The following are recent financial reports as posted by selected Utah corporations:
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $15.5 million for the third quarter ended Sept. 30. That compares with $17.2 million for the same quarter a year earlier.
Net interest income in the most recent quarter totaled $53.2 million, up from $48.7 million in the prior-year quarter.
Medallion Bank is a wholly owned subsidiary of Medallion Financial Corp. that specializes in consumer loans for the purchase of recreational vehicles, boats and home improvements, as well as loan products and services offered through fintech strategic partners.
“Earnings grew over the sequential quarter as combined recreation and home improvement loan origination volumes reached their anticipated peak for 2024,” Donald Poulton, president and CEO, said in announcing the results. “Net interest income rose to $53 million on more than $72 million of total interest income. As is typical for the time of year, delinquency rose compared to the second quarter while the net charge-off rate was essentially flat.
“Aided by the new fintech relationship announced in September, we originated $40 million in loans through our fintech strategic partners during the quarter. The strategic partnership program, which we have approached with caution and patience, is expected to grow steadily in the coming periods as our partners grow. Though overall demand for our products remains strong, we continue to prioritize credit quality and managed growth that maintains our market position.”
Weave
Weave, based in Lehi, reported a net loss of $5.9 million, or 8 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $7.1 million, or 10 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $52.4 million, up from $43.5 million in the year-earlier quarter.
Weave offers a customer experience and payments software platform for small and medium-sized health care businesses.
“We delivered another strong quarter, with solid top-line performance and substantial improvements in gross margins, operating margins and free cash flow,” Brett White, CEO, said in announcing the results. “Notably, we achieved another major performance milestone by reporting positive non-GAAP operating income for the first time in the company’s history. This success reflects our commitment to putting our customers first and delivering innovative solutions that meet their needs.”
Sera
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $7.9 million, or 24 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $7.2 million, or 23 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $29,000, down from $42,000 in the year-earlier quarter.
Sera aims to improve maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We are successfully putting in place the key prerequisites for commercial success in anticipation of our full PRIME study results achieving publication and further illustrating the benefits of our PreTRM capabilities and test-and-treat strategy,” Zhenya Lindgardt, president and CEO, said in announcing the results.
“Once expanded awareness and care guidelines have occurred, our multi-pronged approach to the maternal care market we serve is expected to create a sales inflection in our business, coupled with more profitable margin and revenue growth as we showcase our unique platform as ‘The Pregnancy Company.’”
Purple
Purple Innovation Inc., based in Lehi, reported a net loss attributable to the company of $39.2 million, or 36 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $36 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $118.6 million, down from $140 million in the year-earlier quarter.
Purple manufactures mattresses, pillows, cushions, frames, sheets and more. It announced in August that it would close its two Utah manufacturing facilities to consolidate mattress production to its Georgia plant, as well as a headcount reduction at its Utah headquarters.
“While our third-quarter revenue was challenged, we are encouraged by both our year-to-date performance modestly exceeding the broader industry and the sustained improvements in our profitability,” Rob DeMartini, CEO, said in announcing the results.
“The restructuring plan we announced earlier this quarter is on track to deliver meaningful cost savings in the new year as we improve our operational efficiencies and positions us to capitalize on tailwinds when the market improves. Looking forward, we remain confident in our ‘Path to Premium Sleep’ strategy’s ability to deliver long-term value and we look forward to building on this momentum into 2025.”
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $9.7 million, or 32 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $5.9 million, or 20 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $641,141, down from $2,457,098 in the year-earlier quarter.
Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets diagnostics technologies.
“We are excited by the progress that Co-Diagnostics has made on the development of our pipeline this year,” Dwight Egan, CEO, said in announcing the results. “We have maintained an active dialogue with the FDA throughout their substantive review of our 510(k) application, and continue to advance all tests in our pipeline towards completion, regulatory submission and commercialization.”
Clarus
Clarus Corp., based in Salt Lake City, reported a net loss, including the impact of discontinued operations, or $3.2 million, or 8 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.3 million, or 3 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $67.1 million, down from $81.3 million in the prior-year quarter.
Clarus offers equipment and lifestyle products for outdoor enthusiasts. Its brands include Black Diamond, Rhino-Rack, MAXTRAX and TRED Outdoors.
“While macroeconomic headwinds have continued to limit consumer demand in the near term, our focus in the third quarter was on advancing our strategic plan to position Clarus for long-term profitable growth,” Warren Kanders, executive chairman, said in announcing the results.
“Specifically, in the Outdoor segment we continued to improve the quality and composition of our inventory to focus on the best and most profitable styles across categories. In line with our stated strategic objective, inventory was down 4 percent year-over-year. Our Adventure business performed in line with expectations for the first two months of the quarter, but results were ultimately affected by market softness in September in both North America and Australia/New Zealand.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $8.3 million, or 17 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $37 million, or 74 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $430.1 million, down from $499 million in the year-earlier quarter.
Nu Skin Enterprises’ companies includes Nu Skin and Rhyz Inc.
“During the third quarter, we achieved results within our previous guidance range with challenges in the core business partially offset by continued strong growth in our Rhyz segment,” Ryan Napierski, president and CEO, said in announcing the results.
“While we continue to face macroeconomic pressures and challenges within the direct selling industry, our immediate focus is to strengthen the Nu Skin core with a revised business model intended to improve channel activation and customer growth beginning with North America and South Korea this quarter.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $2.2 million, or 44 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $6.7 million, or $1.27 per share, for the same quarter a year earlier.
The company reported no revenues during the most recent quarter. In the third quarter of 2023, the company recorded a non-cash revenue reversal of variable consideration for minimum guaranteed royalties of $3.1 million related to the termination of a license agreement.
Lipocine is a biopharmaceutical company.
R1 RCM
R1 RCM Inc., based in Murray, reported a net loss of $19.9 million, or 5 cents per share, for the third quarter ended Sept. 30. That compares with net income of $1.3 million, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $656.8 million, up from $572.8 million in the year-earlier quarter.
R1 RCM provides solutions that transform the patient experience and financial performance of health care providers.
“R1 continued to successfully execute the onboarding of our newest end-to-end partner while navigating previously disclosed industry and customer-specific technology outages,” Jennifer Williams, chief financial officer, said in announcing the results. “We are proud of the work our global associates are doing on behalf of our customers and remain committed to delivering positive outcomes for the provider industry.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $11.5 million, or 5 cents per share, for the third quarter ended Sept. 30. That compares with $17.2 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $167.9 million, down from $177.8 million in the year-earlier quarter.
Cricut offers hardware and design software for hobbyists.
“We are pleased with the increase in paid subscribers in Q3 up 5 percent YoY to over 2.8 million, which exceeded our expectations,” Ashish Arora, CEO, said in announcing the results. “To benefit all members, we continued during the quarter to make improvements to our software platform, specifically in helping them search and find inspiring content on our platform and removing friction in designing their projects in Design Space. Evidence that these efforts are having a positive impact is that this is the second consecutive quarter of a YoY increase in the share of members who complete a project during their first day and who complete multiple projects in their first week.”
Profire
Profire Energy Inc., based in Lindon, reported net income of $2.2 million, or 4 cents per share, for the third quarter ended Sept. 30. That compares with $2 million, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $17.2 million, the highest quarterly revenue in company history. That compares with $14.9 million in the prior-year quarter.
Profire offers solutions which enhance the efficiency, safety and reliability of industrial combustion appliances. It announced in October that it had agreed to be acquired by CECO Environmental in an all-cash transaction for $2.55 a share. The transaction is anticipated to close in the 2025 first quarter.
Recursion
Recursion, based in Salt Lake City, reported a net loss of $95.8 million, or 34 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $93 million, or 43 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $26.1 million, up from $10.5 million in the year-earlier quarter.
Recursion is a clinical-stage techbio company decoding biology to industrialize drug discovery.
“We are excited to continue to drive rapidly towards the closure of our proposed business combination with Exscientia in a matter of weeks, ahead of the original guidance,” Chris Gibson, co-founder and CEO, said in announcing the results. “We believe the combination with Exscientia will help to build a robust and diverse portfolio of tech-enabled clinical and near-clinical programs, significant value-creation opportunities through multiple transformational partnerships with both biopharma and technology companies, and the industry’s first full-stack technology-enabled, small molecule discovery platform.”
BRC
BRC Inc., based in Salt Lake City, reported a net loss of $1.4 million, or 1 cent per share, for the third quarter ended Sept. 30. That compares with a loss of $10.7 million, or 5 cents per share, for the same quarter a year earlier.
Net revenue in the most recent quarter totaled $98.2 million, down from $100.5 million in the prior-year quarter.
Black Rifle Coffee Co. offers beverages.
“The Black Rifle brand continues to perform well, and I’m proud of our progress in gaining market share and improving profitability this quarter,” Chris Mondzelewski, CEO, said in announcing the results. “This momentum enables us to invest in key growth areas, including the upcoming Q4 launch of Black Rifle Energy, a significant addition to our portfolio that expands consumption opportunities and complements our coffee offerings.
“This quarter, we also announced a strategic partnership with Keurig Dr Pepper (KDP) for the manufacture and distribution of Black Rifle Energy, positioning us for accelerated growth and a successful national rollout in 2025.”
Waystar
Waystar Holding Corp., based in Lehi and Louisville, reported net income of $5.4 million, or 3 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $15.5 million, or 13 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $240.1 million, up from $197.3 million in the year-earlier quarter.
Waystart provides health care payment software.
“Waystar delivered another quarter of strong top-line growth,’ Matt Hawkins, CEO, said in announcing the results. “Our revenue reached $240 million, representing 22 percent year-over-year growth, an acceleration from our 20 percent growth last quarter. As providers prioritize ways to get paid faster and more efficiently, we are investing in AI-driven automation across our cloud-based software platform to drive tangible client return on investment.”