CorVel Announces Revenues and Earnings
CorVel Corporation (NASDAQ: CRVL) reported strong financial results for the quarter and fiscal year ended March 31, 2022. Earnings per share for Q4 reached $1.09, up from 81 cents year-over-year, while revenues increased to $171 million from $146 million. For the fiscal year, EPS rose to $3.66, a significant increase compared to $2.55 the previous year, with annual revenues climbing to $646 million from $553 million. The growth was driven by new bookings in the CERiS operation and productivity improvements through automation.
- Q4 EPS increased to $1.09 from 81 cents YoY.
- Q4 revenues grew to $171 million, up from $146 million YoY.
- Fiscal year EPS rose to $3.66 compared to $2.55 YoY.
- Fiscal year revenues increased to $646 million from $553 million YoY.
- Strong growth in CareIQ services and new bookings in CERiS.
- None.
FORT WORTH, Texas, May 26, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2022. Earnings per share for the quarter were
Earnings per share for the fiscal year ended March 31, 2022 were
The results achieved in the quarter and fiscal year are attributed to increased new bookings, particularly within our commercial health-focused operation CERiS, as well as improved productivity resulting from automation and augmentation being applied, incrementally, across enterprise business systems.
The Company also saw particularly strong growth in CareIQ, which provides nationwide network access and clinical outcomes management for Physical Therapy, Imaging and Diagnostics, Medical Equipment, Home Healthcare, Medical Transportation, and Interpretation services.
With the pandemic and increasing inflation, CorVel’s playbook remains unchanged. Financial strength and fiscal conservatism have allowed increased investment in the team as well as development to introduce innovative solutions to market.
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, and expansion within our ancillary network. 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, September 30, 2021, and December 31, 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 Fiscal Year Ended March 31, 2022 and March 31, 2021
| Quarter Ended | March 31, 2022 | March 31, 2021 | ||||||
| Revenues | $ | 171,359,000 | $ | 145,510,000 | ||||
| Cost of revenues | 128,307,000 | 109,791,000 | ||||||
| Gross profit | 43,052,000 | 35,719,000 | ||||||
| General and administrative | 16,793,000 | 16,366,000 | ||||||
| Income from operations | 26,259,000 | 19,353,000 | ||||||
| Income tax provision | 6,622,000 | 4,544,000 | ||||||
| Net income | $ | 19,637,000 | $ | 14,809,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 1.11 | $ | 0.83 | ||||
| Diluted | $ | 1.09 | $ | 0.81 | ||||
| Weighted Shares | ||||||||
| Basic | 17,618,000 | 17,902,000 | ||||||
| Diluted | 17,976,000 | 18,196,000 | ||||||
| Fiscal Year Ended | March 31, 2022 | March 31, 2021 | ||||||
| Revenues | $ | 646,230,000 | $ | 552,644,000 | ||||
| Cost of revenues | 494,116,000 | 429,020,000 | ||||||
| Gross profit | 152,114,000 | 123,624,000 | ||||||
| General and administrative | 67,602,000 | 64,449,000 | ||||||
| Income from operations | 84,512,000 | 59,175,000 | ||||||
| Income tax provision | 18,102,000 | 12,819,000 | ||||||
| Net income | $ | 66,410,000 | $ | 46,356,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 3.74 | $ | 2.59 | ||||
| Diluted | $ | 3.66 | $ | 2.55 | ||||
| Weighted Shares | ||||||||
| Basic | 17,753,000 | 17,930,000 | ||||||
| Diluted | 18,127,000 | 18,166,000 | ||||||
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2022 and March 31, 2021
| March 31, 2022 | March 31, 2021 | |||||||
| Cash | $ | 97,504,000 | $ | 139,716,000 | ||||
| Customer deposits | 69,781,000 | 56,497,000 | ||||||
| Accounts receivable, net | 82,586,000 | 64,722,000 | ||||||
| Prepaid taxes and expenses | 15,123,000 | 8,006,000 | ||||||
| Property, net | 76,268,000 | 70,619,000 | ||||||
| Goodwill and other assets | 38,964,000 | 39,876,000 | ||||||
| Right-of-use asset, net | 35,020,000 | 45,324,000 | ||||||
| Total | $ | 415,246,000 | $ | 424,760,000 | ||||
| Accounts and taxes payable | $ | 14,431,000 | $ | 13,574,000 | ||||
| Accrued liabilities | 156,939,000 | 148,886,000 | ||||||
| Deferred tax liability | 1,689,000 | — | ||||||
| Long-term lease liabilities | 29,792,000 | 41,898,000 | ||||||
| Paid-in capital | 201,612,000 | 185,944,000 | ||||||
| Treasury stock | (654,520,000 | ) | (564,435,000 | ) | ||||
| Retained earnings | 665,303,000 | 598,893,000 | ||||||
| Total | $ | 415,246,000 | $ | 424,760,000 | ||||
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
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