CORPORATE FINANCIAL REPORTS 5-23-22

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

Cricut

Cricut Inc., based in South Jordan, reported net income of $23.5 million, or 11 cents per share, for the first quarter ended March 31. That compares with $49.4 million, or 24 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $244.8 million, down from $323.8 million in the year-earlier quarter.{mprestriction ids="1,3"}

Cricut is a technology platform company offering cutting machines and design software.

“Our Q1 performance reflected our sound business model and our proven ability to navigate periods of uncertainty with agility and discipline,” Ashish Arora, CEO, said in announcing the results. “The nearly 7 million users on our platform fuel our flywheel of engagement and monetization for many years to come.”

Sarcos

Sarcos Technology and Robotics Corp., based in Salt Lake City, reported a net loss of $19.2 million, or 14 cents per share, for the quarter ended March 31. That compares with $5.2 million, or 5 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $743,000, down from $1.8 million in the year-earlier quarter.

Sarcos develops industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity, enable remote operations and reduce operational costs.

The company has announced the successful closing of the previously announced acquisition of RE2, Inc., bringing together commercial robotics teams and nearly doubling the size of Sarcos’ engineering team.

“Our most recent key development was the announcement of our acquisition of RE2,” Kiva Allgood, president and CEO, said in announcing the results. “A second development location in Pittsburgh, one of the nation’s leading robotics centers, as well as the addition of RE2’s world class engineering team, will allow us to meet the needs of more customers and offer solutions to a wider range of use cases. The combination of RE2 and Sarcos is great news for our employees, partners, customers and stockholders.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported net income of $11.7 million or 34 cents per share, for the first quarter ended March 31. That compares with $7.9 million, or 26 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $22.7 million, up from $20 million in the year-earlier quarter.

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

“We are incredibly proud to deliver another solid quarter of growth following our record results in 2021,” Dwight Egan, CEO, said in announcing the results. “We’ve made substantial progress in the development of our new Co-Dx PCR home diagnostic testing platform and look forward to submitting for FDA approval later this year.”

Egan said the company believes it is at an important point in its growth trajectory that will enable it to expand into new verticals, new markets and innovative molecular diagnostic solutions.

Owlet

Owlet Inc., based in Lehi, reported a net loss of $28.8 million, or 26 cents per share, for the first quarter ended March 31. That compares with a loss of $7.9 million, or 35 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $21.5 million, down from $21.9 million in the year-earlier quarter.

Owlet offers a digital platform that aims to give parents real-time data and insights.

“The best way to characterize the first quarter of 2022 is we focused on regaining our footing and positioning back in the market and worked to re-establish ourselves as the best monitoring solution for parents,” Kurt Workman, co-founder and CEO, said in announcing the results. “I am proud of the Owlet team, as we remain focused on our core growth areas, including increasing penetration in the U.S. with our core products, continuing to build out our connected nursery ecosystem, developing medical devices, and advancing our international presence.”

Traeger

Traeger Inc., based in Salt Lake City, reported a net loss of $8.4 million, or 7 cents per share, for the quarter ended March 31. That compares with net income of $38.9 million, or 36 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $223.7 million, down from $235.6 million in the year-earlier quarter.

Traeger offers wood-pellet grills.

“Despite the headwinds that we faced in the first quarter, we are pleased to report better-than-expected revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter,” Jeremy Andrus, CEO, said in announcing the results. “During the first quarter, we continued to execute on our strategic growth pillars.”

Andrus said the company’s “brand health remains strong and we are well-positioned for the upcoming summer grilling season.”

Purple Innovation

Purple Innovation Inc., based in Lehi, reported a net loss of $13.6 million, or 20 cents per share, for the quarter ended March 31. That compares with net income of $20.9 million, or 17 cents per share, for the same quarter a year earlier.

Revenue totaled $143.2 million, down from $186.4 million in the year-earlier quarter.

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

“I am pleased that we exceeded our net revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) guidance, despite an increasingly challenging economic environment,” Rob DeMartini, CEO, said in announcing the results. “Compared with the fourth quarter of 2021, these results represent a building block towards reestablishing Purple as a profitable growth company and creating a stronger foundation that will move us toward our long-term plans.”

Clene

Clene Inc., based in Salt Lake City, reported a net loss of $13.4 million, or 21 cents per share, for the quarter ended March 31. That compares with a loss of $39.8 million, or 66 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $30,000, down from $213,000 in the year-earlier quarter.

Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease. The company is based in Salt Lake City, with research and development and manufacturing operations in Maryland.

“As we approach the second half of 2022, we expect to report data readouts for our lead asset, CNM-Au8, for the treatment of both ALS and MS,” Rob Etherington, president and CEO, said in announcing the results. “Positive results from the Healey ALS Platform Trial would bring this potential new treatment option one step closer for people living with ALS.”

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss of $3.8 million, or 9 cents per share, for the quarter ended March 31. That compares with a loss of $17.4 million, or 24 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $741,000, down from $4.7 million in the year-earlier quarter.

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

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $206,505 for the quarter ended March 31. That compares with $247,768 for the same quarter a year earlier.

Revenue in the most recent quarter totaled $753,576, up from $562,362 in the year-earlier quarter.

Reflect Scientific develops and markets technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical and transportation markets.

“The first quarter of 2022 showed an increase of 34 percent in revenue and a 51 percent increase in income from operations over the same period last year,” Kim Boyce, CEO, said in announcing the results. “The marketing emphasis on the growing cryogenic freezing and storage market is paying off for Reflect.”

Sera Prognostics

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $12.2 million, or 40 cents per share, for the quarter ended March 31. That compares with a loss of $6.4 million, or $3.55 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $38,000, up from $13,000 in the year-earlier quarter.

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

“As we build awareness, we are seeing increases in orders and improvement in other key commercial metrics,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results. “This reflects the growing recognition of the benefit of our PreTRM Test, which fosters increased adoption with payors, care providers and patients.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $150,000, or 1 cent per share, for the first quarter ended March 31. That compares with a net loss of $1.1 million, or 4 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.1 million, up from $4 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“Our team once again has demonstrated our ability to perform exceptionally well,” Troy Meier, chairman and CEO, said in announcing the results. “Over the last two years, we have delivered in the face of adversity and now with markets accelerating are expanding capacity, producing efficiently and meeting customer demand.”

Meier said the company recently invested $1.1 million in new machinery that is expected to increase its capacity for both the manufacture and refurbishment of drill bits as well as other contract manufacturing work.

Recursion

Recursion, based in Salt Lake City, reported a net loss of $56 million, or 33 cents per share, for the first quarter ended March 31. That compares with a loss of $30.7 million, or $1.33 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.3 million, up from $2.6 million in the year-earlier quarter.

Recursion is a clinical-stage biotechnology company industrializing drug discovery by decoding biology.

“Recursion achieved several key milestones, including dosing the first participants in our clinical trial for CCM, advancing our science across multiple other programs and continuing the evolution of our Recursion OS to take on additional steps in the drug discovery process beyond target discovery and lead identification,” Chris Gibson, co-founder and CEO, said in announcing the results.

“It is exciting to be at this inflection point of our platform and making progress towards translating molecules into medicines with our potential treatments beginning to move through clinical development. We look forward to the additional clinical trials we plan to initiate later this year and the potential of our work and partnerships to positively impact the lives of patients and their loved ones.”{/mprestriction}