CorVel Corp. took a hit on Wall Street Monday after reporting sales and profit declines in its most recent quarter.
Irvine-based CorVel earned $2.2 million in the quarter ended Sept. 30, down 23% from a year earlier. Revenue fell 8% to $66 million in the period.
Analysts expected CorVel to earn $2.9 million on revenue of $69.9 million in the quarter.
CorVel shares slumped 11.5% to $17.44 on Monday.
The company works with health plans, employers and insurers to keep a lid on workers’ compensation costs. It offers claims management, bill review, a network of healthcare providers as well as other services, down to transportation and translation work.
CorVel, in a release, said the results include effects of a soft workers’ compensation claims market, regulatory compliance expenses and recent hurricane disruptions.
