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CorVel Announces Revenues and Earnings
Source: Nasdaq GlobeNewswire / 02 Nov 2021 06:15:00 America/New_York
FORT WORTH, Texas, Nov. 02, 2021 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended September 30, 2021. Earnings per share for the quarter were 88 cents, compared to 65 cents in the same quarter of the prior year. Revenues for the quarter were $158 million, an increase from $136 million in the same quarter of the previous year.
Earnings per share for the six months ended September 30, 2021 were $1.81, compared to $1.11 for the six months ended September 30, 2020. Revenues for the six months ended September 30, 2021 were $310 million, compared to $266 million for the six months ended September 30, 2020.
Continued development in new and existing business as well as improved operational efficiencies contributed to revenue growth during the quarter. With a strong balance sheet, R&D efforts have expanded and the rate at which liquidity is converted into intellectual property has quickened. Recent system enhancements increase the capacity, quality & consistency of our work product and the overall outcomes produced.
Telehealth usage has stabilized at levels 38 times higher than pre-pandemic. Patients have responded positively to virtual care and favorable regulatory changes have been implemented across the country. In addition to current services, CorVel is embracing opportunities for evolving health care models and providing tools to facilitate healthcare navigation. The Company is focusing on patient engagement and ease of use in the healthcare and workers’ compensation processes.
About CorVel
CorVel 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 the stabilization of telehealth usage and the Company’s continued investment in evolving healthcare models, healthcare navigation tools, and other innovative technologies. 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 quarter ended June 30, 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 Six Months Ended September 30, 2021 (unaudited) and September 30, 2020 (unaudited)Quarter Ended September 30, 2021 September 30, 2020 Revenues $ 157,743,000 $ 136,028,000 Cost of revenues 121,082,000 105,525,000 Gross profit 36,661,000 30,503,000 General and administrative 16,658,000 15,560,000 Income from operations 20,003,000 14,943,000 Income tax provision 3,931,000 3,078,000 Net income $ 16,072,000 $ 11,865,000 Earnings Per Share: Basic $ 0.90 $ 0.66 Diluted $ 0.88 $ 0.65 Weighted Shares Basic 17,841,000 17,937,000 Diluted 18,232,000 18,174,000 Six Months Ended September 30, 2021 September 30, 2020 Revenues $ 310,363,000 $ 265,628,000 Cost of revenues 236,489,000 208,616,000 Gross profit 73,874,000 57,012,000 General and administrative 33,303,000 31,145,000 Income from operations 40,571,000 25,867,000 Income tax provision 7,656,000 5,700,000 Net income $ 32,915,000 $ 20,167,000 Earnings Per Share: Basic $ 1.84 $ 1.12 Diluted $ 1.81 $ 1.11 Weighted Shares Basic 17,869,000 17,960,000 Diluted 18,226,000 18,144,000 CorVel Corporation
Quarterly Results – Condensed Balance Sheet
September 30, 2021 (unaudited) and March 31, 2021 (audited)September 30, 2021 March 31, 2021 Cash $ 131,075,000 $ 139,716,000 Customer deposits 61,061,000 56,497,000 Accounts receivable, net 69,438,000 64,722,000 Prepaid taxes and expenses 10,472,000 8,006,000 Property, net 70,053,000 70,619,000 Goodwill and other assets 40,625,000 39,876,000 Right-of-use asset, net 42,177,000 45,324,000 Total $ 424,901,000 $ 424,760,000 Accounts and taxes payable $ 13,459,000 $ 13,574,000 Accrued liabilities 149,189,000 148,886,000 Long-term lease liabilities 38,458,000 41,898,000 Paid-in capital 196,177,000 185,944,000 Treasury stock (604,190,000 ) (564,435,000 ) Retained earnings 631,808,000 598,893,000 Total $ 424,901,000 $ 424,760,000 CorVel Corporation 5128 Apache Plume Road Suite 400 Fort Worth, TX 76109 Contact: Melissa Storan Phone: 949-851-1473 www.corvel.com 
