AMN Healthcare Services Inc. (NYSE: AMN) noted record-breaking growth in the first quarter as revenue rose 75.2% year over year.
All three business segments — nurse and allied solutions, physician and leadership solutions, and technology and workforce solutions — continued to experience demand for services and candidate applications well above the pre-pandemic levels.
The first quarter witnessed the highest placement volume in the company history, AMN reported.
“We achieved record performance in our nursing, allied, locum tenens, interim leadership, search, language services, VMS, MSP and RPO businesses in the quarter. We are pleased to see that the market is moving in line with our expectations,” CEO Susan Salka said.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Revenue | $1,552,538 | $885,945 | 75.2% |
| Gross profit | $496,168 | $288,868 | 71.8% |
| Gross margin percentage | 32.0% | 32.6% | |
| Net income | $146,008 | $70,378 | 107.5% |
Growth was led by the company’s travel nurse staffing segment with revenue up 95% year over year. Its allied division saw revenue rise by 64%.
ANN reported locum tenens revenue rose 30% year over year while Interim leadership revenue was up 14% year over year
In the company’s technology and workforce solutions segment, language services revenue rose 20% year over year while vendor management systems witnessed revenue growth by 136% year over year.
Revenue by segment
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Nurse and allied solutions | $1,228,039 | $656,661 | 87.0% |
| Physician and leadership solutions | $179,506 | $140,756 | 27.5% |
| Technology and workforce solutions | $144,993 | $88,528 | 63.8% |
Guidance
AMN forecast second-quarter revenue will be up between 56% and 61% year over year.
Forecast year-over-year increases by segment:
- Nurse and allied solutions revenue, up by between 57% and 60%
- Physician and leadership solutions revenue, up 20%
- Technology and workforce solutions segment revenue, up 45%
Revenue guidance includes between $65 million and $70 million from labor disruption activities.
Share and market cap
Shares in AMN were down 0.23% to $93.15 as of 12:33 p.m. Eastern time; they were 11.89% above the 52-week low, according to FT.com. The company had a market cap of $4.39 billion.