EX-99.1 2 crvl-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

Date: August 1, 2023

 

CorVel Corporation

 

 

5128 Apache Plume Road

 

 

Suite 400

 

 

Fort Worth, TX 76109

 

 

 

FOR IMMEDIATE RELEASE

 

Contact: Melissa Storan

 

 

Phone: 949-851-1473

 

 

www.corvel.com

 

CorVel Announces Revenues and Earnings

FORT WORTH, Texas, August 1, 2023 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2023. Revenues for the quarter were a record $190 million, an increase from $176 million in the same quarter of the previous year. Earnings per share for the quarter were also a record $1.14, compared to $0.94 in the same quarter of the prior year.

CorVel’s 1st generative AI initiative will be released in the September quarter. The release will reduce mundane, repetitive tasks and provide decision support at critical inflection points. This automation will add to the existing machine-learning tools with increasing capabilities within the system. The Company also views generative AI as an effective tool to mitigate labor challenges and provide guidelines for future generations of professionals. In the quarter, investments in the foundational systems and workflow processes continued to strengthen the results achieved with CorVel’s products and services.

The Company further showed its commitment to technological evolution with the expansion of service offerings within the health market at CERIS. This most recent development, in conjunction with the business development efforts of the team, resulted in significant new partnerships being added during the quarter.

In the payables market, fraud remains a leading risk throughout the supply chain, in a large part due to increased M&A activity. Fraudulent vendor account information and payments can be difficult to detect within large volumes of financial transactions. Symbeo, the revenue cycle management arm of CorVel, provides a supplier onboarding offering to validate the authenticity of new suppliers and provides early warning fraud detection for every transaction throughout the payment process.

 

The Workers' Compensation operations experienced improved performance in the June quarter due to enhancements in operational efficiencies, particularly the alignment of staffing and claim volumes. Revenue and gross profit increased during the quarter as a result of these efforts.

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. 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, 2023 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022. 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, 2023 (unaudited) and June 30, 2022 (unaudited)

 

Quarter Ended

 

June 30, 2023

 

 

June 30, 2022

 

Revenues

 

$

190,253,000

 

 

$

176,307,000

 

Cost of revenues

 

 

148,375,000

 

 

 

136,438,000

 

Gross profit

 

 

41,878,000

 

 

 

39,869,000

 

General and administrative

 

 

16,450,000

 

 

 

18,671,000

 

Income from operations

 

 

25,428,000

 

 

 

21,198,000

 

Income tax provision

 

 

5,623,000

 

 

 

4,507,000

 

Net income

 

$

19,805,000

 

 

$

16,691,000

 

Earnings Per Share:

 

 

 

 

 

 

Basic

 

$

1.16

 

 

$

0.95

 

Diluted

 

$

1.14

 

 

$

0.94

 

Weighted Shares

 

 

 

 

 

 

Basic

 

 

17,144,000

 

 

 

17,506,000

 

Diluted

 

 

17,385,000

 

 

 

17,803,000

 

 

 

 


 

CorVel Corporation

Quarterly Results – Condensed Balance Sheet

June 30, 2023 (unaudited) and March 31, 2023

 

 

 

June 30, 2023

 

 

March 31, 2023

 

Cash

 

$

86,593,000

 

 

$

71,329,000

 

Customer deposits

 

 

84,755,000

 

 

 

80,022,000

 

Accounts receivable, net

 

 

84,176,000

 

 

 

81,034,000

 

Prepaid taxes and expenses

 

 

12,426,000

 

 

 

11,385,000

 

Property, net

 

 

84,276,000

 

 

 

82,770,000

 

Goodwill and other assets

 

 

39,228,000

 

 

 

39,662,000

 

Right-of-use asset, net

 

 

26,119,000

 

 

 

27,721,000

 

Total

 

$

417,573,000

 

 

$

393,923,000

 

Accounts and taxes payable

 

$

20,419,000

 

 

$

15,309,000

 

Accrued liabilities

 

 

167,312,000

 

 

 

152,578,000

 

Long-term lease liabilities

 

 

22,862,000

 

 

 

23,860,000

 

Paid-in capital

 

 

221,394,000

 

 

 

218,703,000

 

Treasury stock

 

 

(765,887,000

)

 

 

(748,195,000

)

Retained earnings

 

 

751,473,000

 

 

 

731,668,000

 

Total

 

$

417,573,000

 

 

$

393,923,000