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AMN Healthcare Services Inc AMN

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Morningstar’s Analysis

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AMN Reports Solid 2020 Sales Growth, but Weak Bottom Line Provides an Industry Temperature Check

Debbie S. Wang Senior Equity Analyst

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.

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Company Profile

Business Description

AMN Healthcare Services is the largest healthcare staffing company in the United States. In 2019, it placed almost 10,000 nurses and allied healthcare full-time workers with provider clients nationwide. About two thirds of its business is generated from its temporary nursing division; the other third is generated from its physician placement and technology-backed workplace solutions divisions.

12400 High Bluff Drive, Suite 100
San Diego, CA, 92130
T +1 866 871-8519
Sector Healthcare
Industry Medical Care Facilities
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 3,236