Corporate Financial Reports 3-13-23

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

Clarus 

Clarus Corp., based in Salt Lake City, reported a net loss of $81.6 million, or $2.20 per share, for the 2022 fourth quarter. That compare with net income of $14 million, or 36 cents per share, for the same quarter a year earlier.

The net loss in the most recent quarter included a non-cash impairment charge of $92.3 million in the company’s Adventure segment.

Sales in the most recent quarter totaled $104.2 million, down from $118.2 million in the year-earlier quarter.{mprestriction ids="1,3"}

For the full year 2022, the company reported a net loss of $69.8 million, or $1.88 per share. That compares with net income of $26.2 million, or 73 cents per share, in 2021.

The net loss in 2022 included the $92.3 million non-cash impairment expense in the Adventure segment.

Sales in 2022 totaled $448.1 million in 2022, up from $375.8 million in 2021.

Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products focused on the outdoor and consumer enthusiast markets. Its brand names include Black Diamond, Rhino-Rack, MAXTRAX, Sierra and Barnes.

“While 2022 will go down as one of our most challenging years given various macroeconomic headwinds, our brands were largely resilient, and our team was nimble and tenacious,” John Walbrecht, president, said in announcing the results. “As the challenges set in, we acted quickly by pivoting to areas of our business experiencing less headwinds, and we prioritized expense reductions, free cash flow generation, and debt reduction.”

Recursion

Recursion, based in Salt Lake City, reported a net loss of $57.5 million for the 2022 fourth quarter. That compares with a loss of $64.9 million for the same quarter a year earlier.

Revenue in the most recent quarter totaled $13.7 million, up from $2.5 million in the year-earlier quarter.

For the full year 2022, the company reported a net loss of $239.5 million, which compares with a loss of $186.5 million in 2021.

Revenue in 2022 totaled $39.8 million, up from $10.2 million in 2021.

Recursion is a clinical stage company working to decode biology to industrialize drug discovery.

“2022 was a fantastic year for Recursion, where we continued to deliver on the promise of our pipeline with five clinical trial initiations, continued execution of our Bayer and Roche-Genentech partnerships, and continued to grow our proprietary data moat through our scale and accelerating capabilities across transcriptomics, digital in vivo tolerability, and chemistry,” Chris Gibson, co-founder and CEO, said in announcing the results.

“I believe that the work we have done in 2022 is setting the stage for significant value-creation in the coming 12-24 months.”

Health Catalyst

Health Catalyst Inc., based in South Jordan, reported a net loss of $35.7 million, or 66 cents per share, for the 2022 fourth quarter. That compares with a loss of $49 million, or 94 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $69.2 million, up from $64.7 million in the year-earlier quarter.

For the full year 2022, the company reported a net loss of $137.4 million, or $2.63 per share. That compares with a loss of $153.2 million, or $3.23 per share, in 2021.

Revenue in 2022 totaled $276.2 million, up from $241.9 million in 2021.

Health Catalyst provides data and analytics technology and services to healthcare organizations.

“In the fourth quarter of 2022, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization),” Dan Burton, CEO, said in announcing the results.

“For the full year 2022, I am also excited to share that our adjusted EBITDA outperformed the mid-point of the original full year guidance we provided entering 2022, demonstrating continued operating leverage in our business despite lower annual revenue growth for 2022 as compared to our initial guidance for 2022.”

Myriad Genetics

Myriad Genetics Inc., based in Salt Lake City, reported a net loss attributable to Myriad stockholders of $42.3 million, or 52 cents per share, for the 2022 fourth quarter. That compares with a loss of $7.6 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $177.8 million, up from $160.8 million in the year-earlier quarter.

For the full year 2022, the company reported a net loss of $112 million, or $1.39 per share. That compares with a loss of $27.2 million, or 35 cents per share, in 2021.

Revenue in 2022 totaled $678.4 million, down from $690.6 million in 2021.

Myriad is focused on genetic testing and precision medicine.

“Myriad Genetics ended 2022 with a strong fourth quarter,” Paul J. Diaz, president and CEO, said in announcing the results. “Our market-leading hereditary cancer test, MyRisk, achieved double-digit year-over-year growth in the quarter — a reflection of our team’s hard work and the execution of our strategic growth plan.

“We believe 2023 will be an exciting year as we continue to invest in our ‘Labs of the Future’ strategy and enabling technologies to enhance our ability to better serve our patients and provider partners. … We remain confident in our ability to achieve our goal of 10 percent-plus annual growth by 2024 based on the progress we made in 2022 and the strong start to the year we are seeing through February. As we look to 2024 and beyond, we are excited about our robust product pipeline and a capital structure that enables Myriad Genetics to invest in future innovation and growth.”

Quotient Technology

Quotient Technology Inc., based in Salt Lake City, reported net income of $320,000, or zero cents per share, for the 2022 fourth quarter. That compares with a net loss of $7.1 million, or 8 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $70.7 million, down from $146.4 million in the year-earlier quarter.

For the full year 2022, the company reported a net loss of $76.5 million, or 80 cents per share. That compares with a loss of $45.6 million, or 49 cents per share, in 2021.

Revenue in 2022 totaled $288.8 million, down from $521.5 million in 2021.

Quotient Technology is a digital promotions and media technology company for advertisers, retailers and consumers.

“2022 was a transformational year for Quotient. Shifting our focus towards being a technology provider has enabled us to materially lower our cost structure, improve margins and invest in growth initiatives,” Matt Krepsik, CEO, said in announcing the results.

“We are proud that despite a challenging fourth quarter across the digital marketing sector, we delivered $13 million of adjusted EBITDA and positive GAAP net income for the first time since 2017. We have built a new leadership team that will look to build on the stronger foundation and capture the power of our network.”{/mprestriction}