AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2025 RESULTS Quarterly revenue of $690 million; GAAP loss of ($0.03)/share and adjusted EPS of $0.45 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in

AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2025 RESULTS

Quarterly revenue of $690 million;

GAAP loss of ($0.03)/share and adjusted EPS of

DALLAS - AMN Healthcare Services, Inc. (NYSE:

AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its first

quarter 2025 financial results. Financial highlights are as follows:

Dollars in millions, except per share amounts.

See "Non-GAAP Measures" below for a discussion of our use of non-GAAP items and the table entitled "Non-GAAP Reconciliation

Tables" for a reconciliation of non-GAAP items.

"Our financial results for

the first three months of 2025 yielded positive upside in revenue and operating leverage. We are benefiting from growth in our clients'

patient volumes, continued normalization in our industry, and market adoption of our tech-enabled talent solutions," said Cary Grace,

President and Chief Executive Officer of AMN Healthcare. "Clients remain cost-conscious and are monitoring possible impacts from

tariffs and healthcare regulatory and legislative proposals. We continue to be confident in our opportunity to gain market share and increase

revenue over time through our diversified suite of healthcare workforce solutions."

First Quarter 2025 Results

Consolidated revenue for the quarter

was $690 million, a 16% decrease from prior year and a 6% decrease from the prior quarter. Net loss was $1 million (0.2% of revenue),

or ($0.03) per diluted share, compared with net income of $17 million (2.1% of revenue), or $0.45 per diluted share, in the first quarter

of 2024. Adjusted diluted EPS in the first quarter was $0.45 compared with $0.97 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $413 million, lower by 20% year over year and down 9% from the prior quarter. Travel nurse staffing revenue was

lower by 36% year over year and 6% sequentially. Allied division revenue declined 13% year over year and was 1% lower than the prior quarter.

Labor disruption events contributed $39 million revenue in the quarter.

The Physician and Leadership Solutions

segment reported revenue of $174 million, down 8% year over year but up 1% sequentially. Locum tenens revenue was $141 million, 3% lower

year over year but 3% higher sequentially. Interim leadership revenue was down by 21% year over year and 9% lower sequentially. Our physician

and leadership search businesses saw revenue decline by 29% year over year and 8% quarter over quarter.

Technology and Workforce Solutions

segment revenue was $102 million, a decrease of 9% year over year and 4% sequentially. Language services revenue was $75 million in the

quarter, 5% higher than the prior year and down 2%

sequentially. Vendor management systems revenue was $19 million, 33% lower year over year and down 14% from the prior quarter.

Consolidated gross margin was

28.7%, 270 basis points lower year over year and down 110 basis points sequentially. Gross margin declined year over year and sequentially

across all three of our business segments, offset in part by a revenue mix shift toward higher-margin segments.

Consolidated SG&A expenses

were $148 million, or 21.4% of revenue, compared with $175 million, or 21.3% of revenue, in the same quarter last year. SG&A was $159

million, or 21.6% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee,

professional services, and bad debt expenses.

Income from operations was $13

million with an operating margin of 1.8%, compared with $40 million and 4.9%, respectively, in the same quarter last year. Adjusted EBITDA

was $64 million, a year-over-year decrease of 34%. Adjusted EBITDA margin was 9.3%, 260 basis points lower than the year-ago period.

At March 31, 2025, cash and

cash equivalents totaled $56 million. Cash flow from operations was $93 million for the first quarter. Capital expenditures were $10 million.

The Company ended the quarter with total debt outstanding of $1.0 billion.

Second Quarter 2025 Outlook

Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled "Reconciliation

of Guidance Operating Margin to Guidance Adjusted EBITDA Margin" below.

Revenue in the second quarter

of 2025 is expected to be 11-13% lower than the prior year and down 4-7% sequentially. Nurse and Allied Solutions segment revenue is expected

to be down 14-17% year over year. Physician and Leadership Solutions segment revenue is expected to be 5-7% lower year over year. Technology

and Workforce Solutions segment revenue is projected to be lower by 8-10% year over year. Guidance includes $16 million in labor disruption

Second quarter estimates for certain

other financial items include depreciation of $19 million, depreciation in cost of revenue of $2 million, non-cash amortization expense

of $20 million, share-based compensation expense of $11 million, integration and other expenses of $3 million, interest expense of $11.5

million, an adjusted tax rate of 28%, and 38.6 million diluted average shares outstanding.

Conference Call on May 8, 2025

AMN Healthcare Services, Inc.

(NYSE: AMN) will host a conference call to discuss its first quarter 2025 financial results and second quarter 2025 outlook on Thursday,

May 8, 2025 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare's website at http://ir.amnhealthcare.com.

Interested parties may participate live via telephone by registering at this link. Registrants

will receive confirmation and dial-in details. Following the conclusion of the call, a replay of the webcast will be available at the

Company's investor relations website.

About AMN Healthcare

AMN Healthcare is the leader and

innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive

network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights

and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve

patient outcomes. AMN total talent solutions include direct staffing, vendor-neutral and managed services programs, clinical and interim

healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems, recruitment process outsourcing,

predictive modeling, language services, revenue cycle solutions, and other services. Our diverse client base includes acute-care hospitals,

community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools, inpatient/outpatient

rehabilitation facilities, ambulatory care facilities, outpatient surgical facilities, and many other healthcare settings.

The Company's common stock

is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com,

where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also

utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information.

To register for email alerts and RSS, visit http://ir.amnhealthcare.com.

This earnings release and the

non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides

as additional information, and not as an alternative, to the Company's condensed consolidated financial statements presented in

accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income,

and (4) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful to

both management and investors as a supplement, and not as a substitute, when evaluating the Company's operating performance. Additionally,

management believes that adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS serve as industry-wide financial measures.

The Company uses adjusted EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation

objectives. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different

from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They

should not be used in isolation to evaluate the Company's performance. A reconciliation of non-GAAP measures identified in this

release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table

entitled "Non-GAAP Reconciliation Tables" under the caption entitled "Reconciliation of Non-GAAP Items" and the

footnotes thereto or on the Company's website at https://ir.amnhealthcare.com/financials/quarterly-results. Additionally, from time

to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company's

Forward-Looking Statements

This press release contains "forward-looking

statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange

Act of 1934, as amended. Forward-looking statements include, among others, statements concerning future demand and supply for healthcare,

contingent staffing and other services, market adoption of our tech-enabled solutions, ability to gain market share or increase revenue