Fri, May 24, 8:32 PM (63 days ago)
CorVel Corporation's Fiscal Year 2024 10-K highlights the company's financial performance, strategic initiatives, and future outlook. Key financial metrics include: 1. **Revenue**: Increased by 11% to $795 million, driven by higher activity in both patient management and network solutions services. 2. **Net Income**: Rose by 14.9% to $76.3 million, reflecting improved profitability. 3. **Operating Expenses**: General and administrative expenses grew by 4% to $76.6 million, mainly due to increased corporate system development costs. 4. **Earnings Per Share (EPS)**: Diluted EPS increased by 16.7% to $4.40, benefiting from higher net income and a reduction in shares outstanding due to stock repurchases. 5. **Stock Repurchase Program**: The company spent $45.7 million to buy back 215,313 shares, bringing the total repurchased to 38,033,179 shares since 1997. 6. **Cash Flow**: Operating cash flow increased to $99.2 million, up from $82.3 million in the previous year, attributed to higher net income and effective working capital management. Strategically, CorVel continues to invest in technology and service enhancements to maintain its competitive edge. The company faces risks from regulatory changes, competition, and economic conditions but remains focused on leveraging its diversified service offerings to drive growth.