Overview Key strengths Key risks Top four provider of traditional travel nurse staffing and a leader in rapid response and labor dispute staffing. Top five provider in the Locum Tenens marketplace. More modest scale than competitors and a concentration in the highly fragmented and competitive nurse and allied staffing industry. Lack of direct exposure to government or insurance payors limits reimbursement risk. Expectation for ongoing debt-financed acquisitions. Strong operating margins and positive free cash flow generation. Private equity ownership will likely result in aggressive financial policies. Ingenovis' first-half revenue declined by about 24%, in line with our expectation for the broader nurse staffing industry. The decline in revenue was slightly higher than our expectations but similar to what its peers
