CORPORATE FINANCIAL REPORTS 5-4-20

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

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported a net loss of  $3.2 million, or 6 cents per share, for the fiscal first quarter ended March 31. That compares with net income of $6.2 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $243.5 million, up from $238.2 million in the year-earlier quarter.

Merit Medical is a manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“The COVID-19 pandemic has been a historic shock to the economy, our industry and our country,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. “I have been very impressed with how my colleagues at Merit have come together to support our customers, our patients and our company.

“While we anticipate headwinds in several of our business lines, I am confident that the diversity of the business, the strength of our people and our strong balance sheet position us well for recovery when that becomes more clear.”

Merit withdraw its previously issued 2020 guidance until further notice. “Due to the general uncertainty and rapidly changing global environment related to the coronavirus pandemic and corresponding economic downturn, Merit’s management has concluded that it cannot issue financial guidance for the remainder of 2020,” the company said.

People’s Utah Bancorp

People’s Utah Bancorp, based in American Fork, reported net income of $10.8 million, or 57 cents per share, for the first quarter ended March 31. That compares with $10.5 million, or 55 cents per share, for the same quarter a year earlier.

Total deposits increased $171 million, or 8.75 percent, to $2.12 billion on March 31, compared with a year earlier. Non-interest bearing deposits increased, $81.1 million, or 12.37 percent, to $737 million during that period. Interest-bearing deposits increased $89.6 million, or 6.91 percent to $1.39 billion. Non-interest-bearing deposits to total deposits was 34.73 percent, compared with 33.61 percent a year earlier.

People’s Utah Bancorp is a $2.5 billion bank holding company for Altabank, which has 26 branch locations from Preston, Idaho, to St. George.

“As with most businesses, we have been significantly impacted by the COVID-19 pandemic,” Len Williams, president and CEO, said in announcing the results. “Our focus for the past several weeks has been to ensure the safety and stability of our associates and provide relief to our business and consumer clients, who have been financially impacted by this pandemic.

“We have provided financial relief to approximately 400 business and 80 individual clients for a total of $341 million of loan modifications. In addition, we have taken approximately 225 applications for a total of approximately $65 million from employers for the SBA Paycheck Protection Program. …”