CorVel Announces Revenues and Earnings
05/26/2022 - 06:15 AM
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
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 Storanwww.corvel.com
