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Here are 1-2 brief analogies to describe AMN Healthcare Services:

• It's like Robert Half, but exclusively focused on staffing nurses, doctors, and other medical professionals for hospitals and healthcare facilities.
• Think of it as an 'Uber for healthcare professionals,' where hospitals can quickly find temporary or permanent nurses, doctors, and allied staff.

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• Nurse Staffing Solutions: Provides temporary and permanent placements for registered nurses, including travel, rapid response, and local nurse staffing.
• Allied Health Staffing Solutions: Offers staffing for various allied health professionals such as physical therapists, respiratory therapists, and medical technologists.
• Physician Staffing Solutions: Supplies temporary (locum tenens) and permanent physicians to healthcare facilities.
• Healthcare Leadership & Executive Search: Places interim leaders and conducts executive searches for key leadership roles within healthcare organizations.
• Revenue Cycle Solutions: Delivers services to help healthcare facilities optimize their financial processes and revenue management.
• Language Services: Provides professional language interpretation and translation services specifically for the healthcare industry.
• Healthcare Technology & Workforce Management: Offers vendor management systems, workforce optimization, telehealth, and credentialing solutions to manage healthcare staff and operations efficiently.

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AMN Healthcare Services (AMN) sells its services primarily to other companies. Its major customers are institutions within the healthcare sector:

• Hospitals: This includes large hospital systems, academic medical centers, community hospitals, and specialty hospitals across the United States.
• Healthcare Facilities: This category encompasses a broad range of facilities such as physician groups, clinics, long-term care facilities, ambulatory surgery centers, urgent care centers, and other medical practices.
• Other Healthcare Organizations: This may also include organizations seeking specialized services like interim leadership, executive search, revenue cycle solutions, language services, or technology solutions such as vendor management systems and workforce optimization.

Due to the nature of its business as a comprehensive staffing and workforce solutions provider to the broad healthcare industry, AMN Healthcare Services serves a highly diversified client base. The company typically serves thousands of healthcare organizations and does not publicly disclose a short list of specific named "major customer" companies, nor do individual customers usually represent a significant concentration of its revenue. Therefore, specific names and public symbols of customer companies cannot be provided.

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Cary Grace, President & Chief Executive Officer

Cary Grace became the President and Chief Executive Officer of AMN Healthcare Services in November 2022. She previously served as the CEO of Global Retirement, Investment, and Human Capital at Aon, a significant organization in risk management, retirement, health, and human capital solutions. Her leadership at Aon included overseeing Global M&A integration and private health exchanges. Before joining Aon in 2011, Ms. Grace spent over 14 years at Bank of America (and more than 20 years combined at Bank of America and JPMorgan), where she led various institutional and private banking businesses. She has been recognized as one of the Most Powerful Women in Finance by American Banker.

Brian Scott, Chief Financial Officer & Chief Operating Officer

Brian Scott was appointed Chief Financial Officer and Chief Operating Officer, with his role effective November 21, 2024. He has a long history with AMN, having previously served as CFO and Chief Accounting Officer from January 2011 through August 2021. During his earlier tenure as CFO/Chief Accounting Officer at AMN, he was instrumental in driving substantial growth, including a fourfold increase in quarterly revenue and a 13x increase in adjusted EBITDA, largely due to several highly accretive acquisitions. Between his two periods at AMN, he served as CFO at Jack in the Box Inc. and also held CFO positions at healthcare service providers TheKey and ShiftKey. Mr. Scott serves on the Board of Community Care Partners, a private equity-backed operator of urgent care centers, and previously served on the Boards of Thriveworks and Hueman.

Whitney M. Laughlin, Corporate Secretary and Chief Legal Officer

Whitney M. Laughlin holds the positions of Corporate Secretary and Chief Legal Officer at AMN Healthcare. In this role, she is responsible for the company's legal affairs and corporate governance.

Mark Hagan, Chief Information and Digital Officer

Mark Hagan serves as the Chief Information and Digital Officer for AMN Healthcare. He leads the company's information technology and digital transformation initiatives.

Tomya Watt, Chief People Officer

Tomya Watt assumed the role of Chief People Officer at AMN Healthcare, effective January 13, 2025. Before joining AMN, she was the interim Chief Human Resources Officer and Chief Diversity Officer at Memorial Sloan Kettering Cancer Center, where she managed all HR functions for the 22,000-employee organization. Her background also includes senior leadership positions at Kelly Services Inc. and Comerica Bank.

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Key Risks to the Business:

1. Cyclicality in Demand for Healthcare Professionals and Staffing Services, and Persistent Shortages: The core business of AMN Healthcare Services is highly dependent on the demand for contingent and permanent healthcare talent, which is subject to significant fluctuations, as demonstrated by the "historic correction in the Healthcare contingent labor market since the end of the COVID pandemic". This cyclicality is further complicated by persistent, industry-wide shortages of healthcare professionals, including a projected deficit of over 78,000 full-time registered nurses by 2025, which poses a substantial challenge for sourcing and placement. The company's ability to quickly and efficiently credential and match qualified professionals with suitable placements is crucial, and any adverse changes in state or interstate licensing laws could negatively impact its operations.
2. Intense Competitive Pressure and Client Concentration: AMN Healthcare Services operates in a highly competitive landscape, facing pressure from both established competitors (such as Aya, CHG, Cross Country, and Jackson) and new entrants. This competitive environment can lead to pricing pressures and a potential stagnation or loss of market share. Adding to this risk is a significant client concentration, with one major client, Kaiser, representing approximately 22% of the company's consolidated revenue in 2025. The loss of such a key client, or the increased negotiating leverage of consolidating healthcare delivery organizations, could have a material adverse effect on AMN's revenue, results of operations, and cash flows.
3. Regulatory and Reimbursement Changes: As a provider of healthcare workforce solutions, AMN Healthcare Services is exposed to substantial risks arising from changes in government regulations and healthcare reimbursement policies within its operational markets. Shifts in these regulatory frameworks and reimbursement models can directly influence the demand for staffing services, the rates AMN can charge, and its overall profitability. Specifically, changes in state licensing laws or interstate compact laws related to healthcare professionals could impact the speed and cost of credentialing, thereby affecting the business.

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The emergence of technology-driven gig economy platforms that directly connect healthcare professionals (e.g., nurses, allied staff) with healthcare facilities for temporary shifts. These platforms aim to disintermediate traditional staffing agencies like AMN Healthcare by offering professionals more control over their schedules and potentially higher compensation, while providing facilities with direct access to a flexible workforce, potentially at a lower cost, thereby challenging AMN's core business model as a staffing intermediary.

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AMN Healthcare Services (symbol: AMN) operates within several significant addressable markets within the United States healthcare sector. The company provides a range of staffing and workforce solutions across three main segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. The addressable market sizes for their key products and services in the U.S. are as follows:

Nurse and Allied Solutions

• Overall U.S. Healthcare Staffing Market: The U.S. healthcare staffing market was estimated at approximately $45.48 billion in 2025 and is projected to reach $89.71 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.98% from 2026 to 2033. Other estimates for the U.S. healthcare staffing market in 2025 range from $20.6 billion to $22.81 billion.
• Travel Nurse Staffing (U.S.): This segment is a dominant force within the U.S. healthcare staffing market, accounting for an estimated 40.53% of the revenue share in 2025. The market size for travel nursing is predicted to be around $19.5 billion in 2025.
• Allied Health Staffing (U.S.): The allied healthcare staffing market in North America, which includes the U.S., was valued at $28.17 billion in 2025 and is expected to grow to $31.08 billion in 2026, with a CAGR of 10.3%. It is projected to reach $45.61 billion by 2030.

Physician and Leadership Solutions

• Locum Tenens Staffing (U.S.): The U.S. locum tenens market reached an estimated $9.6 billion in 2025 and is projected to grow to $9.9 billion in 2026. Other estimates place the U.S. locum tenens staffing market size at approximately $9.5 billion in 2024, with projections to reach around $19.74 billion by 2034, growing at a CAGR of 7.59% from 2025 to 2034.
• Physician Permanent Placement Solutions (U.S.): While a specific market size for permanent placement solutions alone was not identified, the broader U.S. Healthcare Physician Staffing Market (which includes locum tenens, permanent, and temporary staffing) was valued at $6.05 billion in 2024. It is expected to grow from $6.31 billion in 2025 to $9.6 billion by 2035, at a CAGR of 4.3% from 2025 to 2035.

Technology and Workforce Solutions

• Healthcare Language Services (U.S.): North America is expected to lead the global healthcare language market, holding a 40.3% share in 2025. The global healthcare language market is estimated to be valued at $1.95 billion in 2025 and is expected to reach $3.68 billion by 2032, exhibiting a CAGR of 9.5% from 2025 to 2032. More specifically, the U.S. Medical Interpreter Services Market was valued at $30.84 million in 2024, projected to grow to $31.71 million by 2025 and exceed $42.44 million by 2034 with a CAGR of 2.8%.
• Vendor Management Systems (VMS) and Workforce Optimization (Healthcare Workforce Management Systems - HWMS) (U.S.): The U.S. healthcare workforce management system market size was $670 million in 2024 and is projected to be worth around $1.53 billion by 2034, growing at a CAGR of 8.61% from 2025 to 2034. Another estimate for the U.S. market indicates it was $662.8 million in 2023 and is expected to reach $1.51 billion by 2030, with a CAGR of 12.5% from 2024 to 2030. Globally, the healthcare workforce management systems market is estimated at $2.29 billion in 2025 and is expected to reach $6.26 billion by 2035, growing at a CAGR of 10.60% from 2026 to 2035. North America held the largest revenue share, exceeding 40.16% in 2025.
• Telehealth (U.S.): The U.S. telehealth market size reached approximately $52.77 billion in 2025 and is anticipated to increase to $65.35 billion in 2026. It is forecasted to achieve a value of around $447.69 billion by 2035, growing at a CAGR of 23.84%. Another report estimated the U.S. telehealth market revenue at $42.54 billion in 2024, expected to reach $150.13 billion by 2030, with a CAGR of 23.8% from 2025 to 2030.

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AMN Healthcare Services (AMN) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Stabilization and Recovery of the Healthcare Staffing Market: The healthcare staffing industry is anticipated to stabilize after a multi-year period of decline, with AMN Healthcare positioning itself for sustainable organic revenue growth of 4-6% per year following the normalization observed in 2023-2024. Management has indicated that the industry is returning to growth, which is expected to help the company regain momentum.
2. Expansion of Technology and Workforce Solutions, including AI and VMS Platforms: AMN is strategically focusing on higher-margin, technology-centric solutions to drive revenue growth. This includes the rollout of its ShiftWise Flex platform, which surpassed 36% of its Vendor Management System (VMS) clients' spend in Q1 2024. The company is also leveraging AI enablement across recruiting, applicant tracking, credentialing, and support to improve efficiency, speed clinician matching, and cut time-to-fill for nursing roles.
3. Growth in Managed Services Programs (MSPs): AMN is prioritizing and winning new, longer-duration Managed Services Program (MSP) contracts, which are crucial for stabilizing revenue. The company has a robust sales pipeline in MSP and has secured new MSP and vendor-neutral contracts, highlighting this as a core competitive advantage.
4. Targeted Growth in High-Demand Clinical Segments and New Care Settings: The company is aiming for growth in specific service lines such as Allied International and Language Services, expecting them to return to year-over-year growth. Growth in locum tenens, partly driven by strategic acquisitions like MSDR, and the schools business within the Allied segment also contribute to this driver. Additionally, AMN is focusing on capturing demand in outpatient and post-acute care settings as the U.S. population ages.
5. Revenue from Labor Disruption Events: While often unpredictable, labor disruption events have recently provided a significant boost to AMN's revenue. The company reported substantial labor disruption revenue in Q4 2025, which is projected to continue contributing significantly in Q1 2026. This demonstrates the company's capability to capitalize on urgent staffing needs during such events.

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Capital Allocation Decisions for AMN Healthcare Services (AMN) Over the Last 3-5 Years

Share Repurchases

• AMN Healthcare repurchased $425 million of its common stock in 2023.
• The company's Board of Directors authorized an additional $250 million under its share repurchase program in June 2022, with approximately $326.3 million remaining under the program at that time.
• The latest reported value for AMN's stock repurchases over the last twelve months was $175 million as of November 7, 2025.

Share Issuance

• AMN Healthcare's share count has generally declined over the past few years.
• While there are instances of shares issued due to the vesting of Restricted Stock Units (RSUs) for insiders, shares are also withheld for taxes, resulting in a minimal net impact on overall outstanding shares in recent quarters.

Outbound Investments

• In November 2023, AMN Healthcare acquired MSDR, a healthcare staffing and locum tenens provider, for $300 million to strengthen its presence and capabilities in the locum tenens market.
• The company acquired Connetics USA in May 2022 to enhance its market reach and international nurse recruiting capabilities.
• AMN Healthcare completed the acquisition of Synzi in May 2021 for $42.5 million.

Capital Expenditures

• AMN Healthcare's capital expenditures for the full year 2025 totaled $36 million, with $7.9 million reported in Q4 2025.
• In 2023, nearly 50% of capital expenditures were directed toward new and enhanced digital programs to achieve productivity gains, market differentiation, and revenue growth.
• Recent investments include the launch of the WorkWise healthcare technology platform in 2024 and expanded AI-driven features in the AMN Passport app for job matching and automated credential updates through 2025, aiming to improve efficiency and speed across operations.