CorVel(US:CRVL)2024-07-29 23:30Financial Performance - Revenues for the quarter ended June 30, 2024, were $212 million, an increase of 11% from $190 million in the same quarter of 2023[1][7] - Gross profit increased 15% to $48.2 million, with a gross margin of 22.7%, compared to $41.9 million in the prior year[7][9] - Diluted earnings per share rose 10% to $1.25, compared to $1.14 in the same quarter of the previous year[7][9] - Net income for the quarter was $21.6 million, compared to $19.8 million in the same quarter of the prior year[9] Cash and Assets - The company exited the quarter with $132 million in cash and cash equivalents, with no borrowings[7] - Total assets as of June 30, 2024, were $486.2 million, up from $454.7 million as of March 31, 2024[10] - Retained earnings increased to $829.5 million from $807.9 million[10] Stock and Shareholder Actions - The company repurchased $9.5 million of common stock during the quarter[7] Technological Advancements - CorVel introduced an enhanced communications platform integrated into its proprietary claims system, CareMC, improving efficiency for claim staff and injured workers[3] - Artificial intelligence is being utilized to review clinical bills, allowing users to focus on optimal cost containment and improving outcomes for partners[4]