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IRVINE, Calif.—CorVel Corp., an independent provider of medical cost containment and managed care services, reported a 5% increase in its profit for the first half of its fiscal year, driven largely by its pharmacy benefit management and claims management divisions.
For the period ended Sept. 30, Irvine, Calif.-based CorVel reported net income of $16.1 million, up from $15.3 million for the same six-month period last year. First-half revenues climbed to $207 million, up 12% year-over-year from $185 million.
PBM business grows
In a statement Tuesday, CorVel said its earnings reflect 12% growth in its Network Solutions unit, which includes CorVel's expanding pharmacy benefit management business, as well as 12% growth in its patient management line, which includes its Enterprise Comp product and other claims management services.
CorVel reported net income of $7.9 million for its second quarter, up 10% from $7.5 million a year ago. The company generated second-quarter revenue of $104.6 million, up 12% from $93.4 million for the same quarter last year.