CorVel Announces Revenues and Earnings
CorVel (NASDAQ: CRVL) reported strong financial results for Q1 FY2025 ended June 30, 2024. Revenue increased 11% to $212 million, while gross profit rose 15% to $48.2 million with a 22.7% gross margin. Diluted earnings per share grew 10% to $1.25. The company ended the quarter with $132 million in cash and no borrowings, while repurchasing $9.5 million of common stock.
CorVel introduced an enhanced communications platform integrated into its CareMC claims system, improving efficiency and security. The company is also leveraging artificial intelligence for clinical bill review and anomaly detection, aiming to enhance outcomes, worker experience, and team satisfaction.
CorVel (NASDAQ: CRVL) ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 2025, terminato il 30 giugno 2024. I ricavi sono aumentati dell'11% a 212 milioni di dollari, mentre il profitto lordo è salito del 15% a 48,2 milioni di dollari, con un margine lordo del 22,7%. Gli utili per azione diluiti sono cresciuti del 10% a 1,25 dollari. L'azienda ha concluso il trimestre con 132 milioni di dollari in contante e senza indebitamenti, riacquistando nel contempo azioni comuni per 9,5 milioni di dollari.
CorVel ha introdotto una piattaforma di comunicazione avanzata integrata nel proprio sistema di gestione delle pratiche CareMC, migliorando l'efficienza e la sicurezza. L'azienda sta inoltre utilizzando l'intelligenza artificiale per la revisione delle fatture cliniche e il rilevamento delle anomalie, con l'obiettivo di migliorare i risultati, l'esperienza dei lavoratori e la soddisfazione del team.
CorVel (NASDAQ: CRVL) anunció resultados financieros sólidos para el primer trimestre del año fiscal 2025, que finalizó el 30 de junio de 2024. Los ingresos aumentaron un 11% a 212 millones de dólares, mientras que la utilidad bruta creció un 15% a 48.2 millones de dólares, con un margen bruto del 22.7%. Las ganancias por acción diluidas crecieron un 10% a 1.25 dólares. La compañía finalizó el trimestre con 132 millones de dólares en efectivo y sin deudas, mientras que recompró acciones comunes por 9.5 millones de dólares.
CorVel presentó una plataforma de comunicación mejorada integrada en su sistema de reclamaciones CareMC, mejorando la eficiencia y la seguridad. La empresa también está aprovechando la inteligencia artificial para la revisión de facturas clínicas y la detección de anomalías, buscando mejorar los resultados, la experiencia de los trabajadores y la satisfacción del equipo.
CorVel (NASDAQ: CRVL)는 2024년 6월 30일로 종료된 2025회계연도 1분기에 대한 강력한 재무 결과를 보고했습니다. 수익은 11% 증가하여 2억 1200만 달러에 도달했습니다, 총 수익도 15% 상승하여 4820만 달러에 이르렀습니다, 총 마진은 22.7%입니다. 희석 주당순이익은 10% 증가하여 1.25달러에 달했습니다. 회사는 1억 3200만 달러의 현금을 보유하고 있으며 부채는 없고, 950만 달러의 보통주를 재매입했습니다.
CorVel은 CareMC 청구 시스템에 통합된 향상된 커뮤니케이션 플랫폼을 도입하여 효율성과 보안을 개선했습니다. 또한 인공지능을 활용하여 임상 청구 검토 및 이상 탐지를 진행하여 결과, 근로자 경험 및 팀 만족도를 향상시키는 것을 목표로 하고 있습니다.
CorVel (NASDAQ: CRVL) a publié des résultats financiers solides pour le premier trimestre de l'exercice 2025, qui s'est terminé le 30 juin 2024. Les revenus ont augmenté de 11% pour atteindre 212 millions de dollars, tandis que le bénéfice brut a augmenté de 15% pour atteindre 48,2 millions de dollars, avec une marge brute de 22,7%. Le bénéfice par action dilué a augmenté de 10% pour atteindre 1,25 dollar. L'entreprise a terminé le trimestre avec 132 millions de dollars en liquidités et sans emprunts, tout en rachetant 9,5 millions de dollars d'actions ordinaires.
CorVel a introduit une plateforme de communication améliorée intégrée dans son système de gestion des sinistres CareMC, améliorant ainsi l'efficacité et la sécurité. L'entreprise tire également parti de l'intelligence artificielle pour la révision des factures cliniques et la détection des anomalies, afin d'améliorer les résultats, l'expérience des travailleurs et la satisfaction des équipes.
CorVel (NASDAQ: CRVL) hat für das am 30. Juni 2024 endende 1. Quartal des Geschäftsjahres 2025 starke Finanzzahlen bekannt gegeben. Der Umsatz stieg um 11% auf 212 Millionen Dollar, während der Bruttogewinn um 15% auf 48,2 Millionen Dollar anstieg, mit einer Bruttomarge von 22,7%. Der verwässerte Gewinn pro Aktie wuchs um 10% auf 1,25 Dollar. Das Unternehmen beendete das Quartal mit 132 Millionen Dollar liquide Mittel und ohne Verbindlichkeiten und kaufte gleichzeitig Aktien im Wert von 9,5 Millionen Dollar zurück.
CorVel stellte eine verbesserte Kommunikationsplattform vor, die in sein CareMC Schadenssystem integriert ist, was die Effizienz und Sicherheit verbessert. Das Unternehmen nutzt auch Künstliche Intelligenz zur Überprüfung klinischer Rechnungen und zur Anomalieerkennung, um Ergebnisse, die Erfahrung der Mitarbeiter und die Zufriedenheit des Teams zu verbessern.
- Revenue increased 11% year-over-year to $212 million
- Gross profit grew 15% to $48.2 million, with improved gross margin of 22.7%
- Diluted earnings per share increased 10% to $1.25
- Strong cash position of $132 million with no borrowings
- Introduced enhanced communications platform integrated with CareMC claims system
- Implemented AI for clinical bill review and anomaly detection
- None.
Insights
CorVel 's Q1 FY2025 results demonstrate solid financial performance and strategic initiatives. The company reported revenue of
The diluted EPS of
CorVel's strong balance sheet, with
The introduction of an enhanced communications platform and the integration of AI in bill review processes could potentially lead to improved operational efficiency and cost containment. These technological advancements may contribute to maintaining or expanding profit margins in the future, although their full impact remains to be seen in subsequent quarters.
CorVel's strategic focus on technological innovation is evident in their recent developments. The introduction of an enhanced communications platform integrated into their proprietary claims system, CareMC, represents a significant advancement in the industry. This integration likely streamlines workflows, improves data accessibility and enhances overall efficiency in claims processing.
The emphasis on advanced security features within the platform is crucial, especially given the sensitive nature of healthcare data. By prioritizing patient security, CorVel is not only complying with regulatory requirements but also building trust with clients and end-users.
The implementation of artificial intelligence in clinical bill review is a forward-thinking move. AI's ability to identify anomalies and document activities can significantly reduce human error, speed up processing times and improve accuracy in cost containment efforts. This application of AI demonstrates CorVel's commitment to leveraging cutting-edge technology to enhance its service offerings.
The company's vision of using AI in partnership with human expertise is a balanced approach that could set a new standard in the industry. By augmenting human capabilities rather than replacing them, CorVel is positioning itself to deliver improved outcomes, enhanced user experiences and increased job satisfaction for its team members.
FORT WORTH, Texas, July 30, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2024. Revenues for the quarter were
First Quarter Fiscal Year 2025 Highlights
- Revenue increased
11% to$212 million , compared to first quarter of fiscal year 2024. - Gross profit increased
15% to$48.2 million , at22.7% gross margin, compared to first quarter of fiscal year 2024 gross profit of$41.9 million . - Diluted earnings per share increased
10% to$1.25 , compared to first quarter of fiscal year 2024 diluted earnings per share of$1.14 . - Exited the quarter with
$132 million of cash, cash equivalents, and no borrowings. - The Company repurchased
$9.5 million of common stock during the quarter.
During the quarter, the Company introduced an enhanced communications platform integrated in CorVel’s proprietary claims system, CareMC. This platform benefits claim staff and injured workers and yields a level of efficiency that is unique in the industry. Additionally, the platform utilizes the advanced security features embedded in the system, reducing patient security risk.
Artificial intelligence is also being used in the review of clinical bills to identify anomalies and document activities. This utilization of AI allows the users to focus on reviewing procedures and achieving optimal cost containment. The Company believes the use of AI in partnership with the CorVel team will provide improved outcomes for partners, enhanced experience for workers with injuries, and increased job satisfaction for team members.
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 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, 2024 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023 and December 31, 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 Ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) | ||||||||
| Quarter Ended | June 30, 2024 | June 30, 2023 | ||||||
| Revenues | $ | 211,722,000 | $ | 190,253,000 | ||||
| Cost of revenues | 163,567,000 | 148,375,000 | ||||||
| Gross profit | 48,155,000 | 41,878,000 | ||||||
| General and administrative | 20,120,000 | 16,450,000 | ||||||
| Income from operations | 28,035,000 | 25,428,000 | ||||||
| Income tax provision | 6,458,000 | 5,623,000 | ||||||
| Net income | $ | 21,577,000 | $ | 19,805,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 1.26 | $ | 1.16 | ||||
| Diluted | $ | 1.25 | $ | 1.14 | ||||
| Weighted Shares | ||||||||
| Basic | 17,122,000 | 17,144,000 | ||||||
| Diluted | 17,313,000 | 17,385,000 | ||||||
| CorVel Corporation Quarterly Results – Condensed Balance Sheet June 30, 2024 (unaudited) and March 31, 2024 | ||||||||
| June 30, 2024 | March 31, 2024 | |||||||
| Cash | $ | 131,908,000 | $ | 105,563,000 | ||||
| Customer deposits | 94,022,000 | 88,142,000 | ||||||
| Accounts receivable, net | 97,749,000 | 97,108,000 | ||||||
| Prepaid taxes and expenses | 9,579,000 | 11,418,000 | ||||||
| Property, net | 86,865,000 | 85,892,000 | ||||||
| Goodwill and other assets | 42,808,000 | 42,498,000 | ||||||
| Right-of-use asset, net | 23,241,000 | 24,058,000 | ||||||
| Total | $ | 486,172,000 | $ | 454,679,000 | ||||
| Accounts and taxes payable | $ | 18,681,000 | $ | 16,631,000 | ||||
| Accrued liabilities | 181,904,000 | 167,868,000 | ||||||
| Long-term lease liabilities | 21,714,000 | 22,533,000 | ||||||
| Paid-in capital | 237,807,000 | 233,632,000 | ||||||
| Treasury stock | (803,431,000 | ) | (793,905,000 | ) | ||||
| Retained earnings | 829,497,000 | 807,920,000 | ||||||
| Total | $ | 486,172,000 | $ | 454,679,000 | ||||
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
FAQ
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