CorVel Announces Revenues and Earnings
30 Julio 2024 - 5:15AM
CorVel Corporation (NASDAQ: CRVL) announced the results for the
quarter ended June 30, 2024. Revenues for the quarter were $212
million, an increase from $190 million in the June quarter of 2023.
Earnings per share for the quarter were $1.25, compared to $1.14 in
the same quarter of the prior year.
First Quarter Fiscal Year 2025 Highlights
- Revenue increased 11% to $212 million, compared to first
quarter of fiscal year 2024.
- Gross profit increased 15% to $48.2 million, at 22.7% gross
margin, compared to first quarter of fiscal year 2024 gross profit
of $41.9 million.
- Diluted earnings per share increased 10% to $1.25, compared to
first quarter of fiscal year 2024 diluted earnings per share of
$1.14.
- Exited the quarter with $132 million of cash, cash equivalents,
and no borrowings.
- The Company repurchased $9.5 million of common stock during the
quarter.
During the quarter, the Company introduced an enhanced
communications platform integrated in CorVel’s proprietary claims
system, CareMC. This platform benefits claim staff and injured
workers and yields a level of efficiency that is unique in the
industry. Additionally, the platform utilizes the advanced security
features embedded in the system, reducing patient security
risk.
Artificial intelligence is also being used in the review of
clinical bills to identify anomalies and document activities. This
utilization of AI allows the users to focus on reviewing procedures
and achieving optimal cost containment. The Company believes the
use of AI in partnership with the CorVel team will provide improved
outcomes for partners, enhanced experience for workers with
injuries, and increased job satisfaction for team members.
About CorVel
CorVel Corporation applies technology including artificial
intelligence, machine learning and natural language processing to
enhance the managing 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 improved productivity resulting from automation and
augmentation across enterprise business systems. 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 the impact of the COVID-19 pandemic on our
business, results of operations and financial condition is greater
than our initial assessment. 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, 2024 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 Ended June 30, 2024 (unaudited)
and June 30, 2023 (unaudited) |
|
Quarter
Ended |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Revenues |
|
$ |
211,722,000 |
|
|
$ |
190,253,000 |
|
Cost of revenues |
|
|
163,567,000 |
|
|
|
148,375,000 |
|
Gross profit |
|
|
48,155,000 |
|
|
|
41,878,000 |
|
General and administrative |
|
|
20,120,000 |
|
|
|
16,450,000 |
|
Income from operations |
|
|
28,035,000 |
|
|
|
25,428,000 |
|
Income tax provision |
|
|
6,458,000 |
|
|
|
5,623,000 |
|
Net income |
|
$ |
21,577,000 |
|
|
$ |
19,805,000 |
|
Earnings Per Share: |
|
|
|
|
|
|
Basic |
|
$ |
1.26 |
|
|
$ |
1.16 |
|
Diluted |
|
$ |
1.25 |
|
|
$ |
1.14 |
|
Weighted Shares |
|
|
|
|
|
|
Basic |
|
|
17,122,000 |
|
|
|
17,144,000 |
|
Diluted |
|
|
17,313,000 |
|
|
|
17,385,000 |
|
CorVel CorporationQuarterly Results –
Condensed Balance SheetJune 30, 2024 (unaudited)
and March 31, 2024 |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
Cash |
|
$ |
131,908,000 |
|
|
$ |
105,563,000 |
|
Customer deposits |
|
|
94,022,000 |
|
|
|
88,142,000 |
|
Accounts receivable, net |
|
|
97,749,000 |
|
|
|
97,108,000 |
|
Prepaid taxes and expenses |
|
|
9,579,000 |
|
|
|
11,418,000 |
|
Property, net |
|
|
86,865,000 |
|
|
|
85,892,000 |
|
Goodwill and other assets |
|
|
42,808,000 |
|
|
|
42,498,000 |
|
Right-of-use asset, net |
|
|
23,241,000 |
|
|
|
24,058,000 |
|
Total |
|
$ |
486,172,000 |
|
|
$ |
454,679,000 |
|
Accounts and taxes payable |
|
$ |
18,681,000 |
|
|
$ |
16,631,000 |
|
Accrued liabilities |
|
|
181,904,000 |
|
|
|
167,868,000 |
|
Long-term lease liabilities |
|
|
21,714,000 |
|
|
|
22,533,000 |
|
Paid-in capital |
|
|
237,807,000 |
|
|
|
233,632,000 |
|
Treasury stock |
|
|
(803,431,000 |
) |
|
|
(793,905,000 |
) |
Retained earnings |
|
|
829,497,000 |
|
|
|
807,920,000 |
|
Total |
|
$ |
486,172,000 |
|
|
$ |
454,679,000 |
|
Contact: Melissa StoranPhone: 949-851-1473www.corvel.com
CorVel (NASDAQ:CRVL)
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