Exhibit 99.1

 

Date: May 27, 2021

 

 

CorVel Corporation

 

 

 

1920 Main Street

 

 

 

Suite 900

 

 

 

Irvine, CA 92614

 

 

 

FOR IMMEDIATE RELEASE

 

 

Contact: Melissa Storan

 

 

 

Phone: 949-851-1473

 

 

 

www.corvel.com

 

CorVel Announces Revenues and Earnings

IRVINE, California, May 27, 2021— CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2021. Earnings per share for the quarter were $0.81, compared to $0.64 in the same quarter of the prior year. Revenues for the quarter were $146 million, a decrease from $147 million in the same quarter of the previous year.

Earnings per share for the fiscal years ended March 31, 2021 and March 31, 2020 were $2.55. Revenues for the fiscal year ended March 31, 2021 were $553 million, compared to $592 million for the fiscal year ended March 31, 2020.

CERiS, which focuses primarily on the health market, had significant growth during the quarter. Their comprehensive prospective claim review service expanded with new and existing client partners for both itemized bills and DRG validation. The dual reviews validate coding and identify invalid charges within prompt payment requirements, resulting in industry-leading results to health plans and TPAs.

Technology has and will continue to be a key differentiator for CorVel. The company remains committed to utilizing emerging technology to improve business processes and reduce repetitive human interaction. Artificial intelligence is a primary driver of innovation, and we are expanding our investment in machine learning to guide actions and decisions towards optimal outcomes.

This year, CorVel celebrates its 30th anniversary on NASDAQ. Since its foundation, the company has endeavored to make a substantial difference in the lives of team members, business partners, and the industry at large. In addition, CorVel strives to be a workplace that encourages learning, growth, and advancement, and was pleased to have been awarded certification as a Great Place to Work®.  

About CorVel

CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing workers’ compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s health market prospective claim review services and the Company’s continued investment in machine learning, artificial intelligence and other innovative technologies, and statements relating to the Company’s strategic alliances within the healthcare market. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

 


The following information was filed by Corvel Corp (CRVL) on Thursday, May 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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