CorVel Announces Revenues and Earnings
30 Janvier 2024 - 12:15PM
CorVel Corporation (NASDAQ: CRVL) announced the results for the
quarter ended December 31, 2023. Revenues for the quarter were $202
million, an increase from $179 million in the December quarter of
2022. Earnings per share for the quarter were $0.99, compared to
$0.96 in the same quarter of the prior year.
Revenues for the nine months ended December 31,
2023 were $588 million, compared to $533 million for the nine
months ended December 31, 2022. Earnings per share for the nine
months ended December 31, 2023, were $3.27, compared to $2.73 for
the same nine-month period in 2022.
The 2023 calendar year ended with a 34% increase
in new business sold with balanced bookings in the Network
Solutions and Patient Management business. Customer retention, as
measured by Gross Revenue Retention for the year, was 95%, while
Net Revenue Retention was 108%. CorVel’s practical application of
advanced technology and the corresponding program impact drive
improved retention in a market with increased churn.
The Company’s payment integrity services have
garnered significant attention from large payors and platform
vendors seeking proven solutions to address the meaningful growth
in medical care ratios. In addition to enhancing current offerings,
CERIS has expanded the teams responsible for launching additional
reviews in the market.
The implementation of generative AI initiatives
has been proven to boost the efficiency and effectiveness of both
the P&C and Commercial Claims teams. These updates have
gradually reduced time spent on routine tasks, thus creating more
time for essential activities that require critical thinking,
directly impacting the user experience and results achieved.
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,
2023 and the Company’s Quarterly Report on Form 10-Q for the
quarters ended June 30, 2023 and September 30, 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 Nine months Ended December 31, 2023
(unaudited) and December 31, 2022 (unaudited)
Quarter Ended |
December 31, 2023 |
|
|
December 31, 2022 |
|
Revenues |
$ |
202,303,000 |
|
|
$ |
179,386,000 |
|
Cost of
revenues |
|
160,143,000 |
|
|
|
139,041,000 |
|
Gross
profit |
|
42,160,000 |
|
|
|
40,345,000 |
|
General and
administrative |
|
19,798,000 |
|
|
|
18,128,000 |
|
Income from
operations |
|
22,362,000 |
|
|
|
22,217,000 |
|
Income tax
provision |
|
5,267,000 |
|
|
|
5,368,000 |
|
Net
income |
$ |
17,095,000 |
|
|
$ |
16,849,000 |
|
Earnings Per
Share: |
|
|
|
|
|
Basic |
$ |
1.00 |
|
|
$ |
0.98 |
|
Diluted |
$ |
0.99 |
|
|
$ |
0.96 |
|
Weighted
Shares |
|
|
|
|
|
Basic |
|
17,106,000 |
|
|
|
17,245,000 |
|
Diluted |
|
17,326,000 |
|
|
|
17,487,000 |
|
Nine
Months Ended |
December 31, 2023 |
|
|
December 31, 2022 |
|
Revenues |
$ |
588,078,000 |
|
|
$ |
533,119,000 |
|
Cost of
revenues |
|
459,788,000 |
|
|
|
416,811,000 |
|
Gross
profit |
|
128,290,000 |
|
|
|
116,308,000 |
|
General and
administrative |
|
55,786,000 |
|
|
|
54,347,000 |
|
Income from
operations |
|
72,504,000 |
|
|
|
61,961,000 |
|
Income tax
provision |
|
15,706,000 |
|
|
|
13,765,000 |
|
Net
income |
$ |
56,798,000 |
|
|
$ |
48,196,000 |
|
Earnings Per
Share: |
|
|
|
|
|
Basic |
$ |
3.32 |
|
|
$ |
2.77 |
|
Diluted |
$ |
3.27 |
|
|
$ |
2.73 |
|
Weighted
Shares |
|
|
|
|
|
Basic |
|
17,124,000 |
|
|
|
17,379,000 |
|
Diluted |
|
17,352,000 |
|
|
|
17,647,000 |
|
|
|
|
|
|
|
|
|
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 31, 2023 (unaudited) and March 31,
2023
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Cash |
$ |
106,994,000 |
|
|
$ |
71,329,000 |
|
Customer
deposits |
|
80,838,000 |
|
|
|
80,022,000 |
|
Accounts
receivable, net |
|
92,657,000 |
|
|
|
81,034,000 |
|
Prepaid
taxes and expenses |
|
13,903,000 |
|
|
|
11,385,000 |
|
Property,
net |
|
85,216,000 |
|
|
|
82,770,000 |
|
Goodwill and
other assets |
|
40,304,000 |
|
|
|
39,662,000 |
|
Right-of-use
asset, net |
|
25,083,000 |
|
|
|
27,721,000 |
|
Total |
$ |
444,995,000 |
|
|
$ |
393,923,000 |
|
Accounts and
taxes payable |
$ |
15,133,000 |
|
|
$ |
15,309,000 |
|
Accrued
liabilities |
|
173,254,000 |
|
|
|
152,578,000 |
|
Long-term
lease liabilities |
|
23,078,000 |
|
|
|
23,860,000 |
|
Paid-in
capital |
|
229,788,000 |
|
|
|
218,703,000 |
|
Treasury
stock |
|
(784,724,000 |
) |
|
|
(748,195,000 |
) |
Retained
earnings |
|
788,466,000 |
|
|
|
731,668,000 |
|
Total |
$ |
444,995,000 |
|
|
$ |
393,923,000 |
|
|
|
|
|
|
|
|
|
Contact:
Melissa Storan |
Phone:
949-851-1473 |
www.corvel.com |
CorVel (NASDAQ:CRVL)
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