The following are recent financial reports as posted by selected Utah corporations:
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $27.6 million, or 47 cents per share, for the fourth quarter ended Dec. 31. That compares with $33.4 million, or 58 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $324.5 million, up from $293.4 million in the year-earlier quarter.
For the full year 2023, the company reported net income of $94.4 million, or $1.62 per share. That compares with $74.5 million, or $1.29 per share, in 2022.
Revenue in 2023 totaled $1.26 billion, up from $1.15 billion in 2022.
Merit Medical develops, manufactures and distributes medical devices. It has about 7,000 employees worldwide.
“We delivered better-than-expected revenue and financial results in the fourth quarter,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results. He also introduced the “Continued Growth Initiatives” Program and multi-year financial targets for the three years ending Dec. 31, 2026.
“We believe the successful execution of our three-year CGI Program will result in a constant-currency, organic revenue CAGR of at least 5 percent, non-GAAP operating margins of at least 20 percent, and cumulative free cash flow of more than $400 million,” he said.
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $31.2 million, or 36 cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $42.3 million, or 52 cents per share, for the same quarter a year earlier..
Revenue in the most recent quarter totaled $196.6 million, up from $177.8 million in the year-earlier period.
For the full year 2023, Myriad reported a net loss of $263.3 million, or $3.18 per share. That compares with a loss of $112 million, or $1.39 per share, for the same quarter a year earlier.
Revenue in 2023 totaled $753.2 million, up from $678.4 million in 2022.
Myriad is focused on genetic testing and precision medicine.
“Myriad Genetics took another important step forward in 2023 as we generated double-digit revenue growth over the prior year and achieved positive adjusted EPS in the fourth quarter,” Paul J. Diaz, president and CEO, said in announcing the results.
“This achievement is the result of our team’s hard work and focus on the needs of our patients and the healthcare providers who serve them. We believe 2024 will be an exciting year as we plan to continue to accelerate our market share gains and improve reimbursement for our products and services.”
Diaz added that “At a time when unfortunately many other molecular diagnostic laboratories are struggling, Myriad Genetics is growing, projecting to be profitable on an adjusted-earnings-per-share basis for full year 2024, and has the financial flexibility to continue to invest in R&D and technology innovations to achieve our mission and vision to reach more patients with life-saving precision medicine.”
Recursion
Recursion, based in Salt Lake City, reported a net loss of $93 million, or 42 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $57.5 million, or 31 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $10.9 million, down from $13.7 million in the year-earlier period.
For the full year 2023, the company reported a net loss of $328.1 million, or $1.58 per share. That compares with a loss of $239.5 million, or $1.36 per share in 2022. Revenue in 2023 totaled $44.6 million, up from $39.8 million in 2022.
Recursion is a clinical-stage techbio company decoding biology to industrialize drug discovery.
“2023 was a year of remarkable progress for Recursion as we continued to demonstrate how combining technology, biology, chemistry and patient data can industrialize drug discovery, and we look forward to the milestones ahead of us in 2024,” Chris Gibson, co-founder and CEO, said in announcing the results.
“As we have watched the dynamics of our landscape, it appears that biotech is increasingly evolving into techbio, where it is imperative for life science companies to embrace digital nativity similar to how SaaS companies 10-plus years ago evolved to being cloud-native in order to thrive. In this data-driven age, we believe the most important differentiator will be connected data in order to increasingly understand and treat the complexities of human disease. Recursion plans to continue leading the field in terms of data generation and aggregation.”