Thu, Aug 1, 8:33 PM (88 days ago)
CorVel Corporation's Q2 2024 financial report shows strong performance with revenues increasing by 11.3% YoY to $211.7 million. The rise was driven by higher activity in both patient management services ($139.2 million) and network solutions services ($72.6 million). Cost of revenues also rose by 10.2% to $163.6 million, primarily due to increased salaries and headcount. General and administrative expenses saw a significant increase of 22.3%, reaching $20.1 million, primarily due to higher revenues and prior year one-time insurance settlements. Net income improved by 8.9% to $21.6 million, with diluted earnings per share rising to $1.25 from $1.14. Cash flow from operations increased to $40.4 million, and the company ended the quarter with $131.9 million in cash, up from $105.6 million. CorVel repurchased 38,138 shares for $9.5 million under its stock repurchase program. Overall, the company shows solid financial health with improved revenues, profit margins, and cash flow, despite rising costs. Future quarters are expected to maintain general and administrative expenses within 9%-11% of revenues.