The following are recent financial reports as posted by selected Utah corporations:
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 $289 million, or $2.02 per diluted share, for the quarter ended March 31. That compares with FFO of $286.5 million, or $2.01 per share, for the same quarter a year earlier.
Net income attributable to common stockholders totaled $196.3 million, or $1.46 per diluted share. That compares with $203.6 million, or $1.51 per share, for the same quarter a year earlier.
Same-store revenues in the most recent quarter totaled $384 million, up from $357.6 million in the year-earlier period.
Extra Space Storage is a real estate investment trust that owns or operates 2,388 self-storage stores in 41 states and Washington, D.C. It is the second-largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the nation.
“We maintained strong first-quarter occupancy, driving first-quarter same-store net operating income growth of 8.7 percent, despite exceptionally difficult year-over-year comparables,” Joe Margolis, CEO, said in announcing the results.
“We are excited about our announcement subsequent to quarter-end of our strategic combination with Life Storage Inc. in a leverage-neutral, all-stock transaction. The pending merger will create a preeminent storage platform, which we expect to create significant synergies and unlock additional value for both companies’ stockholders.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $11.4 million, or 23 cents per share, for the first quarter ended March 31. That compares with $38.7 million, or 76 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $481.5 million, down from $604.9 million in the year-earlier quarter.
Nu Skin is a beauty and wellness company offering personal care, nutrition and anti-aging products.
“First-quarter results were in line with our guidance reflecting better-than-expected performance in South Korea and Mainland China, while the Americas and Southeast Asia continued to be impacted in large part by macro-economic factors including inflation and recession concerns,” Ryan Napierski, president and CEO, said in announcing the results.
“Although our results were down due to a difficult comparison and persistent macro-economic challenges, we continue to make steady progress toward the key priorities that underpin our Nu Vision 2025 strategy.”
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $1.6 million, or 4 cents per share, for the quarter ended March 31. That compares with $5.3 million, or 13 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $97.4 million, down from $113.3 million in the year-earlier quarter.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products focused on the outdoor and consumer enthusiast markets. Its brands include Black Diamond, Rhino-Rack, MAXTRAX, Sierra and Barnes.
“Clarus’ consolidated Q1 performance was resilient, given the macro-economic headwinds that carried over from 2022,” Warren Kanders, executive chairman, said in announcing the results.
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $54.7 million, or 67 cents per share, for the first quarter ended March 31. That compares with a loss of of $20.5 million, or 26 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $181.2 million, up from $164.6 million in the year-earlier quarter.
Myriad Genetics is focused on genetic testing and precision medicine.
“Myriad Genetics had a strong start to 2023, with first-quarter revenue growth of 10 percent year-over-year, driven by solid execution and teamwork across our Oncology, Women’s Health and Mental Health businesses and our enterprise support services team,” Paul J. Diaz, president and CEO, said in announcing the results.
“We’re pleased with ongoing share gains in our hereditary cancer testing franchise, particularly the 32 percent year-over-year volume growth in Women’s Health, driven by competitive account wins and increased adoption by providers of MyRisk for patients whose family history puts them at a higher risk for cancer. We believe first-quarter performance reflects Myriad’s stronger commercial infrastructure resulting from the improvements made over the last few years. …We remain confident in our ability to achieve our goal of profitability by the fourth quarter and sustainable 10 percent-plus annual organic growth as we enter 2024, based on our progress.”
R1 RCM
R1 RCM Inc., based in Murray, reported net income of $300,000, or zero cents per share, for the quarter ended March 31. That compares with $29.4 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $545.6 million, up from $385.7 million in the year-earlier quarter.
R1 RCM provides technology-driven solutions designed to transform the patient experience and financial performance of healthcare providers.
“Our strong first-quarter results demonstrate the team’s focus on execution and our ability to deliver value to stakeholders in a dynamic operating environment,” Lee Rivas, CEO, said in announcing the results. “Demand for our services remains robust, and we continue to invest in technology to enhance our value proposition for healthcare providers.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $4.1 million, or 10 cents per share, for the second fiscal quarter ended March 31. That compares with $7.6 million, or 18 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $228.2 million, up from $214.7 million in the year-earlier quarter.
Varex designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are components of X-ray imaging systems. The company employs approximately 2,400 people located in North America, Europe and Asia.
“We are pleased to report results for the second quarter that exceeded the high end of our guidance,” Sunny Sanyal, CEO, said in announcing the results. “Demand for our products was strong during the quarter. Revenue growth for the Industrial segment exceeded our expectations, while Medical segment revenue growth was as expected. We are encouraged by the demand levels we are seeing, and we anticipate our growth to remain solid in the second half of the fiscal year.”
Weave Communications
Weave Communications Inc., based in Lehi, reported a net loss attributable to common shareholders of $7.9 million, or 12 cents per share, for the first quarter. That compares with a loss of $13.8 million, or 21 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $39.6 million, up from $33.3 million in the year-earlier quarter.
Weave provides a customer communications and engagement software platform for small and medium-sized businesses.
“I am excited to share that we kicked off the year with strong operating results and accelerating revenue growth in Q1,” Brett White, CEO, said in announcing the results. “We built our plan for the year to accelerate our path to profitability with the goal of exiting the year with positive free cash flow.
“Through revenue overachievement and continued operational improvements, we were able to deliver positive cash from operations and positive free cash flow in Q1. These results clearly demonstrate that we are making progress in delivering on this large and underpenetrated opportunity, and our business model enables us to deliver a combination of revenue growth and improving path to profitability.”
LifeVantage
LifeVantage Corp., based in Salt Lake City, reported net income of $1 million, or 8 cents per share, for the third fiscal quarter ended March 31. That compares with $1.1 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $53.7 million, up from $50 million in the year-earlier quarter.
LifeVantage offers nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.
“Accelerating revenue growth was the most notable improvement of the quarter as we continued to see strong results from key products, led by TrueScience Liquid Collagen, which has been in the U.S. market since June 2022 and just launched this quarter in Australia, New Zealand and Japan,” Steve Fife, president and CEO, said in announcing the results.
“On a constant-currency basis, our third-quarter revenue increased 10.4 percent, including an 18.2 percent increase in the Americas. … We remain confident in the trajectory of our business and are in a strong position to deliver meaningful improvement in growth and profitability over the next several years.”
