CORPORATE FINANCIAL REPORTS 5-17-21

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 $47.4 million, or 91 cents per share, for the first quarter ended March 31. That compares with $19.7 million, or 36 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $677 million, up from $518 million in the year-earlier quarter.

Nu Skin is focused on consumer products, product manufacturing and controlled environment agriculture technology. Its family of companies includes Nu Skin, which develops and distributes beauty and wellness products; and Rhyz, a strategic investment arm that includes a collection of sustainable manufacturing and technology innovation companies.

“We are very pleased with a strong start to 2021 with our highest-ever first-quarter revenue and earnings per share,” Ritch Wood, CEO, said in announcing the results. “Our innovative beauty and wellness product initiatives powered by our social commerce business model led to 34 percent growth in our customer base over the prior year and a 22 percent increase in global sales leaders.”

The company’s manufacturing segment also achieved record results, with 69 percent year-over-year revenue growth, he said.

Clarus

Clarus Corp., based in Salt Lake City, reported net income of $5.7 million, or 17 cents per share, for the first quarter ended March 31. That compares with $36,000, or zero cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $75.3 million, up from $53.6 million in the year-earlier quarter. The increase includes a revenue contribution of approximately $8.5 million from Barnes, an acquisition Clarus completed in October.

Clarus develops, manufactures and distributes outdoor equipment and lifestyle products focused on the climb, ski, mountain and sport markets. Its brands include Black Diamond, Sierra, Barnes, PIEPS and SKINourishment.

“We had another quarter of double-digit revenue growth driven by continued robust demand across all of our brands and product categories,” John Walbrecht, president, said in announcing the results. “Additionally, we substantially improved gross margins and earnings thanks to the strength of our ‘super-fan’ brands, our capabilities to fulfill demand and our consistent pricing strategy. Overall, the first quarter was another quarter where we not only did what we set out to do, but we also exceeded our expectations.”

Varex Imaging

Varex Imaging Corp., based in Salt Lake City, reported net earnings of $3.1 million, or 8 cents per share, for the second quarter ended April 2. That compares with a net loss of $1.9 million, or 5 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $203.5 million, up from $197 million in the year-earlier quarter.

Varex is a 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.

“Financial results for the second quarter of fiscal year 2021 were stronger than our expectations and exceeded pre-COVID revenue levels,” Sunny Sanyal, CEO, said in announcing the results. “Driving this was continued strong global CT tube sales and higher sales of industrial digital detectors. We also had higher demand for our other medical imaging products related to certain elective medical procedures. We also continued to have strong expense management, which led to excellent bottom-line results.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $4 million, or 20 cents per share, for the first quarter ended March 31. That compares with $3 million, or 15 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled a company-record $102.4 million, up from $95.9 million in the year-earlier quarter.

The company markets and distributes nutritional and personal care products in more than 40 countries.

“We are pleased to announce that the first quarter of 2021 delivered the largest sales in the 49-year history of the company,” Terrence Moorehead, CEO, said in announcing the results. “In fact, this marked the third consecutive quarter of net sales over $100 million, which demonstrates the strength of our global strategy and our ability to effectively drive transformation.

“Growth was especially strong in our Asian and Latin America markets, and we saw solid performance in Europe with continued progress in North America despite a tough comparable due to the stockpiling we saw at the start of the pandemic last March.”

CleanSpark

CleanSpark Inc., based in Salt Lake City, reported net income of $7.4 million, or 28 cents per share, for the quarter ended March 31. That compares with a net loss of $5.8 million, or $1.13 per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $8.1 million, up from $3.6 million in the prior-year quarter.

CleanSpark provides software, controls and technology solutions to solve modern energy challenges.

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $3.4 million, or 4 cents per share, for the first quarter ended March 31. That compares with a loss of $5.8 million, or 14 cents per share, for the same quarter a year earlier.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies.