8-K
CORVEL CORP (CRVL)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): May 22, 2025 |
|---|
CORVEL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 000-19291 | 33-0282651 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 5128 Apache Plume Road<br><br>Suite 400 | ||
| Fort Worth, Texas | 76109 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (817) 390-1416 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, Par Value $0.0001 Per Share | CRVL | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 22, 2025, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three and fiscal year ended March 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
The information contained in this Item 2.02 and in the exhibit attached to this report as Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, or incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit<br><br>Number | Description |
|---|---|
| 99.1 | Press Release, dated May 22, 2025, announcing CorVel Corporation’s financial results for the three and fiscal year ended March 31, 2025 (furnished herewith but not filed pursuant to Item 2.02). |
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CORVEL CORPORATION,<br>a Delaware corporation<br>(Registrant) | |||
|---|---|---|---|
| Date: | May 22, 2025 | By: | /s/ Brandon T. O’Brien |
| Brandon T. O'Brien<br>Chief Financial Officer |
EX-99.1
Exhibit 99.1
| Date: May 22, 2025 | CorVel Corporation |
|---|---|
| 5128 Apache Plume Road | |
| Suite 400 | |
| Fort Worth, TX 76109 | |
| FOR IMMEDIATE RELEASE | Contact: Melissa Storan |
| Phone: 949-851-1473 | |
| www.corvel.com |
CorVel Announces Revenues and Earnings
FORT WORTH, Texas, May 22, 2025 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2025. Revenues for the quarter were $232 million, an increase from $207 million in the March quarter of 2024. Earnings per share for the quarter were $0.51, compared to $0.37 in the same quarter of the prior year. Revenues for the fiscal year ended March 31, 2025 were $896 million, an increase from $795 million during the fiscal year ended March 31, 2024. Earnings per share for the fiscal year ended March 31, 2025 were $1.83, compared to $1.47 during the fiscal year ended March 31, 2024. The earnings per share numbers for the current and prior year have been adjusted to reflect the three-for-one stock split of its common stock which was paid on December 24, 2024.
Fourth Quarter Fiscal Year 2025 Highlights
- Revenue increased 12% to $232 million, compared to fourth quarter of fiscal year 2024.
- Gross profit increased 34% to $58.0 million, at 25% gross margin, compared to fourth quarter of fiscal year 2024 gross profit of $43.4 million.
- Diluted earnings per share increased 38% to $0.51, compared to fourth quarter of fiscal year 2024 diluted earnings per share of $0.37.
- Exited the quarter with $171 million of cash, cash equivalents, and no borrowings.
- The Company repurchased $9.0 million of common stock during the quarter.
During the quarter, the Company continued its strategic investment in AI to enhance its communication platform, integrating AI, IVR, and chatbots with proprietary solutions for streamlined, personalized communication and actionable data insights. AI adoption is also influencing medical billing practices, prompting enhancements in bill review capabilities to detect inaccuracies and reduce costs beyond standard fee schedules. Improvements to the bill review platform’s document viewer boost efficiency and clinical clarity for payer partners. Additionally, AI is advancing efforts to combat fraud, waste, and abuse by analyzing treatment trends and identifying early warning signs, enabling earlier intervention and reducing inappropriate care utilization.
In the health market, CERIS successfully launched its first customer through a new strategic platform partnership and signed a second agreement to expand its partner network. These initiatives align with the Company’s long-term strategy of combining organic product development with external partnerships. The combination of growing transaction volumes from existing partners and workflow optimizations yielded positive quarter results.
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, improved productivity resulting from automation and augmentation across enterprise business systems. 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 results of operations and financial condition is greater than
our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2025 and March 31, 2024
| Quarter Ended | March 31, 2025 | March 31, 2024 | ||
|---|---|---|---|---|
| Revenues | $ | 231,514,000 | $ | 207,233,000 |
| Cost of revenues | 173,547,000 | 163,830,000 | ||
| Gross profit | 57,967,000 | 43,403,000 | ||
| General and administrative | 24,647,000 | 20,806,000 | ||
| Income from operations | 33,320,000 | 22,597,000 | ||
| Income tax provision | 6,901,000 | 3,143,000 | ||
| Net income | $ | 26,419,000 | $ | 19,454,000 |
| Earnings Per Share: | ||||
| Basic | $ | 0.51 | $ | 0.38 |
| Diluted | $ | 0.51 | $ | 0.37 |
| Weighted Shares | ||||
| Basic | 51,366,000 | 51,345,000 | ||
| Diluted | 51,979,000 | 51,996,000 | ||
| Fiscal Year Ended | March 31, 2025 | March 31, 2024 | ||
| --- | --- | --- | --- | --- |
| Revenues | $ | 895,589,000 | $ | 795,311,000 |
| Cost of revenues | 685,861,000 | 623,618,000 | ||
| Gross profit | 209,728,000 | 171,693,000 | ||
| General and administrative | 88,904,000 | 76,592,000 | ||
| Income from operations | 120,824,000 | 95,101,000 | ||
| Income tax provision | 25,659,000 | 18,849,000 | ||
| Net income | $ | 95,165,000 | $ | 76,252,000 |
| Earnings Per Share: | ||||
| Basic | $ | 1.85 | $ | 1.48 |
| Diluted | $ | 1.83 | $ | 1.47 |
| Weighted Shares | ||||
| Basic | 51,379,000 | 51,366,000 | ||
| Diluted | 51,994,000 | 52,041,000 |
CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2025 and March 31, 2024
| March 31, 2025 | March 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Cash | $ | 170,584,000 | $ | 105,563,000 | ||
| Customer deposits | 101,472,000 | 88,142,000 | ||||
| Accounts receivable, net | 104,126,000 | 97,108,000 | ||||
| Prepaid taxes and expenses | 10,507,000 | 11,418,000 | ||||
| Property, net | 92,052,000 | 85,892,000 | ||||
| Goodwill and other assets | 46,410,000 | 42,498,000 | ||||
| Right-of-use asset, net | 20,825,000 | 24,058,000 | ||||
| Total | $ | 545,976,000 | $ | 454,679,000 | ||
| Accounts and taxes payable | $ | 16,792,000 | $ | 16,631,000 | ||
| Accrued liabilities | 187,244,000 | 167,868,000 | ||||
| Long-term lease liabilities | 19,953,000 | 22,533,000 | ||||
| Paid-in capital | 250,412,000 | 233,632,000 | ||||
| Treasury stock | (831,510,000 | ) | (793,905,000 | ) | ||
| Retained earnings | 903,085,000 | 807,920,000 | ||||
| Total | $ | 545,976,000 | $ | 454,679,000 |