The following are recent financial reports as posted by selected Utah corporations:
Clarus
Clarus Corp., based in Salt Lake City, reported net income of $14 million, or 36 cents per share, for the fourth quarter ended Dec. 31. That compares with $7.1 million, or 22 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter were a company-record $118.2 million, up from $75.9 million in the year-earlier quarter.
For the full year 2021, the company reported net income of $26.1 million, or 73 cents per share. That compares with $5.5 million, or 18 cents per share, in 2020.
Revenue in 2021 was a company-record $375.8 million, up from $224 million in 2020.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products focused on the outdoor and consumer enthusiast markets. Its brands include Black Diamond, Rhino-Rack, MAXTRAX, Sierra and Barnes.
“For the third consecutive quarter, we reported record sales and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization),” John Walbrecht, president, said in announcing the results. “We also continue to increase our gross margin profile despite headwinds across the global supply chain, highlighting the strength of our brands, the execution of operational excellence initiatives, and strong supplier partnerships.”
Walbrecht noted that all of the company’s brands gained market share during the fourth quarter.
“We’ve grown from a roughly $150 million in sales business that was losing $3 million in adjusted EBITDA in 2016 to record-setting results in 2021 of $375.8 million in sales and $61.5 million in adjusted EBITDA. The transformational change that we have enacted over the last five years is what guides our vision for the future.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income of $13.8 million, or 67 cents per share, for the fourth quarter ended Dec. 31. That compares with $6.7 million, or 29 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $117.9 million, up from $101.7 million in the year-earlier quarter.
For the full year 2021, the company reported net income of $30.2 million, or $1.42 per share. That compares with $23 million, or $1.07 per share, for 2020.
Sales in 2021 were a company-record $444.1 million, up from $385.2 million in 2020.
Nature’s Sunshine Products markets and distributes nutritional and personal care products in more than 40 countries. Nature’s Sunshine manufactures most of its products.
“2021 was another record-breaking year for Nature’s Sunshine, as net sales and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached historic highs,” Terrence Moorehead, CEO, said in announcing the results.
“This was our sixth consecutive quarter of historic record-breaking growth, driven by effective implementation of our five global growth strategies. Importantly, 2021 was our first full year implementing the new strategies, and while they have clearly revitalized the business, it’s still early and we believe we’re on the front end of the growth curve. Overall, we’re ahead of schedule and delivering strong results across all our operating geographies and channels.”
Regarding the Russian invasion of Ukraine, Moorehead said that “from a business standpoint, sales in these markets are at significant risk, but it’s still relatively early and the situation is developing. We are monitoring conditions closely and will provide further updates, as needed. In the meantime, we look forward to further maximizing the value we create for our customers, distributors and shareholders in the years ahead.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $11.9 million, or 5 cents per share, for the fourth quarter ended Dec. 31. That compares with $61.4 million, or 30 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $387.8 million, up from $371 million in the year-earlier quarter.
For the full year 2021, the company reported net income of $140.5 million, or 64 cents per share. That compares with $154.6 million, or 74 cents per share, for 2020.
Revenue in 2021 totaled $1.3 billion, up from $959 million in 2020.
Cricut is a technology platform company for people producing handmade projects.
“This was an exciting year for us,” Ashish Arora, CEO, said in reporting the results. “We grew the business to $1.3 billion in revenue, up 36 percent over 2020. This is a remarkable milestone for the company as we continue to extend our platform, launch new products, broaden our user base and enter new markets around the world.”
“The past year was highlighted by many accomplishments,” said Marty Petersen, chief financial officer. “We saw continued strong revenue growth, significantly invested in the business, grew inventory back to strong levels, successfully navigated some challenging supply chain logistics, and continued to generate profits.”
Owlet
Owlet Inc., based in Lehi, reported a net loss of $24.1 million, or 22 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $5.8 million, or 26 cents per share, for the same quarter a year earlier.
The company reported net negative revenues of $2.5 million in the most recent quarter. That compares with revenues of $21 million in the year-earlier quarter.
For the full year 2021, the company reported a net loss of $71.7 million, or $1.13 per share. That compares with a loss of $10.5 million, or 48 cents per share, for 2020.
Revenues in 2021 totaled $75.8 million, up from $75.4 million in 2020.
Owlet provides a digital platform for parents.
“Outside of the U.S., we’ve made great strides in our international expansion efforts in Europe in 2021, and in 2022 we plan to grow in Latin America and Asia,” Kurt Workman, co-founder and CEO, said in announcing the results. “We have an exciting product roadmap, and we continue forward in our efforts toward medical device submission. We remain anchored to our mission and the huge opportunity to help expand care at home and truly empower parents.”
Profire Energy
Profire Energy Inc., based in Lindon, reported a net loss of $145,123, or zero cents per share, for the fourth quarter ended Dec. 31. That compares with net income of $92,246, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $8.3 million, up from $5.7 million in the prior-year quarter.
For the full year 2021, the company reported a net loss of $1.1 million, or 2 cents per share. That compares with a net loss of $2.2 million, or 5 cents per share, for 2020.
Revenue in 2021 totaled $26.4 million, up from $21.5 million in 2020.
Profire provides solutions which enhance the efficiency, safety and reliability of industrial combustion appliances.
“The fourth quarter represents our third consecutive quarter of revenue growth coming out of the pandemic,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.
“In fact, revenue in the fourth quarter exceeded our pre-pandemic top-line results from the fourth quarter of 2019. I am pleased that we have been able to generate operating cash flow while maintaining our strong balance sheet, which remains debt-free. We believe we are well-positioned to capitalize on our significant customer base of our core business as we continue to find new markets which we can serve to provide long-term value for our shareholders.”
Cameron Tidball, co-CEO, said the company is “encouraged by the continued recovery of our business, including our first $8 million revenue quarter since the COVID-19 pandemic. While oil prices continue to be favorable, our customers have remained patient on capital deployments creating pent-up demand for our products. We are starting to see positive signs including drilling, plans for upgrades as well as industry consolidation activity which has new buyers looking to modernize the assets they have acquired.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $634,399, or 1 cent per share, for the full year 2021. That compares with a loss of $21 million, or 38 cents per share, for 2020.
Revenue in 2021 totaled $16.1 million, compared with no revenue in 2020.
Lipocine is a clinical-stage biopharmaceutical company focused on neuroendocrine and metabolic disorders.
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $9.7 million, or 16 cents per share, for the full year 2021. That compares with a loss of $19.3 million, or $1.10 per share, for 2020.
Revenue in 2021 totaled $570,000, up from $176,000 in 2020.
Clene is a clinical-stage biopharmaceutical company focused on the treatment of neurodegenerative disease. Based in Salt Lake City, the company’s research and development and manufacturing operations are in Maryland.
“We exited 2021 with significant momentum, having made substantial clinical advancement across our portfolio of first-in-class nanotherapeutics,” Rob Etherington, president and CEO, said in announcing the results.
“This progress now has Clene positioned to achieve multiple clinical milestones in 2022, highlighted by the upcoming results from the HEALEY ALS Platform Trial. Positive results for CNM-Au8 in this study would be transformative for Clene, and more importantly, for people living with ALS.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $645,000, or 2 cents per share, for the quarter ended Dec. 31. That compares with a net loss of $655,000, or 3 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4 million, up from $1.5 million in the year-earlier quarter.
For the full year 2021, the company reported a net loss of $530,000, or 2 cents per share. That compares with a net loss of $3.4 million, or 13 cents per share, for 2020.
Revenue in 2021 totaled $13.3 million, up from $10.5 million in 2020.
Superior Drilling Products designs, manufactures, repairs and sells drilling tools used in the oil and natural gas drilling industry.
“We had exceptional growth in demand for our Drill-N-Ream wellbore conditioning tool as the number of operators and rigs using the tool continues to grow,” Troy Meier, chairman and CEO, said in announcing the results. “It would appear as well that we are now reaching a point where tool fleet replacement is required as tool sales in the quarter picked up measurably.
“We have been building out our team and focused on training to be able to deliver to demand in 2022. We are working hard to address the challenges of talent management and retention, stay ahead of supply chain constraints and meet our customers’ requirements as demand continues to expand.”