CorVel Corporation (NASDAQ: CRVL) has unveiled its financial results for the quarter and fiscal year ended March 31, 2024. Quarter revenues totaled $207 million, marking an increase from $185 million in the corresponding quarter of the previous year. Earnings per share for the quarter stood at $1.12, compared to $1.04 in the same quarter of the preceding year.
For the fiscal year ending March 31, 2024, revenues reached $795 million, up from $719 million recorded in the previous fiscal year. Earnings per share for the fiscal year closed at $4.40, showing an increase from $3.77 reported for the fiscal year ending March 31, 2023.
The notable growth in Patient Management services, inclusive of revenue generated from Third Party Administration (TPA) clients, contributed significantly to the year-over-year fiscal revenue uptick, with an 11% increase. CorVel’s third-place ranking in Workers’ Compensation revenue on Business Insurance’s 2024 TPA Rankings and Directory underscores the company’s continued success in delivering effective solutions to the market.
Recent Developments
Fiscal year 2024 witnessed a substantial rise in new bookings compared to previous years, alongside a net revenue retention rate of 108%. These achievements underscore the dedication and involvement of the CorVel team and the company’s growing reputation for delivering impactful outcomes in the market. Partner feedback highlights CorVel’s unmatched service, communication, transparency, and innovative technological solutions within the industry.
During the fiscal year, CorVel made investments in and implemented Generative AI (GAI) functionality, yielding significant benefits across the organization. This initiative laid a robust foundation for deploying additional GAI functionalities in the future. Consequently, the company has introduced a Generative AI-powered Software as a Service (SaaS) platform to the managed care market. This data and service hub automate tasks and leverage AI to enhance workflow efficiencies. Moreover, the model reduces IT constraints for CorVel’s partners and enables seamless integration between RMIS systems and other provider platforms.
