CorVel Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2022
January 31, 2023 at 06:15 am
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CorVel Corporation reported earnings results for the third quarter and nine months ended December 31, 2022. For the third quarter, the company reported sales was USD 179.39 million compared to USD 164.51 million a year ago. Net income was USD 16.85 million compared to USD 13.86 million a year ago. Basic earnings per share from continuing operations was USD 0.98 compared to USD 0.78 a year ago. Diluted earnings per share from continuing operations was USD 0.96 compared to USD 0.76 a year ago.
For the nine months, sales was USD 533.12 million compared to USD 474.87 million a year ago. Net income was USD 48.2 million compared to USD 46.77 million a year ago. Basic earnings per share from continuing operations was USD 2.77 compared to USD 2.62 a year ago. Diluted earnings per share from continuing operations was USD 2.73 compared to USD 2.57 a year ago.
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the management of episodes of care and the related health care costs. The Company partners with employers, third-party administrators, insurance companies and government agencies in managing workers' compensation and health, auto and liability services. Its customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients. The Company's services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care and Medicare services. The Company offers a complete medical savings solution for all in-network and out-of-network medical bills. Its bill review services include coding review and re-bundling, reasonable and customary review, fee schedule analysis, preferred provider organization management, and repricing.