AMN Healthcare Services, Inc. is a leading provider of healthcare workforce solutions and staffing services in the United States. The company offers a wide range of technology-enabled talent solutions to healthcare organizations, helping them optimize their workforce, reduce complexity, and improve efficiency. AMN sells temporary and permanent staffing solutions, managed services programs, vendor management systems, and other workforce optimization technologies.
- Nurse and Allied Solutions - Provides temporary and permanent staffing solutions for nurses and allied healthcare professionals, including managed services programs and revenue cycle solutions.
- Physician and Leadership Solutions - Focuses on placing physicians, dentists, advanced practice providers, and healthcare leaders in temporary and permanent roles, including interim leadership placements and executive search services.
- Technology and Workforce Solutions - Offers technology-driven services such as vendor management systems, workforce consulting, predictive labor analytics, staff scheduling, and language interpretation services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Caroline S. Grace ExecutiveBoard | President and Chief Executive Officer | None | Caroline S. Grace is the President and CEO of AMN Healthcare. She has been in this role since 2024 and leads the company’s strategic direction and operations. | View Report → |
Brian Scott Executive | Chief Financial Officer and Chief Operating Officer | None | Brian Scott rejoined AMN in 2024 as CFO/COO. He previously served as CFO/CAO at AMN from 2011 to 2021 and has extensive experience in financial strategy and operational leadership. | |
Mark C. Hagan Executive | Chief Information and Digital Officer | Director at M&M Properties Colorado LLC; Director at Wonolo, Inc. | Mark C. Hagan joined AMN in 2018 and oversees digital strategy, IT infrastructure, and customer support operations. He was promoted to Chief Information and Digital Officer in 2020. | |
Whitney M. Laughlin Executive | Chief Legal Officer and Corporate Secretary | Executive Committee Member at SafeHaven of Tarrant County; Board Member at International Esperanza Project | Whitney M. Laughlin joined AMN in 2006 and became Chief Legal Officer in 2023. She oversees legal, governance, ESG, and compliance functions. | |
Daphne E. Jones Board | Director | Director at Masonite International Corp.; Director at Barnes Group Inc.; Founder of The Board Curators, LLC and Destiny Transformations Group, LLC | Daphne E. Jones has been a director at AMN since 2018. She has extensive experience in digital technology, data management, and strategic growth. | |
Jorge A. Caballero Board | Director | None | Jorge A. Caballero has been a director at AMN since 2021. He serves on the Audit Committee and chairs the Corporate Governance and Compliance Committee, bringing expertise in accounting and risk management. | |
Mark G. Foletta Board | Chairman of the Board | Lead Independent Director at DexCom, Inc.; Chair of Audit Committee at Enanta Pharmaceuticals | Mark G. Foletta has been a director at AMN since 2012 and was appointed Chairman of the Board in February 2025. He has extensive financial and governance expertise. | |
Sylvia Trent-Adams Board | Director | President of University of North Texas Health Science Center; Board Member at Institute for Healthcare Improvement and One Safe Place | Sylvia Trent-Adams has been a director at AMN since 2020. She brings expertise in federal health programs and healthcare leadership. | |
Teri G. Fontenot Board | Director | Director at Amerisafe, Inc.; Director at Orlando Health, Inc.; Director at Baton Rouge Water Company; Director at Dynamic Access Therapy | Teri G. Fontenot has been a director at AMN since 2019. She is Chair of the Audit Committee and an Audit Committee Financial Expert, with over 30 years of healthcare and finance leadership experience. |
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With Nurse and Allied revenue down 30% year-over-year and average bill rates declining, how do you plan to address the continued pressure on gross margins in this segment, and when do you anticipate stabilization or improvement in pricing and volumes?
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Given that Technology and Workforce Solutions revenue decreased by 11% year-over-year, primarily due to a 34% drop in VMS revenue, what steps are you taking to reverse the trend in VMS, and how confident are you in the growth prospects of this segment?
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The international nurse business has been significantly impacted by visa retrogression, with expectations of another $60 million year-over-year impact in 2025; what strategies do you have in place to mitigate this risk and accelerate growth in your international segment?
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You increased your maximum leverage covenant from 4x to 4.5x through the end of 2025, and your net leverage ratio stands at 2.8x; how does this higher leverage capacity align with your plans for debt repayment and returning to your target leverage ratio, especially in light of declining EBITDA?
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As you face intense competition across all service models and suppliers are increasingly not filling orders at uneconomic rates, how do you intend to navigate the competitive pricing environment to protect your margins while maintaining market share, particularly in the Travel Nurse Staffing market?
Research analysts who have asked questions during AMN HEALTHCARE SERVICES earnings calls.
Mark Marcon
Baird
4 questions for AMN
Trevor Romeo
William Blair
4 questions for AMN
Albert Rice
UBS
3 questions for AMN
Joanna Gajuk
Bank of America
3 questions for AMN
Brian Tanquilut
Jefferies
2 questions for AMN
Jeffrey Silber
BMO Capital Markets
2 questions for AMN
Tobey Sommer
Truist Securities, Inc.
2 questions for AMN
A.J. Rice
UBS Group AG
1 question for AMN
Constantine Davides
Citizens JMP
1 question for AMN
Jack Slevin
Jefferies Financial Group Inc.
1 question for AMN
Jasper Bibb
Truist Securities
1 question for AMN
Kevin Fischbeck
Bank of America
1 question for AMN
Ryan Griffin
BMO Capital Markets
1 question for AMN
William Sutherland
The Benchmark Company
1 question for AMN
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Kaiser Foundation Hospitals (and affiliates) | Healthcare workforce solutions | Nurse and Allied Solutions | 16% of consolidated revenue in 2024 and 23% of Nurse and Allied Solutions revenue in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Medical Search International (MSI) & Dr. Wanted Healthcare Staffing (DRW) | 2023 | AMN Healthcare Services, Inc. acquired MSI and DRW for $300 million in cash (announced on October 23, 2023) to enhance its locum tenens and advanced practice staffing capabilities, with expected modest EPS accretion and annual tax savings of about $2M over 15 years, financed by cash and borrowing on its revolving credit facility. |
Connetics Communications, LLC | 2022 | The acquisition, completed on May 13, 2022, involved an initial purchase price of $78,764,000 (including a contingent earn-out up to $12,500,000) to expand services in international nurse and allied health recruitment; the deal included significant allocations to tangible and intangible assets and goodwill, supporting its direct hire recruitment strategy. |
Recent press releases and 8-K filings for AMN.
- AMN Healthcare Services, Inc. (AMN) entered into a Fifth Amendment to its Credit Agreement on October 6, 2025, extending the maturity of its secured revolving credit facility to October 6, 2030 from February 2028 and reducing its size from $750.0 million to $450.0 million.
- The amendment revises the Consolidated Net Leverage Ratio covenant to be no greater than 5.25 to 1.00 until March 31, 2027, and adds a new pricing tier for Net Leverage Ratio >=4.25x, including 2.00% for SOFR loans.
- The Company plans to borrow approximately $100.0 million under the revolving facility, which, along with proceeds from a Notes offering and cash on hand, will be used to redeem all $500 million aggregate principal amount of senior unsecured notes due 2027.
- AMN Healthcare, Inc. also issued 6.500% Senior Notes due 2031, with interest payments commencing July 15, 2026, and accruing from October 6, 2025.
- AMN Healthcare Services Inc. recently completed a debt refinancing, replacing a $750 million revolver and $500 million high-yield notes with a new $450 million revolving facility and $400 million notes maturing in 2031, which significantly pushes out debt maturities.
- The company's international business, which experienced a $100 million revenue headwind and over $30 million EBITDA impact from 2023-2025 due to visa retrogression, is expected to see a slight sequential increase in Q4 and positive year-over-year growth starting Q1 next year.
- AMN is observing signs of stabilization in winter orders, following Q2 disruptions, and notes that H1B visas represent less than 1% of consolidated revenue, having minimal impact on their business.
- The competitive environment is described as intense but rational, with the total addressable market (TAM) stabilizing in the mid to high $30 billion range after peaking during COVID. AMN is focused on strategic client growth, higher fill rates, and cross-selling its 20 solutions.
- AMN Healthcare, Inc., a wholly owned subsidiary of AMN Healthcare Services, Inc., announced the pricing of a private offering of $400.0 million aggregate principal amount of senior unsecured notes due 2031.
- These new notes will bear an interest rate of 6.500% per annum and are expected to close on October 6, 2025.
- The company intends to use the proceeds from this offering, combined with cash on hand and borrowings, to redeem all $500.0 million aggregate principal amount of its outstanding 4.625% senior unsecured notes due 2027.
- The redemption of the 2027 Notes is scheduled for October 22, 2025, contingent upon the successful completion of the 2031 Notes offering.
- AMN Healthcare Services, Inc. intends to amend its existing Credit Agreement, extending the maturity of its secured revolving credit facility to October 2030 from February 2028.
- The amendment will reduce the size of the revolving credit facility from $750.0 million to $450.0 million.
- Key changes include revising the Consolidated Net Leverage Ratio to be no greater than 5.25 to 1.00 and adding a new pricing tier for Net Leverage Ratio >=4.25x.
- The execution of final documentation for these amendments is expected in the fourth quarter of 2025.
- AMN Healthcare sold its Smart Square® scheduling software to symplr®, a leader in enterprise healthcare operations software.
- The total purchase price for the software was $75 million, with $65 million paid at closing and a $10 million note due at the end of 2026.
- AMN Healthcare and symplr® also entered into a commercial partnership to enhance AMN's WorkWise technology suite and deliver comprehensive healthcare workforce solutions.
- AMN Healthcare reported Q1 2025 consolidated revenue of $690 million, exceeding the high-end guidance by $10 million despite a 16% decline compared to Q1 2024.
- The quarter recorded a GAAP loss of ($0.03) per share, an adjusted EPS of $0.45, and a net loss of approximately $1 million versus a prior year net income of $17 million.
- The company achieved a consolidated gross margin of 28.7%, slightly above guidance, driven by cost management initiatives like reduced SG&A expenses and technology enhancements.
- Operational highlights include robust cash flow from operations at $93 million, supporting debt reduction and further investments in technology and process improvements.
- Key segment performance was strong with Nurse and Allied revenue reaching $413 million and stabilization in the locum tenens and labor disruption pipelines.
- Guidance for Q2 2025 projects revenue between $645-$660 million.