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CorVel Announces Revenues and Earnings
Press Releases

CorVel Announces Revenues and Earnings

FORT WORTH, Texas, May 22, 2024 (GLOBE NEWSWIRE) — 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 Corporation
Quarterly Results – Income Statement
Quarters 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 Corporation
Quarterly Results – Condensed Balance Sheet
March 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 Storan
Phone: 949-851-1473
www.corvel.com

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