CorVel Announces Fiscal Year Revenues and Earnings


FORT WORTH, Texas, May 25, 2023 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2023. Revenues for the quarter were $185 million, an increase from $171 million in the same quarter of the previous year. Earnings per share for the quarter were $1.04, compared to $1.09 in the same quarter of the prior year.

Revenues for the fiscal year ended March 31, 2023 were $719 million, compared to $646 million for the fiscal year ended March 31, 2022. Earnings per share for the fiscal year ended March 31, 2023 were $3.77, compared to $3.66 for the fiscal year ended March 31, 2022.

During the quarter and fiscal year, CERIS expanded work with existing and developing partners in the commercial health market. The Company has increased investment in the CERIS team, SaaS platform, and R&D. With the application of advanced technologies, workflow efficiencies have increased, ROI has grown, and the competitive position in the market has strengthened. CERIS is well-positioned and prepared to scale for the additional business.

In other areas, CorVel is moving forward quickly and intentionally, using generative AI in a closed-source data environment. The technology will be incorporated into CogencyIQ® service offerings and has extensive benefits. Most importantly, generative AI will elevate the work of claims professionals and allow more time to be spent interacting directly with injured workers. The reallocated time will ultimately improve the experience of injured workers and enhance partner outcomes.

The Company has also introduced a new virtual mailbox interface in the Provider Portal, allowing documents to be uploaded securely. In addition to data security, the virtual mailbox confirms submission with receipt and tracking, requires no manual preprocessing, and provides same-day handling from any location. This project was designed for scalability; customers now using the interface are experiencing cost savings and cost avoidance.

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. 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, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022. 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 Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2023 and March 31, 2022
 Quarter Ended March 31, 2023March 31, 2022
Cost of revenues143,492,000128,307,000
Gross profit41,951,00043,052,000
General and administrative19,358,00016,793,000
Income from operations22,593,00026,259,000
Income tax provision4,424,0006,622,000
Net income18,169,00019,637,000
Earnings Per Share:
Weighted Shares


Fiscal Year EndedMarch 31, 2023March 31, 2022
Cost of revenues560,303,000494,116,000
Gross profit158,259,000152,114,000
General and administrative73,705,00067,602,000
Income from operations84,554,00084,512,000
Income tax provision18,189,00018,102,000
Net income66,365,00066,410,000
Earnings Per Share:
Weighted Shares


Quarterly Results – Condensed Balance Sheet
March 31, 2023 and March 31, 2022
March 31, 2023March 31, 2022
Customer deposits80,022,00069,781,000
Accounts receivable, net81,034,00082,586,000
Prepaid taxes and expenses11,385,00015,123,000
Property, net82,770,00076,268,000
Goodwill and other assets39,662,00038,964,000
Right-of-use asset, net27,721,00035,020,000
Accounts and taxes payable15,309,00014,431,000
Accrued liabilities152,578,000156,939,000
Deferred tax liability1,689,000
Long-term operating lease liabilities23,860,00029,792,000
Paid-in capital218,703,000201,612,000
Treasury stock(748,195,000) (654,520,000)
Retained earnings731,668,000665,303,000