Corporate Financial Reports

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

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income of $2.1 million, or 10 cents per share, for the 2022 fourth quarter. That compares with $13.8 million, or 67 cents per share, for the same quarter a year earlier.

Net sales in the most recent quarter totaled $102.7 million, down from $117.9 million in the year-earlier quarter.

For the full year 2022, the company reported net income of $600,000, or{mprestriction ids="1,3"} 2 cents per share. That compares with $30.2 million, or $1.42 per share, in 2021.

Net sales in 2022 totaled $421.9 million, down from $444.1 million in 2021.

Nature’s Sunshine Products manufactures, markets and distributes nutritional and personal care products in more than 40 countries.

“During the fourth quarter, we continued to see the underlying fundamentals of our business hold, despite unprecedented pressure from external headwinds,” Terrence Moorehead, CEO, said in announcing the results. “For the quarter, we delivered sales of $103 million on a reported basis, or $110 million when removing the impact of foreign exchange, which is resilient considering last year’s record-breaking sales growth.

“For the full year, we delivered the second-highest sales in the company’s history, driven by strong returns on our targeted investments designed to optimize our business. In fact, we continued to see strong growth in Asia, up 5.3 percent versus prior year, as our investments in field activation supported healthy growth in orders and sales.”

Purple Innovation

Purple Innovation Inc., based in Lehi, reported a net loss of $70.2 million, or 77 cents per share, for the 2022 fourth quarter. That compares with a loss of $21.8 million, or 39 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $145.1 million, down from $186.4 million in 2021.

For the full year 2022, the company reported a net loss of $89.9 million, or $1.10 per share. That compares with net income of $3.9 million, or 30 cents per share, in 2021.

Revenue in 2022 totaled $575.7 million, down from $726.2 million in 2021.

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

“Against a very challenging backdrop in 2022, our organization made substantial headway toward improving the efficiency of the business and strengthening our foundation for growth,” Rob DeMartini, CEO, said in announcing the results.

“We executed several strategic initiatives that we believe position Purple to deliver improved results, even in the face of continued market headwinds, including right-sizing our cost structure and lowering expenses to align with current demand, adding significant experience and expertise to our leadership team, and providing an immediate entrée into the high-margin, luxury mattress category with our acquisition of Intellibed.

“While our financial performance is not yet where we expect it to be, we are encouraged with the way the year unfolded and are optimistic that our work has set the company up to return to top- and bottom-line growth starting in the back half of 2023.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $14.2 million, or 45 cents, for 2022. That compares with net income of $36.7 million, or $1.23 per share, in 2021.

Revenue in 2022 totaled $34.2 million, down from $97.9 million in 2021, primarily due to lower global demand for its COVID-19 tests.

Co-Diagnostics offers a platform for the development of molecular diagnostic tests.

“The impact of COVID-19 on society decreased considerably during the second half of the year, and resulted in lower demand for high-throughput testing at the centralized lab level,” Dwight Egan, CEO, said in announcing the results.

“While our overall financial performance has been impacted by these trends, we are pleased with the progress we made against our strategic priorities which support our Co-Dx PCR Home platform as we continue to see an emphasis on diagnostics shifting out of the centralized lab settings and towards at-home and point-of-care.”

Owlet

Owlet Inc., based in Lehi, reported a net loss of $19.5 million, or 17 cents per share, for the 2022 fourth quarter. That compares with a loss of $24.1 million, or 22 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $12 million, up from $2.5 million in the year-earlier quarter.

For the full year 2022, the company reported a net loss of $79.3 million, or 71 cents per share. That compares with a loss of $71.7 million, or $1.13 per share, in 2021.

Revenue in 2022 totaled $69.2 million, down from $75.8 million in 2021.

Owlet offers products for parenting.

“We have significant conviction in Owlet’s fundamentals and our vision for the future,” Kurt Workman, CEO, president and co-founder, said in announcing the results. “I recognize that our confidence in our business conflicts with our reported 2022 financial results due to the efforts required to rebuild our business. Throughout 2022, we made tremendous progress positioning Owlet for sustainable, profitable growth in 2023 and years into the future.”

Clene

Clene Inc., based in Salt Lake City, reported a net loss of $29.9 million, or 46 cents per share, for 2022. That compares with a loss of $9.7 million, or 16 cents per share, for 2021.

Revenue in 2022 totaled $473,000, down from $723,000 in 2021.

Clene and its wholly owned subsidiary, Clene Nanomedicine Inc., is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative diseases.

“We had an extremely productive year during which we generated consistent positive results from our clinical programs in ALS and MS that have helped advance both programs toward the next regulatory milestones,” Rob Etherington, president and CEO, said in announcing the results.{/mprestriction}