CorVel Announces Revenues and Earnings
FORT WORTH, Texas, Nov. 05, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation $(CRVL)$ announced the results for the quarter ended September 30, 2024. Revenues for the quarter were $224 million, an increase from $196 million in the September quarter of 2023. Earnings per share for the quarter were $1.35, compared to $1.15 in the same quarter of the prior year. Revenues for the six months ended September 30, 2024 were $436 million, an increase from $386 million during the six months ended September 30, 2023. Earnings per share for the six months ended September 30, 2024 were $2.60, compared to $2.29 during the six months ended September 30, 2023.
Second Quarter Fiscal Year 2025 Highlights
-- Revenue increased 15% to $224 million, compared to the second quarter of
fiscal year 2024.
-- Gross profit increased 15% to $50.7 million, at 22.6% gross margin,
compared to the second quarter of fiscal year 2024 gross profit of $44.3
million.
-- Diluted earnings per share increased 17% to $1.35, compared to the second
quarter of fiscal year 2024 diluted earnings per share of $1.15.
-- Exited the quarter with $138 million in cash, cash equivalents, and no
borrowings.
-- The Company repurchased $9.6 million of common stock during the quarter.
CorVel's conservative fiscal principles have created a strong balance sheet with positive cash flow, providing financial flexibility and allowing the Company to prioritize investments in systems, technological innovation, and growth initiatives while returning value to shareholders. The quarterly results benefited from revenue generated by several large Network Solutions programs launched in previous quarters and the continued strong new sales and operational performance of the Patient Management Segment. In addition to successfully winning and implementing new customers, the Net Revenue Retention for the quarter was 110%.
During the quarter, the Company hosted its annual Partnership meeting and attended the National Comp conference. Both events allowed meaningful interactions with strategic clients, prospects, and brokers to review program enhancements and ongoing initiatives and outline the Company's vision for products and services over the next few years. Those conversations validated the current market position and affirmed engagement, results achieved, and technological innovation as the primary drivers for increased market share.
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 quarter ended June 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 Six Months Ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)
Quarter Ended September 30, 2024 September 30, 2023
-------------------- --------------------
Revenues $ 224,380,000 $ 195,522,000
Cost of revenues 173,632,000 151,270,000
---------------- ----------------
Gross profit 50,748,000 44,252,000
General and administrative 22,078,000 19,538,000
---------------- ----------------
Income from operations 28,670,000 24,714,000
Income tax provision 5,272,000 4,816,000
---------------- ----------------
Net income $ 23,398,000 $ 19,898,000
================ ================
Earnings Per Share:
Basic $ 1.37 $ 1.16
================ ================
Diluted $ 1.35 $ 1.15
================ ================
Weighted Shares
Basic 17,133,000 17,123,000
Diluted 17,341,000 17,346,000
September 30, September 30,
Six Months Ended 2024 2023
--------------- ---------------
Revenues $ 436,102,000 $ 385,775,000
Cost of revenues 337,200,000 299,644,000
----------- -----------
Gross profit 98,902,000 86,131,000
General and administrative 42,198,000 35,989,000
----------- -----------
Income from operations 56,704,000 50,142,000
Income tax provision 11,729,000 10,439,000
----------- -----------
Net income $ 44,975,000 $ 39,703,000
=========== ===========
Earnings Per Share:
Basic $ 2.63 $ 2.32
=========== ===========
Diluted $ 2.60 $ 2.29
=========== ===========
Weighted Shares
Basic 17,127,000 17,133,000
Diluted 17,327,000 17,365,000
CorVel Corporation
Quarterly Results -- Condensed Balance Sheet
September 30, 2024 (unaudited) and March 31, 2024
September 30, 2024 March 31, 2024
-------------------- ----------------
Cash $ 138,349,000 $ 105,563,000
Customer deposits 109,110,000 88,142,000
Accounts receivable, net 102,393,000 97,108,000
Prepaid taxes and expenses 13,481,000 11,418,000
Property, net 89,115,000 85,892,000
Goodwill and other assets 42,287,000 42,498,000
Right-of-use asset, net 23,818,000 24,058,000
---------------- ------------
Total $ 518,553,000 $ 454,679,000
================ ============
Accounts and taxes payable $ 14,174,000 $ 16,631,000
Accrued liabilities 198,685,000 167,868,000
Long-term lease liabilities 22,922,000 22,533,000
Paid-in capital 242,897,000 233,632,000
Treasury stock (813,020,000) (793,905,000)
Retained earnings 852,895,000 807,920,000
---------------- ------------
Total $ 518,553,000 $ 454,679,000
================ ============
Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com
(END) Dow Jones Newswires
November 05, 2024 06:15 ET (11:15 GMT)
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