AMN Healthcare Sheds Nursefinders Biz, Cites Uncertain Regulatory EnvironmentTuesday, January 31, 2012
AMN Healthcare Services Inc. said Jan. 30 that it has sold its home health care business to Bayada Home Health Care Inc. — in a deal driven by changes in the national health care market.
A San Diego-based health care recruiting company, AMN said it would receive $9.65 million in cash from Moorestown, N.J.-based Bayada for its Nursefinders Home Care business and retain working capital of approximately $4 million. The company said it plans to use proceeds to pay down debt.
“Given significant reimbursement changes and the current uncertainty in the regulatory environment, we determined a divestiture of home healthcare would allow an even sharper focus on our market-leading healthcare workforce solutions offerings," AMN CEO Susan R. Salka said in a company statement.
In light of the sale, fourth-quarter revenues from continuing operations are now expected to be between $219 million and $223 million, which is consistent with previous guidance — excluding the roughly $13 million in sales associated with the home health care segment.
AMN said its 19 franchisee-owned Nursefinders offices were not included in the transaction. The sale will not have a meaningful impact to fourth-quarter income from continuing operations.
AMN’s shares, which trade on the New York Stock Exchange under the symbol AHS, were down less than 1 percent at $4.79 on Jan. 30.