CorVel Announces Revenues and Earnings
October 31 2023 - 6:15AM
CorVel Corporation (NASDAQ: CRVL) announced the results for the
quarter ended September 30, 2023. Revenues for the quarter were
$196 million, an increase from $177 million in the same quarter of
the previous year. Earnings per share for the quarter were $1.15,
compared to $0.83 in the same quarter of the prior year.
Revenues for the six months ended September 30, 2023 were $386
million, compared to $354 million for the six months ended
September 30, 2022. Earnings per share for the six months ended
September 30, 2023 were $2.29, compared to $1.77 for the six months
ended September 30, 2022.
The September quarter reflects balanced growth in Network
Solutions and Patient Management business. CERIS, focused on the
commercial health Payment Integrity market, experienced continued
maturation of the new services added within the last year and
workflow optimization within specific service lines. Increasing
momentum is expected over the next several quarters as transaction
volume increases and additional components of new Payment Integrity
services are optimized.
Additionally, the Company experienced robust growth by adding
services for existing partners and new bookings. Ongoing
investments in technology, operational excellence, and quality of
service are being well received in the market.
In the payables market, developments were made in both the
revenue cycle management arm, Symbeo, and the treasury services
department. At Symbeo, hyperautomation, a combination of AI,
machine learning, and robotic process automation technologies,
presents an expanded opportunity in the market. By using Symbeo’s
payable solutions, partners receive the benefits of touchless
digital invoices, AI enabled optical character recognition, a
machine learning Document Classification model, configurable AP
rules, and standard ERP integrations via Robotic Process Automation
which provides faster invoice cycle times, lower total cost of
ownership, and an enhanced user experience.
In the treasury services department, the Company has endeavored
to provide convenience and flexibility with a variety of payment
options including checks, ACH, and credit cards. Most recently, the
CorVel Connected online payment portals were expanded to facilitate
access for claimants and customers. The online portals provide a
secure interface to upload, review, update, and manage data.
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 quarter ended June
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 Six months Ended September 30, 2023 (unaudited) and September
30, 2022 (unaudited) |
|
Quarter
Ended |
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Revenues |
|
$ |
195,522,000 |
|
|
$ |
177,426,000 |
|
Cost of revenues |
|
|
151,270,000 |
|
|
|
141,332,000 |
|
Gross profit |
|
|
44,252,000 |
|
|
|
36,094,000 |
|
General and
administrative |
|
|
19,538,000 |
|
|
|
17,549,000 |
|
Income from operations |
|
|
24,714,000 |
|
|
|
18,545,000 |
|
Income tax provision |
|
|
4,816,000 |
|
|
|
3,889,000 |
|
Net income |
|
$ |
19,898,000 |
|
|
$ |
14,656,000 |
|
Earnings Per Share: |
|
|
|
|
|
Basic |
|
$ |
1.16 |
|
|
$ |
0.84 |
|
Diluted |
|
$ |
1.15 |
|
|
$ |
0.83 |
|
Weighted Shares |
|
|
|
|
|
Basic |
|
|
17,123,000 |
|
|
|
17,386,000 |
|
Diluted |
|
|
17,346,000 |
|
|
|
17,650,000 |
|
Six Months
Ended |
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Revenues |
|
$ |
385,775,000 |
|
|
$ |
353,733,000 |
|
Cost of revenues |
|
|
299,644,000 |
|
|
|
277,770,000 |
|
Gross profit |
|
|
86,131,000 |
|
|
|
75,963,000 |
|
General and
administrative |
|
|
35,989,000 |
|
|
|
36,219,000 |
|
Income from operations |
|
|
50,142,000 |
|
|
|
39,744,000 |
|
Income tax provision |
|
|
10,439,000 |
|
|
|
8,397,000 |
|
Net income |
|
$ |
39,703,000 |
|
|
$ |
31,347,000 |
|
Earnings Per Share: |
|
|
|
|
|
Basic |
|
$ |
2.32 |
|
|
$ |
1.80 |
|
Diluted |
|
$ |
2.29 |
|
|
$ |
1.77 |
|
Weighted Shares |
|
|
|
|
|
Basic |
|
|
17,133,000 |
|
|
|
17,446,000 |
|
Diluted |
|
|
17,365,000 |
|
|
|
17,726,000 |
|
|
CorVel Corporation |
Quarterly Results – Condensed Balance Sheet |
September 30, 2023 (unaudited) and March 31,
2023 |
|
|
|
September 30, 2023 |
|
|
March 31, 2023 |
|
Cash |
|
$ |
91,749,000 |
|
|
$ |
71,329,000 |
|
Customer deposits |
|
|
90,127,000 |
|
|
|
80,022,000 |
|
Accounts receivable, net |
|
|
86,937,000 |
|
|
|
81,034,000 |
|
Prepaid taxes and
expenses |
|
|
13,062,000 |
|
|
|
11,385,000 |
|
Property, net |
|
|
84,939,000 |
|
|
|
82,770,000 |
|
Goodwill and other assets |
|
|
40,129,000 |
|
|
|
39,662,000 |
|
Right-of-use asset, net |
|
|
27,174,000 |
|
|
|
27,721,000 |
|
Total |
|
$ |
434,117,000 |
|
|
$ |
393,923,000 |
|
Accounts and taxes
payable |
|
$ |
15,356,000 |
|
|
$ |
15,309,000 |
|
Accrued liabilities |
|
|
171,143,000 |
|
|
|
152,578,000 |
|
Long-term lease
liabilities |
|
|
25,049,000 |
|
|
|
23,860,000 |
|
Paid-in capital |
|
|
226,598,000 |
|
|
|
218,703,000 |
|
Treasury stock |
|
|
(775,400,000 |
) |
|
|
(748,195,000 |
) |
Retained earnings |
|
|
771,371,000 |
|
|
|
731,668,000 |
|
Total |
|
$ |
434,117,000 |
|
|
$ |
393,923,000 |
|
|
Contact: Melissa StoranPhone: 949-851-1473www.corvel.com
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