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CorVel Announces Revenues and Earnings

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