AMN Healthcare sees Q3 revenue $610M-$625M, consensus $640.12M

Revenue in the third quarter of 2025 is expected to be 9-11% lower than the prior year and down 5-7% sequentially. Nurse and Allied Solutions segment revenue is expected to be down 11-14% year over year. Physician and Leadership Solutions segment revenue is expected to be down 2-4% year over year. Technology and Workforce Solutions segment revenue is projected to be lower by 12-14% year over year. Labor disruption revenue assumed in guidance is $5 million. Third quarter estimates for certain other financial items include depreciation of $17 million, depreciation in cost of revenue of $2 million, non-cash amortization expense of $21 million, share-based compensation expense of $7.5 million, integration and other expenses of $2.5 million, interest expense of $10.5 million, adjusted tax rate of 28%, and 38.7 million diluted average shares outstanding. Operating margin guidance assumes a gain on sale of approximately $40 million from the sale of Smart Square.