Q1 2025 CorVel Corp Earnings Call Transcript
Key Points
- CorVel Corp (CRVL) reported a revenue increase of 11% for the June quarter, reaching $212 million compared to $190 million in the same quarter of the previous year.
- Earnings per share rose by 9% to $1.25 from $1.14 in the prior year, indicating improved profitability.
- The company successfully onboarded two large accounts, which are expected to positively impact financial results in the latter half of the year.
- CorVel Corp (CRVL) has made significant investments in technology, enhancing its service offerings and increasing its value proposition in the market.
- The company maintains a strong, debt-free balance sheet with a cash balance of $132 million, providing financial stability and flexibility.
- Higher healthcare costs for the Employee Benefits Plan impacted the financial results for the June quarter.
- The quarter experienced increased general and administrative expenses, although these were offset by strong business fundamentals.
- There were increased legal settlements and upfront implementation staffing costs for a large new account, affecting the quarter's financial performance.
- Days Sales Outstanding (DSO) increased by two days compared to the previous year, indicating a slower collection of receivables.
- The company faces challenges in the pharmacy sector with rising pharmaceutical costs per claim, despite a decrease in claims involving prescriptions.
Thank you for standing by, and welcome to the CorVel Corporation quarterly earnings release webcast. During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the company. Corvel wishes to caution you that these statements are only predictions and that actual events or results may differ materially.
Corvel refers you to the documents that the company files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-K and 10-Q files for the most recent fiscal year and quarter. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
I would now like to turn it over to Michael Combs, President and Chief Executive Officer.
Good morning. Thank you for joining us to review CorVel's June quarter. Brandon O'Brien,
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