Irvine, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter and fiscal year ended March 31, 2014. Revenues for the quarter ended March 31, 2014 were $120 million, a 7% increase over the $112 million in revenue in the quarter ended March 31, 2013. Earnings per share for the quarter ended March 31, 2014 were $0.39, a 13% increase over earnings per share of $0.35 for the same quarter of the prior year.
Revenues for the fiscal year ended March 31, 2014 were a record $479 million, a 12% increase over the $429 million in revenue in the prior year. Earnings per share for the fiscal year ended March 31, 2014 were a record $1.61, a 35% increase over earnings per share of $1.19 for the prior year. The Company’s earnings per share grew more than revenue as the gross profit margin improved and the general and administrative costs declined as a percentage of revenue. Diluted weighted shares decreased 5% due to continued share repurchases.
Revenue growth for the quarter was driven by a 9% increase in the Company’s Patient Management service line and a 6% increase in its Network Solutions service line. Patient Management services include traditional medical case management and claims administration services. Revenue from claims administration services has grown at a rate in excess of 20% for each of the past seven years.
The Company continues to invest in information technology, including the ongoing development of its claims management platform. CorVel’s biggest differentiator is the integration of all of its services, including the Company’s managed care services, in a real time environment. Functioning in a real time environment allows the Company to improve claims intake workflows, including mobile computing, and expand analytic tools such as clinical and predictive modeling. During the quarter, the Company was recognized by Business Insurance magazine as a recipient in its 2014 Innovation Awards Program. The Business Insurance Innovation Awards recognize leadership and innovation for risk management programs that focus on new technology, new products and services, and other advancements in the insurance industry. CorVel was selected for their caremc.com claims system’s clinical modeling module.
The complete earnings release is available here: CorVel Announces Revenues and Earnings
Source: CorVel