The following are recent financial reports as posted by selected Utah corporations:
Merit Medical Systems
Merit Medical Systems Inc., based in South Jordan, reported net income of $33.4 million, or 58 cents per share, for the 2022 fourth quarter. That compares with $20.6 million, or 36 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $293.4 million, up from $278.5 million in the{mprestriction ids="1,3"} year-earlier quarter.
For the full year 2022, the company reported income of $74.5 million, or $1.29 per share. That compares with $48.5 million, or 84 cents per share, for 2021.
Revenue in 2022 totaled $1.15 billion, up from $1 billion in 2021.
Merit manufactures and markets healthcare technology.
“We delivered 8 percent constant-currency revenue growth in the fourth quarter of 2022, at the high end of our expectations,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“We also delivered another quarter of improving profitability with a 17.8 percent non-GAAP operating margin, 13 percent growth in non-GAAP net income and 12 percent growth in non-GAAP earnings per share. We are proud of the team’s strong execution and relentless focus on our strategic initiatives, which resulted in impressive financial results in fiscal year 2022; we delivered more than 9 percent constant-currency revenue growth, improvements in our profitability profile with a 17 percent non-GAAP operating margin — a 91 basis point improvement year-over-year — and we generated strong free cash flow of nearly $70 million.”
Extra Space Storage
Extra Space Storage Inc., based in Salt Lake City, reported funds from operations (FFO) attributable to common stockholders and unit holders of $300 million, or $2.09 per share, for the 2022 fourth quarter. That compares with $269.9 million, or $1.91 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $204.3 million, or $1.52 per share, for the 2022 fourth quarter. That compares with $268.4 million, or $2 per share, for the year-earlier quarter.
Same store revenue in the most recent quarter totaled $369.6 million, up from $330.7 million in the year-earlier quarter.
For the full year 2022, the company reported FFO of $1.2 billion, or $8.38 per share. That compares with $974 million, or $6.91 per share, in 2021.
The company reported net income attributable to common stockholders of $860.7 million, or $6.41 per share, for 2022. That compares with $827.7 million, or $6.19 per share, for 2021.
Same store revenue in 2022 totaled $1.44 billion. That compares with $1.2 billion in 2021.
Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 2,338 self-storage properties. It is the second-largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the U.S.
“We had another strong year, with annual same-store revenue growth of 17.4 percent, the highest in our company’s history,” Joe Margolis, CEO, said in announcing the results. “Our internal and external growth efforts led to achieved core FFO growth of 22.1 percent for the full year. As we begin 2023, we have strong occupancy and healthy rental rates, and we are well-positioned for another year of solid same-store revenue growth in our need-based, recession-resilient sector.”
Overstock.com
Overstock.com Inc., based in Salt Lake City, reported a net loss of $15.5 million, or 34 cents per share, for the 2022 fourth quarter. That compares with net income of $32.9 million, or 69 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $404.9 million, down from $612.7 million in the year-earlier quarter.
For the full year 2022, the company reported a net loss of $35.2 million, or 83 cents per share. That compares with net income of $389.4 million, or $8.18 per share, in 2021.
Revenue in 2022 totaled $1.92 billion, down from $2.76 billion in 2021.
Overstock.com is an online furniture and home furnishings retailer.
“The team maintained strong operational discipline and delivered another quarter and year of positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) while navigating shifting consumer demand and a highly promotional competitive environment,” Jonathan Johnson, CEO, said in announcing the results.
“Revenue declined 30 percent for the year, driven by the weak macroeconomic backdrop that impacted consumer sentiment and our strategic actions to become a prominent home-only online retailer.”
Johnson described 2022 as “a transformative year” for the company.
“We completed the removal of all non-home merchandise from our site to better align our well-recognized brand name with home, and we increased our assortment of home-related products by over 50 percent. We now have over twice as many home-related products than we did when we began our non-home exit project two years ago,” he said.
The company also increased mobile app penetration, started a refreshed branding campaign, made operational improvements in its Canada business and simplified its equity capital structure, among other changes, he said.
“2023 will mark our first year as a 100 percent online home retailer since going public over 20 years ago,” Johnson said. “We know we must focus our efforts on improving top-line performance. While the economic environment remains uncertain, our asset-light business model and strong balance sheet position us well for success — both in the short and long term.”
Weave
Weave Communications Inc., based in Lehi, reported a net loss attributable to common stockholders of $9.3 million, or 14 cents per share, for the 2022 fourth quarter. That compares with a net loss of $14.3 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $37.7 million, up from $31.8 million in the year-earlier quarter.
For the full year 2022, the company reported a net loss attributable to common stockholders of $49.7 million, or 76 cents per share. That compares with a loss of $53.7 million, or $2.60 per share, for 2021.
Revenue in 2022 totaled $142.1 million, up from $115.9 million in 2021.
Weave provides a customer communications and engagement software platform for small and medium-sized businesses.
“We made a lot of important progress towards configuring our business for success in 2022, and have taken important steps to improve our efficiency,” Brett White, CEO, said in announcing the results. “We are set up well to carry our momentum into 2023 as we continue building for future growth, while remaining focused on delivering strong operational performance and an accelerated path to break-even.”{/mprestriction}
