Earnings Labs

CorVel Corporation (CRVL)

Q3 2020 Earnings Call· Mon, Feb 3, 2020

$57.69

-0.74%

Key Takeaways · AI generated
AI summary not yet generated for this transcript. Generation in progress for older transcripts; check back soon, or browse the full transcript below.

Same-Day

-2.87%

1 Week

-9.02%

1 Month

-23.94%

vs S&P

-17.26%

Transcript

Operator

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, files 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

Management

Thank you for joining us to review CorVel's December quarter. On the call with me today is Brandon O'Brien, CorVel's Chief Financial Officer. Today, I will be discussing market trends, the services on which we are focused and the progress that we've made on our key initiatives. Brandon will then provide an overview of our financial results for the December quarter. Revenues for the December quarter were $148 million. Earnings per share were $0.50, a decrease of 7% from $0.54 per share in the same quarter of the prior year. Each quarter has positive and negative onetime events. While each may be unique and appropriately categorized as onetime, the occurrence of such items is not unusual. In the December quarter, the adverse onetime events exceeded those which were positive. The quarter included onetime expenses related to our recovery from the security event from the prior quarter. We've had a change in subcontractors used by CorVel, and this created both some onetime expenses as well as a period of time where some of our specialty revenues were disrupted. Within the March quarter, we will be operating under more normal conditions. CorVel's results for the quarter also include the investments we are making in the ongoing digital transformation in health care. Advances in computing power, the impending 5G evolution in communications, and in general, the multifaceted implementation in health care of improving information management, combined to create acceleration in the pace of change in our industry. The overarching trend in the health care market is ongoing rapid computing power advances, which is bringing more practicality to the coming uses of artificial intelligence in health care. The innovations resulting from the application of machine learning and AI, promise to improve health care as well as to make it more affordable. However, a fundamental…

Operator

Operator

This concludes today's webcast. You may disconnect your lines at this time.