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CorVel Announces Revenues and Earnings

·5-min read
CorVel Corp.
CorVel Corp.

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 $1.09, compared to 81 cents in the same quarter of the prior year. Revenues for the quarter were $171 million, an increase from $146 million in the same quarter of the previous year.

Earnings per share for the fiscal year ended March 31, 2022 were $3.66, compared to $2.55 for the fiscal year ended March 31, 2021. Revenues for the fiscal year ended March 31, 2022 were $646 million, compared to $553 million for the fiscal year ended March 31, 2021.

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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