Irvine, CA -(PRNewswire)- CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter ended September 30, 2013. Revenues for the quarter ended September 30, 2013 were a record $119 million, a 13% increase over the $105 million in revenue in the quarter ended September 30, 2012. Earnings per share for the quarter ended September 30, 2013 were a record $0.41, a 39% increase over earnings per share of $0.29 for the same quarter of the prior year.
Revenues for the six months ended September 30, 2013 were a record $237 million, a 13% increase over the $210 million in revenue in the six months ended September 30, 2012. Earnings per share for the six months ended September 30, 2013 were a record $0.80, a 39% increase over earnings per share of $0.58 for the same period of the prior year.
Revenue growth for the quarter was driven by a 12% increase in the Company’s Patient Management service line and a 15% increase in its Network Solutions service line. Patient Management services include traditional medical case management and claims administration services. Revenue from claims management services continues to grow at a rate in excess of 20%.
Included in Network Solutions revenue is the Company’s proprietary hospital line item bill review service which is experiencing increased demand as health insurers respond to the Affordable Care Act. CorVel’s proprietary database of hospital chargemaster pricing information provides unique reviews of hospital reimbursement for both workers’ compensation and health markets. During the quarter the Company made investments to expand the operating capacity for this service.
During the quarter, the Company continued its stock repurchase plan by repurchasing 372,000 shares of stock at an average price of $33.42. On an inception to date basis, the Company has repurchased approximately 32 million shares for $321 million.
The complete earnings release is available here: CorVel Third Quarter 2013 Revenues and Earnings