The following are recent financial reports as posted by selected Utah corporations:
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $25.8 million, or 44 cents per share, for the quarter ended Sept. 30. That compares with $15.3 million, or 27 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $315.2 million, up from $287.2 million in the year-earlier quarter.
Merit Medical develops, manufactures and distributes disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“We delivered 7.1 percent constant currency, organic, revenue growth and 9.7 percent constant currency total revenue growth in the third quarter of 2023, including the contributions of our recently acquired interventional solutions from AngioDynamics,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“Our third-quarter revenue results exceeded the high end of our expectations, reflecting broad-based strength across each of our primary product categories, particularly in the U.S. We also delivered significant year-over-year improvements in profitability with non-GAAP operating income, net income and earnings per share increasing 25 percent, 18 percent and 16 percent, respectively, year-over-year.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $17.2 million in the third quarter ended Sept. 30. That compares with $18.3 million in the same quarter a year earlier.
The company reported net interest income of $48.7 million, up from $43 million in the year-earlier quarter.
Medallion provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.
“Measured loan portfolio growth contributed to strong quarterly earnings of $17 million,” Donald Poulton, president and CEO, said in announcing the results. “The restrictive underwriting requirements we introduced over the last two quarters had the effect of moderating third-quarter loan volumes in both recreation and home improvement lending.
“Compared to the prior-year quarter, the provision for credit losses increased as consumer loan losses continued trending to more normal levels. Our ability to access brokered deposits, which has always been our primary source of deposits, remains unhindered. We believe we are positioned prudently for both the immediate and long-term future.”
R1 RCM
R1 RCM Inc., based in Murray, reported net income of $1.3 million, or zero cents per share, for the third quarter ended Sept. 30. That compares with net loss of $29.5 million, or 7 cents per share, in the same quarter a year earlier.
Revenue in the most recent quarter totaled $572.8 million, up from $496 million in the year-earlier quarter.
R1 RCM provides technology-driven solutions that transform the patient experience and financial performance of healthcare providers.
“Our strong third-quarter results demonstrate our team’s dedication to innovation and efficient execution of our strategy to deliver customer solutions that improve revenues, lower costs and increase patient satisfaction,” Lee Rivas, CEO, said in announcing the results.
“We sustained our positive momentum in the third quarter with financial results on track to achieve our guidance for the year,” said Jennifer Williams, chief financial officer. “Continued growth across the business, margin improvement from operational excellence and ongoing innovation position us well to deliver increased value to customers and shareholders over the long term.”
Weave
Weave, based in Lehi, reported a net loss of $7.1 million, or 10 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $11.8 million, or 18 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $43.5 million, up from $36.2 million in the year-earlier quarter.
Weave offers a customer experience and payments software platform for small and medium-sized healthcare businesses.
“Weave had another excellent quarter, accelerating revenue growth for the third quarter in a row and significantly improving bottom-line, and free cash flow,” Brett White, CEO, said in announcing the results.
“These results demonstrate that our vertically tailored software and payments platform is continuing to gain traction and the Weave team is executing at a high level. Our SMB healthcare customers are well-capitalized, well-managed, and demand for our platform remains strong, despite the challenging macro environment.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported a net loss of $37 million, or 74 cents per share, for the third quarter. That compares with a loss of $25.4 million, or 51 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $498.8 million, down from $537.8 million in the year-earlier quarter.
Nu Skin offers beauty and wellness products.
“Our third-quarter results were softer than expected as persistent macro-economic challenges in several of our key markets negatively affected consumer spending and customer acquisition, particularly in our Mainland China and Americas segments, along with a continued strong U.S. dollar,” Ryan Napierski, president and CEO, said in announcing the results.
“Although we are disappointed in the third-quarter results of our Nu Skin business, we are encouraged by stabilization and modest growth in three of our Nu Skin reporting segments, highlighted by double-digit gains in Europe/Africa. We are also pleased with accelerated growth of our Rhyz businesses as we lean further into our synergistic enterprise ecosystem.”