Overview

• U.S. healthcare staffing firm's Q1 revenue and adjusted EPS beat analyst expectations

• Company benefited from labor disruption events and growth in travel nurse and allied segments

• Q2 revenue expected to decline yr/yr due to lower labor disruption revenue

Outlook

• Company sees Q2 2026 revenue at $620 mln to $635 mln

• Nurse and Allied Solutions Q2 revenue expected to be down 0-2% year over year

• Technology and Workforce Solutions Q2 revenue projected to be down 14-16% year over year

Result Drivers

• LABOR DISRUPTION EVENTS - Labor disruption events contributed $722 mln in revenue, significantly boosting quarterly results

• TRAVEL NURSE AND ALLIED GROWTH - Travel nurse staffing revenue rose 12% yr/yr and 16% sequentially; allied division revenue increased 3% yr/yr and sequentially

• WORKING CAPITAL TIMING - Cash flow from operations and quarter-end cash balance benefited from favorable timing of working capital related to labor disruption events

Company press release: ID:nGNX2wH0VR

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$1.38 bln	$1.23 bln (9 Analysts)
Q1 Adjusted EPS	Beat	$2.10	$1.62 (8 Analysts)
Q1 EPS		$1.59
Q1 Net Income		$62.20 mln
Q1 Gross Margin		26.80%
Q1 Operating margin		8.50%

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy."

• Wall Street's median 12-month price target for AMN Healthcare Services Inc is $23.00, about 9.7% above its May 6 closing price of $20.97

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 32 three months ago

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