Irvine, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter and nine months ended December 31, 2012. Revenues for the quarter ended December 31, 2012 were a record $107 million, a 6% increase over revenues for the quarter ended December 31, 2011 of $101 million. Earnings per share for the quarter ended December 31, 2012 were $0.53, an increase of 13% over the $0.47 earnings per share for the quarter ended December 31, 2011.
Revenue growth for the quarter over the prior year was driven by a 13% increase in the Company’s Patient Management service line which offset a 1% decrease in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management growth included new customers as well as revenue from liability claims services.
Revenues for the nine months ended December 31, 2012 were a record $317 million. Earnings per share for the nine months ended December 31, 2012 were $1.69. Earnings per share for the nine months ended December 31, 2011, were $1.84.
CorVel’s full service workers’ compensation solution, Enterprise Comp, continues to gain momentum with both brokers and employers. The Company continues to expand investments in the further integration of various components of claims administration. Liability management services now complement the Company’s offerings in workers’ compensation. Healthcare inflation has raised interest in the Company’s claims management and cost containment services, including CorVel’s Pharmacy Benefit Management (PBM) program.
The complete earnings release is available here: CorVel Announces Revenues and Earnings