000, while pediatricians are offered the lowest at $244,000. The report, based on 2,138 search engagements, highlights that specialists generally command higher salaries than primary care physicians.

Other key findings include:

• Gastroenterologists are offered $531,000 on average
• Family medicine physicians and general internists are offered $271,000
• Nurse Practitioners' average starting salary is $164,000, up 8% year-over-year
• The average signing bonus for physicians is $31,103
• Ob/Gyns are in high demand, with starting salaries up 22% from five years ago

The report also notes an increasing number of organizations, including retail clinics and telehealth platforms, competing for a pool of healthcare professionals.