CorVel Announces Fiscal Year Revenues and Earnings


FORT WORTH, Texas, May 26, 2022 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2022. Earnings per share for the quarter were $1.09, compared to 81 cents in the same quarter of the prior year. Revenues for the quarter were $171 million, an increase from $146 million in the same quarter of the previous year.

Earnings per share for the fiscal year ended March 31, 2022 were $3.66, compared to $2.55 for the fiscal year ended March 31, 2021. Revenues for the fiscal year ended March 31, 2022 were $646 million, compared to $553 million for the fiscal year ended March 31, 2021.

The results achieved in the quarter and fiscal year are attributed to increased new bookings, particularly within our commercial health-focused operation CERiS, as well as improved productivity resulting from automation and augmentation being applied, incrementally, across enterprise business systems.

The Company also saw particularly strong growth in CareIQ, which provides nationwide network access and clinical outcomes management for Physical Therapy, Imaging and Diagnostics, Medical Equipment, Home Healthcare, Medical Transportation, and Interpretation services.

With the pandemic and increasing inflation, CorVel’s playbook remains unchanged. Financial strength and fiscal conservatism have allowed increased investment in the team as well as development to introduce innovative solutions to market.

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 our commercial health-focused operation, improved productivity resulting from automation and augmentation across enterprise business systems, and expansion within our ancillary network. 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, September 30, 2021, and December 31, 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 and Fiscal Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2022 and March 31, 2021
 Quarter Ended March 31, 2022March 31, 2021
Cost of revenues128,307,000109,791,000
Gross profit43,052,00035,719,000
General and administrative16,793,00016,366,000
Income from operations26,259,00019,353,000
Income tax provision6,622,0004,544,000
Net income19,637,00014,809,000
Earnings Per Share:
Weighted Shares



Fiscal Year EndedMarch 31, 2021March 31, 2020
Cost of revenues494,116,000429,020,000
Gross profit152,114,000123,624,000
General and administrative67,602,00064,449,000
Income from operations84,512,00059,175,000
Income tax provision18,102,00012,819,000
Net income66,410,00046,356,000
Earnings Per Share:
Weighted Shares



Quarterly Results – Condensed Balance Sheet
March 31, 2022 and March 31, 2021


March 31, 2022March 31, 2021
Customer deposits69,781,00056,497,000
Accounts receivable, net82,586,00064,722,000
Prepaid taxes and expenses15,123,0008,006,000
Property, net76,268,00070,619,000
Goodwill and other assets38,964,00039,876,000
Right-of-use asset, net35,020,00045,324,000
Accounts and taxes payable14,431,00013,574,000
Accrued liabilities156,939,000148,886,000
Deferred tax liability1,689,000
Long-term operating lease liabilities29,792,00041,898,000
Paid-in capital201,612,000185,944,000
Treasury stock(654,520,000 (564,435,000)
Retained earnings665,303,000598,893,000

CorVel Corporation is publicly traded on the NASDAQ National Market System under the stock symbol CRVL. The CorVel Corporation Annual Report on Form 10-K filed with the Securities and Exchange Commission may be obtained by clicking here or by contacting:
CorVel Corporation
5128 Apache Plume Road Suite 400
Fort Worth, TX 76109