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CorVel Announces Revenues and Earnings
来源: Nasdaq GlobeNewswire / 25 5月 2023 05:15:00 America/Chicago
FORT WORTH, Texas, May 25, 2023 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2023. Revenues for the quarter were $185 million, an increase from $171 million in the same quarter of the previous year. Earnings per share for the quarter were $1.04, compared to $1.09 in the same quarter of the prior year.
Revenues for the fiscal year ended March 31, 2023 were $719 million, compared to $646 million for the fiscal year ended March 31, 2022. Earnings per share for the fiscal year ended March 31, 2023 were $3.77, compared to $3.66 for the fiscal year ended March 31, 2022.
During the quarter and fiscal year, CERIS expanded work with existing and developing partners in the commercial health market. The Company has increased investment in the CERIS team, SaaS platform, and R&D. With the application of advanced technologies, workflow efficiencies have increased, ROI has grown, and the competitive position in the market has strengthened. CERIS is well-positioned and prepared to scale for the additional business.
In other areas, CorVel is moving forward quickly and intentionally, using generative AI in a closed-source data environment. The technology will be incorporated into CogencyIQ® service offerings and has extensive benefits. Most importantly, generative AI will elevate the work of claims professionals and allow more time to be spent interacting directly with injured workers. The reallocated time will ultimately improve the experience of injured workers and enhance partner outcomes.
The Company has also introduced a new virtual mailbox interface in the Provider Portal, allowing documents to be uploaded securely. In addition to data security, the virtual mailbox confirms submission with receipt and tracking, requires no manual preprocessing, and provides same-day handling from any location. This project was designed for scalability; customers now using the interface are experiencing cost savings and cost avoidance.
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 commercial health-focused operation, 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, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022. 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, 2023 and March 31, 2022Quarter Ended March 31, 2023 March 31, 2022 Revenues $ 185,443,000 $ 171,359,000 Cost of revenues 143,492,000 128,307,000 Gross profit 41,951,000 43,052,000 General and administrative 19,358,000 16,793,000 Income from operations 22,593,000 26,259,000 Income tax provision 4,424,000 6,622,000 Net income $ 18,169,000 $ 19,637,000 Earnings Per Share: Basic $ 1.06 $ 1.11 Diluted $ 1.04 $ 1.09 Weighted Shares Basic 17,176,000 17,618,000 Diluted 17,429,000 17,976,000 Fiscal Year Ended March 31, 2023 March 31, 2022 Revenues $ 718,562,000 $ 646,230,000 Cost of revenues 560,303,000 494,116,000 Gross profit 158,259,000 152,114,000 General and administrative 73,705,000 67,602,000 Income from operations 84,554,000 84,512,000 Income tax provision 18,189,000 18,102,000 Net income $ 66,365,000 $ 66,410,000 Earnings Per Share: Basic $ 3.83 $ 3.74 Diluted $ 3.77 $ 3.66 Weighted Shares Basic 17,328,000 17,753,000 Diluted 17,592,000 18,127,000 CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2023 and March 31, 2022March 31, 2023 March 31, 2022 Cash $ 71,329,000 $ 97,504,000 Customer deposits 80,022,000 69,781,000 Accounts receivable, net 81,034,000 82,586,000 Prepaid taxes and expenses 11,385,000 15,123,000 Property, net 82,770,000 76,268,000 Goodwill and other assets 39,662,000 38,964,000 Right-of-use asset, net 27,721,000 35,020,000 Total $ 393,923,000 $ 415,246,000 Accounts and taxes payable $ 15,309,000 $ 14,431,000 Accrued liabilities 152,578,000 156,939,000 Deferred tax liability — 1,689,000 Long-term lease liabilities 23,860,000 29,792,000 Paid-in capital 218,703,000 201,612,000 Treasury stock (748,195,000 ) (654,520,000 ) Retained earnings 731,668,000 665,303,000 Total $ 393,923,000 $ 415,246,000 Contact: Melissa Storan Phone: 949-851-1473 www.corvel.com