Healthcare staffing company AMN Healthcare Services ( AMN ) has been suffering from a historic correction in the Healthcare contingent labor market since the end of the COVID pandemic, especially the nursing segment, which is AMN’sI am a UK-based long-only investor with a strategy which revolves around finding companies which can be multi-baggers over a 5-10 year time horizon, though, as a great man once said, my favourite holding period is forever. I am looking for companies that have a high probability of ...

Core Viewpoint - AMN Healthcare Services, Inc. is set to discuss its fourth quarter and full year 2025 financial results along with the first quarter 2026 outlook in a conference call scheduled for February 19, 2026 [1] Group 1: Financial Results and Conference Call - The conference call will take place at 5:00 p.m. Eastern Time on February 19, 2026, following an earnings news release expected to be issued at approximately 4:15 p.m. Eastern Time on the same day [1] - A live webcast of the call will be accessible through a provided link and will also be available on AMN Healthcare's investor relations website [2] - After the call, a replay of the webcast will be available on the Company's investor relations website [3] Group 2: Company Overview - AMN Healthcare is recognized as a leader and innovator in total talent solutions for healthcare, focusing on improving care delivery through workforce solutions [4] - In 2025, AMN Healthcare professionals reached millions of patients across more than 2,000 healthcare systems, including 87 percent of the top systems nationwide [4] - The Company offers a comprehensive network of quality healthcare professionals and a fully integrated suite of customizable workforce technologies [4] Group 3: Investor Relations - The Company's common stock is listed under the symbol "AMN" on the New York Stock Exchange [5] - AMN Healthcare provides various channels for distributing information, including news releases, investor presentations, webcasts, and SEC filings, available on their investor relations website [5] - Interested parties can register for email alerts and RSS feeds for updates [5]

Core Viewpoint - AMN Healthcare Services experienced a significant share price increase of 27.6%, closing at $19.55, following the release of a growth framework and 2026 revenue expectations, despite a prior 3.2% loss over the past month [1][2]. Company Performance - AMN Healthcare is projected to report quarterly earnings of $0.22 per share, reflecting a year-over-year decline of 70.7%, with expected revenues of $723.87 million, down 1.5% from the same quarter last year [3]. - The consensus EPS estimate for AMN Healthcare has remained unchanged over the last 30 days, indicating a lack of upward revisions in earnings estimates, which typically correlates with stock price movements [4]. Growth Expectations - The company’s 2026 "base scenario" anticipates revenue growth from the normalized fourth-quarter run-rate and a gross margin expansion of 50-100 basis points, consistent with management's commentary from the third-quarter 2025 earnings [2]. - Beyond 2026, AMN Healthcare aims for 4%-6% annual organic revenue growth, leading to 10%-15% adjusted EBITDA growth driven by gross margin mix improvement and SG&A leverage [2]. Industry Context - AMN Healthcare is part of the Zacks Business - Services industry, where another company, SPS Commerce, has also maintained a stable EPS estimate, reflecting a year-over-year increase of 12.4% [4][5].

Core Viewpoint - The appointment of Richard Pazdur as the new director of the FDA's Center for Drug Evaluation and Research has boosted investor confidence in the pharmaceutical sector, leading to record-high stock prices for major pharmaceutical companies [1][2]. Group 1: Appointment Details - Richard Pazdur, with 26 years of experience at the FDA, has been appointed as the new director, succeeding George Tidmarsh, who resigned following an investigation [1]. - Pazdur will continue to serve as the director of the FDA's Oncology Center of Excellence until a successor is determined [1]. Group 2: Market Reaction - The VanEck Vectors Pharmaceutical ETF, covering 25 global pharmaceutical companies, has seen a three-day rise, reaching an all-time high, with notable gains from companies like Novo Nordisk, Bristol-Myers Squibb, and Gilead [1]. - The SPDR S&P Biotech ETF also recorded a three-day increase, hitting its highest level since January 2022, with strong performances from Regeneron and BioNTech [1]. Group 3: Analyst Sentiment - Analysts generally view Pazdur's appointment positively, with Raymond James analyst Chris Mkins stating he could be the best choice for patients and the industry [2]. - The appointment may signal a significant shift in regulatory strategy from FDA leadership, according to industry experts [2]. - Medical media outlet Stat News welcomed the appointment, highlighting it as a positive development for the FDA during a turbulent period [2].

Core Insights - AMN Healthcare Services, Inc. reported adjusted earnings per share (EPS) of 39 cents for Q3 2025, a decline of 36.1% year over year, but exceeded the Zacks Consensus Estimate by 105.3% [1] - The company's revenues for the third quarter were $634.5 million, down 7.7% year over year, yet surpassed the Zacks Consensus Estimate by 3.2% [2][9] - AMN Healthcare's gross profit fell 13.4% year over year to $184.4 million, with a gross margin contraction of 193 basis points to 29.1% [7][9] Revenue Breakdown - The Nurse and Allied Solutions segment generated revenues of $361.5 million, down 9.5% year over year, with travel nurse staffing revenues declining by 20% [4] - The Physician and Leadership Solutions segment reported revenues of $178.2 million, a decrease of 1.3% year over year, while locum tenens revenues increased by 3% to $146 million [5] - The Technology and Workforce Solutions segment's revenues totaled $94.8 million, down 11.8% year over year, with a significant 32% decline in vendor management systems revenue [6] Margin Analysis - AMN Healthcare's adjusted operating profit for the quarter was $45.8 million, reflecting a 27.7% decline from the prior year, with an adjusted operating margin contraction of 200 basis points to 7.2% [7][9] - Selling, general & administrative expenses decreased by 7.4% year over year to $138.6 million [7] Financial Position - At the end of Q3 2025, AMN Healthcare had cash and cash equivalents of $52.6 million, up from $41.5 million at the end of Q2 2025, while total debt decreased to $850 million from $920 million [10] - Cumulative net cash provided by operating activities was $193.9 million, down from $247.6 million a year ago [10] Future Guidance - For Q4 2025, AMN Healthcare expects revenues in the range of $715 million to $730 million, indicating a decline of 1-3% compared to the prior year [11] - The company anticipates a 1-3% increase in revenues for the Nurse and Allied Solutions segment, while expecting a 14-16% decline in the Technology and Workforce Solutions segment [12] Overall Assessment - The overall top-line performance in Q3 2025 was disappointing, with declines across all segments and margin pressures [13] - However, there were positive indicators such as an increase in Allied revenues and expectations for strong sequential volume growth in travel nursing for Q4 [14]

Core Insights - AMN Healthcare Services reported a third-quarter earnings beat, but shares fell 0.9% due to significant year-over-year declines in revenue and profits [1][2] - Revenue for the quarter was $634.5 million, down 7.7% from the previous year, while adjusted earnings per share were $0.39, a decrease from $0.61 in the same quarter last year [2] - Sales volumes fell 10.6% year-over-year, indicating weakening demand, and free cash flow margin contracted to 3.6% from 6.9% a year ago [2] - The company’s guidance for the fourth quarter suggests continued challenges, forecasting a 1.7% year-over-year revenue decline [2] Market Reaction - The stock has shown extreme volatility, with 34 moves greater than 5% over the last year, indicating that the market considers the recent news significant but not fundamentally altering its perception of the business [4] - AMN Healthcare Services has declined 23.7% since the beginning of the year and is trading 54.3% below its 52-week high of $40.92 from November 2024 [6] Analyst Insights - Truist Securities recently reiterated a "Buy" rating and increased its price target for AMN Healthcare Services from $20.00 to $24.00, reflecting a positive outlook on the company's future performance [5]

Core Viewpoint - AMN Healthcare Services reported a decline in revenue and earnings for the quarter ended September 2025, with a notable surprise in EPS performance compared to analyst expectations [1][3]. Financial Performance - Revenue for the quarter was $634.5 million, down 7.7% year-over-year, but exceeded the Zacks Consensus Estimate of $615.14 million by 3.15% [1]. - Earnings per share (EPS) was $0.39, a decrease from $0.61 in the same quarter last year, but significantly higher than the consensus estimate of $0.19, resulting in an EPS surprise of 105.26% [1]. Segment Performance - Physician and leadership solutions reported revenue of $178.21 million, slightly above the average estimate of $175.12 million, but down 1.3% year-over-year [4]. - Nurse and allied solutions generated $361.48 million in revenue, surpassing the estimated $346.66 million, but reflecting a 9.5% decline compared to the previous year [4]. - Technology and workforce solutions achieved $94.81 million in revenue, exceeding the average estimate of $93.42 million, with an 11.8% year-over-year decrease [4]. Operating Income - Segment operating income for nurse and allied solutions was $28.76 million, above the estimated $24.57 million [4]. - Operating income for technology and workforce solutions was $30.89 million, below the average estimate of $33.09 million [4]. - Physician and leadership solutions had an operating income of $15.73 million, slightly above the estimated $15.37 million [4]. Stock Performance - AMN Healthcare shares returned 7.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a 1.3% change [3]. - The stock currently holds a Zacks Rank of 5 (Strong Sell), indicating potential underperformance in the near term [3].

分组1 - AMN Healthcare Services reported quarterly earnings of $0.39 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, but down from $0.61 per share a year ago, resulting in an earnings surprise of +105.26% [1] - The company achieved revenues of $634.5 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.15%, although this is a decrease from year-ago revenues of $687.51 million [2] - AMN Healthcare has consistently surpassed consensus EPS estimates over the last four quarters, indicating a strong performance trend [2] 分组2 - Despite the positive earnings report, AMN Healthcare shares have declined approximately 13.8% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] - The company's earnings outlook is critical for investors, with current consensus EPS estimates at $0.13 for the upcoming quarter and $1.08 for the current fiscal year, alongside revenues of $613.36 million and $2.58 billion respectively [7] - The Zacks Industry Rank places the Medical Services sector in the bottom 40% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

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Financial Performance - Total revenue for Q3 2025 was $634.5 million, a decrease of 7.7% compared to $687.5 million in Q3 2024[18]. - Gross profit for Q3 2025 was $184.4 million, down 13.5% from $213.1 million in Q3 2024[18]. - Net income for Q3 2025 was $29.3 million, compared to $7.0 million in Q3 2024, reflecting a significant increase[18]. - Total revenue for the nine months ended September 30, 2025, was $1,982,204, a decrease of 11.9% compared to $2,249,072 for the same period in 2024[53]. - Gross profit for the nine months ended September 30, 2025, was $578,931, down from $700,388 in 2024, reflecting a gross margin decline[53]. - The company reported a comprehensive loss of $116,057 thousand for the nine months ended September 30, 2025[24]. - The company reported a net income of 4.6% for the three months ended September 30, 2025, compared to 1.0% for the same period in 2024[100]. Assets and Liabilities - Total assets decreased to $2.14 billion as of September 30, 2025, down from $2.42 billion at the end of 2024[16]. - Current liabilities slightly decreased to $542.2 million from $545.8 million at the end of 2024[16]. - Goodwill decreased to $755.8 million from $897.5 million at the end of 2024, indicating a reduction in intangible asset value[16]. - Cash and cash equivalents increased to $52.6 million from $10.6 million at the end of 2024, indicating improved liquidity[16]. - Total cash, cash equivalents, and restricted cash at the end of September 2025 was $82,894 thousand, a decrease from $89,305 thousand at the end of December 2024[33]. - As of September 30, 2025, the allowance for credit losses decreased to $17,379 from $32,421 at the beginning of the year, reflecting a provision for expected credit losses of $2,180 and write-offs of $17,131[36]. Impairment and Expenses - The company experienced a goodwill impairment loss of $109.5 million during the nine months ended September 30, 2025[18]. - Share-based compensation expenses increased to $24,921 thousand for the nine months ended September 30, 2025, compared to $19,651 thousand in 2024, reflecting a rise of approximately 26.5%[24]. - Selling, General and Administrative (SG&A) expenses were $440.9 million, or 22.2% of revenue, for the nine months ended September 30, 2025, compared to $473.6 million, or 21.1% of revenue, in 2024[1]. - Amortization expense decreased by 17% to $59.5 million for the nine months ended September 30, 2025, from $71.7 million in 2024[1]. Revenue Segmentation - The nurse and allied solutions segment generated revenue of $361,476, while the physician and leadership solutions segment brought in $178,214, and the technology and workforce solutions segment contributed $94,806 for the three months ended September 30, 2025[52]. - The nurse and allied solutions segment accounted for 58% of total consolidated revenue for the nine months ended September 30, 2025, compared to 60% in 2024[88]. - The physician and leadership solutions segment revenue increased to 27% of total consolidated revenue for the nine months ended September 30, 2025, up from 25% in 2024[89]. - The technology and workforce solutions segment maintained a steady contribution of 15% to total consolidated revenue for both the nine months ended September 30, 2025, and 2024[90]. Cash Flow and Financing Activities - Cash provided by operating activities for the nine months ended September 30, 2025, was $193,885 thousand, down from $247,604 thousand in 2024, representing a decrease of approximately 21.6%[24]. - Net cash used in financing activities was $212,651 thousand for the nine months ended September 30, 2025, compared to $179,550 thousand in 2024, indicating an increase of approximately 18.4%[25]. - The company made payments of $285,000 thousand on its revolving credit facility during the nine months ended September 30, 2025, compared to $260,000 thousand in 2024[25]. - As of September 30, 2025, the company had $729.8 million of available credit under its $750.0 million secured revolving credit facility[1]. Market and Operational Insights - The company generated substantially all of its revenue in the United States during the three and nine months ended September 30, 2025, indicating immaterial foreign currency risk[149]. - The company experienced a decrease in overall staffing volume in the nurse and allied solutions segment due to lower demand in travel nurse staffing[94]. - Travel nurse staffing revenue for the nine months ended September 30, 2025, was $619,360, down from $854,746 in 2024, representing a decrease of 27.5%[55]. - Temporary staffing revenue for the nine months ended September 30, 2025, was $1,648,729, compared to $1,870,492 in 2024, showing a decline of 11.8%[55]. - International nurse revenue for the nine months ended September 30, 2025, totaled $96,939, down from $139,313 in 2024, a decrease of 30.4%[56]. Accounting and Regulatory Updates - The FASB issued ASU 2023-09, effective after December 15, 2024, requiring enhanced income tax disclosures, including additional information on rate reconciliation and income taxes paid[142]. - ASU 2024-03, effective after December 15, 2026, mandates detailed expense disaggregation in income statements, requiring public entities to disclose amounts in a tabular format[143]. - The company is currently evaluating the impact of adopting new accounting standards on its disclosures[145].