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Exhibit 99.1
Date: February 1, 2022 |
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CorVel Corporation |
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5128 Apache Plume Road |
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Suite 400 |
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Fort Worth, TX 76109 |
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FOR IMMEDIATE RELEASE |
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Contact: Melissa Storan |
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Phone: 949-851-1473 |
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www.corvel.com |
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CorVel Announces Revenues and Earnings
FORT WORTH, Texas, February 1, 2022 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2021. Earnings per share for the quarter were 76 cents, compared to 63 cents in the same quarter of the prior year. Revenues for the quarter were $165 million, an increase from $142 million in the same quarter of the previous year.
Earnings per share for the nine months ended December 31, 2021 were $2.57, compared to $1.74 for the nine months ended December 31, 2020. Revenues for the nine months ended December 31, 2021 were $475 million, compared to $407 million for the nine months ended December 31, 2020.
New sales remained robust for the quarter and were a record high for the calendar year 2021. Continued investment in payment integrity services created robust growth with CERiS in the health market, an essential component of the Company’s current and future strategy.
The pandemic has changed the mix of workplace injuries and increased the need for virtual and telephonic identification of injuries. CorVel’s virtual care offerings and Advocacy 24/7 nurse hotline allow for treatment without the need of a brick and mortar facility visit. The Company offers a hybrid form of telehealth by bringing a balanced blend of technology alongside essential human contact. This has resulted in improved user experiences and healthcare outcomes, as well as continued triple-digit growth in the utilization of these services.
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 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 quarters ended June 30, 2021 and September 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 Nine Months Ended December 31, 2021 (unaudited) and December 31, 2020 (unaudited)
Quarter Ended |
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December 31, 2021 |
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December 31, 2020 |
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Revenues |
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$ |
164,508,000 |
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$ |
141,506,000 |
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Cost of revenues |
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129,320,000 |
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110,613,000 |
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Gross profit |
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35,188,000 |
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30,893,000 |
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General and administrative |
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17,506,000 |
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16,937,000 |
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Income from operations |
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17,682,000 |
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13,956,000 |
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Income tax provision |
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3,824,000 |
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2,576,000 |
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Net income |
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$ |
13,858,000 |
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$ |
11,380,000 |
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Earnings Per Share: |
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Basic |
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$ |
0.78 |
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$ |
0.64 |
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Diluted |
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$ |
0.76 |
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$ |
0.63 |
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Weighted Shares |
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Basic |
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17,785,000 |
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17,899,000 |
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Diluted |
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18,211,000 |
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18,180,000 |
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Nine Months Ended |
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December 31, 2021 |
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December 31, 2020 |
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Revenues |
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$ |
474,871,000 |
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$ |
407,134,000 |
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Cost of revenues |
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365,808,000 |
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319,228,000 |
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Gross profit |
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109,063,000 |
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87,906,000 |
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General and administrative |
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50,810,000 |
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48,084,000 |
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Income from operations |
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58,253,000 |
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39,822,000 |
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Income tax provision |
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11,480,000 |
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8,275,000 |
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Net income |
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$ |
46,773,000 |
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$ |
31,547,000 |
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Earnings Per Share: |
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Basic |
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$ |
2.62 |
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$ |
1.76 |
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Diluted |
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$ |
2.57 |
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$ |
1.74 |
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Weighted Shares |
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Basic |
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17,841,000 |
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17,939,000 |
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Diluted |
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18,221,000 |
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18,156,000 |
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CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 30, 2021 (unaudited) and March 31, 2021 (audited)
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December 31, 2021 |
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March 31, 2021 |
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Cash |
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$ |
115,538,000 |
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$ |
139,716,000 |
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Customer deposits |
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70,163,000 |
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56,497,000 |
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Accounts receivable, net |
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69,545,000 |
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64,722,000 |
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Prepaid taxes and expenses |
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13,429,000 |
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8,006,000 |
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Property, net |
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70,884,000 |
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70,619,000 |
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Goodwill and other assets |
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40,762,000 |
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39,876,000 |
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Right-of-use asset, net |
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43,387,000 |
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45,324,000 |
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Total |
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$ |
423,708,000 |
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$ |
424,760,000 |
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Accounts and taxes payable |
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$ |
12,346,000 |
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$ |
13,574,000 |
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Accrued liabilities |
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158,191,000 |
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148,886,000 |
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Long-term lease liabilities |
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38,244,000 |
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41,898,000 |
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Paid-in capital |
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198,987,000 |
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185,944,000 |
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Treasury stock |
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(629,726,000 |
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(564,435,000 |
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Retained earnings |
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645,666,000 |
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598,893,000 |
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Total |
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$ |
423,708,000 |
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$ |
424,760,000 |
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