Q4 revenue up 44% YoY for AMN Healthcare
AMN Healthcare Services, Inc. has announced its fourth quarter and full year 2015 financial results, which exceeded the company's guidance for revenue and adjusted EBITDA.
For the fourth quarter of 2015, consolidated revenue was $403m, an increase of 44% from the same quarter last year and 5% sequentially.
Fourth quarter gross margin of 32.7% was 240 basis points higher than the same quarter last year and 20 basis points lower sequentially. The year-over-year gross margin improvement was driven primarily by an increased revenue mix of our higher-margin workforce solutions businesses, along with a gross margin increase in the Locum Tenens Staffing segment.
SG&A expenses for the fourth quarter were $90m, representing 22.4% of revenue, compared to 22.1% in the same quarter last year and 21.7% in the prior quarter. The SG&A increase was due primarily to higher acquisition and integration costs and higher expenses to support business growth and strategic initiatives.
Fourth quarter net income was $20m and net income per diluted share was $0.41. Fourth quarter adjusted EBITDA was $47m, a year-over-year increase of 85% and a sequential increase of 3%. Fourth quarter adjusted EBITDA margin of 11.6% represented a 260 basis point increase year-over-year and 30 basis point decrease sequentially.
Full year 2015 consolidated revenue was $1,463m, an increase of 41% from prior year.
Full year gross margin was 32.1% as compared to 30.5% for prior year, with gross margin expansion across all three reportable segments.
Full year SG&A expenses were $320m, representing 21.8% of revenue as compared to 22.4% for the prior year. The decrease in SG&A margin was due primarily to operating leverage on the revenue growth.
Full year net income was $82m, which included a $12m favorable reversal of tax reserves. Full year adjusted EBITDA grew 81% to $165m. Adjusted EBITDA margin of 11.3% represented a 250 basis point increase over prior year.
Susan R. Salka, president and chief executive officer of AMN Healthcare, said, "AMN Healthcare had a remarkable year, making significant strides in our long-term strategy of providing the most innovative workforce solutions to the healthcare community.
"We exceeded our previously stated objective of a 10% adjusted EBITDA margin. Our shareholders also benefitted with a total shareholder return of 58% for 2015.
"We successfully integrated acquisitions made early in 2015 and further expanded our workforce solutions into executive, physician, and nurse leadership placement services through the acquisitions of B.E. Smith, The First String, and MillicanSolutions.”
The Company expects consolidated first quarter 2016 revenue of $444m to $450m. Gross margin is expected to be approximately 33.0%. SG&A expenses as a percentage of revenue are expected to be approximately 22.0%. Adjusted EBITDA margin is expected to be approximately 11.5%.