Irvine, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter and six months ended September 30, 2012. Revenues for the quarter ended September 30, 2012 were a record $105 million. Earnings per share for the quarter ended September 30, 2012 were $0.58. Earnings per share for the quarter ended September 30, 2011, were $0.68.
Revenues for the six months ended September 30, 2012 were a record $210 million. Earnings per share for the six months ended September 30, 2012 were $1.16. Earnings per share for the six months ended September 30, 2011, were $1.37.
The Company ended the September quarter with over $20 million in cash. During the past 12 months, the Company repurchased 403,000 shares of its common stock with cash flow available from operations.
The Company continues the expansion of investments in the Network Solutions service line which includes pharmacy management solutions. Workers’ compensation claims costs continue to increase and in particular pharmacy costs continue to inflate at rates well in excess of trends elsewhere in the economy. CorVel is uniquely positioned in the marketplace to more effectively manage pharmacy costs due to the Company’s integration with its bill review solution.
MedCheck®, the Company’s medical bill review software, captures all prescription out of network transactions such as the rising occurrence of physician dispensing. These transactions are generally not managed via pharmacy benefit management (PBM) programs, which traditionally only track point of sale (POS) prescription purchases. The company’s ability to track and reduce the number of out of network transactions has demonstrated large savings for our clients.
The complete earnings release is available here: Corvel Reports Revenues Earnings