AMN Healthcare Services, Inc. reported a significant decline in its financial performance for the fiscal year ended December 31, 2024, with total revenue of $2.98 billion, down 21% from $3.79 billion in 2023. The company experienced a net loss of $147 million, compared to a net income of $210.7 million in the previous year. The decrease in revenue was primarily driven by a 31% drop in the nurse and allied solutions segment, which accounted for 61% of total revenue, reflecting a 24% decrease in the average number of travelers on assignment and a 10% decline in average bill rates.
In terms of operational changes, AMN Healthcare made strategic acquisitions, including the purchase of MSI Systems Corp. and DrWanted.com LLC in November 2023, which contributed to a 9% revenue increase in the physician and leadership solutions segment. The company also launched new technology solutions, such as WorkWise and ShiftWise Flex, aimed at enhancing workforce management and improving clinician experiences. As of December 31, 2024, AMN Healthcare had 2,968 corporate employees and an average of 9,206 healthcare professionals on assignment, indicating a stable workforce despite the revenue decline.
The company’s operational metrics showed a mixed performance, with the average number of travelers on assignment decreasing significantly, while the language services business saw growth in usage metrics. The total spend under managed services programs (MSP) was approximately $2 billion, representing 45% of consolidated revenue. However, the technology and workforce solutions segment experienced an 11% revenue decline, primarily due to decreased demand in vendor management systems (VMS) and outsourced solutions.
AMN Healthcare attributed its financial challenges to a post-pandemic shift in healthcare staffing needs, with many organizations focusing on permanent staffing solutions and cost containment. The company also recognized goodwill impairment losses totaling $222.5 million, primarily in the nurse and allied solutions and physician and leadership solutions segments, reflecting the impact of lower demand and gross margin pressures. Looking ahead, AMN Healthcare aims to enhance its service offerings and operational efficiency while navigating the evolving healthcare landscape, with expectations of stabilizing demand in the coming year.
About AMN HEALTHCARE SERVICES INC
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