CorVel Corporation (NASDAQ:CRVL) Q4 2022 Earnings Conference Call May 26, 2022 11:30 AM ET

Company Participants

Michael Combs - President & Chief Executive Officer

Brandon O’Brien - Chief Financial Officer

Conference Call Participants

Operator

Thank you for standing by. 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 filed 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.

Michael Combs

Thank you for joining us to review CorVel's March quarter and fiscal year 2022 results. On the call with me today is Brandon O'Brien, CorVel's Chief Financial Officer.

Today, I will be reviewing business performance, the current environment and market trends and progress on system developments. Brandon will then provide an overview of our March quarter and fiscal year financial results. The March quarter revenues were $171 million, 18% over the revenue for the March 2021 quarter. The earnings per share for the quarter ended March 31, 2022, were $1.09, an increase of 35% over the prior year's same quarter. Revenues for fiscal 2022 were $646 million, up 17%. Earnings per share were 3.66%, an increase of 44%.

The quarter saw continued strengthening in our fundamentals. The results achieved are attributed to increased new bookings, particularly within our commercial health-focused operation, CERiS and improved productivity resulting from automation and augmentation being applied incrementally across our business enterprise systems. Our product development efforts have been focused on key additions to our TPA and Network Solutions business and enhancements to our CERiS payment integrity platform. The workers' compensation focused market investments will enhance the ability to address the evolving carrier needs. In contrast, those in CERiS, for the commercial health market, will support the seamless integration of additional payment integrity services.

Last month, we met with many of our partners and prospects in person at the RIMS Conference in San Francisco. It was wonderful to be back together and feel a sense of normalcy and interactions. We had many meetings with prospects, brokers and partners. We were quite pleased with the responses regarding the latest enhancements to our systems. The new functionality further augments the capacity of our team members to create best-in-class service.