AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its second quarter 2025 financial results. Financial highlights are as follows: Quarterly revenue of $658 million and Adjusted EBITDA of $58.3 million; GAAP loss of ($3.02)/share and adjusted EPS of $0.30. DALLAS, Aug. 07, 2025 (GLOBE NEWSWIRE) -- AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its second quarter 2025 financial results. Financial highlights are as follows: Dollars in millions, except per share amounts. Q2 2025 % Change Q2 2024 YTD June 30, 2025 % Change YTD June 30, 2024 Revenue $658.2 (11%) $1,347.7 (14%) Gross profit $196.4 (15%) $394.5 (19%) Net loss ($116.2)  ($117.3) Diluted loss per share ($3.02)  ($3.06) Adjusted diluted EPS* $0.30 (69%) $0.75 (62%) Adjusted EBITDA* $58.3 (38%) $122.5 (36%) * See “Non-GAAP Measures” below for a discussion of our use of non-GAAP items and the table entitled “Non-GAAP Reconciliation Tables” for a reconciliation of non-GAAP items. Business Highlights Second quarter revenue was near the high end of guidance, and adjusted EBITDA margin exceeded guidance. The GAAP loss includes noncash goodwill and intangible asset impairment charges totaling $128 million, or ($2.81) per share. Our allied staffing business exceeded our revenue projection in the second quarter while other businesses were in line with our expectations. AMN Passport, our industry-leading app for healthcare professionals, recently surpassed 300,000 users. The July sale of Smart Square for $75 million advances the partnership strategy for our WorkWise technology platform. Cash flow from operations was strong at $79 million in the second quarter, which allowed us to reduce debt by $80 million. Our net leverage ratio at quarter end was 3.3:1. "Our second quarter financial performance was solid, and we continue to make progress on our ability to serve all market channels and align with clients as their preferred workforce partner," said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "Third-party rankings have confirmed that AMN is holding market share in a highly competitive market. We believe our enhanced AI and technology-enabled services, broad solution set, and talented team position us to gain share in the future." Ms. Grace continued, "An uncertain healthcare policy environment caused our clients to slow their decision-making in the second quarter, which is reflected in our third quarter guidance. We saw signs of improvement in July as orders stabilized and extension rates rebounded." Second Quarter 2025 Results Consolidated revenue for the quarter was $658 million, an 11% decrease from prior year and a 5% decrease from the prior quarter. Net loss was $116 million (17.7% of revenue), or ($3.02) per diluted share, compared with net income of $16 million (2.2% of revenue), or $0.42 per diluted share, in the second quarter of 2024. Adjusted diluted EPS in the second quarter was $0.30 compared with $0.98 in the same quarter a year ago. Revenue for the Nurse and Allied Solutions segment was $382 million, lower by 14% year over year and down 8% from the prior quarter. Travel nurse staffing revenue was lower by 25% year over year and 4% sequentially. Allied division revenue declined 4% year over year and was 1% lower than the prior quarter. Labor disruption events contributed $16 million revenue in the quarter. The Physician and Leadership Solutions segment reported revenue of $175 million, down 6% year over year and flat sequentially. Locum tenens revenue was $143 million, flat year over year and 1% higher sequentially. Interim leadership revenue was down by 25% year over year and 5% lower sequentially. Our physician and leadership search businesses saw revenue decline by 29% year over year and 2% quarter over quarter. Technology and Workforce Solutions segment revenue was $102 million, a decrease of 9% year over year and flat sequentially. Language services revenue was $76 million in the quarter, 1% higher than the prior year and up 1% sequentially. Vendor management systems revenue was $19 million, 31% lower year over year and down 2% from the prior quarter. Consolidated gross margin was 29.8%, 120 basis points lower year over year, but up 110 basis points sequentially. Gross margin declined year over year with lower margins in all our business segments. Sequentially gross margin increased on lower payroll tax expense and a favorable revenue mix shift. Consolidated SG&A expenses were $155 million, or 23.5% of revenue, compared with $149 million, or 20.1% of revenue, in the same quarter last year. SG&A was $148 million, or 21.4% of revenue, in the previous quarter. The year-over-year increase in SG&A costs was driven primarily by an unfavorable professional liability insurance actuarial adjustment in the current year compared with a favorable adjustment in the prior year. Loss from operations was ($124 million) with an operating margin of (18.8%), compared with income of $38 million and 5.1%, respectively, in the same quarter last year. The current quarter loss resulted from non-cash goodwill and intangible asset impairment charges totaling $128 million. Adjusted EBITDA was $58 million, a year-over-year decrease of 38%. Adjusted EBITDA margin was 8.9%, 380 basis points lower than the year-ago period. At June 30, 2025, cash and cash equivalents totaled $42 million. Cash flow from operations was $79 million for the second quarter. Capital expenditures were $10 million. The Company ended the quarter with total debt outstanding of $920 million. Sale of Smart Square In July, we announced the sale of our Smart Square nurse scheduling software to symplr and announced a commercial partnership that leverages our workforce advisory, planning and analytics solutions with the healthcare workforce management solutions of symplr. For the sale, AMN received $65 million cash and a $10 million note due in 18 months. The transaction closed on July 1, and the sale will reduce our Technology and Workforce Solutions and consolidated revenue and adjusted EBITDA on an annualized basis by approximately $17 million and $6 million, respectively. Third Quarter 2025 Outlook Metric Guidance* Consolidated revenue $610 - $625 million Gross margin 28.7% - 29.2% SG&A as percentage of revenue Approximately 23.0% Operating margin 6.0% - 6.5% Adjusted EBITDA margin 7.7% - 8.2% *Note: Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled "Reconciliation of Guidance Operating Margin to Guidance Adjusted EBITDA Margin" below. Revenue in the third quarter of 2025 is expected to be 9-11% lower than the prior year and down 5-7% sequentially. Nurse and Allied Solutions segment revenue is expected to be down 11-14% year over year. Physician and Leadership Solutions segment revenue is expected to be down 2-4% year over year. Technology and Workforce Solutions segment revenue is projected to be lower by 12-14% year over year. Labor disruption revenue assumed in guidance is $5 million. Third quarter estimates for certain other financial items include depreciation of $17 million, depreciation in cost of revenue of $2 million, non-cash amortization expense of $21 million, share-based compensation expense of $7.5 million, integration and other expenses of $2.5 million, interest expense of $10.5 million, adjusted tax rate of 28%, and 38.7 million diluted average shares outstanding. Operating margin guidance assumes a gain on sale of approximately $40 million from the sale of Smart Square. Conference Call on August 7, 2025 AMN Healthcare Services, Inc. (NYSE: AMN) will host a conference call to discuss its second quarter 2025 financial results and third quarter 2025 outlook on Thursday, August 7, 2025 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare’s website at http://ir.amnhealthcare.com. Interested parties may participate live via telephone by registering at this link. Registrants will receive confirmation and dial-in details. Following the conclusion of the call, a replay of the webcast will be available at the Company’s investor relations website. About AMN Healthcare AMN Healthcare is the leader and innovator in total talent solutions for healthcare, bringing together the people, processes and technology to deliver better care. Through a steadfast partnership approach, we solve the most pressing workforce challenges to enable better clinical outcomes and access to care. In 2024, our healthcare professionals reached nearly 15 million patients at more than 2,100 healthcare systems, including 87 percent of the top healthcare systems nationwide. We provide a comprehensive network of quality healthcare professionals and deliver a fully integrated and customizable suite of workforce technologies. For more information, visit www.amnhealthcare.com. The Company’s common stock is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com, where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information. To register for email alerts and RSS, visit http://ir.amnhealthcare.com. Non-GAAP Measures This earnings release and the non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides as additional information, and not as an alternative, to the Company’s condensed consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income, and (4) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful to both management and investors as a supplement, and not as a substitute, when evaluating the Company’s operating performance. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation objectives. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They should not be used in isolation to evaluate the Company’s performance. A reconciliation of non-GAAP measures identified in this release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table entitled "Non-GAAP Reconciliation Tables" under the caption entitled "Reconciliation of Non-GAAP Items" and the footnotes thereto or on the Company’s website at https://ir.amnhealthcare.com/financials/quarterly-results. Additionally, from time to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company’s website. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning future demand and supply for healthcare, contingent staffing and other services, client preferences, our ability to serve all market channels, our ability to hold market share or increase revenue, whether we will continue to invest in artificial intelligence and technology-enabled services and whether our current or future investments in artificial intelligence will position us to gain market share, our ability to diversify our revenue, the impact of the federal healthcare policy environment on our clients, third quarter 2025 financial projections for consolidated and segment revenue, consolidated gross margin, operating margin, SG&A as a percent of revenue, adjusted EBITDA margin, labor disruption revenue, depreciation expense, depreciation in cost of revenue, share-based compensation expense, integration and other expenses, interest expense, gain from the sale of Smart Square, adjusted tax rate, and number of diluted shares outstanding. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are also identified by words such as "believe," "project," "anticipate," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.

AMN Healthcare Announces Second Quarter 2025 Results

AMN Healthcare Services, Inc. (NYSE: AMN) reported second quarter 2025 financial results, including $658 million in revenue, Adjusted EBITDA of $58.3 million, and a GAAP loss of ($3.02) per share. The company sold its Smart Square nurse scheduling software for $75 million, which reduced annualized revenue and adjusted EBITDA by $17 million and $6 million, respectively. CEO Cary Grace highlighted progress in serving healthcare clients despite challenges from an uncertain policy environment.