CORPORATE FINANCIAL REPORTS - 5-14-18

The following are recent financial reports as posted by selected Utah corporations:

Nu Skin

Nu Skin Enterprises Inc., based in Provo, reported net income of $35.5 million, or 64 cents per share, for the first quarter ended March 31. That compares with $27.5 million, or 51 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $616 million, up from $499 million in the year-earlier quarter.

Nu Skin develops and distributes a line of beauty and wellness products.

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“We delivered strong first-quarter results highlighted by 24 percent growth in revenue, which included a 7 percent foreign currency benefit,” Ritch Wood, CEO, said in announcing the results. “Our revenue growth was driven by an 11 percent increase in customers and a 16 percent improvement in the number of sales leaders. We are encouraged by the early execution of our growth strategy centered on engaging platforms, enabling products and empowering programs.”

“We generated 24 percent year-over-year revenue growth and strong earnings performance in the quarter,” said Mark Lawrence, chief financial officer. “As previously disclosed, we incurred a charge associated with the early conversion of our convertible note, which was not included in our original guidance and negatively impacted first-quarter earnings by 12 cents per share. In addition, due to purchase accounting, we incurred a (3-cents-per-share) charge related to the amortization of intangibles from our recent acquisitions.”

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $9 million, or 48 cents per share, for the first quarter. That compares with $6.5 million, or 36 cents per share, for the same quarter a year earlier.

Net interest income grew $8.2 million to $26 million at the end of the most recent quarter, compared with $17.8 million in the year-earlier quarter. Non-interest income was $4.3 million for the most recent quarter, up from $4.1 million in the year-earlier quarter. Deposits totaled $1.81 billion at the end of the quarter, up 23 percent from $1.47 billion a year earlier. Loans held for investment grew $536 million to $1.69 billion year-over-year.

People’s Utah Bancorp is the holding company for People’s Intermountain Bank, which has 26 locations in three banking divisions, Bank of American Fork, Lewiston State Bank, and People’s Town & Country Bank; a leasing division, GrowthFunding Equipment Finance; and a mortgage division, People’s Intermountain Bank Mortgage.

“2017 was a transformational year for us as we successfully completed the acquisition, conversion and integration of both the Utah branch locations from Banner Bank and Town & Country Bank,” Len Williams, president and CEO, said in announcing the results.

“These two transactions expanded our footprint throughout Utah and southern Idaho. With these two transactions behind us, we believe that we can continue to grow our business organically and diversify our loan portfolio. We are excited about our prospects to expand our commercial and industrial lending to small and medium-sized businesses, particularly in the Salt Lake City metro markets.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $5.3 million, or 10 cents per share, for the quarter ended March 31. That compares with $14.8 million, or 32 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $203 million, up from $171.1 million in the year-earlier quarter.

Merit Medical Systems manufactures and markets disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“The first quarter of 2018 was an extraordinarily active quarter in all aspects of our business,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “We closed the BD transaction and initiated order to cash activities in the U.S., Latin America and Canada. The production transition is on schedule. Merit teams of transition specialists activated customer uploads, inventory and logistical transfer and are planning for future production transfers.”

Lampropoulos said sales were “robust” in the first quarter.

“The products we acquired from Laurane Medical last year have been transferred for production to our Galway, Ireland, facility and are scheduled to launch in the second quarter,” he said. “Because of restrained capacity, new sales activities had been controlled to meet existing demand. New capacity is now on line, and stock is being prepared for full release.”

Utah Medical

Utah Medical Products Inc., based in Salt Lake City, reported net income of $4 million, or $1.09 per share, for the first quarter ended March 31. That compares with $3.5 million, or 95 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $109 million, up from $10.3 million in the year-earlier quarter.

Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.

Flexpoint

Flexpoint Sensor Systems Inc., based in Draper, reported a net loss of $1 million, or 1 cent per share, for 2017. That compares with a net loss of $2 million for 2016.

Revenue in 2017 totaled $340,604, up from $314,494 in 2016.

Flexpoint develops sensor devices with applications in the consumer electronics, automotive, safety, medical and industrial industries.

“Last year was an important year as we established new customer relationships, developed reseller channels and continued to strengthen existing relationships across a number of strategic market segments,” Paul Sexauer, vice president of sales and marketing, said in announcing the results.

“We work with many research universities globally and, most notably, established two major research relationships with universities that are leaders in our consumer electronics industry space. We expect a significant jump in revenue during the second half of 2018 and should close the year above $1 million in revenue, with the possibility of substantially more.”

Instructure

Instructure Inc., based in Salt Lake City, reported a net loss of $11.9 million, or 37 cents per share, for the first quarter ended March 31. That compares with a loss of $11.6 million, or 40 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $48 million, up from $34.5 million in the year-earlier quarter.

Instructure is a software-as-a-service (SaaS) technology company.

“We had a strong start to the year as we delivered 39 percent year-over-year revenue growth and continued substantial improvements to our operating margin,” Josh Coates, CEO, said in reporting the results. “During the quarter, we expanded our customer base across our products, experiencing solid traction with both new customers and cross-selling to existing customers.”

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported net income of $12 million, or 32 cents per share, for the fiscal second quarter ended March 30. That compares with $15 million, or 40 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $201 million, up from $155 million in the prior-year quarter.

Varex Imaging designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions. Varex employs approximately 2,000 people at manufacturing and service center sites in North America, Europe and Asia.

“We had a strong quarter led by higher sales of our products for the CT, oncology and industrial markets,” Sunny Sanyal, CEO, said in announcing the results. “Our revenues increased significantly from the same quarter a year ago and, for comparative purposes, were up 5 percent year-over-year if revenues from the acquired imaging business had been included in the prior year quarter. Revenues from dental 3-D imaging digital detectors returned to historical levels in the second quarter.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported a net loss attributable to stockholders of $50.9 million, or $1.74 per share, for the quarter ended March 31. That compares with a loss of $5.9 million, or 23 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $445 million, up from $432.4 million in the year-earlier quarter.

Overstock.com is an online retailer and advancer of blockchain technology.{/mprestriction}