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CorVel Announces Revenues and Earnings

By: CorVel Corp. via GlobeNewswire

February 04, 2025 at 06:15 AM EST

FORT WORTH, Texas, Feb. 04, 2025 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2024. Revenues for the quarter were $228 million, an increase from $202 million in the December quarter of 2023. Earnings per share for the quarter were $0.46, compared to $0.33 in the same quarter of the prior year. Revenues for the nine months ended December 31, 2024 were $664 million, an increase from $588 million during the nine months ended December 31, 2023. Earnings per share for the nine months ended December 31, 2024 were $1.32, compared to $1.09 during the nine months ended December 31, 2023. The earnings per share numbers for the current and prior year have been adjusted to reflect the three-for-one stock split of its common stock which was paid on December 24, 2024.

Third Quarter Fiscal Year 2025 Highlights

Revenue increased 13% to $228 million, compared to the third quarter of fiscal year 2024.
Gross profit increased 25% to $52.9 million, at 23.2% gross margin, compared to the third quarter of fiscal year 2024 gross profit of $42.2 million.
Diluted earnings per share increased 39% to $0.46, compared to the third quarter of fiscal year 2024 diluted earnings per share of $0.33.
Exited the quarter with $163 million cash, cash equivalents, and no borrowings.
The Company repurchased $9.6 million of common stock during the quarter.

A key to CorVel’s success and differentiation in technological innovation is the development team’s structure, the depth and tenure of the employees, and the lack of impedance in translating business needs into the development and implementation of functioning systems. Due to the depth and strength of the IT team, system updates, and new features are released weekly, which enables rapid progress on enhancements and advancements in automation and innovation. In the December quarter, generative-AI-based functionality was released to streamline document processing and identify claim milestones, and improvements are planned to enhance the integrated communication platform. These enhancements can optimize outcomes, improve the experience of injured workers, and make day-to-day tasks easier, which allows CorVel professionals to focus on higher-level activities.

During the quarter in the healthcare market, the persistent upward trend of medical costs is causing Administrative Services Only, ASO, customers to seek additional medical savings and greater cost efficiency in claims. CERIS is ideally equipped to solve the growing demand by offering multiple audits and lowering claim thresholds. With substantial expertise in prepay, CERIS is able to accommodate ASOs and Payers with the tools needed to reduce medical spend without additional administrative overhead.

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, 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 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, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024 and September 30, 2024. 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 Nine Months Ended December 31, 2024 (unaudited) and December 31, 2023 (unaudited)

Quarter Ended	December 31, 2024		December 31, 2023
Revenues	$	227,973,000	$	202,303,000
Cost of revenues		175,115,000		160,143,000
Gross profit		52,858,000		42,160,000
General and administrative		22,058,000		19,798,000
Income from operations		30,800,000		22,362,000
Income tax provision		7,029,000		5,267,000
Net income	$	23,771,000	$	17,095,000
Earnings Per Share:
Basic	$	0.46	$	0.33
Diluted	$	0.46	$	0.33
Weighted Shares
Basic		51,388,000		51,318,000
Diluted		52,038,000		51,978,000

Nine Months Ended	December 31, 2024		December 31, 2023
Revenues	$	664,075,000	$	588,078,000
Cost of revenues		512,528,000		459,788,000
Gross profit		151,547,000		128,290,000
General and administrative		64,043,000		55,786,000
Income from operations		87,504,000		72,504,000
Income tax provision		18,758,000		15,706,000
Net income	$	68,746,000	$	56,798,000
Earnings Per Share:
Basic	$	1.34	$	1.11
Diluted	$	1.32	$	1.09
Weighted Shares
Basic		51,384,000		51,372,000
Diluted		51,999,000		52,056,000

CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 31, 2024 (unaudited) and March 31, 2024

	December 31, 2024			March 31, 2024
Cash	$	162,944,000		$	105,563,000
Customer deposits		99,496,000			88,142,000
Accounts receivable, net		106,178,000			97,108,000
Prepaid taxes and expenses		14,543,000			11,418,000
Property, net		91,256,000			85,892,000
Goodwill and other assets		42,420,000			42,498,000
Right-of-use asset, net		21,940,000			24,058,000
Total	$	538,777,000		$	454,679,000
Accounts and taxes payable	$	16,630,000		$	16,631,000
Accrued liabilities		200,108,000			167,868,000
Long-term lease liabilities		21,189,000			22,533,000
Paid-in capital		246,698,000			233,632,000
Treasury stock		(822,514,000	)		(793,905,000	)
Retained earnings		876,666,000			807,920,000
Total	$	538,777,000		$	454,679,000