Analyst Note| Debbie S. Wang |
Narrow-moat AMN Healthcare reported fourth-quarter revenue of $631 million, contributing to its 2% full-year organic revenue growth. All three segments exceeded management’s fourth-quarter revenue guidance, leading the company to slightly exceed our revenue expectations. However, echoing the last several quarters, AMN once again experienced a mixed bag of pandemic-related headwinds and tailwinds. After assessing these dynamics and weighing the probability of COVID-19 continuing to weigh on healthcare utilization well into 2021, we are maintaining our $48 fair value estimate and high uncertainty rating, which stems from overall high staffing industry volatility that is further exacerbated by pandemic uncertainty.