CORPORATE FINANCIAL REPORTS 11-22-21

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

Cricut 

Cricut Inc., based in South Jordan, reported net income of $30 million, or 13 cents per share, for the third quarter ended Sept. 30. That compares with $45.2 million, or 22 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $260 million, up from $209 million in the year-earlier quarter.

Cricut is a creative technology platform company dedicated to encouraging new ways for people to experience making handmade items at home.

“We’re pleased with our third-quarter results, building on our long history of consistent revenue growth,” Ashish Arora, CEO, said in announcing the results. “We continued to bring users onto the platform, invest in new products, and improve the user experience.”

Clene

Clene Inc., based in Salt Lake City, reported net income of $28.9 million, or 47 cents per share, for the quarter ended Sept. 30. That compares with a net loss of $10.3 million, or 59 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $110,000, up from $98,000 in the year-earlier quarter.

Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease with nanotherapeutics to treat energetic failure, an underlying cause of many neurological diseases.

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported net income of $11.5 million, or 38 cents per share, for the third quarter ended Sept. 30. That compares with $15.7 million, or 53 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was a company-record $30.1 million, up from $21.8 million in the year-earlier quarter.

Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets a diagnostics technology.

“This quarter brought continued growth and strong positioning for sustainability,” Dwight Egan, CEO, said in announcing the results. “We believe that our diverse international customer base, clean balance sheet and steady cash accumulation, in addition to our high-quality products whose performance has been validated by laboratories and regulatory bodies across the world, help us stand out from the crowd and all contributed to our record sales in Q3.”

Egan said an important step in the company’s growth is its upcoming point-of-care/at-home diagnostic platform.

“We are optimistic about the potential impact this new device can have on infectious disease diagnostics, not just for COVID-19 but other diseases as well, and believe we are well-positioned to maintain our trajectory of market share growth as our investments in talent and R&D continue to yield positive results,” he said.

Clarus

Clarus Corp., based in Salt Lake City, reported net income of $4.5 million, or 13 cents per share, for the third quarter ended Sept. 30. That compares with $1.2 million, or 4 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter were a company-record $109 million, up from $64.5 million in the year-earlier quarter.

Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products. Its brands include Black Diamond, Rhino-Rack, Sierra and Barnes.

On Oct. 29, the company closed its public offering of 2.75 million shares of the company’s common stock at a price to the public of $27 per share, providing gross proceeds of $74.3 million. With the addition of the full exercise of the underwriters’ option to purchase additional shares, the total number of shares sold by Clarus in the offering increased to nearly 3.2 million, with gross proceeds before underwriting fees and estimated offering expenses were approximately $85.4 million. The company intends to use a portion of the net proceeds of the offering for the repayment in full of approximately $65 million in aggregate principal amount under its revolving loan facility. The remaining portion of the net proceeds from the offering will be used for general corporate purposes, including capital expenditures and potential acquisitions, it said.

“Our Black Diamond, Sierra and Rhino-Rack segments all continue to benefit from the increase in the number of new and existing consumers spending more time outdoors, a trend we’ve termed ‘outdoorism,’” John Walbrecht, president, said in announcing the results.

“It is in the outdoors where our brands are uniquely positioned to deliver an enhanced consumer experience. Bookings remain strong and our team has done a tremendous job fulfilling orders and staying aligned with our retail and vendor partners despite the supply chain headwinds we have mitigated. This, along with our ease-of-doing-business mentality, we continue to reap market share gains across all of our leading categories.”

Purple

Purple Innovation Inc., based in Lehi, reported net income of $2.1 million, or 5 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $87.2 million, or $1.97 per share for the same quarter a year earlier.

Revenue in the most recent quarter totaled $170.8 million, down from $187.1 million in the year-earlier quarter.

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

“Our third-quarter results were disappointing, largely driven by impacts from our manufacturing backlog that were longer-lasting than we anticipated,” Joe Megibow, CEO, said in announcing the results.

“Our lack of inventory impacted sales through all of our channels which are deeply interconnected. Specifically, delays in planned wholesale expansion, slower re-acceleration of existing wholesale door productivity, and a more prolonged build-back from the effect of marketing spend reduction in response to inventory shortages which in turn also impacted our digital business.  Furthermore, we missed opportunities related to pricing and cost management.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $6,000, or zero cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.7 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $3.6 million, up from $1.5 million in the year-earlier quarter.

Superior designs and manufactures drilling tool technologies.

“Demand for our tools and services is strong and we are working hard to meet our customers’ requirements,” Troy Meier, chairman and CEO, said in announcing the results. “We are confident in the value our flagship Drill-N-Ream well bore conditioning tool brings to the oil and gas production industry. Importantly, our engineering expertise and manufacturing skills are in demand.

“We are addressing new opportunities to manufacture drilling tools to meet the rising demand and challenging technical requirements of polycrystalline diamond cutters. We believe technical knowledge of drilling technologies, operational strengths and ability to meet demand provide us competitive advantages in these challenging times of severe supply chain constraints and labor shortages.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $3.1 million, or 3 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $4.3 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $54,994, compared to zero revenue in the year-earlier quarter.

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

Sera

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $9.9 million, or 39 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $5.1 million, or $3.30 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $23,000, up from $5,000 in the year-earlier quarter.

Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.

“We are pleased with our operational progress during the quarter and with initial payments we received from a number of insurers as we deploy a salesforce that is now ahead of original plan in terms of expected hires,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results.

“We continue to see a positive response to our innovative PreTRM test from employers, physicians, patients and payers and are in active discussions with several large regional insurance payers beyond our existing contract with Anthem, all of which give us confidence in the importance of our mission to improve healthcare for mothers and newborns while reducing healthcare costs.”

Instructure

Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $13.3 million, or 10 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $60.2 million, or 48 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $107.2 million, up from $81.8 million in the year-earlier quarter.

Instructure is an education technology company.

“Instructure continued to deliver strong performance across the board in Q3,” Steve Daly, CEO, said in announcing the results. “We are well-positioned at the center of the teaching and learning ecosphere, have a strong growth trajectory driven by momentum in both new logo and cross-sell wins, and see considerable opportunities in front of us both domestically and internationally as we continue to execute our platform strategy. Our market opportunity is greater than ever.”

Daly noted that Canvas users in the third quarter used its platform at significantly higher levels than before the pandemic, even after many students returned to the classroom in the fall.

“This strong usage,” he said, “further increases our confidence that we will remain the core platform for teaching and learning and a cornerstone in the digital transformation of education, regardless of whether education is delivered in an in-person, virtual or hybrid context.”

Owlet

Owlet Inc., based in Lehi, reported a net loss of $34.5 million, or 36 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.5 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was a company-record $31.5 million, up from $21.2 million in the year-earlier quarter.

Owlet offers a digital platform to give parents real-time data and insights about their children.

“We had a strong third quarter at Owlet, with our highest-ever revenues and continued international expansion, including launching into Switzerland and France,” Kurt Workman, co-founder and CEO, said in announcing the results.

“In the first three quarters of the year, we accomplished everything we set out to achieve at the beginning of 2021. Our domestic penetration and awareness continue to grow organically and have in fact accelerated with increased investment. I’m also pleased to report that adoption and growth rates internationally have outpaced our expectations and our progress toward key platform expansion opportunities are advancing in line with our expectations.”

Sarcos

Sarcos Technology and Robotics Corp., based in Salt Lake City, reported a net loss of $37 million, or 35 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $6.9 million, or 7 cents per share, for Sarcos Corp. in the year-earlier quarter.

Revenue in the most recent quarter totaled $1.1 million, down from $1.5 million in the year-earlier quarter.

Sarcos develops robotic systems that augment humans to enhance productivity and safety.

“We are delighted to share our first financial results as a public company,” Ben Wolff, chairman and CEO, said in announcing the results. “Our merger with Rotor Acquisition Corp. has given us the liquidity we needed to further develop our unique, award-winning technology, and we believe it will be sufficient to bring our Guardian XO industrial exoskeleton and Guardian XT industrial robotic avatar systems to market.”

Wolff said that like many other U.S. companies, Sarcos has faced challenges in supply chain and recruitment efforts as a result of the pandemic and other global trends. “However, development of our products continues to progress and we still anticipate having our first commercial units ready to commence initial commercial production at the end of 2022,” he said.

Recursion

Recursion Pharmaceuticals Inc., based in Salt Lake City, reported a net loss of $47.4 million, or 28 cents per share, for the third quarter ended Sept 30. That compares with a loss of $23.9 million, or $1.09 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2.5 million, up from $1 million 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.

“In Q3, our team made progress towards our vision to industrialize drug discovery,” said Chris Gibson, co-founder and CEO. “We are now harvesting the efforts of the past few years to build a map of human cellular biology through the continued refinement and increased usage of our inference-based approach to drug discovery. With the power of our Recursion Map illuminating new and exciting relationships in biology, we are now deeply focused on extending our chemistry capabilities to significantly improve, scale and speed up new chemical entity development to address the plethora of novel biological relationships we are discovering.”

Vivint Smart Home

Vivint Smart Home Inc., based in Provo, reported a net loss of $92.7 million for the quarter ended Sept. 30. That compares with a loss of $111.4 million for the same quarter a year earlier.

Revenue in the most recent quarter totaled $386.7 million, up from $318.7 million in the year-earlier quarter.

Vivint is a smart home company offering consultation, installation and support. It serves more than 1.8 million customers.

“I am very pleased with our third-quarter 2021 results as we achieved double-digit year-over-year growth in revenue,” David Bywater, CEO, said in announcing the results. “Our revenue growth rate was more than double the growth rate in the prior-year period, reflecting the robust demand for the products and services we deliver. Many of the underlying metrics of the business showed strong improvement year-over-year as well.”

“We delivered solid performance for the third quarter despite the continued challenges associated with the pandemic, including supply chain and inflationary pressures,” said Dale R. Gerard, chief financial officer. “Revenue growth, led by growth in total subscribers, as well as contributions from our new smart energy and smart insurance initiatives, was over 21 percent year over year, while producing an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin of more than 44 percent. We added over 114,000 new smart home subscribers in the third quarter. We are on pace to meet or exceed the high end of our 2021 guidance targets despite the aforementioned headwinds.”

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss of $1 million, or 1 cent per share, for the quarter ended Sept. 30. That compares with a loss of $7 million, or 18 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $1.1 million, down from $3.3 million in the year-earlier quarter.

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

“We are encouraged by the feedback we have received from the FDA regarding our IND for SkinTE, and we are on track to submit our complete response to the agency by year-end,” Richard Hague, CEO, said in announcing the results.

“Additionally, we are making good progress preparing for the launch of our first pivotal study and we believe if FDA accepts our IND that we can enroll our first patient shortly after approval. We are also pleased with the continued growth of our intellectual property portfolio, and we are executing on these fronts while demonstrating good discipline with respect to managing our capital efficiently.”