Shares of CorVel Corp. rose more than 4% on Thursday after the Irvine healthcare service company posted strong results for the March quarter.
CorVel works with health plans, employers and insurers to clamp down on workers’ compensation costs. It offers case management, medical bill review and independent medical evaluations.
The company earned $5.3 million in the quarter, up 71% from a year earlier.
Revenue rose 7% to $71 million. The company said revenue was up in its preferred provider organizations and specialty medical services.
For the year, CorVel earned $18.6 million, up 90% from a year ago. Revenue was up 3% to $275 million.
Earlier this week, CorVel acquired Schaffer Cos, a Baltimore medical management and claims processing company, for an undisclosed price.
