CorVel stuns with double-digit revenue growth

• CorVel’s fiscal first-quarter revenue increased 11% to $259.9 million, while gross profit rose 19% to $67.8 million.
• Net income reached $32.2 million, and diluted EPS increased 21% to $0.63.
• CorVel introduced Executive Advisory Services and expanded CERIS payment-integrity capabilities through new client implementations.

CorVel Corporation (NASDAQ:CRVL) reported fiscal first-quarter revenue of $259.9 million, up 11%, alongside higher gross profit and earnings.

Revenue increased from $234.7 million, while gross profit rose 19% to $67.8 million and gross margin reached 26%.

Operating income increased to $43.3 million from $35.3 million, while net income rose to $32.2 million from $27.2 million.

Diluted EPS increased 21% to $0.63, while CorVel repurchased $21.8 million of common stock during the quarter.

Following the announcement, CorVel's share price was up 1.7% at $60.08.

CorVel ended June with $255.9 million in cash, no borrowings and total assets of $689.7 million.

The company introduced Executive Advisory Services, expanded CERIS payment-integrity operations and marked the 35th anniversary of its Nasdaq listing.