Corporate Financial Reports 8-23-21

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 $59.3 million, or $1.15 per share, for the second quarter ended June 30. That compares with $41.9 million, or 81 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $704.1 million, up from $612.4 million in the year-earlier quarter.

Nu Skin is focused on consumer products, product manufacturing and controlled-environment agriculture technology.

“Our growth and success this quarter and over the past year reflect our strategy of delivering world-class beauty and wellness products, being customer obsessed, and digitally enabling our business,” Ritch Wood, CEO, said in announcing the results.

“Our performance was led by continued growth in our beauty device systems and further adoption of social commerce. In addition, we significantly improved profitability during the quarter, which led to strong earnings-per-share growth.”

Ryan Napierski, president and CEO-elect, noted that the company saw 15 percent growth in the number of sales leaders, while customers declined slightly due to a significant surge in the prior year. “To better support our affiliates with customer acquisition, we will be rolling out additional digital tools over the next several quarters such as personalized social commerce shops in Mainland China,” Napierski said. “This represents a significant step forward in deploying our digital tools in the world’s largest social commerce market.”

Cricut

Cricut Inc., based in South Jordan, reported net income of $49.1 million, or 22 cents per share, for the second quarter ended June 30. That compares with $34.9 million, or 17 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $334.5 million, up from $235.3 million in the year-earlier quarter.

Cricut is a creative technology platform company dedicated to encouraging new ways for people to create handmade projects.

“Our second-quarter performance delivered strong results across the business, driven by new users and continued healthy engagement levels,” Ashish Arora, CEO, said in announcing the results. “We successfully launched two new connected machines, a new line of Smart Materials, added new features and functionality to our software platform, and saw strong growth from our top international markets.”

“Our second quarter’s performance was driven by a strong diversified revenue stream and community of engaged users who fuel our viral marketing engine,” said Marty Petersen, chief financial officer. “The large pull-forward of users from 2020 and the first half of 2021 provide a powerful flywheel effect to our business with long-term monetization opportunities.”

R1 RCM

R1 RCM, based in Murray, reported net income of $18.4 million, or 6 cents per share, for the second quarter ended June 30. That compares with $15.1 million, or 3 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $353.4 million, up from $314.7 million in the year-earlier quarter.

R1 RCM provides solutions to transform the patient experience and financial performance of healthcare providers. The company recently moved its headquarters from Chicago to Murray. It has more than 20,000 employees.

“Our second-quarter results demonstrate the continued momentum in our business, driven by strong operational execution and benefits from our investments in automation,” Joe Flanagan, president and CEO, said in announcing the results. “Demand for our solutions remains very strong and we continue to invest heavily in advancing our technology roadmap in order to deliver transformational value to healthcare providers.”

“I am proud of our team’s steady focus on execution, which is driving strong financial outcomes for R1 as well as for our customers,” said Rachel Wilson, chief financial officer and treasurer. “Given our performance in the first half of the year, we are pleased to be in a position to raise our 2021 guidance and look forward to continuing to deliver on our commitments.”

Varex

Varex Imaging Corp., based in Salt Lake City, reported net earnings of $12.2 million, or 29 cents per share, for the fiscal third quarter ended July 2. That compares with a net loss of $28.2 million, or 73 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $211 million, up from $171.2 million in the year-earlier quarter.

Varex designs and manufactures 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.

“Sales momentum continued in the third quarter of fiscal 2021 with revenues reaching $211 million, driven by demand in both the medical and industrial segments,” Sunny Sanyal, CEO, said in announcing the results. “Higher sales volume and continued execution on expense management led to margin and profitability expansion in the quarter.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported net income of $9.8 million, or 33 cents per share, for the second quarter ended June 30. That compares with $15 million, or 51 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $27.4 million, up from $24 million in the prior-year quarter.

Co-Diagnostics is a molecular diagnostics company with a platform for the development of molecular diagnostic tests.

“We are proud to continue the momentum, delivering another strong quarter following our record results in 2020,” Dwight Egan, CEO, said in announcing the results. “Our team has done an excellent job of cultivating distributor relationships throughout the United States and abroad, which is evident in the record sales results this quarter. As new variants of COVID-19 continue to emerge and affect the global population, we remain steadfast in our mission to deliver high-quality diagnostic testing kits to customers throughout the world.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $6.8 million, or 32 cents per share, for the second quarter ended June 30. That compares with $6.1 million, or 29 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled a company-record $109 million, up from $87.3 million in the year-earlier quarter.

The company manufactures and sells nutritional and personal care products.

“For the fourth consecutive quarter, we achieved the largest sales in the company’s history,” Terrence Moorehead, CEO, said in announcing the results. “These tremendous results were driven by growth across our operating business units as we remain committed to our business transformation and our five global growth strategies.”

In the second half of the year, he said, the company expects its distributors and customers to continue responding positively to its transformed business model and new branding. “We’re on a multi-year journey right now and while there’s supply chain headwinds and continued challenges from COVID-19, we remain operationally and financially sound, and we are optimistic in our ability to continue to create value for our shareholders.”

Purple

Purple Innovation Inc., based in Lehi, reported net income of $2.6 million, or 3 cents per share, for the for the second quarter ended June 30. That compares with a net loss of $97.1 million, or $3.19 per share, for the same quarter a year earlier and a loss of $11.3 million for the 2019 second quarter.

Net revenue in the most recent quarter totaled $182.6 million, up from $165.1 million in the year-earlier quarter and from $103.1 in the 2019 second quarter.

Purple designs and manufactures comfort products, including mattresses, pillows, cushions, frames and sheets.

“Following a very good start to 2021, demand for the Purple brand has remained strong, especially in our wholesale channel, as consumers are increasingly returning to shopping brick-and-mortar retail,” Joe Megibow, CEO, said in announcing the results.

“Unfortunately, our recent performance was impacted by isolated manufacturing challenges that limited our ability to fulfill a meaningful portion of demand during the second quarter. While this headwind carried into the third quarter, I am pleased to report that we exited the month of July with production back at planned levels and more importantly, a safer operating environment in our manufacturing facilities.”

A maintenance worker died in an industrial accident in May at the company’s mattress manufacturing facility in Grantsville.

“We are excited to be moving back into a position that allows us to fully leverage the power of our vertically integrated manufacturing platform and capitalize on the significant growth prospects that exist for our business,” Megibow said.

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $397,166, or 1 cent per share, for the second quarter ended June 30. That compares with a loss of $602,000, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $6 million, up from $5.1 million in the year-earlier quarter.

Profire provides solutions that help energy production companies in the safe and efficient production and transportation of oil and natural gas.

“The continued reopening of most global economies during the second quarter resulted in increased demand and higher commodity prices across the oil and gas markets,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“Our sequential and year-over-year revenue growth reflects increased product sales and resumption of equipment maintenance that was largely deferred during the pandemic. We continued to reinvest in our company in response to the increased demand and improved industry outlook. Additionally, I am pleased that we were able to generate operating cash flow and increase our cash and liquid investments in the first six months of this year while remaining debt-free.”

Cameron Tidball, co-CEO, said the company is “encouraged by our Q2 results, despite the challenges that remain in the petroleum industry.”

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss of $3.2 million, or 4 cents per share, for the quarter ended June 30. That compares with a loss of $12.7 million, or 33 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $2.54 million, up from $2.27 million in the year-earlier quarter.

PolarityTC is a biotechnology company developing regenerative tissue products and biomaterials.

“We have made great strides to position the company for the future, most recently with the submission of an IND (investigational new drug application), and I could not be more impressed by the organization’s commitment to this achievement,” David Seaburg, CEO, said in announcing the results.

Owlet

Owlet Inc., based in Lehi, reported a net loss of $5.3 million, or 49 cents per share, for the second quarter ended June 30. That compares with a loss of $1.1 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $24.9 million, up from $18.4 million in the year-earlier quarter.

Owlet offers a digital parenting platform.

“We had an incredible quarter, recording strong year-over-year and sequential revenue growth, with significant year-over-year margin expansion,” Kurt Workman, co-founder and CEO, said in announcing the results.

Workman said international expansion is key to the company’s mission, “and our second-quarter launches throughout Europe represent great progress.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $6.8 million, or 8 cents per share, for the second quarter ended June 30. That compares with a loss of $6.4 million, or 13 cents per share, for the same quarter a year earlier.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders.

Recursion

Recursion, based in Salt Lake City, reported a net loss of $43.4 million, or 31 cents per share, for the second quarter ended June 30. That compares with a loss of $18.9 million, or 88 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2.5 million, up from $186,000 in the year-earlier quarter.

Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science and engineering. The company’s current construction projects include expanding its current headquarters and creating a chemistry, manufacturing and controls (CMC) site in Salt Lake City.

“We are excited with how Recursion is expanding across many fronts in order to deliver on our mission to decode biology to radically improve lives,” Chris Gibson, co-founder and CEO, said in announcing the results.

“Not only is the company continuing to advance and expand the total number of its research and development programs, but we are expanding our operations to Canada to grow our capabilities and workforce, and we are enhancing our expertise in research and development by forming a Therapeutics Advisory Board.”

Arena

Arena Pharmaceuticals Inc., based in Park City, reported a net loss of $146.1 million, or $2.40 per share, for the second quarter ended June 30. That compares with a loss of $84.9 million, or $1.61 per share, for the same quarter a year earlier.

The company had no revenues in both the most recent and the year-earlier quarters.

Arena is focused on delivering medicines.