CorVel Announces Revenues and Earnings
May 22 2024 - 5:15AM
CorVel Corporation (NASDAQ: CRVL) announced the results for the
quarter and fiscal year ended March 31, 2024. Revenues for the
quarter were $207 million, an increase from $185 million in the
same quarter of the previous year. Earnings per share for the
quarter were $1.12, compared to $1.04 in the same quarter of the
prior year.
Revenues for the fiscal year ended March 31, 2024 were $795
million, compared to $719 million for the fiscal year ended March
31, 2023. Earnings per share for the fiscal year ended March 31,
2024, were $4.40, compared to $3.77 for the fiscal year ended March
31, 2023.
Patient Management services, including revenue from our Third
Party Administration (TPA) customers, increased 11%, significantly
contributing to our overall year-over-year fiscal revenue
growth. CorVel’s third-place ranking in Workers’ Compensation
revenue on Business Insurance’s 2024 TPA Rankings and Directory
highlights the company's ongoing success in providing effective
solutions to the market.
Recent Development Updates
Fiscal year 2024 experienced a solid increase in new bookings
compared to prior years and a net revenue retention of 108%. Both
are a testament to the commitment and engagement of the CorVel team
and the growing reputation for meaningful results the Company has
earned in the market. Feedback from partners is that the service,
communication, transparency, and innovative technological solutions
CorVel provides are unmatched in the industry.
CorVel invested in and implemented Generative AI (GAI)
functionality during the fiscal year, which brought substantive
benefits across the enterprise and a broad foundation from which
additional GAI functionality will be deployed in the future. As a
result of those efforts, the Company has introduced GAI-powered
software as a service (SaaS) platform to the managed care market.
The data and service hub will automate tasks and leverage AI to
increase efficiencies within workflows. The model will also lessen
IT constraints for CorVel’s partners and allow seamless integration
between RMIS systems and other provider platforms.
About CorVel
CorVel Corporation applies technology including artificial
intelligence, machine learning and natural language processing to
enhance the management of episodes of care and the related health
care costs. We partner with employers, third-party administrators,
insurance companies and government agencies in managing workers’
compensation and health, auto and liability services. Our diverse
suite of solutions combines our integrated technologies with a
human touch. CorVel's customized services, delivered locally, are
backed by a national team to support clients as well as their
customers and patients.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on the Company’s current expectations, estimates and
projections about the Company, management’s beliefs, and certain
assumptions made by the Company, and events beyond the Company’s
control, all of which are subject to change. Such forward-looking
statements include, but are not limited to, statements relating to
our commercial health-focused operation, the ability to deploy
additional GAI functionality, improved productivity resulting from
automation and augmentation across enterprise business systems, the
ability to automate tasks and leverage AI to increase efficiencies
within workflows, and the ability to reduce IT constraints for the
Company’s partners and allow seamless integration between risk
management information systems and other provider platforms.
These forward-looking statements are not guarantees of future
results and are subject to risks, uncertainties and assumptions
that could cause the Company’s actual results to differ materially
and adversely from those expressed in any forward-looking
statement, including the risk that GAI could be prone to errors and
that those errors may cause inefficiencies and could be costly to
mitigate.
The risks and uncertainties referred to above include but are
not limited to factors described in this press release and the
Company’s filings with the Securities and Exchange Commission,
including but not limited to “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended March 31, 2023 and the
Company’s Quarterly Report on Form 10-Q for the quarters ended June
30, 2023, September 30, 2023, and December 31, 2023. The
forward-looking statements in this press release speak only as of
the date they are made. The Company undertakes no obligation to
revise or update publicly any forward-looking statement for any
reason.
CorVel
CorporationQuarterly Results – Income
StatementQuarters and Fiscal Year Ended March 31,
2024 and March 31, 2023 |
|
Quarter
Ended |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
Revenues |
|
$ |
207,233,000 |
|
|
$ |
185,443,000 |
|
Cost of
revenues |
|
|
163,830,000 |
|
|
|
143,492,000 |
|
Gross
profit |
|
|
43,403,000 |
|
|
|
41,951,000 |
|
General
and administrative |
|
|
20,806,000 |
|
|
|
19,358,000 |
|
Income
from operations |
|
|
22,597,000 |
|
|
|
22,593,000 |
|
Income
tax provision |
|
|
3,143,000 |
|
|
|
4,424,000 |
|
Net
income |
|
$ |
19,454,000 |
|
|
$ |
18,169,000 |
|
Earnings
Per Share: |
|
|
|
|
|
|
Basic |
|
$ |
1.13 |
|
|
$ |
1.06 |
|
Diluted |
|
$ |
1.12 |
|
|
$ |
1.04 |
|
Weighted
Shares |
|
|
|
|
|
|
Basic |
|
|
17,115,000 |
|
|
|
17,176,000 |
|
Diluted |
|
|
17,332,000 |
|
|
|
17,429,000 |
|
Fiscal Year
Ended |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
Revenues |
|
$ |
795,311,000 |
|
|
$ |
718,562,000 |
|
Cost of
revenues |
|
|
623,618,000 |
|
|
|
560,303,000 |
|
Gross
profit |
|
|
171,693,000 |
|
|
|
158,259,000 |
|
General
and administrative |
|
|
76,592,000 |
|
|
|
73,705,000 |
|
Income
from operations |
|
|
95,101,000 |
|
|
|
84,554,000 |
|
Income
tax provision |
|
|
18,849,000 |
|
|
|
18,189,000 |
|
Net
income |
|
$ |
76,252,000 |
|
|
$ |
66,365,000 |
|
Earnings
Per Share: |
|
|
|
|
|
|
Basic |
|
$ |
4.45 |
|
|
$ |
3.83 |
|
Diluted |
|
$ |
4.40 |
|
|
$ |
3.77 |
|
Weighted
Shares |
|
|
|
|
|
|
Basic |
|
|
17,122,000 |
|
|
|
17,328,000 |
|
Diluted |
|
|
17,347,000 |
|
|
|
17,592,000 |
|
CorVel CorporationQuarterly Results –
Condensed Balance SheetMarch 31, 2024 and March
31, 2023 |
|
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
Cash |
|
$ |
105,563,000 |
|
|
$ |
71,329,000 |
|
Customer
deposits |
|
|
88,142,000 |
|
|
|
80,022,000 |
|
Accounts
receivable, net |
|
|
97,108,000 |
|
|
|
81,034,000 |
|
Prepaid
taxes and expenses |
|
|
11,418,000 |
|
|
|
11,385,000 |
|
Property, net |
|
|
85,892,000 |
|
|
|
82,770,000 |
|
Goodwill
and other assets |
|
|
42,498,000 |
|
|
|
39,662,000 |
|
Right-of-use asset, net |
|
|
24,058,000 |
|
|
|
27,721,000 |
|
Total |
|
$ |
454,679,000 |
|
|
$ |
393,923,000 |
|
Accounts
and taxes payable |
|
$ |
16,631,000 |
|
|
$ |
15,309,000 |
|
Accrued
liabilities |
|
|
167,868,000 |
|
|
|
152,578,000 |
|
Long-term lease liabilities |
|
|
22,533,000 |
|
|
|
23,860,000 |
|
Paid-in
capital |
|
|
233,632,000 |
|
|
|
218,703,000 |
|
Treasury
stock |
|
|
(793,905,000 |
) |
|
|
(748,195,000 |
) |
Retained
earnings |
|
|
807,920,000 |
|
|
|
731,668,000 |
|
Total |
|
$ |
454,679,000 |
|
|
$ |
393,923,000 |
|
|
|
|
|
|
|
|
Contact: Melissa StoranPhone: 949-851-1473www.corvel.com
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