DALLAS and SAN DIEGO, May 16, 2020 – Shares of AMN Healthcare Services Inc. (NYSE: AMN) declined -4.14% to $38.66. The stock grabbed the investor’s attention and traded 1.393M shares as compared to its average daily volume of 792.35K shares.
For the quarter, AMN Healthcare Services Inc. (NYSE: AMN) reported revenue of $568.0M, an 8% increase over prior year and 6% higher than prior quarter. On an organic basis, consolidated revenue was up 1% over prior year. Revenue for the Nurse and Allied Solutions segment was $363.0M, up 18% year over year (6% organic) and 9% sequentially. Travel Nurse Division revenue grew 10% year over year with 4% organic growth. Allied division revenue increased 46% year over year, 11% organic.
The Locum Tenens Solutions segment reported revenue of $84.0M, down by 17% year over year but up 3% sequentially. Other Workforce Solutions segment revenue was $121.0M for a boost of 1% year over year, driven by growth in our interim leadership and VMS businesses.
SG&A expenses were $133.0M, or 23.5% of revenue, contrast with $121.0M, or 23.0% of revenue, in the same quarter last year. SG&A was $122.0M, or 22.7% of revenue, in the previous quarter. The year-over-year increase in SG&A costs came mainly from the recent acquisitions, a higher earn-out provision and higher employee-related expenses, partly offset by lower legal reserves.
Income from operations was $40.0M, or 7.0% of revenue, contrast with $43.0M, or 8.1% of revenue, in the same quarter last year. Adjusted EBITDA was $69.0M, a year-over-year increase of 3%. Adjusted EBITDA margin was 12.2%, representing a decrease of 60 basis points year over year.
Net income was $24.0M, or $0.49 per diluted share, contrast with $28.0M, or $0.58 per diluted share, in the same quarter last year. Adjusted diluted EPS was $0.81.
At September 30, 2019, cash and cash equivalents totaled $41.0M. Cash flow from operations was $81.0M for the quarter, and capital expenditures were $9.0M. The Company ended the quarter with total debt outstanding of $620.0M, with a leverage ratio as calculated in accordance with the Company’s credit agreement of 2.2 to 1.
October Debt Refinancing:
In October, AMN issued $300.0M of 4.625% senior notes due in 2027 and used the proceeds to repay the Company’s revolving debt and term loan, which totaled $295.0M. After these actions, the Company had total debt of $625.0M and unused borrowing capacity of $383.0M on its senior credit facility.
AMN has a market value of $1.81B while its EPS was booked as $2.40 in the last 12 months. The stock has 46.71M shares outstanding. In the profitability analysis, the company has gross profit margin of 33.50% while net profit margin was 5.10%. Beta value of the company was 0.45; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 1.90.