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Fourth-quarter revenue rose 11.0% at AMN Healthcare Services Inc. (NYSE: AMN). Growth was led by the San Diego-based healthcare staffing firm’s “nurse and allied solutions” business, which includes travel nurse and allied staffing; it posted revenue growth of 18.1%.

Separately, travel nurse revenue rose 9% in the fourth quarter, but the increase on an organic basis was 2%. Meanwhile, allied revenue rose 45% year over year in the fourth quarter with the increase at 7% when measured on an organic basis

(US$ thousands) Q4 2019 Q4 2018 % change
Revenue $586,892 $528,635 11.0%
Gross profit $197,133 $172,456 14.3%
Gross margin percentage 33.6% 32.6%  
Net income $27,482 $35,613 -22.8%

Gross margin improved in the fourth quarter. The company cited an increase in higher-margin labor disruption activity in its nurse and allied segment as well as a favorable shift in business mix in its “other workforce solutions” segment.

Revenue by segment

(US$ thousands) Q4 2019 Q4 2018 % change
Nurse and allied solutions $388,776 $329,317 18.1%
Locum tenens solutions $77,925 $81,850 -4.8%
Other workforce solutions $120,191 $117,468 2.3%

AMN also announced that it acquired b4health, a float-pool management technology solution and vendor management system, in December. In addition, the company said the $475 million acquisition of Stratus Video, a video remote language interpretation service, is expected to close today.

Full-year results

(US$ thousands) 2019 2018 % change
Revenue $2,222,107 $2,136,074 4.0%
Gross profit $743,465 $696,383 6.8%
Gross margin percentage 33.5% 32.6%  
Net income $113,988 $141,741 -19.6%

Guidance

AMN forecast first-quarter revenue to be between $598 million and $605 million, representing a year-over-year increase of between 12.3% and 13.6%.

Share price and market cap

Shares in AMN were up 8.10% to $ 77.81 as of 11:30 a.m. Eastern time today; the company had a market cap of $3.36 billion, according to FT.com.

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