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Sep 30, 2021
CorVel Q2 2022 Earnings Report
Corvel's revenue and earnings increased in Q2 2022.
Key Takeaways
CorVel Corporation reported an increase in revenues and earnings per share for the quarter ended September 30, 2021. Revenues increased to $158 million, and earnings per share rose to 88 cents.
Revenues for the quarter were $158 million, up from $136 million in the same quarter of the previous year.
Earnings per share for the quarter were 88 cents, compared to 65 cents in the same quarter of the prior year.
Continued development in new and existing business and improved operational efficiencies contributed to revenue growth.
Telehealth usage has stabilized at levels 38 times higher than pre-pandemic.
CorVel
CorVel
Forward Guidance
The company is focusing on patient engagement and ease of use in the healthcare and workers’ compensation processes and embracing opportunities for evolving health care models and providing tools to facilitate healthcare navigation.
Positive Outlook
- Continued development in new and existing business.
- Improved operational efficiencies.
- Expanded R&D efforts.
- Quicker rate at which liquidity is converted into intellectual property.
- Recent system enhancements increase the capacity, quality & consistency of our work product and the overall outcomes produced.
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.
- Risks and uncertainties described in the company’s filings with the Securities and Exchange Commission.
- Factors described in 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
- Factors described in the company’s filings with the Securities and Exchange Commission, including but not limited to 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.