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 attributable to common stockholders and unit holders of $348.5 million, or $1.69 per share, for the quarter ended Sept. 30. That compares with $308.7 million, or $2.16 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $188.4 million, or 96 cents per share, for the most recent quarter. That compares with $220.7 million, or $1.65 per share, in the year-earlier quarter.
Same-store revenue in the most recent quarter totaled $397.9 million, up from $390.6 million in the year-earlier quarter.
Extra Space Storage is a self-administered and self-managed real estate investment trust that owns and/or operates 3,651 self-storage stores in 42 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.
“We successfully completed our transformative merger with Life Storage in the quarter, and we have smoothly integrated its stores, team and systems onto the Extra Space Storage platform,” Joe Margolis, CEO, said in announcing the results.
“We have reached our anticipated G&A expense savings run rate from the merger. We have also started optimizing pricing and marketing at the Life Storage properties, and we are on pace to reach our total synergies run rate during the first quarter of 2024.”
SkyWest
SkyWest Inc., based in St. George, reported net income of $23 million, or 55 cents per share, for the third quarter. That compares with $48.4 million, or 96 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $766.2 million, down from $789.4 million in the year-earlier quarter.
SkyWest Inc. is the holding company for SkyWest Airlines and SkyWest Leasing, an aircraft leasing company. It has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America.
“Our teams continue to deliver an exceptional product and operating performance,” Chip Childs, CEO, said in announcing the results. “We are pleased with the improving trajectory of our business, strong demand for our product, and steady progress toward stabilization of our pilot hiring and retention.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $17.2 million, or 8 cents per share, for the third quarter ended Sept. 30. That compares with $12.4 million, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $174.9 million, down from $178 million in the year-earlier quarter.
Cricut offers technology for hobbyists.
“The third quarter was strong from a profitability perspective, with operating income plus-36 percent year over year despite a 1 percent sales decline,” Ashish Arora, CEO, said in announcing the results.
The company during the quarter released two new products, saw subscription revenue grow 11 percent from a year earlier, and saw a 16 percent increase in total users.
Nature’s Sunshine Products
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $2.8 million, or 15 cents per share, for the third quarter ended Sept. 30. That compares with $90,000, or zero cents per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $111.2 million, up from $104.5 million in the year-earlier quarter.
Nature’s Sunshine offers herbal and nutritional products.
“Nature’s Sunshine delivered another strong quarter, with double-digit growth in Asia/Pacific and North America,” Terrence Moorehead, CEO, said in announcing the results. “APAC saw strong order growth with a 12 percent increase in local currency sales, while the North America business continued to respond well to our digital investments and improved field activation, delivering 11 percent growth for the quarter, the strongest growth in many years.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $61.3 million, or 75 cents per share, for the third quarter ended Sept. 30. That compares with a net loss of $35.1 million, or 43 cents pe share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $191.9 million, up from $156.4 million in the year-earlier quarter.
Myriad is involved in genetic testing and precision medicine.
“For the third quarter and year-to-date 2023, Myriad Genetics generated revenue growth of 14 percent and 15 percent over the prior-year periods, respectively, excluding prior-period collections,” Paul J. Diaz, president and CEO, said in announcing the results. “In the third quarter of 2023, we continued to gain share in hereditary cancer testing, reporting a fifth consecutive quarter of volume growth year-over-year, and saw an acceleration in growth in our prenatal testing business, generating 20 percent year-over-year volume growth, excluding our Sneakpeek Early Gender DNA Test.
“With industry leading gross margins and diligent cash management, we believe we have demonstrated our commitment to achieving profitability all while growing the business. We also improved our financial flexibility by expanding our credit facility. We remain confident in our ability to achieve our goal of adjusted profitability by the fourth quarter 2023 and sustainable 10 percent-plus annual revenue growth for this full year and beyond.”
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $2.5 million, or 2 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $11 million, or 17 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $108,000, down from $174,000 in the year-earlier quarter.
Clene, along with its subsidiaries and its wholly owned subsidiary Clene Nanomedicine Inc., is focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis, Parkinson’s disease and multiple sclerosis.
“We are pleased to be approaching a meaningful regulatory discussion with the U.S. Food and Drug Administration later in the fourth quarter to elucidate key next steps in our ALS regulatory submission of CNM-Au8,” Rob Etherington, president and CEO, said in announcing the results.
“We are hopeful that the consistent survival, delayed time to clinical worsening and strong safety profile with CNM-Au8 treatment from two Phase 2 independent trials is sufficiently compelling for FDA to consider an accelerated path forward. The unmet need remains high for treatments to improve and extend life for patients living with this highly debilitating and rapidly progressive condition.”
Clarus
Clarus Corp., based in Salt Lake City, reported a net loss of $1.3 million, or 3 cents per share, for the third quarter ended Sept. 30. That compares with net income of $2.8 million, or 7 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $100.1 million, down from $115.7 million in the year-earlier quarter.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products. Its brands include Black Diamond, PIEPS, Rhino-Rack, MAXTRAX, TRED Outdoors, Sierra and Barnes.
“Our brands largely experienced another challenging quarter, given persistent macroeconomic headwinds that have constrained consumer demand, as well as the continued inventory overhang at retail and distributors,” Warren Kanders, executive chairman, said in announcing the results.
“However, we made significant strides in the strategic review of our brands, developing compelling long-term growth plans, rebuilding our teams, and taking steps to recalibrate each business to operate more efficiently in the post-COVID era. We also made progress on our inventory reduction initiatives. This includes improving the aging of our inventory at Outdoor while prioritizing the investment in new products underlying potentially compelling new business opportunities. We accomplished this all while reducing total debt in the third quarter.”
Purple Innovation
Purple Innovation Inc., based in Lehi, reported a net loss of $36 million, or 34 cents per share, for the third quarter ended Sept. 30. That compares with net income of $2 million, or 2 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $140 million, down from $142.9 million in the year-earlier quarter.
Purple manufactures mattresses.
“Our third-quarter top-line performance demonstrates that our ‘Path to Premium Sleep’ strategy is gaining traction,” Rob DeMartini, CEO, said in announcing the results. “Since launching our innovative new mattresses and enhanced brand campaign in May and converting the majority of our retail partner floor sets to our new premium and luxury collections over the past several months, we’ve seen a steady improvement in demand for Purple mattresses despite ongoing industry softness.
“We are encouraged by the continued sequential acceleration in revenue and we are focused on driving further improvement across each of our distribution channels during the fourth quarter and into 2024. While market conditions and one-time costs associated with our new product transition have pressured our bottom line this year, we remain confident that we are well-positioned to continue taking market share and deliver sustained, profitable growth over the long term.”
Recursion
Recursion, based in Salt Lake City, reported a net loss of $93 million, or 43 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $60.4 million, or 35 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $10.5 million, down from $13.2 million in the year-earlier quarter.
Recursion is a clinical-stage techbio company.
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $7.2 million, or 23 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $10.7 million, or 35 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $42,000, down from $87,000 in the year-earlier quarter.
Sera Prognostics is a health diagnostics company dedicated to improving the lives of women and babies.
“We continue to lay the groundwork for a reinvigorated commercial focus designed to cost-effectively target increased test adoption through institutional customer focus, care coordination program, and are exploring potential product and partnership pathways to expand our commercial revenue,” Zhenya Lindgardt, president and CEO, said in announcing the results.
“At the same time, we are focused on continuing to share data that supports the value of early, pivotal pregnancy information powered by Sera that, coupled with interventions for high-risk patients, can lead to better health for mothers and newborns at reduced healthcare costs.”
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $6 million, or 20 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.4 million, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $2.5 million, down from $5.1 million in the prior-year quarter.
Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets diagnostics technologies.
“We are pleased to report $2.3 million in grant revenue, bringing our total revenue to approximately $2.5 million in the third quarter of 2023,” Dwight Egan, CEO, said in reporting the results. “We remain excited for the future of Co-Diagnostics and believe that the additional grant funding we recently received further validates the disruptive nature of our platform.”
Egan said the company expects to complete an EUA submission to the FDA for the COVID-19 test on its Co-Dx PCR platform by year-end.
“We anticipate our new platform will serve as the foundation for Co-Diagnostics’ future development initiatives and believe that our patented Co-Primers technology allows for reliable, affordable, high-quality test results and look forward to delivering our unique platform to the market.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $13,800, or zero cents per share, for the third quarter ended Sept. 30. That compares with $323,000, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $5.1 million, down from $5.2 million in the year-earlier quarter.
Superior Drilling Products designs, manufactures, repairs and sells drilling tools for the oil and gas industry.
“Our results were solid considering the significant decline in U.S. rig count throughout the year,” Troy Meier, chairman and CEO, said in announcing the results. “On the international front, we grew year-over-year and remain excited about the many opportunities to drive future growth.”
Meier said the company “rationalized our domestic operations” at the beginning of the fourth quarter to better match expected near-term demand. “These changes are expected to result in annual expense savings of approximately $600,000, with one-time severance expenses to be recognized in the fourth quarter of 2023.”