Corporate Financial Reports 5-22-23

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

Purple

Purple Innovation Inc., based in Lehi, reported a net loss of $23.3 million, or 24 cents per share, for the first quarter ended March 31. That compares with a loss of $13.6 million, or 20 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $109.4 million, compared to $143.2 million in the{mprestriction ids="1,3"} year-earlier quarter.

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

“Our top-line result was generally in line with our expectations and our improved adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reflects both meaningful operating efficiencies and proactive cost management, including a significant shift in planned advertising spend intended to support the second-quarter launch of our broadest product line ever,” Rob DeMartini, CEO, said in announcing the results.

“I am encouraged that despite lower revenue, we were able to increase gross margins, highlighting the work we’ve done rightsizing our cost structure and improving the efficiency of supply chain and manufacturing processes.”

Cricut

Cricut Inc., based in South Jordan, reported net income of $9.1 million, or 4 cents per share, for the first quarter ended March 31. That compares with $23.5 million, or 11 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $181.2 million, down from $244.8 million in the year-earlier quarter.

Cricut offers cutting machines and design software for hobbyists.

“Despite softer-than-expected Q1 results, we are very encouraged by our subscriptions revenue growth, which increased 16 percent year over year and 6 percent quarter over quarter,” Ashish Arora, CEO, said in announcing the results.

“The Cricut platform now has over 8.2 million total users, up 19 percent over Q1 last year. We saw 3.7 million users, or 45 percent of total users, cut a project at least once within the first quarter. This creates a tremendous opportunity for us to build deeper user engagement on our platform.”

Profire

Profire Energy Inc., based in Lindon, reported net income of $2.6 million, or 5 cents per share, for the first quarter ended March 31. That compares with $627,161, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $14.6 million, up from $9.5 million in the year-earlier quarter.

Profire is a technology company focused on the efficiency, safety and reliability of industrial combustion appliances.

“We have achieved eight quarters of sequential revenue growth as we continue to improve and deliver consistent operational and financial results across our business,” Ryan Oviatt, co-CEO and CFO, said in announcing the results.

“We also recorded a meaningful improvement in gross margin despite continued supply chain challenges and inflationary pressures. We will continue to make additional investments in our diversification efforts and other strategic opportunities with the objective of delivering long-term shareholder value.”

“Our first quarter 2023 results built upon the momentum we generated in the second half of 2022, recording our second-highest quarterly revenue in company history once again,” Cameron Tidball, co-CEO, said.

“The combination of the industry’s multi-year deferred capital expenditures and ongoing strong demand for oil and gas are increasing the necessity of our legacy products, and we continue to gain traction with our diversification strategy across industrial markets.”

Sera Prognostics

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $10.6 million, or 34 cents per share, for the first quarter ended March 31. That compares with a loss of $12.2 million, or 40 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $100,000, up from $38,000 in the year-earlier quarter.

Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.

“The exciting Avert preterm trial topline results announced in February are a part of Sera’s growing strong foundation of compelling data demonstrating the value of the PreTRM test-and-treat strategy,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results.

“We see the publication of these data as a driver to enable physicians and healthcare institutions to substantively address the serious challenges of preterm birth. While implementation will take time, we anticipate that the availability of additional clinical utility information during this year, should serve as an additional catalyst to help us expand the use of our PreTRM Test and to increase revenue.”

Nature’s Sunshine

Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $860,000, or 4 cents per share, for the first quarter ended March 31. That compares with a loss of $3 million, or 15 cents per share, in the same quarter a year earlier.

Net sales in the most recent quarter totaled $108.6 million, down from $110.5 million in the year-earlier quarter.

Nature’s Sunshine markets and distributes nutritional and personal care products in more than 40 countries. It manufactures most of its products.

“We started the year on a strong note, with reported first quarter net sales of $109 million, or $113 million when excluding the impact of foreign exchange, up 2.4 percent versus prior year and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $9.1 million, up 12 percent,” Terrence Moorehead, CEO, said in announcing the results.

“We’re pleased with the momentum we’re seeing as markets like Japan and Taiwan continued to deliver strong double-digit growth, while most of our other markets delivered solid sequential improvement to the top line with meaningful progress and signs of stabilization in Central and Eastern Europe and digital initiatives starting to take hold in North America.”

Recursion

Recursion, based in Salt Lake City, reported a net loss of $65.3 million, or 34 cents per share, for the first quarter ended March 31. That compares with a loss of $56 million, or 33 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $12.1 million, up from $5.3 million in the year-earlier quarter.

Recursion is a clinical stage “techbio” company focused on drug discovery.

Superior Drilling

Superior Drilling Products Inc., based in Vernal, reported net income of $1.5 million, or 5 cents per share, for the first quarter ended March 31. That compares with $150,000, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter was a company-record $6.3 million, up from $4.1 million in the year-earlier quarter.

Superior Drilling Products designs and manufactures drilling tool technologies.

“We had an excellent first quarter as strong demand for our flagship Drill-N-Ream wellbore conditioning tool and contract services for the manufacture and refurbishment of drill bits drove record quarterly revenue of $6.3 million,” Troy Meier, chairman and CEO, said in announcing the results.

“Equally important was the continued demonstration of the significant leverage inherent in our operations as adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) nearly doubled year-over-year to $2 million with EBITDA margin expanding 760 basis points to 32.1 percent, our highest level in recent history.”

Quotient

Quotient Technology Inc., based in Salt Lake City, reported a net loss of $17.7 million, or 18 cents per share, for the first quarter ended March 31. That compares with a loss of $26.3 million, or 28 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $59.3 million, down from $78.5 million in the year-earlier quarter.

Quotient is a promotions and media technology company.

“First-quarter results were in line with our expectations,” Matt Krepsik, CEO, said in announcing the results. “In particular, I am pleased with our improvement in profitability. We believe we are in a position to return to organic growth while simultaneously expanding margins.”{/mprestriction}