The following are recent financial reports as posted by selected Utah corporations:
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $2.8 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with $4.5 million, or 13 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}
Sales in the most recent quarter totaled $115.7 million, up from $109 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.
“Our portfolio of ‘Super Fan’ brands were largely resilient amid a challenging consumer backdrop,” John Walbrecht, president, said in announcing the results. “Demand in both our Outdoor and Precision Sport segments remained intact during the quarter, demonstrating market share gains as activity-based, Super Fan consumer brands can gain market share even when macroeconomic challenges arise.”
Purple Innovation
Purple Innovation Inc., based in Lehi, reported net income of $2.3 million, or 3 cents per share, for the third quarter ended Sept. 30. That compares with $2.2 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $143.3 million, down from $170.8 million in the year-earlier quarter.
Purple manufactures comfort products.
“I am pleased with the significant improvement in profitability we delivered on both a year-over-year and quarter-over-quarter basis in a very difficult environment,” Rob DeMartini, CEO, said in announcing the results. “Execution of our manufacturing and supply chain efficiency initiatives, along with earlier actions to rightsize headcount and align marketing spend with the current demand environment, fueled a meaningful increase in our third-quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).”
“While industry conditions remain challenging due to high inflation and a shift in consumer spending away from home related categories, we are optimistic that the work we are doing around product innovation and channel development will translate into sustainable market share gains. This includes our recent acquisition of Intellibed, which elevated and strengthened our product offering and provides us with an immediate entrée into the high-margin, luxury mattress category.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $35.1 million, or 43 cents per share, for the third quarter ended Sept. 30. That compares with net income of $24.6 million, or 30 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $156.4 million, down from $167.3 million in the year-earlier quarter.
Myriad is focused on genetic testing and precision medicine.
“Excluding typical seasonality and other temporary headwinds, we believe the overall strength of our business model and improving growth trajectory is clear,” Paul J. Diaz, president and CEO, said in announcing the results.
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $11 million, or 17 cents per share, for the third quarter ended Sept. 30. That compares with net income of $28.9 million, or 42 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $174,000, up from $110,000 in the year-earlier quarter.
Clene Inc. and wholly owned subsidiary Clene Nanomedicine Inc. is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease.
Sarcos
Sarcos Technology and Robotics Corp., based in Salt Lake City, reported a net loss of $22.5 million, or 15 cents per share, for the quarter ended Sept. 30. That compares with a loss of $37 million, or 35 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.7 million, up from $1.1 million in the year-earlier quarter. The company said the increase was primarily due to a $3.8 million increase in revenue from research and development services following its acquisition of RE2.
Sarcos designs, develops and manufactures advanced robotic systems.
“We achieved two vital milestones in the third quarter as we started production of commercial systems of our Sapien 6M and demonstrated the effectiveness of our technology in the field to the U.S. Navy,” Kiva Allgood, president and CEO, said in announcing the results. “These achievements and the advancement in our software are a testament to the ability of our team to work together to achieve our goals and position Sarcos for success.”
Sera
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $10.7 million, or 35 cents per share, for the third quarter ended Sept. 30. That compares with $9.9 million, or 39 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $87,000, up from $23,000 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 to see our PreTRM Test being supported as a fundamental piece in addressing preterm risk in early adopter institutions that see the clinical utility and cost savings, as a result of enabling more proactive care for their insured pregnant members,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results. “As we head into the end of our fiscal year, we look forward to seeing greater adoption and continued traction that we believe will create a more significant impact on our top-line results in 2023 and beyond.”
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $1.4 million, or 4 cents per share, for the third quarter ended Sept. 30. That compares with net income of $11.5 million, or 38 cents per share, in the same quarter a year earlier.
Revenue in the most recent quarter totaled $5.1 million, down from $30.1 million in the prior-year quarter.
Co-Diagnostics offers a platform for the development of molecular diagnostic tests.
“While our third-quarter results were impacted by lower demand for our COVID-19 test, we made significant progress on our Co-Dx PCR Home platform which is nearing its final stages,” Dwight Egan, CEO, said in announcing the results.
“In addition to expecting clinical trials to begin in the very near future, our ability to generate positive cash flow from operations during the quarter supported further development and optimization efforts for our Co-Dx PCR Home platform. Our team remains driven by enhancing the platform so it becomes the new standard for PCR at-home and point-of-care testing, while also expanding our suite of tests for our clinical laboratory business segment.”
PolarityTE
PolarityTE Inc., based in Salt Lake City, reported a net loss of $3.4 million, or 47 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1 million, or 37 cents per share, in the same quarter a year earlier.
The company has no net revenues in the most recent quarter, which compares with $1.1 million in the year-earlier quarter.
PolarityTE said it stopped commercial sales of SkinTE in the second calendar quarter of 2021 and sold the IBEX services business at the end of April 2022, so the company was not engaged in any revenue-generating business activity at Sept. 30 and does not expect to generate operating revenues from any business activity for the foreseeable future.
PolarityTE is a biotechnology company developing regenerative tissue products and biomaterials.
Recursion
Recursion, based in Salt Lake City, reported a net loss of $60.4 million, or 35 cents per share, for the third quarter ended Sept. 30. That compares with loss of $47.4 million, or 28 cents per share, in the same quarter a year earlier.
Revenue in the most recent quarter totaled $31.2 million, up from $2.5 million in the year-earlier quarter.
Recursion is a clinical-stage biotechnology company industrializing drug discovery.
“We are excited to have initiated four clinical trials in the past three quarters,” Chris Gibson, co-founder and CEO, said in announcing the results. “In addition, our first clinical-stage program discovered using our mapping and navigating approach to biology was nominated as a clinical-stage program, with a Phase 2 clinical trial being planned now.
“We believe that our consistency in advancing our internal pipeline and transformational partnerships, coupled with our willingness to continuously evolve our platform to more completely map and navigate biology and chemistry, highlight Recursion as a leader within technology-enabled drug discovery.”
R1 RCM
R1 RCM Inc., based in Murray, reported a net loss of $29.5 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with net income of $17 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $496 million, up from $379.7 million in the year-earlier quarter.
R1 provides solutions to improve the patient experience and financial performance of healthcare providers.
“While we made progress on our strategic priorities in the third quarter, including integrating Cloudmed, advancing our technology roadmap, and onboarding new customers, our results fell short of our expectations due to operational and customer-specific factors,” Joe Flanagan, CEO, said in announcing the results.
“We are actively working to address these issues and remain very optimistic about our competitive position and long-term growth trajectory.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $12.4 million, or 6 cents per share, for the third quarter ended Sept. 30. That compares with $30 million, or 13 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $177 million, down from $260 million in the year-earlier quarter.
Cricut is a technology company offering cutting machines and design software for people involved in DIY projects.
“While total revenue reflects certain pressures from the current macroeconomic environment, I am encouraged by the positive momentum we’re seeing in many areas across the business,” Ashish Arora, CEO, said in announcing the results.
“Our fundamentals are healthy, we have strong brand interest, and we continue to grow. Total users climbed 30 percent year-on-year and paid subscriber growth outpaced user growth for the 11th consecutive quarter. … Operating in this macro environment has been challenging, but I believe we are stronger for it, with greater focus and discipline than ever before.”
Reflect Scientific
Reflect Scientific Inc., based in Orem, reported a net loss of $133,922 for the third quarter ended Sept. 30. That compares with net income of $159,889 for the same quarter a year earlier.
Revenue in the most recent quarter totaled $253,233, down from $716,145 in the year-earlier quarter.
Reflect Scientific provides products and services for the biotechnology, pharmaceutical and transportation industries, including low-temperature freezers and refrigerated systems.
“Increased cost of goods, increased shipping costs, delivery delays, and parts availability hit Reflect hard in the third quarter,” Kim Boyce, CEO, said in announcing the results.
“Having said that, we are in a strong cash position to weather this downturn in revenue and anticipate a strong finish to the year. Our marketing efforts are continuing as we seek to expand market penetration and sales.”
Vivint Smart Home
Vivint Smart Home Inc., based in Provo, reported a net loss of $41 million for the third quarter ended Sept. 30. That compares with a loss of $92.7 million for the same quarter a year earlier.
Revenue in the most recent quarter totaled $439.4 million, up from $386.7 million in the year-earlier quarter.
Vivint offers smart home technology.
“Our strong results for the third quarter showed substantial year-over-year improvements in total subscribers, revenue, and adjusted EBITDA,” David Bywater, CEO, said in announcing the results.
“The unit economics underpinning our record performance continued to shine as well, with average monthly recurring revenue per user increasing to an all-time high and net service cost per subscriber dropping to an all-time low. Moreover, we continue to believe our 11 percent attrition rate for the period is the lowest among national smart home companies by a significant margin.”
Quotient Technology
Quotient Technology Inc., based in Salt Lake City, reported a net loss of $7.2 million, or 7 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $7.8 million, or 8 cents per share, for the same quarter a year earlier.
Net revenues in the most recent quarter totaled $70.3 million, down from $135.9 million in the year-earlier quarter.
Quotient is a digital media and promotions technology company.
“We were pleased with the outperformance of our promotions business in the quarter as we increased revenue in the category 5 percent sequentially versus a broader market decline,” Matt Krepsik, CEO, said in announcing the results.
“We believe this is a clear proof point that we are winning market share. We are also proud of our ability to deliver adjusted EBITDA of $10 million and near breakeven operating cash flow. This was driven by the optimization of our cost structure, as well as our focus on higher value products that position us as the technology platform and network to enable delivery of digital promotions to the retail and CPG industries and consumers.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $2.4 million, or 3 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $3.1 million, or 4 cents per share, for the same quarter a year earlier.
The company reported no revenues in the most recent quarter, which compares with $55,000 in the year-earlier quarter.
Lipocine is a biopharmaceutical company focused on treating central nervous system disorders.
“During the third quarter, we announced a new strategic direction for Lipocine, which involves applying our validated technology to develop differentiated treatments for CNS disorders,” Dr. Mahesh Patel, president and CEO, said in announcing the results.
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $638,731, or 2 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $6,210, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $5.2 million, up from $3.6 million in the prior-year quarter.
Superior Drilling designs and manufactures drilling tool technologies.
“Our third-quarter results were solid and near the high end range of our expectations as our teams continued to execute well to meet increasing demand for our tools and services,” Troy Meier, chairman and CEO, said in announcing the results. “Importantly, we have also strengthened the earnings power of the company as we delivered net income of $639,000 and achieved adjusted EBITDA of $1.5 million, the highest level in more than four years, which yielded an impressive 29.5 percent margin.”{/mprestriction}
