CorVel Corp (CRVL, Financial) announced its Q2 2023 earnings on October 31, 2023. The company reported revenues of $196 million for the quarter, marking a 10.5% increase from $177 million in the same quarter of the previous year. Earnings per share (EPS) for the quarter were $1.15, up 38.6% from $0.83 in Q2 2022.
Financial Performance
CorVel Corp (CRVL, Financial) also reported revenues of $386 million for the six months ended September 30, 2023, a 9% increase from $354 million for the same period in 2022. The EPS for the six months ended September 30, 2023 were $2.29, up 29.4% from $1.77 for the same period in 2022.
Business Highlights
The company's Q2 2023 performance reflects balanced growth in Network Solutions and Patient Management business. CERIS, focused on the commercial health Payment Integrity market, experienced continued maturation of the new services added within the last year and workflow optimization within specific service lines. The company expects increasing momentum over the next several quarters as transaction volume increases and additional components of new Payment Integrity services are optimized.
CorVel Corp (CRVL, Financial) also experienced robust growth by adding services for existing partners and new bookings. The company's ongoing investments in technology, operational excellence, and quality of service are being well received in the market.
Developments in Payables Market
In the payables market, developments were made in both the revenue cycle management arm, Symbeo, and the treasury services department. At Symbeo, hyperautomation, a combination of AI, machine learning, and robotic process automation technologies, presents an expanded opportunity in the market. The CorVel Connected online payment portals were expanded to facilitate access for claimants and customers, providing a secure interface to upload, review, update, and manage data.
Financial Tables Summary
The income statement for the quarter ended September 30, 2023 shows a net income of $19,898,000, up from $14,656,000 in the same quarter of the previous year. For the six months ended September 30, 2023, the net income was $39,703,000, up from $31,347,000 for the same period in 2022.
The condensed balance sheet as of September 30, 2023 shows a total of $434,117,000, up from $393,923,000 as of March 31, 2023. The increase in total assets is primarily due to increases in cash, customer deposits, accounts receivable, net, prepaid taxes and expenses, and property, net.
Explore the complete 8-K earnings release (here) from CorVel Corp for further details.
