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AMN Healthcare Services Inc AMN

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

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.

Contact
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

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