CorVel Announces Revenues and Earnings
CorVel (NASDAQ: CRVL) released its financial results for the quarter and fiscal year ending March 31, 2024. Quarterly revenues reached $207 million, up from $185 million the previous year. Earnings per share (EPS) for the quarter were $1.12, compared to $1.04 a year ago. Annual revenues totaled $795 million, an increase from $719 million the prior fiscal year. EPS for the fiscal year rose to $4.40 from $3.77. Patient Management services saw an 11% rise, driving year-over-year growth.
CorVel ranked third in Workers' Compensation revenue on Business Insurance's 2024 TPA Rankings. The company achieved a net revenue retention of 108%, reflecting high customer satisfaction and demand. Notable developments include the implementation of Generative AI (GAI) to improve operations. CorVel launched a GAI-powered SaaS platform to enhance managed care services, automating tasks and increasing workflow efficiencies.
- Quarterly revenues increased to $207 million, up from $185 million.
- Quarterly EPS rose to $1.12, compared to $1.04 in the prior year.
- Annual revenues grew to $795 million from $719 million.
- Fiscal year EPS increased to $4.40 from $3.77.
- Patient Management services revenue increased by 11%.
- Net revenue retention reached 108%.
- CorVel ranked third in Workers' Compensation revenue on Business Insurance's 2024 TPA Rankings.
- Introduced GAI-powered SaaS platform to improve managed care services.
- No significant negative financial or business aspects reported.
Insights
CorVel's recent financial results show consistent growth both quarterly and annually. The
On the earnings per share (EPS) front, quarterly EPS increased from
Retail investors should be encouraged by the company's ability to both grow revenue and improve earnings. These positive financials reflect not only strong current performance but also potential for future profitability.
CorVel's performance in the Workers' Compensation (WC) sector is particularly noteworthy. The company’s third-place ranking on Business Insurance’s TPA Rankings and Directory underlines its competitive position. The
Additionally, the 108% net revenue retention showcases customer satisfaction and loyalty, indicating strong client relationships and effective service delivery. These metrics suggest CorVel is not only retaining clients but also increasing the revenue generated from existing customers. This could imply sustained future revenue growth and a solid market position.
The implementation of Generative AI (GAI) by CorVel represents a strategic move towards innovation and efficiency. The newly introduced GAI-powered SaaS platform for managed care signifies a technology-driven approach to streamline operations, reduce IT constraints and facilitate seamless system integrations. This is likely to increase productivity and reduce operational costs for CorVel and its partners.
Investors should note that the deployment of GAI could position CorVel as a leader in technological advancements within the managed care market. The potential for future enhancements and additional functionalities built on this GAI foundation highlights a forward-thinking approach, which could drive future growth and efficiencies.
FORT WORTH, Texas, May 22, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2024. Revenues for the quarter were
Revenues for the fiscal year ended March 31, 2024 were
Patient Management services, including revenue from our Third Party Administration (TPA) customers, increased
Recent Development Updates
Fiscal year 2024 experienced a solid increase in new bookings compared to prior years and a net revenue retention of
CorVel invested in and implemented Generative AI (GAI) functionality during the fiscal year, which brought substantive benefits across the enterprise and a broad foundation from which additional GAI functionality will be deployed in the future. As a result of those efforts, the Company has introduced GAI-powered software as a service (SaaS) platform to the managed care market. The data and service hub will automate tasks and leverage AI to increase efficiencies within workflows. The model will also lessen IT constraints for CorVel’s partners and allow seamless integration between RMIS systems and other provider platforms.
About CorVel
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the management 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, the ability to deploy additional GAI functionality, improved productivity resulting from automation and augmentation across enterprise business systems, the ability to automate tasks and leverage AI to increase efficiencies within workflows, and the ability to reduce IT constraints for the Company’s partners and allow seamless integration between risk management information systems and other provider platforms. 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 GAI could be prone to errors and that those errors may cause inefficiencies and could be costly to mitigate.
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, 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 and Fiscal Year Ended March 31, 2024 and March 31, 2023 | ||||||||
| Quarter Ended | March 31, 2024 | March 31, 2023 | ||||||
| Revenues | $ | 207,233,000 | $ | 185,443,000 | ||||
| Cost of revenues | 163,830,000 | 143,492,000 | ||||||
| Gross profit | 43,403,000 | 41,951,000 | ||||||
| General and administrative | 20,806,000 | 19,358,000 | ||||||
| Income from operations | 22,597,000 | 22,593,000 | ||||||
| Income tax provision | 3,143,000 | 4,424,000 | ||||||
| Net income | $ | 19,454,000 | $ | 18,169,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 1.13 | $ | 1.06 | ||||
| Diluted | $ | 1.12 | $ | 1.04 | ||||
| Weighted Shares | ||||||||
| Basic | 17,115,000 | 17,176,000 | ||||||
| Diluted | 17,332,000 | 17,429,000 | ||||||
| Fiscal Year Ended | March 31, 2024 | March 31, 2023 | ||||||
| Revenues | $ | 795,311,000 | $ | 718,562,000 | ||||
| Cost of revenues | 623,618,000 | 560,303,000 | ||||||
| Gross profit | 171,693,000 | 158,259,000 | ||||||
| General and administrative | 76,592,000 | 73,705,000 | ||||||
| Income from operations | 95,101,000 | 84,554,000 | ||||||
| Income tax provision | 18,849,000 | 18,189,000 | ||||||
| Net income | $ | 76,252,000 | $ | 66,365,000 | ||||
| Earnings Per Share: | ||||||||
| Basic | $ | 4.45 | $ | 3.83 | ||||
| Diluted | $ | 4.40 | $ | 3.77 | ||||
| Weighted Shares | ||||||||
| Basic | 17,122,000 | 17,328,000 | ||||||
| Diluted | 17,347,000 | 17,592,000 | ||||||
| CorVel Corporation Quarterly Results – Condensed Balance Sheet March 31, 2024 and March 31, 2023 | ||||||||
| March 31, 2024 | March 31, 2023 | |||||||
| Cash | $ | 105,563,000 | $ | 71,329,000 | ||||
| Customer deposits | 88,142,000 | 80,022,000 | ||||||
| Accounts receivable, net | 97,108,000 | 81,034,000 | ||||||
| Prepaid taxes and expenses | 11,418,000 | 11,385,000 | ||||||
| Property, net | 85,892,000 | 82,770,000 | ||||||
| Goodwill and other assets | 42,498,000 | 39,662,000 | ||||||
| Right-of-use asset, net | 24,058,000 | 27,721,000 | ||||||
| Total | $ | 454,679,000 | $ | 393,923,000 | ||||
| Accounts and taxes payable | $ | 16,631,000 | $ | 15,309,000 | ||||
| Accrued liabilities | 167,868,000 | 152,578,000 | ||||||
| Long-term lease liabilities | 22,533,000 | 23,860,000 | ||||||
| Paid-in capital | 233,632,000 | 218,703,000 | ||||||
| Treasury stock | (793,905,000 | ) | (748,195,000 | ) | ||||
| Retained earnings | 807,920,000 | 731,668,000 | ||||||
| Total | $ | 454,679,000 | $ | 393,923,000 | ||||
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
FAQ
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