In This Story
AMN Healthcare Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $687.5 million from $853.5 million in the same quarter the previous year. This decrease is attributed to a decline in organic revenue across segments, with the nurse and allied solutions segment experiencing the largest drop.
Cost of revenue for the quarter was $474.5 million, representing 69% of revenue, compared to 66.1% in the same quarter of the previous year. This increase in cost ratio is due to compression in clinician pay packages.
The company reported a gross profit of $213.1 million for the quarter, compared to $289.5 million in the previous year, with the decline attributed to lower margins in the nurse and allied solutions and physician and leadership solutions segments.
Operating expenses, including selling, general, and administrative expenses, decreased to $149.7 million from $163.4 million, primarily due to decreased professional services and legal expenses.
Net income for the quarter was $6.9 million, down from $53.2 million in the previous year. The decrease is attributed to lower segment operating income across all segments.
Cash provided by operating activities was $247.6 million, while cash used in investing and financing activities was $65.7 million and $179.6 million, respectively.
AMN had a working capital of $612.3 million as of September 30, 2024. The company believes that cash generated from operations and available borrowings will be sufficient to fund its operations and liquidity requirements for the next 12 months.
The filing also details the company's credit agreement amendments and the issuance of senior notes. The company does not anticipate cash dividend payments to common stockholders in the near future.
AMN continues to focus on providing technology-enabled healthcare workforce solutions and staffing services. The company highlights its dependence on a comprehensive network of healthcare professionals and its efforts to optimize workforce solutions for healthcare organizations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AMN Healthcare Services Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.