AMN Healthcare increased third-quarter revenue to 717.3 million dollars and reported higher profit. Nursing and allied staffing strengthened, while technology services declined. Operating cash flow turned negative as the healthcare staffing company refunded deposits from earlier labour disruptions. Its fourth-quarter outlook assumes substantially less revenue connected with those disruptions.
AMN Healthcare, a US provider of staff for healthcare organisations, announced its third-quarter financial results.[1], [2]
Revenue reached 717.3 million dollars, rising 13 per cent from a year earlier. Net income increased 14 per cent to 33.4 million dollars. Gross profit grew 24 per cent to 229.1 million dollars. The company linked the results to nursing and allied staffing operations and releases of reserves relating to earlier labour disruptions.[1]
Nursing and allied staffing revenue increased 27 per cent annually to 460 million dollars and 9 per cent from the previous quarter. Labour disruptions contributed 59 million dollars of revenue, compared with 12 million dollars a year earlier. Physician and leadership services revenue fell 4 per cent annually to 171 million dollars. Technology and workforce services decreased 9 per cent to 86 million dollars.[1]
Operating activities used 88 million dollars of cash during the quarter. AMN attributed the outflow to refunding most client deposits associated with earlier labour disruptions. Year-to-date operating cash inflow was 285 million dollars. Quarter-end cash stood at 256 million dollars and debt at 750 million dollars. Management forecast fourth-quarter revenue of 655–670 million dollars, assuming labour disruption revenue of 5 million dollars against 124 million dollars a year earlier.[1]
