CorVel Corporation Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
October 31, 2023 at 06:09 am EDT
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CorVel Corporation reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was USD 195.52 million compared to USD 177.43 million a year ago. Net income was USD 19.9 million compared to USD 14.66 million a year ago. Basic earnings per share from continuing operations was USD 1.16 compared to USD 0.84 a year ago. Diluted earnings per share from continuing operations was USD 1.15 compared to USD 0.83 a year ago.
For the six months, sales was USD 385.78 million compared to USD 353.73 million a year ago. Net income was USD 39.7 million compared to USD 31.35 million a year ago. Basic earnings per share from continuing operations was USD 2.32 compared to USD 1.8 a year ago. Diluted earnings per share from continuing operations was USD 2.29 compared to USD 1.77 a year ago.
CorVel Corporation is engaged in applying technology, including artificial intelligence, machine learning, and natural language processing designed to address the management of episodes of care and the related health-care costs. The Company's services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and Medicare services. It partners with employers, third party administrators (TPAs), insurance companies, and government agencies to assist its customers in managing the medical costs of workers compensation, group health, and auto insurance and in monitoring the quality of care provided to claimants. Its network solutions services include professional nurse review, expert fee negotiations, specialty networks, preferred provider organization management, medical bill repricing, automated adjudication, and electronic reimbursement. Its bill review services include coding review and re-bundling.