CorVel Announces Revenues and Earnings
CorVel Corporation (CRVL) reported Q2 results for the period ending September 30, 2022, with revenues reaching $177 million, up from $158 million year-over-year. EPS for the quarter was $0.83, down from $0.88 in the same quarter last year. Revenues for the six months were $354 million, a rise from $310 million. EPS for the six-month period was $1.77, slightly lower than $1.81 a year prior. Investments continued in technology and services improving operational efficiency, supported by a 97% customer retention rate.
- Revenue increased to $177 million for Q2, up from $158 million year-over-year.
- Six-month revenue rose to $354 million compared to $310 million in the same period last year.
- 97% customer retention rate for the year reflects successful engagement and retention efforts.
- Earnings per share decreased to $0.83 from $0.88 in the prior year for the quarter.
- Six-month EPS fell to $1.77 compared to $1.81 in the same period last year.
FORT WORTH, Texas, Nov. 01, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended September 30, 2022. Revenues for the quarter were
Revenues for the six months ended September 30, 2022 were
The Company has continued its investment in the CERiS team, SaaS platform, R&D, and the creation of new services within the payment integrity market. A new workflow management system was implemented which provided increased scalability, configurability, and process efficiency gains in overall labor costs. Automated medical record review technology which eliminated manual processes was also installed during the quarter. This functionality significantly improved performance of the CERiS clinical review team while performing diagnosis related group audits.
With opportunities presented by the pandemic and the Great Resignation, the Company has prioritized the quality of engagement, results, and outcomes generated. Enhanced retention efforts, proactive hiring, and increasing bench strength have mitigated the impact of these labor market challenges. A
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 quarter ended June 30, 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 Six Months Ended September 30, 2022 (unaudited) and September 30, 2021 (unaudited)
| Quarter Ended | September 30, 2022 | September 30, 2021 | |||||
| Revenues | $ | 177,426,000 | $ | 157,743,000 | |||
| Cost of revenues | 141,332,000 | 121,082,000 | |||||
| Gross profit | 36,094,000 | 36,661,000 | |||||
| General and administrative | 17,549,000 | 16,658,000 | |||||
| Income from operations | 18,545,000 | 20,003,000 | |||||
| Income tax provision | 3,889,000 | 3,931,000 | |||||
| Net income | $ | 14,656,000 | $ | 16,072,000 | |||
| Earnings Per Share: | |||||||
| Basic | $ | 0.84 | $ | 0.90 | |||
| Diluted | $ | 0.83 | $ | 0.88 | |||
| Weighted Shares | |||||||
| Basic | 17,386,000 | 17,841,000 | |||||
| Diluted | 17,650,000 | 18,232,000 | |||||
| Six Months Ended | September 30, 2022 | September 30, 2021 | |||||
| Revenues | $ | 353,733,000 | $ | 310,363,000 | |||
| Cost of revenues | 277,770,000 | 236,489,000 | |||||
| Gross profit | 75,963,000 | 73,874,000 | |||||
| General and administrative | 36,219,000 | 33,303,000 | |||||
| Income from operations | 39,744,000 | 40,571,000 | |||||
| Income tax provision | 8,397,000 | 7,656,000 | |||||
| Net income | $ | 31,347,000 | $ | 32,915,000 | |||
| Earnings Per Share: | |||||||
| Basic | $ | 1.80 | $ | 1.84 | |||
| Diluted | $ | 1.77 | $ | 1.81 | |||
| Weighted Shares | |||||||
| Basic | 17,446,000 | 17,869,000 | |||||
| Diluted | 17,726,000 | 18,226,000 | |||||
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
September 30, 2022 (unaudited) and March 31, 2022
| September 30, 2022 | March 31, 2022 | ||||||
| Cash | $ | 75,625,000 | $ | 97,504,000 | |||
| Customer deposits | 75,770,000 | 69,781,000 | |||||
| Accounts receivable, net | 84,787,000 | 82,586,000 | |||||
| Prepaid taxes and expenses | 12,201,000 | 15,123,000 | |||||
| Property, net | 82,506,000 | 76,268,000 | |||||
| Goodwill and other assets | 39,067,000 | 38,964,000 | |||||
| Right-of-use asset, net | 29,930,000 | 35,020,000 | |||||
| Total | $ | 399,886,000 | $ | 415,246,000 | |||
| Accounts and taxes payable | $ | 17,028,000 | $ | 14,431,000 | |||
| Accrued liabilities | 158,482,000 | 156,939,000 | |||||
| Deferred tax liability | 1,107,000 | 1,689,000 | |||||
| Long-term lease liabilities | 25,436,000 | 29,792,000 | |||||
| Paid-in capital | 207,989,000 | 201,612,000 | |||||
| Treasury stock | (706,806,000 | ) | (654,520,000 | ) | |||
| Retained earnings | 696,650,000 | 665,303,000 | |||||
| Total | $ | 399,886,000 | $ | 415,246,000 | |||
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
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