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CorVel Announces Revenues and Earnings
来源: Nasdaq GlobeNewswire / 01 2月 2022 06:15:00 America/New_York
FORT WORTH, Texas, Feb. 01, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2021. Earnings per share for the quarter were 76 cents, compared to 63 cents in the same quarter of the prior year. Revenues for the quarter were $165 million, an increase from $142 million in the same quarter of the previous year.
Earnings per share for the nine months ended December 31, 2021 were $2.57, compared to $1.74 for the nine months ended December 31, 2020. Revenues for the nine months ended December 31, 2021 were $475 million, compared to $407 million for the nine months ended December 31, 2020.
New sales remained robust for the quarter and were a record high for the calendar year 2021. Continued investment in payment integrity services created robust growth with CERiS in the health market, an essential component of the Company’s current and future strategy.
The pandemic has changed the mix of workplace injuries and increased the need for virtual and telephonic identification of injuries. CorVel’s virtual care offerings and Advocacy 24/7 nurse hotline allow for treatment without the need of a brick and mortar facility visit. The Company offers a hybrid form of telehealth by bringing a balanced blend of technology alongside essential human contact. This has resulted in improved user experiences and healthcare outcomes, as well as continued triple-digit growth in the utilization of these services.
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 the stabilization of telehealth usage and the Company’s continued investment in evolving healthcare models, healthcare navigation tools, and other innovative technologies. 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, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021 and September 30, 2021. 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 Nine Months Ended December 31, 2021 (unaudited) and December 31, 2020 (unaudited)Quarter Ended December 31, 2021 December 31, 2020 Revenues $ 164,508,000 $ 141,506,000 Cost of revenues 129,320,000 110,613,000 Gross profit 35,188,000 30,893,000 General and administrative 17,506,000 16,937,000 Income from operations 17,682,000 13,956,000 Income tax provision 3,824,000 2,576,000 Net income $ 13,858,000 $ 11,380,000 Earnings Per Share: Basic $ 0.78 $ 0.64 Diluted $ 0.76 $ 0.63 Weighted Shares Basic 17,785,000 17,899,000 Diluted 18,211,000 18,180,000 Nine Months Ended December 31, 2021 December 31, 2020 Revenues $ 474,871,000 $ 407,134,000 Cost of revenues 365,808,000 319,228,000 Gross profit 109,063,000 87,906,000 General and administrative 50,810,000 48,084,000 Income from operations 58,253,000 39,822,000 Income tax provision 11,480,000 8,275,000 Net income $ 46,773,000 $ 31,547,000 Earnings Per Share: Basic $ 2.62 $ 1.76 Diluted $ 2.57 $ 1.74 Weighted Shares Basic 17,841,000 17,939,000 Diluted 18,221,000 18,156,000 CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 30, 2021 (unaudited) and March 31, 2021 (audited)December 31, 2021 March 31, 2021 Cash $ 115,538,000 $ 139,716,000 Customer deposits 70,163,000 56,497,000 Accounts receivable, net 69,545,000 64,722,000 Prepaid taxes and expenses 13,429,000 8,006,000 Property, net 70,884,000 70,619,000 Goodwill and other assets 40,762,000 39,876,000 Right-of-use asset, net 43,387,000 45,324,000 Total $ 423,708,000 $ 424,760,000 Accounts and taxes payable $ 12,346,000 $ 13,574,000 Accrued liabilities 158,191,000 148,886,000 Long-term lease liabilities 38,244,000 41,898,000 Paid-in capital 198,987,000 185,944,000 Treasury stock (629,726,000 ) (564,435,000 ) Retained earnings 645,666,000 598,893,000 Total $ 423,708,000 $ 424,760,000 Contact: Melissa Storan Phone: 949-851-1473 www.corvel.com