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CorVel Corp. (CRVL-4.06%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $227,973,000 from $202,303,000 in the same quarter the previous year. This increase is attributed to higher activity in both patient management and network solutions services.
Cost of revenues for the quarter was $175,115,000, representing 77% of revenues, compared to 79% in the same quarter of the previous year. The decrease in cost ratio is due to improved operational efficiency.
The company reported a gross profit of $52,858,000 for the quarter, compared to $42,160,000 in the previous year, with the increase attributed to higher revenues.
General and administrative expenses increased to $22,058,000 from $19,798,000, primarily due to increased operational activities.
Net income for the quarter was $23,771,000, up from $17,095,000 in the previous year. The increase in net income is primarily due to higher revenues and improved cost management.
Cash provided by operating activities was $104,394,000, while cash used in investing and financing activities was $27,094,000 and $19,919,000, respectively.
CorVel had a working capital of $166,423,000 as of December 31, 2024. The company maintains a strong cash position to support future operations and potential strategic opportunities.
The filing also details the three-for-one forward stock split effected on December 24, 2024, which increased the number of authorized shares of common stock to 360,000,000.
CorVel continues to focus on expanding its market share in the managed care industry, leveraging its network solutions and patient management services.
The company acknowledges the potential risks associated with economic conditions, competition, and regulatory changes, and continues to monitor these factors closely.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CorVel Corp. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.