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 $18.8 million for the first quarter ended March 31. That compares with $13.8 million for the same quarter a year earlier.
Medallion Bank provides consumer loans for the purchase of recreational vehicles, boats and home improvements, along with offering loan origination services to fintech strategic partners.
Net interest income in the most recent quarter totaled $37.2 million, compared with $31 million in the prior-year quarter. Assets totaled $1.64 billion, up from $1.33 billion for the year-earlier quarter.
“The momentum of record earnings, loan originations and historically low loan losses in 2021 continued into the first quarter of 2022,” Donald Poulton, president and CEO, said in announcing the results.
“Our $18.8 million of net income was more than 36 percent higher than the prior-year period. This was largely driven by asset growth in both our Recreation Lending and Home Improvement Lending segments. Stable loan loss provisions complemented that growth, reflecting strong consumer credit performance. With market rates now rising after years of stability, our team continues to execute our strategic plan with a primary focus of meeting the financing needs of our customers.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $17.7 million, or 35 cents per share, for the first quarter ended March 31. That compares with $35.9 million, or 71 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $735.2 million, up from $534.6 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. SkyWest Airlines has a fleet of over 500 aircraft connecting passengers to over 230 destinations throughout North America.
“Demand for our product remained strong during the first quarter and we were able to generate results slightly ahead of our expectations,” Chip Childs, CEO, said in announcing the results. “We are pleased to have the liquidity and resources to position us for long-term success and to continue to invest in our fleet transition.
“We continue working through an imbalance of pilots, which is our current constraint in monetizing the exceptionally strong demand for our product. I want to thank our people for their creativity and flexibility as we navigate this transition.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $10.5 million, or 18 cents per share, for the first quarter ended March 31. That compares with $11 million, or 19 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $275.4 million, up from $248.9 million in the year-earlier quarter.
Merit Medical Systems manufactures and markets proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. It has approximately 6,500 employees worldwide.
“We delivered better-than-expected revenue results for the first quarter of 2022, driven by solid execution from our team, stronger-than-anticipated demand during the month of March, particularly in the U.S., and more favorable than anticipated sales trends in the APAC and ‘Rest of World’ regions,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We also delivered better-than-expected profitability in the quarter, where we reported year-over-year growth in non-GAAP net income and non-GAAP earnings per share despite incremental pressure on our gross margin and a higher-than-expected tax rate in the period.”
FinWise
FinWise Bancorp, based in Murray, reported net income of $10.3 million, or 76 cents per share, for the quarter ended March 31. That compares with $5.3 million, or 59 cents per share, fo ly owned subsidiary, FinWise Bank, which has one full-service banking location in Sandy and a loan production office in Rockville Centre, New York.
The company said loan originations grew 9 percent to $2.5 billion from the quarter ended Dec. 31, 2021, and more than doubled from the prior-year period. Net interest income was $14.1 million, compared to $15.3 million for the prior quarter and $8.4 million in the prior-year quarter. Non-interest income was $11.7 million, up from $9.1 million for the fourth quarter of 2021 and nearly doubled from $6.1 million for the first quarter of 2021.
The company’s total assets were $425.6 million at the end of the quarter, up from $330.1 million a year earlier. Deposits totaled $277.5 million at the quarter’s end, up from $188.5 million a year earlier.
“FinWise continued to deliver solid results as our platform’s scalability facilitated another quarter of robust loan originations from our existing strategic programs,” Kent Landvatter, CEO and president, said in announcing the results.
“We also maintained our industry-leading efficiency and profitability, while we continued the buildout of our operating infrastructure to further enhance future growth potential. These results exemplify the strength of our business model which gives us confidence that we can continue to expand our market share to the benefit of our customers and shareholders over the long term.”
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported net income attributable to stockholders of $10.1 million, or 21 cents per share, for the first quarter ended March 31. That compares with $16 million, or 33 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $536 million, down from $659.9 million in the year-earlier quarter.
Overstock is an online retailer and technology company.
“We delivered our eighth consecutive quarter of profitability in line with our stated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin targets, even in a difficult macro environment,” Jonathan Johnson, CEO, said in announcing the results.
“While the 19 percent revenue decline was more than we expected, I am pleased that, based on third-party data, we held our market share consistent with Q4 levels. We anticipated the first quarter would be difficult considering the significant acceleration in sales last year driven by both operational improvements and pandemic-related factors. What we could not have anticipated was the magnitude of the impact of inflation coupled with an adverse geopolitical environment, which ultimately impacted consumer sentiment.”
Johnson said the company’s unique business model “positions us favorably to navigate through various macro scenarios and continue to take market share. Our business is asset-light and our smart value brand pillar delivers value that motivates our customers to buy from us even when their wallets are stretched.”
Utah Medical Products
Utah Medical Products In., based in Salt Lake City, reported net income of $3.5 million, or 96 cents per share, for the first quarter ended March 31. That compares with $3 million, or 83 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $12.3 million, up from $11 million in the year-earlier quarter.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $286.5 million, or $2.01 per share, for the quarter ended March 31. That compares with FFO of $210 million, or $1.50 per share, for the same quarter a year earlier.
Net income attributable to common stockholders was $203.6 million, or $1.51 per share, which compares with $2023 million, or $1.53 per share, for the year-earlier quarter.
Same-store revenues in the most recent quarter totaled $341.9 million, up from $281 million in the year-earlier quarter.
Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 2,130 self-storage stores in 41 states and Washington, D.C. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the U.S.
“We are off to an exceptional start in 2022, driven by high occupancy and strong pricing power, resulting in same-store revenue growth of 21.7 percent and same-store NOI (net operating income) growth of 27.6 percent, both all-time highs for Extra Space Storage,” Joe Margolis, CEO, said in announcing the results.
“We achieved FFO growth of 34 percent, allowing us to increase our dividend 20 percent in the first quarter. Our first-quarter performance, together with continuing strong fundamentals, position us very well for another great leasing season.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $38.7 million, or 76 cents per share, for the first quarter ended March 31. That compares with $47.4 million, or 91 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $604.9 million, down from $677 million in the year-earlier quarter.
Nu Skin develops personal care, nutrition and anti-aging products.
“Despite heightened global uncertainty and COVID-related obstacles, we are pleased with our first-quarter results, which exceeded guidance,” Ryan Napierski, president and CEO, said in announcing the results. “Demand remained strong for our most recent product introductions, ageLOC Meta and Beauty Focus Collagen+, and the momentum from these product launches helped drive strong revenue growth in several markets, including the U.S., Taiwan and Southeast Asia. Our business in Mainland China and several other markets was disrupted due to severe COVID-related lockdowns and other factors, and the conflict in Ukraine and Russia negatively impacted business throughout the EMEA region.”
Napierski said the company expects “near-term headwinds given the dynamic macro environment” but remains confident in the growth potential of its business.
R1 RCM
R1 RCM Inc., based in Murrays, reported net income of $29.4 million, or 9 cents per share, for the quarter ended March 31. That compares with $25.8 million, or $2.37 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $385.7 million, up from $342.6 million in the prior-year period.
The company provides solutions that transform the patient experience and financial performance of healthcare providers.
“Our team remains highly committed to delivering strong results to our customers and the patients they serve, and I am proud of our execution in the first quarter,” Joe Flanagan, president and CEO, said in announcing the results.
“Demand for our solutions remains very robust, and we plan to increase our deployment capacity to support higher market demand and associated growth for R1 in the years ahead. Our pending acquisition of Cloudmed is on track for completion by the end of June and we are excited about the incremental value that we expect the combined company to deliver to our stakeholders.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $7.6 million, or 18 cents per share, for the second fiscal quarter ended April 1. That compares with $3.1 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $214.7 million, up from $203.5 million in the year-earlier quarter.
Varex designs and manufacturers X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are components of X-ray imaging systems. The company employs approximately 2,100 people in North America, Europe and Asia.
“We continued to see robust demand for our products in the second quarter of fiscal 2022 and achieved sales of $215 million despite ongoing supply chain constraints,” Sunny Sanyal, CEO, said in announcing the results. “Strong order momentum combined with supply chain diversification initiatives improve our ability to meet the higher product demand from our customers in the future.”
LifeVantage
LifeVantage Corp., based in Lehi, reported net income of $1.1 million, or 9 cents per share, for the third fiscal quarter ended March 31. That compares with $1.7 million, or 12 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $50 million, down from $51.6 million in the year-earlier quarter.
LifeVantage is engaged in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.
“Activity levels improved in the third quarter but remained challenged,” Steve Fife, CEO, said in announcing the results. “We are encouraged by recent trends and continue to expect that our ongoing efforts to transform our business will lead to accelerating sales and earnings growth in the future.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $627,161, or 1 cent per share, for the first quarter ended March 31. That compares with a net loss of $145,122, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $9.5 million, up from $8.3 million in the year-earlier quarter.
Profire provides solutions which enhance the efficiency, safety and reliability of industrial combustion appliances.
“Our first-quarter results reflect the continued progress for the recovery of our end markets and the strategic shift to diversify our offerings,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.
“Revenue increased sequentially for the fourth consecutive quarter, which is significant progress in our efforts to return to our historical top-line run rate. We also reported a quarterly net profit for the first time since before the pandemic began.”
Oviatt cautioned that while the company has successfully managed its inventory levels to date, ongoing labor constraints and broad supply chain issues combined with another round of stringent COVID lockdowns in China could present some challenges in securing products in the near term.
Cameron Tidball, co-CEO, said the company is seeing increased levels of interest and drilling activity from our customers due to oil prices trading at or above $100 in recent months, including retrofit programs and other capital projects that were deferred during the previous several years.
Instructure
Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $5.5 million, or 4 cents per share, for the quarter ended March 31. That compares with a loss of $33 million, or 26 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $113.5 million, up from $94 million in the year-earlier quarter.
Instructure is an education technology company that produces the Canvas Learning Management System.
“Instructure delivered a combination of strong, double-digit top-line growth and record margins during the first quarter,” Steve Daly, CEO, said in announcing the results. “Canvas continues to displace legacy LMS solutions worldwide, and our Instructure Learning Platform strategy gained further traction during the quarter, with especially strong growth across our assessments portfolio.”
Weave
Weave Communications Inc., based in Lehi, reported a net loss attributable to common stockholders of $13.8 million, or 21 cents per share, for the first quarter ended March 31. That compares with a loss of $9.5 million, or 79 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $33.3 million, up from $25.7 million for the year-earlier quarter.
Weave offers a customer communications and engagement software platform for small and medium-sized businesses.
“We are in the early innings of many great operational successes,” Roy Banks, CEO, said in announcing the results. “I am very excited about our 30 percent year-over-year growth in Q1 and the market opportunity that lies ahead of us for the remainder of 2022 and beyond.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $20.5 million, or 26 cents, for the first quarter ended March 31. That compares with a net loss of $39.5 million, or 52 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $164.9 million, up from $148.4 million in the year-earlier quarter.
Myriad Genetics develops and commercializes genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs.
“We continue to execute on our transformation and growth plan with strong commercial demand for new offerings like our recently launched suite of Precise Oncology Solutions,” Paul J. Diaz, president and CEO, said in announcing the results.
“Throughout the COVID-19 pandemic, we continued to invest in innovation to meet the needs of patients and healthcare providers, digital engagement to drive increased demand, tech-enabled commercial tools to improve customer experience, and our ‘Lab of the Future’ to improve productivity. We are pleased to see the results of these efforts across multiple lines of business, and I want to thank my teammates and our provider partners for their continued efforts to serve our patients during the pandemic in what continues to be a very difficult operating environment.”
Quotient Technology
Quotient Technology Inc., based in Salt Lake City, reported a net loss of $26.3 million, or 28 cents per share, for the quarter ended March 31. That compares with a net loss of $13.4 million, or 15 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $78.5 million, down from $115.3 million in the year-earlier quarter.
Quotient is a digital media and promotions technology company for advertisers, retailers and consumers.
“2022 is off to a solid start,” Steven Boal, CEO, said in announcing the results. “We continue to focus on transforming Quotient’s business model from providing individual transactions to offering scalable solutions.”
“We are making progress executing our strategy, leveraging the strength of our technology platform and the reach of our networks to make it easier for brands to reach consumers and shoppers to utilize promotions,” said Matt Krepsik, CTO and CEO-designee. “We believe we will create value by delivering on our three growth pillars to expand our promotions network, simplify retail media buying and integrate media and promotions to drive outcomes for brands.”
Vivint
Vivint Smart Home Inc., based in Provo, reported a net loss of $27.4 million for the first quarter ended March 31. That compares with a loss of $88.8 million for the same quarter a year earlier.
Revenue in the most recent quarter totaled $392.7 million, up from $342.3 million in the year-earlier quarter.
Vivint is a smart home company offering integrated smart home systems with in-home consultation, professional installation and support. It has nearly 1.9 million customers across the U.S. and Canada.
“Our strong track record of execution as a public company continued through the first quarter of 2022,” David Bywater, CEO, said in announcing the results. “We remain committed to profitable growth as evidenced by our revenue increase of nearly 15 percent, improvement in net loss of more than 69 percent, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) growth of almost 26 percent.”
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $13.4 million, or 21 cents per share, for the quarter ended March 31. That compares with a loss of $39.8 million, or 66 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $30,000, down from $213,000 in the year-earlier quarter.
Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease. The company is based in Salt Lake City, with research and development and manufacturing operations in Maryland.
“As we approach the second half of 2022, we expect to report data readouts for our lead asset, CNM-Au8, for the treatment of both ALS and MS,” Rob Etherington, president and CEO, said in announcing the results. “Positive results from the Healey ALS Platform Trial would bring this potential new treatment option one step closer for people living with ALS.”