CorVel(CRVL) - 2026 Q1 - Quarterly Results

Financial Highlights CorVel Corporation reported strong Q1 FY2026 financial results, demonstrating significant year-over-year growth and a robust financial position | Metric | Q1 FY2026 (ended June 30, 2025) | Q1 FY2025 (ended June 30, 2024) | % Change | | :--- | :--- | :--- | :--- | | Revenues | $235 million | $212 million | 11% ↑ | | Gross Profit | $56.8 million | $48.2 million | 18% ↑ | | Diluted EPS | $0.52 | $0.42 | 24% ↑ | - The company maintained a strong balance sheet, exiting the quarter with $202 million in cash and cash equivalents and no outstanding borrowings[6] - During the quarter, the company repurchased $9.6 million of its common stock[6] Business & Strategic Developments Strategic execution and innovation, including a key acquisition, drove the company's performance and enhanced its group health division - CorVel's teams are advancing innovation initiatives, with a specific focus on research and development in agentic AI to strengthen operational capabilities[3] - The company acquired assets and key talent from a privately held technology firm to enhance its CERIS group health division. The acquired assets include proprietary tools and intellectual property[4] - The recent acquisition is expected to enhance innovation, reduce time-to-market, and be accretive to growth over the medium term[4] Financial Statements Detailed financial statements provide a comprehensive view of CorVel's performance, highlighting growth in key financial metrics Income Statement The Income Statement details CorVel's financial performance for the quarter, showing key revenue and profit figures | (In thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $234,711 | $211,722 | | Cost of revenues | $177,950 | $163,567 | | Gross profit | $56,761 | $48,155 | | General and administrative | $21,478 | $20,120 | | Income from operations | $35,283 | $28,035 | | Income tax provision | $8,048 | $6,458 | | Net income | $27,235 | $21,577 | | Diluted EPS | $0.52 | $0.42 | Condensed Balance Sheet The Condensed Balance Sheet provides a snapshot of CorVel's financial position, detailing assets, liabilities, and equity | (In thousands) | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Assets | | | | Cash | $202,025 | $170,584 | | Accounts receivable, net | $101,975 | $104,126 | | Total Assets | $597,448 | $545,976 | | Liabilities & Equity | | | | Accounts and taxes payable | $30,689 | $16,792 | | Accrued liabilities | $204,532 | $187,244 | | Retained earnings | $930,320 | $903,085 | | Total Liabilities & Equity | $597,448 | $545,976 | Safe Harbor Statement This section outlines the forward-looking nature of statements, emphasizing inherent risks and directing readers to SEC filings - The press release contains forward-looking statements based on current expectations, which are not guarantees of future results and are subject to risks and uncertainties[5] - Investors are advised to consult the "Risk Factors" section in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a comprehensive understanding of potential risks[5][7]