AMN Healthcare Services Inc (AMN) Tops Q2 EPS by 5c, Revenues Beat; Offers 3Q Revenue Outlook Below Consensus

AMN Healthcare Services Inc (NYSE: AMN) reported Q2 EPS of $0.83, $0.05 better than the analyst estimate of $0.78. Revenue for the quarter came in at $558.1 million versus the consensus estimate of $534.1 million.

Highlights

• AMN Healthcare reached record highs for revenue and adjusted EPS in the quarter.
• Second quarter consolidated revenue of $558 million increased 14% year over year, with organic growth of 7%.
• Growth was led by our Nurse and Allied Solutions segment with revenue up by 11% year over year.
• Adjusted EBITDA of $70 million grew 4% year over year and was 12.6% of revenue.
• Operating cash flow in the second quarter was $66 million. In the first half of 2018, cash flow from operations totaled $126 million, up 80% year over year.
• The April acquisitions of MedPartners, Phillips DiPisa and Leaders For Today contributed $36 million of revenue in the quarter.

"Solid execution in the second quarter enabled AMN to reach all-time highs in revenue and adjusted EBITDA. We continue to expand and add new MSP clients and have a strong pipeline," said Susan R. Salka, Chief Executive Officer of AMN Healthcare. "Our team delivered well for Nurse and Allied clients, with strong fill rates amid a relatively tepid demand environment and pricing headwinds. Solid performance in several of our businesses is being offset by a decline in Locum Tenens, where we continue to see below-market performance due to the disruption from business model and technology changes made earlier this year. Our recent acquisitions are integrating with the AMN family and are off to a good start. The primary macro drivers of our industry appear favorable for the foreseeable future, and we remain confident in the long-term growth of AMN."

GUIDANCE:

AMN Healthcare Services Inc sees Q3 2018 revenue of $522-530 million, versus the consensus of $544.98 million.

For earnings history and earnings-related data on AMN Healthcare Services Inc (AMN) click here.

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