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 net income attributable to common stockholders of $202.4 million, or $1.50 per share, for the quarter ended June 30. That compares with $232.1 million, or $1.73 per share, for the same quarter a year earlier.
Funds from operations attributable to common stockholders and unit holders in the most recent quarter totaled $296 million, or $2.06 per share. That compares with $305 million, or $2.13 per share, for the{mprestriction ids="1,3"} year-earlier quarter.
Same-store revenues in the most recent quarter totaled $389.5 million, up from $379.4 million in the year-earlier quarter.
Extra Space Storage is a real estate investment trust that recently completed a Life Storage merger that leaves the company with over 3,500 locations under the Extra Space, Life Storage and Storage Express brands, making it the largest operator of self-storage properties in the United States.
“We maintained strong occupancy of 94.5 percent, driving same-store revenue growth of 2.7 percent in the quarter, despite exceptionally difficult year-over-year comparables from pandemic highs,” Joe Margolis, CEO, said in announcing the results.
“While property net operating income and core FFO were both on budget in the quarter, we have revised our outlook for the back half of the year due to lower-than-expected new customer rates in June and July.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported net income of $26.9 million, or 54 cents per share, for the second quarter ended June 30. That compares with $34.2 million, or 68 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $500.3 million, down from $560.6 million in the year-earlier quarter.
Nu Skin offers personal care, nutrition and anti-aging products. Rhyz is the strategic investment arm of Nu Skin Enterprises.
“Our second-quarter results improved sequentially and landed within our guidance range, driven in large part by year-over-year gains in Mainland China and our Rhyz segments,” Ryan Napierski, president and CEO, said in announcing the results.
“We are seeing early signs of momentum building in Mainland China; however, we continue to be negatively impacted in several key markets by macro-economic factors and associated price increases that have had a dampening effect on consumer spending and customer acquisition.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $9.1 million, or 21 cents per share, for the third fiscal quarter ended June 30. That compares with $8.2 million, or 20 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $232 million, up from $214.5 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 key components of X-ray imaging systems.
“We are pleased to report another solid quarter, with revenues reaching $232 million in the third quarter of fiscal 2023, a new quarterly record for Varex, and non-GAAP gross margin of 34 percent, exceeding our expectations,” Sunny Sanyal, CEO, said in announcing the results.
“These results were helped by the continued strength in our industrial segment. Our efforts to reduce inventory levels, coupled with profitability, resulted in an increase in overall cash position by $30 million in the quarter.”
R1 RCM
R1 RCM Inc., based in Murray, reported net income of $300,000, or zero cents per share, for the second quarter ended June 30. That compares with a net loss of $20.4 million, or 7 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $560.7 million, up from $391.9 million in the year-earlier quarter.
R1 RCM provides technology-driven solutions focused on the patient experience and financial performance of healthcare providers.
“The results in the quarter and year to date demonstrate our commitment to delivering on our operational and financial objectives to support both our near- and long-term goals,” Lee Rivas, CEO, said in announcing the results. “We believe embedding advanced technology across our portfolio to drive improved performance for our customers is accelerating momentum in market demand and increasing activity in our pipeline.”
“Operational results were strong in the second quarter and well ahead of our expectations, excluding the reserve we took for credit losses related to a physician customer,” added Jennifer Williams, chief financial officer. “The revised guidance reflects our continued focus on initiatives to drive results and deliver increased value to our customers.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $116.1 million, or $1.42 per share, for the second quarter ended June 30. That compares with loss of $14.1 million, or 18 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $183.5 million, up from $179.3 million in the year-earlier quarter.
Myriad is focused on genetic testing and precision medicine.
“Strong double-digit test volume growth in the second quarter of 2023 continues to reflect greater adoption by providers as we continue to emerge from the pandemic restrictions on access and Myriad’s improved commercial execution across our businesses,” 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 21 percent year-over-year volume growth in Women’s Health. Excluding changes in estimated revenue, Myriad generated 10 percent year-over-year revenue growth in the second quarter of 2023, even as the company, and the diagnostics lab industry, continue to work through challenging payor dynamics that negatively impacted our second-quarter revenue by approximately $4 million.”
Weave
Weave, based in Lehi, reported a net loss of $9 million, or 13 cents per share, for the second quarter ended June 30. That compares with a loss of $14.8 million, or 23 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $41.7 million, up from $34.9 million in the year-earlier quarter.
Weave provides a customer experience and payments software platform for small and medium-sized healthcare businesses.
“Weave delivered another excellent quarter of accelerating revenue growth combined with improving profitability and free cash flow,” Brett White, CEO, said in announcing the results. “These results show that our vertically tailored software and payments platform is continuing to gain traction, and the Weave team is executing with intense customer focus.”
Instructure
Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $11 million, or 8 cents per share, for the second quarter ended June 30. That compares with a net loss of $12.9 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $131.1 million, up from $114.6 million in the year-earlier quarter.
Instructure produces the Canvas Learning Management System.
“Our second-quarter results were solid, with double-digit top-line growth, best-in-class margin performance, and strong free cash flow generation,” Steve Daly, CEO, said in announcing the results. “Our teams continue to drive that performance with their dedication to our customers and the innovative products and services we deliver across our expanding platform. We’re as optimistic as ever about our outlook for sustained growth and profitability.”{/mprestriction}
