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Mar 31, 2024
CorVel Q4 2024 Earnings Report
CorVel's Q4 2024 earnings report showed revenue growth and increased earnings per share compared to the same quarter of the previous year.
Key Takeaways
CorVel Corporation reported revenues of $207 million for the quarter ended March 31, 2024, an increase from $185 million in the same quarter of the previous year. Earnings per share for the quarter were $1.12, compared to $1.04 in the same quarter of the prior year.
Revenues for the quarter increased to $207 million from $185 million in the prior year.
Earnings per share for the quarter rose to $1.12, compared to $1.04 in the same quarter of the previous year.
Fiscal year 2024 revenues reached $795 million, up from $719 million in the previous fiscal year.
Patient Management services contributed significantly to overall fiscal revenue growth, increasing by 11%.
CorVel
CorVel
Forward Guidance
The company invested in and implemented Generative AI (GAI) functionality during the fiscal year, which brought substantive benefits across the enterprise and a broad foundation from which additional GAI functionality will be deployed in the future. As a result of those efforts, the Company has introduced GAI-powered software as a service (SaaS) platform to the managed care market.
Positive Outlook
- GAI implementation brought substantive benefits across the enterprise.
- Broad foundation for additional GAI functionality deployment.
- Introduced GAI-powered software as a service (SaaS) platform to the managed care market.
- Data and service hub will automate tasks.
- Leverage AI to increase efficiencies within workflows.
Challenges Ahead
- GAI could be prone to errors.
- Errors may cause inefficiencies.
- Mitigating errors could be costly.
- Risk of actual results differing materially and adversely from forward-looking statements.
- Factors described in the company’s filings with the Securities and Exchange Commission.