Maximus (NYSE: MMS) posted $1.25 billion in revenue for the first quarter of its 2023 fiscal year, an 8.5 percent increase from the same period a year ago.
Tysons, Virginia-based Maximus said Wednesday that U.S. federal business sales for the quarter climbed 6.2 percent year-over-year to $618.2 million and clinical services work primarily drove the growth.
New and expanded programs in U.S. non-federal and federal services, as well as non-U.S. segments, were the drivers of the firm’s 10.3 percent organic growth for the three-month period that ended Dec. 31, 2022.
The U.S. services segment experienced a 13.7 percent increase in first quarter revenue to $439.5 million, while international sales grew 4.9 percent to $191.6 million.
Maximus lifted its full fiscal 2023 guidance, projecting annual revenue to reach between $4.85 billion and $5 billion and adjusted diluted earnings of $4 to $4.30 per share.
“Restarting Medicaid redeterminations is an unprecedented undertaking and as a long-term public partner to government, we are poised to support our current customers and see solid demand for our capabilities across the broader Medicaid market,” Maximus President and CEO Bruce Caswell commented.
“We are capitalizing on the organic growth potential of the core business and executing well on our recently refreshed strategy, including making definitive headway in the key areas of clinical services and technology modernization,” added Caswell, a four-time Wash100 awardee.
