AMN Healthcare Services, Inc. (AMN) Q3 2025 Earnings Call Transcript

Third quarter revenue $634 million, down 8% year-over-year and down 4% sequentially. Reasons for the decline include lower demand in the Nurse and Allied segment and a decrease in volume.

Consolidated gross margin 29.1%, declined 190 basis points year-over-year and 70 basis points sequentially. The decline was due to an unfavorable revenue mix shift and competitive pressures in Staffing and Language services.

Adjusted EBITDA $57.5 million, 9.1% of revenue, down 22% year-over-year and 1% sequentially. The decline was attributed to lower revenue and gross margin.

Nurse and Allied revenue $361 million, down 9% year-over-year and 5% sequentially. The decline was due to an 11% decrease in volume, while average rate and hours worked were flat.

Travel Nurse revenue $196 million, decreased 20% year-over-year and 6% sequentially. The decline was driven by lower volume.

Allied revenue $142 million, up 1% year-over-year but down 2% sequentially. The year-over-year increase was due to stable demand.

Physician and Leadership Solutions revenue $178 million, down 1% year-over-year but up 2% sequentially. Locum Tenens revenue grew 3% year-over-year, driven by a 15% increase in days booked for MSP clients.

Technology and Workforce Solutions revenue $95 million, down 12% year-over-year and 7% sequentially. The decline was primarily due to lower VMS revenue and the sale of Smart Square.

Language Services revenue $75 million, flat year-over-year and down 1% sequentially. The stability was due to consistent demand.

VMS revenue $17 million, decreased 32% year-over-year and 11% sequentially. The decline was due to client transitions and the sale of Smart Square.

Operating cash flow $23 million, reasons for the figure were not specified.

Capital expenditures $8 million, reasons for the figure were not specified.

Net income $29 million, compared to $7 million in the prior year period. The increase was due to a $39 million gain on the sale of Smart Square.

Adjusted earnings per share $0.39, compared to $0.61 in the prior year period. The decline was due to lower revenue and gross margin.