CorVel Corporation (NASDAQ:CRVL) Q2 2024 Earnings Call Transcript October 31, 2023 11:30 AM ET

Company Participants

Michael Combs - President and CEO

Brandon O'Brien - CFO

Operator

Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release Webcast.

During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the company. CorVel wishes to caution you that these statements are only predictions and that actual events or results may differ materially. CorVel refers you to the documents that company files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-K and 10-Q files for the most recent fiscal year and quarter. These documents contain and identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

I would now like to turn the call over Mr. Michael Combs, President and Chief Executive Officer.

Michael Combs

Good morning. Thank you for joining us to review CorVel's September quarter. Brandon O'Brien, CorVel's Chief Financial Officer, is on the call with me today. Today, I will review business performance, the current environment, market trends and progress on new product and service offerings. Brandon will then provide additional details on the financial results for the September quarter.

The September quarter revenues were $196 million, 10% over the $177 million of revenue for the September 2022 quarter. Earnings per share for the quarter were $1.15, increasing 39% from $0.83 per share in the same quarter of the prior year. The September quarter reflects balanced growth in our network solutions and patient management business. CERiS, focused on the commercial health payment integrity market, experienced continued maturation of the new services added last year. We expect increasing momentum over the next several quarters as transaction volume increases and additional components of the new payment integrity service are optimized.

CorVel's ancillary benefits management solution, CareIQ, is receiving a meaningful increase in market attention due to the quality of service delivered and the results achieved. Investments made over the last several years have come to fruition at a time when other vendors are experiencing challenges meeting industry expectations. Additionally, our business is experiencing robust growth through the addition of new services for existing partners and new bookings. We are pleased to see ongoing investments in technology and operational excellence being well received in the market and we look forward to engaging new partners in the upcoming months.