Corporate Financial Reports 8-21-23

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 attributable to common shareholders of $2.4 million, or 12 cents per share, for the second quarter ended June 30. That compares with $516,000, or 3 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $116.5 million, up from $104.2 million in the year-earlier quarter. {mprestriction ids="1,3"}

Nature’s Sunshine is a health and wellness company offering herbal and nutritional products.

“The momentum established in the beginning of the year strengthened in the second quarter as we delivered our second-best sales quarter in our history, with net sales of $117 million, or $119 million on a constant currency basis — up 14 percent versus the prior year,” Terrence Moorehead, CEO, said in announcing the results.

“We continued to experience sequential sales growth in nearly all our markets as our strategic initiatives gained momentum. Strong sales growth and improved gross margin helped drive a 26 percent increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to $11 million for the quarter. Leading this growth was strength in Asia/Pacific, followed by further stabilization in Central and Eastern Europe, and a return to growth in North America supported by our digital investments and improved field activation.”

Purple

Purple Innovation Inc., based in Lehi, reported a net loss of $37.5 million, or 36 cents per share, for the second quarter ended June 30. That compares with a loss of $8.3 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $120.9 million, down from $144.1 million in the year-earlier quarter.

Purple is a comfort products company that produces mattresses, pillows, cushions, frames, sheets and more.

“This was an important quarter for Purple Innovation, marked by the largest product and brand refresh in the company’s history as we introduced 11 all-new, innovative products supported by a more premium brand position,” Rob DeMartini, CEO, said in announcing the results.

June was the company’s strongest month in 2023 “and we’ve seen that momentum continue into the third quarter,” he said. “This budding momentum, along with the continued rollout of our new product with additional wholesale partners in the coming months, positions us to deliver improved results in the second half of the year.”

Quotient

Quotient Technology Inc., based in Salt Lake City, reported a net loss of $15.9 million, or 16 cents per share, for the second quarter ended June 30. That compares with a loss of $43.4 million, or 45 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $65.7 million, down from $69.3 million in the year-earlier quarter.

Quotient is a digital promotions and media technology company. In June, CB Neptune Holdings LLC, direct corporate parent of Neptune Retail Solutions, announced it planned to acquire Quotient.

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $2.9 million, or 6 cents per share, for the second quarter ended June 30. That compares with $284,829, or 1 cent per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $14.4 million, up from $9.6 million in the prior-year quarter.

Profire provides solutions which enhance the efficiency, safety and reliability of industrial combustion appliances.

“Our second-quarter results reflect the sustained momentum across our business, which contributed to a 50 percent increase in revenue over the prior year and the highest quarterly net income and EBITDA in company history,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“The last six-month and 12-month periods represent the best-ever consecutive six- and 12-month periods in company history. We are excited about the path we are on and our ability to continue to operate at these record-setting levels. We are a much better and stronger company today than we were when we last achieved this level of quarterly revenues, profits and cashflows.”

Clene

Clene Inc., based in Salt Lake City, reported a net loss of $25.1 million, or 29 cents per share, for the second quarter ended June 30. That compares with a loss of $4.5 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $269,000, up from $35,000 in the year-earlier quarter.

Wholly owned subsidiary Clene Nanomedicine Inc. is a late clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative diseases.

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $323,167, or 1 cent per share, for the second quarter ended June 30. That compares with a net loss of $56,508, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.4 million, up from $4.5 million in the year-earlier quarter.

Superior Drilling Products designs and manufactures drilling tool technologies.

“We had a strong quarter with revenue up 18 percent over the second quarter last year,” Troy Meier, chairman and CEO, said in announcing the results. “The leverage that we gained from this higher sales volume led to measurably improved operating income and net income, as well as solid EBITDA performance.”

Sera

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $10.5 million, or 34 cents per share, for the second quarter ended June 30. That compares with a loss of $11.5 million, or 37 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $123,000, up from $78,000 in the year-earlier quarter.

Sera is a health diagnostics company dedicated to improving the lives of women and babies through precision pregnancy care.

“While we still have work to do, we are putting together the necessary structure and strategy to succeed commercially,” Zhenya Lindgardt, interim president and CEO, said in announcing the results.

“Consistent with our vision to be The Pregnancy Company, we are pursuing a disciplined commercial approach to broaden adoption of our PreTRM Test and at the same time evaluating ways to leverage our large and growing pregnancy datasets to boost shareholder value through new products and partnerships.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $8.9 million, or 31 cents per share, for the second quarter ended June 30. That compares with a loss of $2.9 million, or 8 cents per share, for the year-earlier quarter.

Revenue in the most recent quarter totaled $197,806, down from $5 million in the year-earlier quarter.

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

“While sales of our COVID diagnostic kits declined as expected, we continue to strengthen our position as we seek to expand our advanced PCR technology reach beyond the four walls of the lab to the places of greatest unmet need,” Dwight Egan, CEO, said in announcing the results.

“We remain on track for FDA submission of our new Co-Dx PCR Home platform and initial testing product by the end of this year.”

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $3.5 million, or 68 cents per share, for the second quarter ended June 30. That compares with a loss of $2.6 million, or 50 cents per share, for the same quarter a year earlier.

The company reported no revenue in the most recent quarter. It reported $500,000 in the year-earlier quarter.

Lipocine is a biopharmaceutical company focused on treating central nervous system disorders.{/mprestriction}