Irvine, CA – CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2013. Revenues for the quarter ended June 30, 2013 were a record $118 million, a 13% increase over the $105 million in revenue in the quarter ended June 30, 2012. Earnings per share for the quarter ended June 30, 2013 were a record $0.40, a 38% increase over earnings per share of $0.29 for the same quarter of the prior year. The earnings per share numbers for the current and prior year have been adjusted to reflect the 2-for-1 stock split in the form of a 100% stock dividend which was paid on June 26.
Revenue growth for the quarter was driven by a 17% increase in the Company’s Patient Management service line and a 9% increase in its Network Solutions service line. The Patient Management service line includes traditional case and claims management services. Claims management growth continued; the Company’s reputation in the marketplace and introduction of new technologies were keys to the expansion of this product line. New account additions, including several marquee accounts, were awarded in the quarter.
The Company continues to invest in software development for its key product lines, including Enterprise Comp, CorVel’s integrated claims management and managed care solution. Investments include a new and expanded data center, improved artificial intelligence technology, strengthened foundational elements and ongoing projects aimed at its next generation claims and medical review software.
CorVel is expanding its line of preferred provider services (PPO), further improving patient access to its national PPO network. Directed care activities in pharmacy and ancillary networks contributed to revenue gains. The Company is also expanding its strategic emphasis and activities in the health markets.
The complete earnings release is available here: CorVel Revenues and Earnings Q2 2013