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Mar 31, 2020
CorVel Q4 2020 Earnings Report
Corvel's Q4 2020 earnings decreased compared to the same quarter last year, with revenues at $147 million and EPS at $0.64.
Key Takeaways
CorVel Corporation reported a decrease in revenues for the quarter ended March 31, 2020, with revenues of $147 million compared to $151 million in the same quarter of the prior year. Earnings per share were $0.64, slightly up from $0.63 in the prior year's quarter. The company had to make adjustments due to the COVID-19 pandemic, including a reduction in force.
Revenues for the quarter ended March 31, 2020 were $147 million, down from $151 million in the same quarter of the previous year.
Earnings per share for the quarter ended March 31, 2020, were $0.64, compared to $0.63 in the same quarter of the prior year.
The company implemented an 8% reduction in force in response to the COVID-19 pandemic.
CorVel is focusing on expanding virtual services, including telehealth, to address the challenges posed by COVID-19.
CorVel
CorVel
Forward Guidance
CorVel is focusing on leveraging technology and telehealth into expanded virtual services to minimize the spread of COVID-19 and quickly identify and safely treat workers’ compensation cases.
Positive Outlook
- Virtual Care platform is fully integrated with 24/7 nurse triage services.
- Integration reduces delays in care and avoids duplicative efforts.
- Efficient coordination of treatment for injured workers.
- Automated integration of medical notes, reports, and documents in real time.
- Industry leading connectivity from injury to return to work.
Challenges Ahead
- The company was forced to make difficult but necessary decisions at the onset of the pandemic.
- An 8% reduction in force that began in the March quarter and continued through the June quarter in order to protect the company while maintaining operations and supporting our customers
- Impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment
- Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019.
- Amount and timing of any stock repurchases under the Company’s stock repurchase program, if any, and the Company’s ability to repurchase shares of its common stock and how those repurchased shares may be used.