The following are recent financial reports as posted by selected Utah corporations:
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported net income of $6.9 million, or 9 cents per share, for the fiscal third quarter ended March 31. That compares with $9.1 million, or 13 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}
Revenues in the most recent quarter totaled $216.6 million, up from $183.1 million in the year-earlier quarter.
Myriad Genetics discovers and commercializes molecular diagnostic tests.
“During the fiscal third quarter, we once again saw meaningful year-over-year growth in our hereditary cancer business, continued strong volume trends with our prenatal and GeneSight tests, and posted one of the most profitable quarters in the history of the company,” Mark C. Capone, president and CEO, said in announcing the results.
“We continue to advance our diversification efforts with new products representing more than 76 percent of overall volume. With ongoing volume growth and expanding reimbursement, we remain highly optimistic about our future growth prospects.”
Varex Imaging
Varex Imaging Corp., based in Salt Lake City, reported net earnings of $5 million, or 15 cents per share, for the fiscal second quarter ended March 29. That compares with $12 million, or 32 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $196 million, down from $201 million in the prior-year period.
Varex is an innovator, designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. The company employs approximately 2,000 people at manufacturing and service center sites in North America, Europe and Asia.
“We had solid performance in the second quarter of fiscal year 2019, led by continued strong product sales for the industrial, mammography and oncology markets,” Sunny Sanyal, CEO, said in announcing the results. “Our year-to-date revenues and adjusted gross margin remain on track with expectations.
“We also continued to make good progress with reducing our operating expenses and cost synergies from operational consolidation of acquired imaging businesses are proceeding per plan. In addition, we completed the previously announced acquisition of Direct Conversion last week, which we believe will expand our addressable market by approximately $200 million over the coming years.”
Clarus
Clarus Corp., based in Salt Lake City, reported company-record net income of $3.8 million, or 12 cents per share, for the first quarter ended March 31. That compares with $400,000, or 1 cent per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled a company-record $61.2 million, up from $53.3 million in the year-earlier quarter.
Clarus’ primary business is as a developer, manufacturer and distributor of outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. The company’s products are principally sold under the Black Diamond, Sierra, PIEPS and SKINourishment brand names.
“The momentum of 2018 continued into the first quarter of 2019 with sales growth across every brand, category, geography and channel,” John Walbrecht, president, said in announcing the results. “This performance was the result of our continued dedication to product innovation, as well as better order fulfillment and effective marketing campaigns. This led to continued gross margin expansion and was combined with 350 basis points of selling, general, and administrative expense leverage, resulting in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin increasing 370 basis points to 11.8 percent.”
The company’s first quarter was boosted by favorable winter weather that extended late into the season in both the U.S. and Europe, driving 49 percent growth within ski hardgoods, he said.
LifeVantage
LifeVantage Corp., based in Salt Lake City, reported net income of $1.8 million, or 12 cents per share, for the third fiscal quarter ended March 31. That compares with $1.6 million, or 12 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $56 million, up from $50.6 million in the year-earlier quarter.
LifeVantage is engaged in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products.
“We continued to see strong trends during the third quarter, including 11 percent revenue growth and 9 percent active member growth, with each of our global markets posting year-over-year gains,” Darren Jensen, president and CEO, said in announcing the results. “We continue to have good momentum in the business, with the last two quarters representing two of the largest four revenue quarters in our history, and we are on track to have a record revenue year.
“During the third quarter we saw a strong response to our opening of Spain, held our launch event to commemorate the opening of Taiwan and introduced a brand refresh of our PhysIQ smart weight management system. We remain on track for additional geographic expansions in Europe later this fiscal year and continue to execute each of our product, geographic and member growth strategies.”
Pluralsight
Pluralsight Inc., based in Farmington, reported a net loss of $18.9 million or 25 cents per share, for the first quarter ended March 31. That compares with a loss of $23.2 million for the same quarter a year earlier.
Revenue in the most recent quarter totaled $69.6 million, up from $49.6 million in the year-earlier period.
Pluralsight is an enterprise technology skills platform company.
“Our Q1 financial results marked a great start to 2019,” Aaron Skonnard, co-founder and CEO, said in announcing the results. “Revenue and billings growth continue to be strong with both up over 40 percent year over year. We continue to demonstrate the efficiency in our model with our third consecutive quarter of positive cash flow.”
ClearOne
ClearOne, based in Salt Lake City, reported a net loss of $2.5 million, or 23 cents per share, for the fiscal fourth quarter ended Dec. 31. That compares with a net loss of $3.6 million, or 43 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $7.2 million, down from $9.3 million in the prior-year quarter.
For the full fiscal year, the company reported a net loss of $16.7 million, or $1.87 per share, on revenue of $28.2 million. That compares with a net loss of $14.2 million, or $1.65 per share, on revenue of $41.8 million in the prior fiscal year.
ClearOne produces audio and visual communication solutions.
“We made modest progress on the revenue front with revenue growing sequentially in Q4 and video products growing year over year and also sequentially,” Zee Hakimoglu, CEO and chair, said in announcing the results.
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported a net loss of $3.5 million, or 25 cents per share, for the fiscal second quarter ended Feb. 28. That compares with a loss of $2.7 million, or 20 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $50.4 million, up from $46.5 million in the year-earlier quarter.
Franklin Covey creates and distributes content, training, processes and tools that organizations and individuals use to improve their results.
“We are very pleased with the trajectory of our results for the second quarter and first half of fiscal 2019, which exceeded our expectations and produced increased sales, increased gross profit, improved operating results and a significant increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the quarter, fiscal year and for the latest 12 months,” Bob Whitman, chairman and CEO, said in announcing the results.
“These financial results reflect the growth and impact of our high recurring revenue, high-margin, high flow-through, low capital intensity subscription business model.”
Whitman said continued strong Enterprise Division results combined with a planned aggressive expansion of the sales force and expected ongoing improvements in Education Division operations, especially in the fiscal fourth quarter, should position the company to accelerate its revenue, adjusted EBITDA and cash flow growth during fiscal 2019 and in future periods.
Instructure
Instructure Inc., based in Salt Lake City, reported a net loss of $16.1 million, or 45 cents per share, for the first quarter ended March 31. That compares with a loss of $11.9 million, or 37 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $58.1 million, up from $48 million in the year-earlier quarter.
Instructure is a software-as-a-service (SaaS) technology company focused on education.
“Our first-quarter results demonstrate the progress we’re making in expanding our impact in education, growing into the employee development market, and supporting the convergence of the academic and professional worlds,” Dan Goldsmith, CEO, said in announcing the results.
“We’re excited by our prospects for 2019 and beyond and we remain focused on executing on our strategy, which we expect will sustain our revenue growth, help us achieve profitability, and generate shareholder value.”
Purple Innovation
Purple Innovation Inc., based in Alpine, reported a net loss of $720,000, or 2 cents per share, for the first quarter ended March 31. That compares with a net loss of $4.3 million, or 18 cents per share, for the same quarter a year earlier.
The most recent quarter included a $6.3 million non-cash expense associated with the loss on extinguishment of debt, partially offset by a $1.7 million gain from a change in fair value of warrant liabilities.
Revenue in the most recent quarter totaled $83.6 million, up from $60.8 million in the year-earlier period.
Purple is a comfort product designer and manufacturer.
“Our first-quarter results, which were highlighted by strong revenue growth and a significant improvement in operating profit, represent a very encouraging start to the year,” Joe Megibow, CEO, said in announcing the results.
“We continue to experience increasing demand for our differentiated product offering, especially through our wholesale channel as the combination of door expansion and strong sell-through is fueling healthy year-over-year gains. At the same time, we’ve made further progress improving execution throughout the organization. This includes addressing identified inefficiencies in our manufacturing, supply chain and fulfillment processes as well as increasing our marketing effectiveness.”
Holly Energy Partners
Holly Energy Partners LP, based in Texas but with operations in Utah, reported net income of $51.2 million, or 49 cents per share, for the quarter ended March 31. That compares with $46.2 million, or 44 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $134.5 million, up from $128.9 million in the year-earlier period.
Holly Energy Partners provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corp. subsidiaries. The partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Utah and eight other states, as well as refinery processing units in Utah and Kansas.
“HEP delivered strong financial results for the first quarter, driven by the continued growth of our crude pipeline volumes and seasonal strength on the UNEV system, which allowed us to maintain our record of quarterly distribution increases,” George Damiris, CEO, said in announcing the results. “Looking forward, we remain optimistic about our organic growth potential. HEP remains on track to continue growing our distribution while maintaining a distribution coverage ratio of 1.0x for the full year 2019.”
Dominion
Dominion Energy, based in Virginia but with operations in Utah, reported a net loss of $680 million, or 86 cents per share, for the quarter ended March 31. That compares with net income of $503 million, or 77 cents per share, for the same quarter a year earlier.
Operating revenue in the most recent quarter totaled $3.86 billion, up from $3.47 billion in the year-earlier period.
Dominion has nearly 7.5 million customers in 18 states and provides electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services.
“Otherwise strong performance across our businesses was impacted by unusually mild weather in Virginia and South Carolina during the first quarter, which reduced utility earnings by about 6 cents per share. Adjusted for normal weather, our quarterly results were above the midpoint of our quarterly guidance range,” Thomas F. Farrell II, chairman, president and CEO, said in announcing the results. “Utility fundamentals across our premier electric and gas operations continue to be strong in terms of sales volume and customer growth.”{/mprestriction}
