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Jun 30, 2024
CorVel Q1 2025 Earnings Report
Reported an increase in revenue and earnings for the quarter ended June 30, 2024.
Key Takeaways
CorVel Corporation announced an 11% increase in revenues to $212 million and an increase in earnings per share to $1.25 for the quarter ended June 30, 2024.
Revenue increased 11% to $212 million compared to the first quarter of fiscal year 2024.
Gross profit increased 15% to $48.2 million, with a gross margin of 22.7%.
Diluted earnings per share increased 10% to $1.25, compared to the first quarter of fiscal year 2024.
The company exited the quarter with $132 million of cash, cash equivalents, and no borrowings.
CorVel
CorVel
Forward Guidance
The company is leveraging technology, including AI, to enhance care management and reduce healthcare costs, partnering with various entities to manage workers' compensation and health services.
Positive Outlook
- Enhanced communications platform integrated in CorVel’s proprietary claims system, CareMC.
- Platform benefits claim staff and injured workers.
- Platform yields a level of efficiency that is unique in the industry.
- Platform utilizes the advanced security features embedded in the system, reducing patient security risk.
- AI is being used in the review of clinical bills to identify anomalies and document activities.
Challenges Ahead
- Risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
- Factors described in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024
- Factors described in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023
- Factors described in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023
- Factors described in the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2023