The following are recent financial reports as posted by selected Utah corporations:
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss attributable to stockholders of $14.1 million, or 18 cents per share, for the second quarter ended June 30. That compares with a loss of $4.7 million, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $179.3 million, down from $189.4 million in the year-earlier quarter. {mprestriction ids="1,3"}
Myriad Genetics is a genetic testing and precision medicine company.
“We are pleased with our progress this quarter as we advance our strategic operating plan to drive long-term growth and profitability,” Paul J. Diaz, president and CEO, said in announcing the results. “Our team continues to execute on a disciplined approach to growing our business while managing gross margins and operating expenses despite significant wage and supply chain inflationary pressures.”
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported net income attributable to common shareholders of $7.1 million, or 12 cents per share, for the second quarter ended June 30. That compares with $309.9, or $6.47 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $528 million, down from $794.5 million in the year-earlier quarter.
Overstock.com is an online retailer and technology company.
“Our disciplined execution and differentiated asset-light operating model allowed us to remain profitable for the ninth consecutive quarter, even with weak consumer sentiment, ongoing macroeconomic and geopolitical volatility, higher inflation and significant competitive pressures including competitors liquidating their excess owned inventory,” Jonathan Johnson, CEO, said in announcing the results.
“While the retail environment was challenging throughout the second quarter and sales results were below my expectations, we continued to deliver smart value to our customers, make progress on our strategic initiatives, and provide our partners with an efficient and effective channel to increase their unit sales. Our continued profitability and strong balance sheet support that our business model is a winning one, able to withstand jolts in the market.”
R1 RCM
R1 RCM Inc., based in Murray, reported a net loss of $20.4 million, or 7 cents per share, for the second quarter ended June 30. That compares with net income of $18.4 million, or 6 cents per share, in the same quarter a year earlier.
The company said the loss was primarily driven by $74.4 million of expenses related to the completion of the Cloudmed acquisition.
Revenue in the most recent quarter totaled $391.9 million, up from $353.4 million in the year-earlier quarter.
R1 RCM provides solutions that transform the patient experience and financial performance of healthcare providers.
“Our team delivered another strong quarter with revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) at the high end of our expectations,” Joe Flanagan, CEO, said in announcing the results. “We are excited to embark on the next chapter of growth for R1 with the Cloudmed acquisition now complete.”
FinWise
FinWise Bancorp, based in Murray, reported net income of $5.5 million, or 41 cents per share, for the second quarter ended June 30. That compares with $7.7 million, or 84 cents per share, for the same quarter a year earlier.
The company said nete interest income was $12.8 million in the most recent quarter, up from $10.8 million in the year-earlier quarter. Loan originations were $2.1 billion, up from $1.4 billion.
FinWise is the parent company of FinWise Bank, which has one full-service banking location in Sandy, and a loan production office in Rockville Centre, New York.
“The FinWise team executed admirably during the second quarter and our results further validate the company’s strong and differentiated business model,” Kent Landvatter, CEO and president, said in announcing the results.
“Amid an economic environment that deteriorated rapidly, we delivered favorable results, including solid originations, strong credit quality and industry-leading returns. Despite challenging external macro factors, we remain committed to managing the business for the long term and will continue to focus on what we can control so that we remain well-positioned to take advantage of growth opportunities when the environment improves.”
Utah Medical
Utah Medical Products, based in Salt Lake City, reported net income of $4.1 million, or $1.24 per share, for the second quarter ended June 30. That compares with $3.4 million, or 94 cents per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $13.4 million, up from $12.6 million in the year-earlier quarter.
Utah Medical Products develops, manufactures and markets disposable and reusable specialty medical devices.
Instructure
Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $12.9 million, or 9 cents per share, for the second quarter ended June 30. That compares with a loss of $21.7 million, or 17 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $114.6 million, up from $93.6 million in the year-earlier quarter.
Instructure is an education technology company.
“In an uncertain macroeconomic environment, Instructure delivered strong, double-digit top-line growth and year-over-year margin expansion during the second quarter,” Steve Daly, CEO, said in announcing the results.
“Our Instructure Learning Platform strategy continued to gain momentum during the quarter with growth across our Canvas learning management solutions, Mastery assessment tools and content, Elevate data and analytics products, and Impact solutions for edtech adoption and engagement. … We look forward to the opportunity to bring more value to our clients, partners and shareholders in the months and years ahead.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $3.8 million, or 9 cents per share, for the second quarter ended June 30. That compares with $1.8 million, or 6 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter were a company-record $114.9 million, up from $73.3 million in the year-earlier quarter.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products. Its brands include Black Diamond, Rhino-Rack, MAXTRAX, Sierra and Barnes.
“Clarus’ ‘Super Fan’ brands continued to perform at a high level in the second quarter,” John Walbrecht, president, said in announcing the results.
Walbrecht said the company is poised for another record year in 2022.
Weave
Weave Communications Inc., based in Lehi, reported a net loss of $14.8 million, or 23 cents per share, for the second quarter ended June 30. That compares with a net loss of $15 million, or $1.12 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $34.9 million, up from $28.1 million in the year-earlier quarter.
Weave provides a customer communications and engagement software platform for small and medium-sized businesses.
“I’m very happy to report the Weave team posted another impressive quarter of performance,” Roy Banks, CEO, said in announcing the results. “We made substantial progress in our new product delivery and go-to-market optimizations.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $284,829, or 1 cent per share, for the second quarter ended June 30. That compares with a net loss of $397,166, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $9.6 million, up from $9.5 million in the year-earlier quarter.
Profire provides solutions which enhance the efficiency, safety and reliability of industrial combustion appliances.
“Our second-quarter results reflect continued progress within our historical business segments and into new markets,” Ryan Oviatt, chief financial officer and co-CEO, said in announcing the results. “Revenues increased sequentially for the fifth consecutive quarter, and we reported another quarterly net profit despite product shortages and significant cost pressures across our business.
“The initiatives implemented in 2021 and earlier this year made inventory more readily available late in the quarter, which allowed us to start to work down sales backorders and to begin replenishing product on the shelf. Our balance sheet remains strong, which affords us the flexibility to respond to additional opportunities within our core business, as well as new markets for our products.”
Traeger
Traeger Inc., based in Salt Lake City, reported a net loss of $123.3 million, or $1.12 per share, for the second quarter ended June 30. That compares with a net loss of $4.9 million, or 5 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $200.3 million, down from $213 million in the year-earlier quarter.
Traeger produces wood pellet grills and related products.
“In the second quarter, macroeconomic conditions that are pressuring the consumer and changes in spending behavior negatively impacted results,” Jeremy Andrus, CEO, said in reporting the results.
“While we had previously considered these factors in our outlook for the year, their impact deepened as we moved through some of our most important selling weeks of the year during the quarter. With softer demand trends, we accelerated efforts to mitigate these pressures. We are taking proactive and immediate steps to drive profitability and financial flexibility, including a cost-reduction plan which we expect to drive $20 million in annualized savings.
“We are anticipating a challenging second half of 2022 as macroeconomic pressures continue to weigh on consumer demand and as our retail partners reduce channel inventories. Despite near-term challenges, I believe we are taking the right steps to position the company to successfully navigate the difficult backdrop. Moreover, I remain highly confident in Traeger’s long-term growth opportunity and in our team’s ability to drive value for both our shareholders and our consumers.”
Purple Innovation
Purple Innovation Inc., based in Lehi, reported a net loss of $8.3 million, or 10 cents per share, for the second quarter ended June 30. That compares with net income of $2.6 million, or 3 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $144.1 million, down from $182.6 million in the year-earlier quarter.
Purple designs and manufactures comfort products, including mattresses, pillows, bedding and frames.
“We continue to make important progress improving Purple’s operational health despite increasing macro headwinds,” Rob DeMartini, CEO, said in announcing the results.
“The meaningful improvement in second-quarter adjusted EBITDA compared with the first quarter on similar revenue underscores the work we’ve done since the start of this year rightsizing our cost structure. While the continued shift in demand away from home-related categories and the impact of inflation on consumer discretionary spending is delaying our top-line recovery, we remain confident that our four strategic initiatives — operational excellence, brand elevation, channel development and accelerating innovation — are the right building blocks for delivering long-term profitable growth.”
Recursion
Recursion, based in Salt Lake City, reported a net loss of $65.6 million, or 38 cents per share, for the second quarter ended June 30. That compares with a loss of $43.4 million, or 31 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $7.7 million, up from $2.5 million in the year-earlier quarter.
Recursion is a clinical-stage biotechnology company industrializing drug discovery by decoding biology.
“In the context of continued capital markets friction, we are increasingly focusing our pipeline around rapidly deliverable oncology programs,” Chris Gibson, co-founder the CEO, said in announcing the results.
Sarcos
Sarcos Technology and Robotics Corp., based in Salt Lake City, reported a net loss of $23.1 million, or 16 cents per share, for the second quarter ended June 30. That compares with a net loss of $5.3 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $3 million, from up $1.1 million in the year-earlier quarter.
Sarcos develops dexterous robotic systems that augment humans to enhance productivity and safety. It recently closed its acquisition of RE2 Inc., based in Pittsburgh. The results announcement includes the financial results of RE2 for the period after the closing of the acquisition April 25.
“The integration of the Pittsburgh team into the company is already paying significant dividends by bolstering our engineering expertise and broadening our potential customer base,” Kiva Allgood, president and CEO, said in announcing the results.
“The combined organization is quickly coming together and we are making great progress towards our commercialization and sales goals. We are also thrilled with the initial results we are seeing in field trials for our Guardian XTTM and Sapien 6M units, which are both receiving strong traction with potential customers across the aviation, shipyard and vegetation management industries.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $13.8 million, or 6 cents per share, for the second quarter ended June 30. That compares with $49.1 million, or 22 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $183.8 million, down from $334.5 million in the year-earlier quarter.
Cricut produces cutting machines and design software for hobbyists.
“Our Q2 performance reflects the current macroeconomic environment, coupled with elevated channel inventory as a result of the pandemic,” Ashish Arora, CEO, said in announcing the results. “While top-line results were disappointing, we believe those inventory levels will be rebalanced in the second half of the year.
“We operate from a position of strength, with a resilient business model and strong balance sheet. In addition, Cricut’s platform provides tremendous opportunity to interact with our nearly 7.2 million existing users throughout their entire crafting journey. Many of our investments are showing signs of success, building confidence that what we’re doing today will be the most impactful to Cricut in the medium to long-term growth.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income of $1 million, or 3 cents per share, for the second quarter ended June 30. That compares with $6.8 million, or 32 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $104.2 million, down from $109 million in the year-earlier quarter.
Nature’s Sunshine markets and distributes nutritional and personal care products in more than 40 countries.
“The challenges facing our world certainly remained in the second quarter,” Terrence Moorehead, CEO, said in announcing the results. “The devastating war in Ukraine, rampant inflation, supply chain pressures and the lingering impact of COVID-19 hampered our vision to share the healing power of nature with everyone.
“Despite the headwinds, our revenue was flat on a constant currency basis, driven by continued rapid growth in Asia and mitigated losses in Europe. We believe these outcomes illuminate the resilience of our brand, the power of our vision, and the advantages of our global presence.”
Vivint Smart Home
Vivint Smart Home inc., based in Provo, reported a net loss of $3.5 million for the quarter ended June 30. That compares with a loss of $70.5 million for the same quarter a year earlier.
Revenue in the most recent quarter totaled $407.3 million, up from $354.1 million in the year-earlier quarter.
Vivint is a smart home company.
“Second-quarter 2022 was another strong quarter for Vivint as we grew total revenue by over 17 percent and adjusted EBITDA by more than 23 percent, after normalizing for the sale of our Canadian operations. … The recent divestiture of our Canadian operations allows us to sharpen our focus on our core markets with the most compelling growth opportunities,” David Bywater, CEO, said in announcing the results.
ClearOne
ClearOne Inc., based in Salt Lake City, reported a net loss of $257,000, or 1 cent per share, for the quarter ended June 30. That compares with a loss of $1.6 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $7.4 million, down from $7.7 million in the year-earlier quarter.
ClearOne provides audio and visual communication solutions.
“Our core audio conferencing products, which include mixers and BMA Ceiling Tile-based solutions, posted impressive year-over-year revenue growth in Q2,” Derek Graham, interim CEO, said in announcing the results.
“Our revenue performance was constrained due to our inability to fully meet the demands of our channel as we continue to fight the raw material shortages caused by the unprecedented global supply chain crisis that hasn’t spared our industry. We are fully prepared for the current challenges faced by ClearOne and will prioritize returning ClearOne back to profitability, energizing our employees to tap into their full potential, and re-establishing ClearOne as a premium brand in our industry and channels.”
Quotient Technology
Quotient Technology Inc., based in Salt Lake City, reported a net loss of $43.4 million, or 45 cents per share, for the second quarter ended June 30. That compares with a net loss of $17.2 million, or 18 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $69.3 million, down from $123.9 million in the year-earlier quarter.
Quotient offers a digital media and promotions technology platform.
“Our solid second-quarter results demonstrate the early impact of the significant changes we are making across our organization to position the company for consistent, profitable growth,” Matt Krepsik, CEO, said in announcing the results.
“In our view, the key to our success is delivering value to our customers and the consumers they serve. In the second quarter, we delivered $2.6 billion of savings to consumers, illustrating the power of our network. With our organizational realignment complete, we believe we are well-positioned to execute on our growth pillars to serve our customers, expand our reach and deliver enhanced shareholder value.”{/mprestriction}
