CorVel Announces Revenues and Earnings

FORT WORTH, Texas, Jan. 31, 2023 (GLOBE NEWSWIRE) — CorVel Company (NASDAQ: CRVL) introduced the outcomes for the quarter ended December 31, 2022. Revenues for the quarter have been $179 million, a rise from $165 million in the identical quarter of the earlier yr. Earnings per share for the quarter have been $0.96, in comparison with $0.76 in the identical quarter of the prior yr.

Revenues for the 9 months ended December 31, 2022 have been $533 million, in comparison with $475 million for the 9 months ended December 31, 2021. Earnings per share for the 9 months ended December 31, 2022 have been $2.73, in comparison with $2.57 for the 9 months ended December 31, 2021.

CorVel was happy to have file new gross sales in its Enterprise Comp guide of enterprise serving the Staff’ Compensation market. Growing market recognition and acknowledgment of outcomes achieved have been the first drivers for the rise. Moreover, continued investments in managed care companies have elevated curiosity and, in the end, the expansion of CorVel’s service enterprise.

The Firm has additionally continued work within the space of digital transformation. Most up-to-date efforts have centered on enhancing CorVel’s doc repository system with AI-centric applied sciences. The developments being applied automate the extraction and codification of crucial knowledge, which may then be leveraged dynamically inside methods. The event roadmap for the quarter and past contains elevated automation and augmentation, which can additional optimize bottom-line outcomes and outcomes.

About CorVel

CorVel Company applies expertise together with synthetic intelligence, machine studying and pure language processing to reinforce the managing of episodes of care and the associated well being care prices. We companion with employers, third-party directors, insurance coverage firms and authorities businesses in managing staff’ compensation and well being, auto and legal responsibility companies. Our various suite of options combines our built-in applied sciences with a human contact. CorVel’s personalized companies, delivered regionally, are backed by a nationwide crew to help shoppers in addition to their clients and sufferers.

Protected Harbor Assertion beneath the Personal Securities Litigation Reform Act of 1995

All statements included on this press launch, apart from statements or characterizations of historic reality, are forward-looking statements. These forward-looking statements are based mostly on the Firm’s present expectations, estimates and projections concerning the Firm, administration’s beliefs, and sure assumptions made by the Firm, and occasions past the Firm’s management, all of that are topic to vary. Such forward-looking statements embrace, however should not restricted to, statements referring to our industrial health-focused operation, improved productiveness ensuing from automation and augmentation throughout enterprise enterprise methods.  These forward-looking statements should not ensures of future outcomes and are topic to dangers, uncertainties and assumptions that would trigger the Firm’s precise outcomes to vary materially and adversely from these expressed in any forward-looking assertion, together with the chance that the affect of the COVID-19 pandemic on our enterprise, outcomes of operations and monetary situation is bigger than our preliminary evaluation.

The dangers and uncertainties referred to above embrace however should not restricted to elements described on this press launch and the Firm’s filings with the Securities and Trade Fee, together with however not restricted to “Risk Factors” within the Firm’s Annual Report on Kind 10-Ok for the yr ended March 31, 2022 and the Firm’s Quarterly Report on Kind 10-Q for the quarters ended June 30, 2022 and September 30, 2022. The forward-looking statements on this press launch communicate solely as of the date they’re made. The Firm undertakes no obligation to revise or replace publicly any forward-looking assertion for any motive.

CorVel Company
Quarterly Outcomes – Earnings Assertion
Quarters and 9 Months Ended December 31, 2022 (unaudited) and December 31, 2021 (unaudited)

Quarter Ended December 31, 2022 December 31, 2021 Revenues $ 179,386,000 $ 164,508,000 Price of revenues 139,041,000 129,320,000 Gross revenue 40,345,000 35,188,000 Basic and administrative 18,128,000 17,506,000 Earnings from operations 22,217,000 17,682,000 Earnings tax provision 5,368,000 3,824,000 Internet revenue $ 16,849,000 $ 13,858,000 Earnings Per Share: Fundamental $ 0.98 $ 0.78 Diluted $ 0.96 $ 0.76 Weighted Shares Fundamental 17,245,000 17,785,000 Diluted 17,487,000 18,211,000 9 Months Ended December 31, 2022 December 31, 2021 Revenues $ 533,119,000 $ 474,871,000 Price of revenues 416,811,000 365,808,000 Gross revenue 116,308,000 109,063,000 Basic and administrative 54,347,000 50,810,000 Earnings from operations 61,961,000 58,253,000 Earnings tax provision 13,765,000 11,480,000 Internet revenue $ 48,196,000 $ 46,773,000 Earnings Per Share: Fundamental $ 2.77 $ 2.62 Diluted $ 2.73 $ 2.57 Weighted Shares Fundamental 17,379,000 17,841,000 Diluted 17,647,000 18,221,000

CorVel Company
Quarterly Outcomes – Condensed Steadiness Sheet
December 31, 2022 (unaudited) and March 31, 2022

December 31, 2022 March 31, 2022 Money $ 78,031,000 $ 97,504,000 Buyer deposits 82,857,000 69,781,000 Accounts receivable, internet 82,791,000 82,586,000 Pay as you go taxes and bills 13,064,000 15,123,000 Property, internet 82,066,000 76,268,000 Goodwill and different property 38,942,000 38,964,000 Proper-of-use asset, internet 29,936,000 35,020,000 Whole $ 407,687,000 $ 415,246,000 Accounts and taxes payable $ 16,616,000 $ 14,431,000 Accrued liabilities 169,810,000 156,939,000 Deferred tax legal responsibility 683,000 1,689,000 Lengthy-term lease liabilities 25,773,000 29,792,000 Paid-in capital 210,907,000 201,612,000 Treasury inventory (729,601,000 ) (654,520,000 ) Retained earnings 713,499,000 665,303,000 Whole $ 407,687,000 $ 415,246,000