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Sep 30, 2022
CorVel Q2 2023 Earnings Report
CorVel's revenue increased, but EPS decreased for the quarter ended September 30, 2022.
Key Takeaways
CorVel Corporation reported an increase in revenue to $177.43 million, compared to $157.74 million in the same quarter of the previous year. However, earnings per share decreased to $0.83, compared to $0.88 in the prior year's quarter.
Revenues for the quarter were $177.43 million, up from $157.74 million year-over-year.
Earnings per share (EPS) for the quarter were $0.83, down from $0.88 year-over-year.
The company invested in CERiS, SaaS platform, R&D, and new services within payment integrity.
A new workflow management system and automated medical record review technology were implemented to improve efficiency.
CorVel
CorVel
Forward Guidance
The company has prioritized the quality of engagement, results, and outcomes generated.
Positive Outlook
- Enhanced retention efforts
- Proactive hiring
- Increasing bench strength
- Mitigated the impact of labor market challenges
- 97% overall customer retention rate for the year