AMN Healthcare Hits Pandemic Peak; Demand Expected to Ease in 2022

AMN posted extremely strong fourth-quarter results, finishing the year at roughly $4 billion annual revenue, which is 66% higher than 2020 revenue. However, healthcare staffing hit its peak between fourth-quarter 2021 and first-quarter 2022, and we expect bill rates will fall slowly to a more efficient level, barring any future COVID-19 variant outbreaks. We’re holding steady on our fair value estimate of $85 per share, which reflects the firm’s recent performance as well as our revised U.S. corporate tax rate outlook.