CorVel Announces Revenues and Earnings

Core Viewpoint - CorVel Corporation reported strong financial results for the quarter and fiscal year ended March 31, 2024, with significant revenue and earnings growth compared to the previous year [1][2]. Financial Performance - Revenues for the quarter reached $207 million, up from $185 million year-over-year, representing an increase of approximately 11.9% [1]. - Earnings per share for the quarter were $1.12, compared to $1.04 in the same quarter of the prior year, reflecting a growth of about 7.7% [1]. - For the fiscal year, revenues totaled $795 million, an increase from $719 million in the previous fiscal year, marking a growth of approximately 10.6% [2]. - Earnings per share for the fiscal year were $4.40, up from $3.77, indicating a growth of about 16.7% [2]. Service and Market Position - Patient Management services, including revenue from Third Party Administration (TPA) customers, increased by 11%, significantly contributing to overall fiscal revenue growth [3]. - CorVel ranked third in Workers' Compensation revenue according to Business Insurance's 2024 TPA Rankings, showcasing the company's success in the market [3]. Operational Developments - The fiscal year 2024 saw a solid increase in new bookings and a net revenue retention rate of 108%, highlighting the company's commitment and market reputation [4]. - CorVel implemented Generative AI functionality, leading to substantial benefits and the introduction of a GAI-powered software as a service (SaaS) platform for the managed care market [5]. Technology Integration - The GAI-powered platform aims to automate tasks and enhance efficiencies within workflows, reducing IT constraints for partners and facilitating seamless integration with RMIS systems [5]. - CorVel utilizes advanced technologies such as artificial intelligence, machine learning, and natural language processing to improve care management and healthcare cost management [6].