DALLAS, Oct. 31, 2024 (GLOBE NEWSWIRE) -- AMN Healthcare (NYSE: AMN), the leader and innovator in total talent solutions for healthcare organizations, today announced the appointment of Tomya Watt as Chief People Officer effective January 13, 2025. With more than two decades of strategic and operational experience in healthcare and talent solutions, Ms. Watt is well-equipped to guide the company's human resources function into a new era of sustainable growth. "We are thrilled to welcome Tomya Watt to AMN He ...

Ever since 2022, the peak of the COVID pandemic, AMN Healthcare (NYSE: AMN ) has fallen off its peak valuations as demand for healthcare solutions and staffing services fell to a normalized level. Now that the stock hasAmateur value investor seeking bargains in any market, with a specific focus on emerging markets. Admires great investors such as Li Lu and Peter Lynch, and am not afraid to go against the grain. Willing to buy any company at the right price, and is looking for low-risk and high uncertainty b ...

AMN Healthcare Services, Inc. (AMN) launched an innovative technology suite, WorkWise, last Wednesday. The suite is expected to unify the company's technologies into one single technology offering. Per AMN Healthcare, WorkWise has been designed to streamline workforce processes by combining the capabilities of quantifying staffing demand with predictive scheduling, automated workforce management and enhanced clinician engagement using AI technology. The technology suite will likely empower healthcare system ...

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.Here's the latest list of major oversold players ...

AMN Healthcare Services, Inc. (AMN) is well-poised for growth in the coming quarters, courtesy of its broad array of services. The optimism led by increased demand for healthcare services and the Managed Services Program (MSP) is expected to drive further growth. However, healthcare industry regulations and stiff competition are major downsides.Shares of this Zacks Rank #3 (Hold) company have lost 48.7% year to date against the industry's 2% growth. The S&P 500 Index has gained 20% in the said time frame.Th ...

Core Viewpoint - AMN Healthcare Services, Inc. has appointed Brian Scott as Chief Financial Officer and Chief Operating Officer, effective November 21, 2024, as the company aims to enhance its operational model and financial performance [1][3]. Group 1: Leadership Changes - Brian Scott returns to AMN after a 17-year tenure, having previously served as CFO and Chief Accounting Officer from 2011 to 2021, during which he led significant growth, including a fourfold increase in quarterly revenue and a 13x increase in adjusted EBITDA from Q4 2010 to Q2 2021 [2][3]. - Scott's appointment follows the announcement that Jeffrey Knudson will step down as CFO on November 8, 2024, to pursue another opportunity outside the healthcare staffing industry [3]. Group 2: Company Strategy and Outlook - The company is focused on enhancing operational excellence and delivering strong financial returns, with Scott bringing extensive industry expertise and a proven track record in financial management [3]. - Scott expressed confidence in AMN's ability to capitalize on future opportunities through business diversification and strategic technology investments [3]. Group 3: Company Background - AMN Healthcare is recognized as a leader in total talent solutions for healthcare organizations in the U.S., addressing workforce challenges to improve clinical outcomes and access to care [5]. - The company provides a comprehensive network of healthcare professionals and a customizable suite of workforce technologies [5].

Core Insights - AMN Healthcare has launched WorkWise, a technology suite designed to unify various workforce management technologies for healthcare systems, enhancing efficiency and cost management [1][2] - WorkWise integrates predictive scheduling, automated workforce management, and AI-driven clinician engagement to optimize staffing processes and reduce costs [1][2] - The solution aims to improve healthcare delivery by enabling hospitals to better predict staffing needs and manage personnel across different job types [1][2] Group 1 - WorkWise provides an end-to-end solution for healthcare organizations, addressing complex workforce challenges and adapting to evolving needs [2] - The technology suite enhances staff efficiency, reduces burnout and turnover, and improves financial planning for healthcare systems [2] - By leveraging automation and data analysis, WorkWise helps build engaged talent networks and increases speed-to-fill for staffing needs [1][2] Group 2 - AMN Healthcare positions itself as a leader in total talent solutions for healthcare organizations in the U.S., focusing on solving workforce challenges to improve clinical outcomes [4] - The company offers a comprehensive network of healthcare professionals and customizable workforce technologies to meet the needs of healthcare providers [4]

Group 1 - AMN Healthcare Services, Inc. (AMN) is experiencing significant activity in the options market, particularly with the Dec 20, 2024 $30.00 Call showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Analysts have mixed views on AMN Healthcare, with one increasing earnings estimates for the current quarter while three have decreased theirs, resulting in a consensus estimate drop from 64 cents to 63 cents per share [3] Group 2 - The high implied volatility in AMN Healthcare's options may indicate a developing trading opportunity, as seasoned traders often seek to sell premium on such options to capture decay [3]

[AMN Healthcare Second Quarter 2024 Results](index=1&type=section&id=AMN%20Healthcare%20Second%20Quarter%202024%20Results) [Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) The company reported Q2 2024 revenue of $741 million and exceeded earnings expectations through expense management while advancing strategic initiatives and reducing debt Q2 2024 Financial Highlights (vs. Q2 2023) | Metric | Q2 2024 | % Change YoY | | :--- | :--- | :--- | | Revenue | $740.7M | (25%) | | Gross profit | $229.8M | (30%) | | Net income | $16.2M | (73%) | | GAAP diluted EPS | $0.42 | (73%) | | Adjusted diluted EPS | $0.98 | (59%) | | Adjusted EBITDA | $94.1M | (42%) | - Q2 revenue met expectations, while **earnings were better than expected**, primarily driven by expense management and beneficial discrete items[4](index=4&type=chunk) - Operational and strategic highlights for the quarter include: - The ShiftWise Flex platform rollout surpassed **50% of vendor-neutral client spend**, with the first MSP client migrations completed - Technology and Workforce Solutions contributed **41% of operating income** from the three segments - Language services revenue **grew 18% year-over-year**[4](index=4&type=chunk) - The company generated strong cash flow from operations of **$100 million**, enabling an **$80 million debt reduction** in Q2, with a net leverage ratio of **2.6:1**[4](index=4&type=chunk)[11](index=11&type=chunk) - CEO Cary Grace noted that while large clients continue to reduce contingent labor spend, there are **promising signs of improvement** in the travel nurse market[5](index=5&type=chunk) [Detailed Financial Results (Q2 2024)](index=2&type=section&id=Detailed%20Financial%20Results%20(Q2%202024)) Consolidated revenue fell 25% YoY to $741 million, driven by a decline in the Nurse and Allied segment, while gross margin contracted due to a business mix shift [Consolidated Performance](index=2&type=section&id=Consolidated%20Performance) Q2 consolidated revenue decreased 25% YoY to $741 million, with declines in net income and key margins, though SG&A expenses improved as a percentage of revenue Q2 2024 Consolidated Results | Metric | Q2 2024 | Q2 2023 | % Change YoY | | :--- | :--- | :--- | :--- | | Revenue | $741M | $991M | (25%) | | Net Income | $16M | $61M | (73%) | | Gross Margin | 31.0% | 33.3% | (230 bps) | | Operating Margin | 5.1% | 9.2% | (410 bps) | | Adjusted EBITDA Margin | 12.7% | 16.3% | (360 bps) | - The year-over-year decrease in SG&A costs was primarily driven by **lower employee compensation** amid reduced placement volumes[10](index=10&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Segment results were mixed, with a sharp 36% decline in Nurse and Allied Solutions revenue contrasting with 6% growth in Physician and Leadership Solutions Q2 2024 Revenue by Segment (YoY) | Segment | Q2 2024 Revenue | % Change YoY | | :--- | :--- | :--- | | Nurse and Allied Solutions | $442M | (36%) | | Physician and Leadership Solutions | $186M | +6% | | Technology and Workforce Solutions | $112M | (11%) | - Within the Nurse and Allied segment, travel nurse staffing revenue **dropped 42% year over year** and 17% sequentially[6](index=6&type=chunk) - Within the Physician and Leadership segment, locum tenens revenue **grew 17% year over year**, largely due to the MSDR acquisition[7](index=7&type=chunk) - Within the Technology and Workforce segment, language services revenue **grew 18% year over year**, while vendor management systems revenue fell 41%[9](index=9&type=chunk) [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company generated $100 million in operating cash flow, ending the quarter with $48 million in cash and a net leverage ratio of 2.6 to 1 - Cash and cash equivalents totaled **$48 million** at the end of Q2 2024[11](index=11&type=chunk) - Cash flow from operations was **$100 million** for the second quarter, while capital expenditures were **$27 million**[11](index=11&type=chunk) - The company ended the quarter with total debt of **$1.195 billion** and a net leverage ratio of **2.6 to 1**[11](index=11&type=chunk) [Business Outlook (Q3 2024)](index=4&type=section&id=Business%20Outlook%20(Q3%202024)) Q3 2024 revenue is projected at $660-$680 million, a 20-23% YoY decline, with an adjusted EBITDA margin forecast of 10.6% to 11.1% Q3 2024 Guidance | Metric | Guidance | | :--- | :--- | | Consolidated revenue | $660 - $680 million | | Gross margin | 30.7% - 31.2% | | SG&A as % of revenue | 22.0% - 22.5% | | Operating margin | 2.1% - 2.9% | | Adjusted EBITDA margin | 10.6% - 11.1% | - Q3 2024 Segment Revenue Outlook (YoY): - **Nurse and Allied Solutions:** Expected to be **down 32-34%** - **Physician and Leadership Solutions:** Expected to **grow 12-14%** - **Technology and Workforce Solutions:** Projected to be **10-12% lower**[12](index=12&type=chunk) - Other Q3 2024 financial estimates include depreciation of **$20 million**, non-cash amortization of **$22 million**, interest expense of **$15 million**, and an adjusted tax rate of **27%**[13](index=13&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) The unaudited statements show significant YoY declines in revenue and net income, with total assets of $2.77 billion and six-month operating cash flow of $180.9 million [Condensed Consolidated Statements of Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the three and six months ended June 30, 2024, both revenue and net income experienced significant year-over-year declines Income Statement Highlights (Three Months Ended June 30) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | $740,685 | $991,299 | | Gross Profit | $229,827 | $330,281 | | Income from Operations | $37,682 | $91,663 | | Net Income | $16,237 | $60,906 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $2.77 billion and total liabilities were $1.89 billion, both decreasing from year-end 2023 Balance Sheet Summary (as of June 30, 2024) | Account (in thousands) | Amount | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | $48,038 | | Total current assets | $704,757 | | Goodwill | $1,116,307 | | **Total Assets** | **$2,771,327** | | **Liabilities & Equity** | | | Total current liabilities | $573,890 | | Revolving credit facility | $345,000 | | **Total Liabilities** | **$1,894,468** | | **Total Stockholders' Equity** | **$876,859** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $180.9 million for the first six months of 2024, with cash primarily used for investing activities and debt repayment Cash Flow Summary (Six Months Ended June 30) | Activity (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $180,901 | $241,101 | | Net cash used in investing activities | $(43,731) | $(54,859) | | Net cash used in financing activities | $(119,081) | $(247,744) | [Supplemental and Non-GAAP Information](index=6&type=section&id=Supplemental%20and%20Non-GAAP%20Information) This section reconciles GAAP to non-GAAP measures like Adjusted EBITDA and provides supplemental segment data and key operating metrics [Non-GAAP Reconciliation](index=12&type=section&id=Non-GAAP%20Reconciliation) Q2 2024 GAAP Net Income of $16.2 million is reconciled to Adjusted EBITDA of $94.1 million and Adjusted Diluted EPS of $0.98 Q2 2024 GAAP to Non-GAAP Reconciliation | Metric (in thousands) | Amount | | :--- | :--- | | Net Income (GAAP) | $16,237 | | Adjustments (Interest, Taxes, D&A, etc.) | +$77,850 | | **Adjusted EBITDA** | **$94,087** | | | | | Net Income (GAAP) | $16,237 | | Adjustments (Amortization, other costs, tax effects) | +$21,095 | | **Adjusted Net Income** | **$37,332** | [Supplemental Segment Data](index=13&type=section&id=Supplemental%20Segment%20Data) Q2 2024 supplemental data details segment gross margins and key operating metrics, such as average travelers and physician days filled Q2 2024 Segment Gross Margins | Segment | Gross Margin | | :--- | :--- | | Nurse and allied solutions | 23.8% | | Physician and leadership solutions | 30.5% | | Technology and workforce solutions | 60.2% | - Key operating metrics for Q2 2024 include: - **Average travelers on assignment:** 10,302 (down from 13,597 in Q2 2023) - **Physician days filled:** 56,244 (up from 49,976 in Q2 2023)[38](index=38&type=chunk) [Guidance Reconciliation](index=14&type=section&id=Guidance%20Reconciliation) The Q3 2024 guidance reconciles the forecasted GAAP Operating Margin of 2.1%-2.9% to the non-GAAP Adjusted EBITDA Margin of 10.6%-11.1% Q3 2024 Guidance Reconciliation (Operating Margin to Adj. EBITDA Margin) | Metric | Low End | High End | | :--- | :--- | :--- | | Operating margin | 2.1% | 2.9% | | Depreciation and amortization | 6.6% | 6.4% | | Share-based compensation | 0.9% | 0.9% | | Acquisition, integration, and other costs | 0.9% | 0.9% | | **Adjusted EBITDA margin** | **10.6%** | **11.1%** | [Other Information](index=5&type=section&id=Other%20Information) This section includes the company overview, forward-looking statements, and key risk disclosures [About AMN Healthcare](index=5&type=section&id=About%20AMN%20Healthcare) AMN Healthcare is a leader in total talent solutions for U.S. healthcare organizations, offering a comprehensive suite of staffing and workforce services - AMN Healthcare provides total talent solutions including direct staffing, managed services programs, temporary staffing, permanent placement, vendor management systems, and language services[16](index=16&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking projections and cautions that actual results may differ due to numerous risk factors - Forward-looking statements in the release cover topics such as future demand, wage rates, expense management, and the Q3 2024 financial projections[20](index=20&type=chunk)[22](index=22&type=chunk) - Key risk factors that could affect future results include clients increasing their own staffing efficiency, adjustments in the utilization of temporary professionals, economic downturns, pricing pressures, and the ability to recruit and retain quality healthcare professionals[23](index=23&type=chunk)[25](index=25&type=chunk)

Core Points - Jeffrey Knudson will step down as CFO of AMN Healthcare effective November 8, 2024, to pursue an opportunity outside the healthcare staffing industry [1][2] - AMN Healthcare plans to announce a new leader for an expanded CFO/COO role before Mr. Knudson's departure [1] - The company reaffirms its financial guidance for the third quarter of 2024, with results to be reported on November 7, 2024 [3] Company Overview - AMN Healthcare is a leader in total talent solutions for healthcare organizations in the U.S., addressing workforce challenges to improve clinical outcomes and access to care [4] - The company provides a comprehensive network of healthcare professionals and a customizable suite of workforce technologies [4]