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CorVel Announces Revenues and Earnings

FORT WORTH, Texas, Aug. 02, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2022. Earnings per share for the quarter were $0.94, compared to $0.92 in the same quarter of the prior year. Revenues for the quarter were $176 million, an increase from $153 million in the same quarter of the previous year.

The Company’s conservative approach to business continues to support a high return on equity despite current inflation and economic dynamics. Revenue growth in the year has been strong led by CERiS, in the payment integrity space. The results achieved are a continuation of top-line growth from June quarters in the years prior, discounting the pandemic low from 2020.

During the quarter, developing and optimizing systems to enhance team member efficiency and effectiveness remained a focus. These investments result in increasingly automated and augmented workflows which increase and enhance the team’s throughput as well as the results achieved for CorVel’s partners.

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, 2022 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 Ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)

Quarter Ended June 30, 2022  June 30, 2021 
Revenues $176,307,000  $152,620,000 
Cost of revenues  136,438,000   115,407,000 
Gross profit  39,869,000   37,213,000 
General and administrative  18,671,000   16,645,000 
Income from operations  21,198,000   20,568,000 
Income tax provision  4,507,000   3,725,000 
Net income $16,691,000  $16,843,000 
Earnings Per Share:      
Basic $0.95  $0.94 
Diluted $0.94  $0.92 
Weighted Shares      
Basic  17,506,000   17,897,000 
Diluted  17,803,000   18,220,000 

CorVel Corporation
Quarterly Results – Condensed Balance Sheet
June 30, 2022 (unaudited) and March 31, 2022

  June 30, 2022  March 31, 2022 
Cash $94,308,000  $97,504,000 
Customer deposits  74,421,000   69,781,000 
Accounts receivable, net  81,090,000   82,586,000 
Prepaid taxes and expenses  10,816,000   15,123,000 
Property, net  83,707,000   76,268,000 
Goodwill and other assets  38,887,000   38,964,000 
Right-of-use asset, net  32,448,000   35,020,000 
Total $415,677,000  $415,246,000 
Accounts and taxes payable $23,901,000  $14,431,000 
Accrued liabilities  157,504,000   156,939,000 
Deferred tax liability  1,345,000   1,689,000 
Long-term lease liabilities  27,299,000   29,792,000 
Paid-in capital  204,842,000   201,612,000 
Treasury stock  (681,208,000)  (654,520,000)
Retained earnings  681,994,000   665,303,000 
Total $415,677,000  $415,246,000 

Contact: Melissa Storan
Phone: 949-851-1473