CorVel(US:CRVL)2022-11-01 19:37Financial Data and Key Metrics Changes - Revenue for the September quarter was $177 million, a 12% increase from $158 million in the same quarter of the prior year [5][23] - Earnings per share (EPS) for the quarter were $0.83, a decrease of 5.6% from $0.88 in the same quarter of the prior year [5][23] - Days sales outstanding (DSO) increased to 43 days, up three days from a year ago [27] Business Line Data and Key Metrics Changes - Revenue for patient management, including third-party administration and traditional case management, was $119 million, an annual increase of 14% [24] - Gross profit for patient management decreased by 9% due to increased staffing costs [24] - Revenue for network solutions sold in the wholesale market was $58 million, a 9% increase from the same quarter of the prior year, with gross profit up 5% [25] Market Data and Key Metrics Changes - The financial impact of musculoskeletal disorders (MSKs) in the workplace is approximately $20 billion per year, with indirect costs raising this figure to over $45 billion [11] - The company is focusing on minimizing medical spend in the musculoskeletal space through enhanced networks and service programs [13] Company Strategy and Development Direction - The company aims to differentiate its services through technological innovation and has a long-term view of success [10] - Investments in CERiS are being prioritized to enhance operational efficiencies and service outcomes [14][15] - The company is embracing a hybrid work model to improve productivity and employee morale while reducing office space by 40% by 2025 [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges from the pandemic and labor market but emphasizes a strong customer retention rate of 97% [7] - The company is optimistic about future growth, particularly in the CERiS segment, and is actively investing in technology to improve service delivery [6][10] - Management believes that the current economic environment will reveal durable companies with solid foundations [9] Other Important Information - The company repurchased 164,500 shares at a total cost of $26 million during the quarter, with a total of 37.6 million shares repurchased to date [27][28] - The company received the 2022 Risk Management Team of the Year award from Business Insurance's US Insurance Awards [22] Q&A Session Summary - The Q&A session did not contain any recorded questions or answers, as the call concluded without further inquiries [28]