Corvel Corporation (NASDAQ: CRVL) has reported its financial results for the quarter and fiscal year ended March 31, 2024. The company announced that revenues for the quarter were $207 million, representing an increase from $185 million in the same quarter of the previous year. This marks a significant 12% growth in quarterly revenues year-over-year. Additionally, earnings per share for the quarter were $1.12, compared to $1.04 in the same quarter of the prior year, indicating a 7.7% increase in earnings per share over the same period.
Looking at the fiscal year ended March 31, 2024, Corvel reported revenues of $795 million, compared to $719 million for the fiscal year ended March 31, 2023, reflecting a substantial 10.6% increase in annual revenues. Earnings per share for the fiscal year ended March 31, 2024, were $4.40, compared to $3.77 for the fiscal year ended March 31, 2023, demonstrating a robust 16.7% growth in earnings per share year-over-year.
One of the key drivers of the revenue growth was the increase in patient management services, including revenue from third-party administration (TPA) customers, which experienced an 11% increase, significantly contributing to the overall year-over-year fiscal revenue growth. Corvel's third-place ranking in workers' compensation revenue on Business Insurance's 2024 TPA rankings and directory further highlights the company's ongoing success in providing effective solutions to the market.
In addition, fiscal year 2024 saw a solid increase in new bookings compared to prior years and a net revenue retention of 108%, showcasing the commitment and engagement of the Corvel team and the company's growing reputation for delivering meaningful results in the market.
Furthermore, Corvel's strategic investment in and implementation of generative AI (GAI) functionality during the fiscal year have brought substantive benefits across the enterprise, laying a broad foundation for the deployment of additional GAI functionality in the future. This has led to the introduction of a GAI-powered software as a service (SaaS) platform to the managed care market, aimed at automating tasks, leveraging AI to increase efficiencies within workflows, and lessening IT constraints for Corvel’s partners.
Corvel Corporation, which applies technology including artificial intelligence, machine learning, and natural language processing to enhance the management of episodes of care and related healthcare costs, has positioned itself as a key partner for employers, third-party administrators, insurance companies, and government agencies in managing workers’ compensation and health, auto, and liability services.
The company's solid financial performance, coupled with its strategic investments in technology, underscores its commitment to delivering innovative solutions while achieving significant revenue and earnings growth.
For further information, please visit www.corvel.com. The market has reacted to these announcements by moving the company's shares 0.4% to a price of $277.61. If you want to know more, read the company's complete 8-K report here.
