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 $216.1 million, or $1.02 per share, for the fourth quarter ended Dec. 31. That compares with $204.3 million, or $1.52 per share, for the same quarter a year earlier.
Funds from operations attributable to common stockholders and unit holders was $418.6 million, or $1.89 per share. That compares with $300 million, or $2.09 per share, for the same quarter a year earlier.
Same-store revenues in the quarter totaled $391.8 million, up from $388.6 million in the prior-year period.
For the full year 2023, the company reported net income attributable to common stockholders of $803.2 million, or $4.74 per share. That compares with $860.7 million, or $6.41 per share, for 2022. FFO in 2023 totaled $1.35 billion, or $7.56 per share. That compares with $1.2 billion, or $8.38 per share, in 2022.
Same-store revenues in 2023 totaled $1.56 billion, up from $1.5 billion in 2022.
Extra Space Storage is a real estate investment trust that owns and/or operates 3,714 self-storage stores in 42 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.
“We had a solid quarter, focusing on optimizing the performance of the recently added Life Storage assets, while maximizing the performance of the legacy Extra Space Storage locations,” Joe Margolis, CEO, said in announcing the results. “We maintained healthy in-place rents and strong same-store occupancy in the quarter, averaging 93.4 percent, which drove positive same-store revenue growth.
“Turning to 2024, we anticipate stronger revenue growth from the Life Storage assets, which are benefiting from the sophistication of the Extra Space platform. While we expect a headwind from lower new customer rates, we are confident in the durability of self-storage, our highly diversified portfolio and our platform’s ability to capture customer volume when sector demand accelerates.”
R1 RCM
R1 RCM Inc., based in Murray, reported net income of $1.4 million, or zero cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $36.6 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $575.1 million, up from $533.3 million in the year-earlier quarter.
For the full year 2023, the company reported net income of $3.3 million, or 1 cent per share. That compares with a net loss of $63.3 million, or 18 cents per share, in 2022. Revenue in 2023 totaled $2.25 billion, up from $1.8 billion in 2022.
R1 RCM provides technology-driven solutions that transform the financial performance and patient experience for health systems, hospitals and physician groups.
“R1 executed on its key objectives in 2023,” Lee Rivas, CEO, said in announcing the results. “We established a stronger foundation for growth, stabilized key metrics for several clients, and delivered approximately $30 million in synergies from the Cloudmed integration. In addition, we strengthened our technology platform by driving innovation through generative AI and enhanced our global infrastructure to improve our performance and competitive position in the market.
“We enter 2024 with a more diversified business, enhanced technology initiatives and increased global scale. Our strategy is to leverage our best-in-class capabilities to deploy flexible models that meet customers where they are in their revenue cycle journey. We believe R1’s breadth of capabilities and data-driven technology platform, combined with our focus on operational excellence, positions us to drive value for our customers while delivering long-term sustainable growth and improved financial performance for our shareholders.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $9 million, or 46 cents per share, for the fourth quarter ended Dec. 31. That compares with $2 million, or 10 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $108.9 million, up from $102.7 million in the prior-year quarter.
For the full fiscal year, the company reported net income of $15.1 million, or 77 cents per share. That compares with a net loss of $400,000, or 2 cents per share, in 2022. Sales in 2023 totaled $445.3 million, up from $421.9 million in 2022.
The company markets and distributes nutritional and personal care products in more than 40 countries.
“The positive momentum in our business continued in the fourth quarter as sales increased 6 percent, with double-digit sales growth in North America and a more than tripling of our net income to $9 million,” Terrence Moorehead, CEO, said in announcing the results.
“In 2023, we made excellent progress against our gross margin initiatives and expect to meet or exceed our $10 million in savings goal in 2024. In fact, the combination of this work, along with our continued above-market sales growth, fueled a 21 percent increase in fourth-quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which came in at $9.7 million.”
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $35.3 million, or $1.20 per share, for the fiscal year ended Dec. 31. That compares with a loss of $14.2 million, or 45 cents per share, in the prior year.
Revenue in 2023 totaled $6.8 million, down from $34.2 million in the prior year.
Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets diagnostics technologies.
“We are pleased to have made great progress towards our strategic goals in the fourth quarter, highlighted by an Emergency Use Authorization submission to the FDA for our Co-Dx PCR Pro instrument, mobile app and COVID-19 test,” Dwight Egan, CEO, said in announcing the results.
“We believe that our EUA submission will serve as a steppingstone in our effort to decentralize PCR diagnostics and to expand to the point-of-care and at-home settings. Co-Diagnostics’ investment in additional production capacity in Salt Lake City also includes the manufacturing of our Co-Primers in-house, to lower costs. We are currently building expanded capacity for test cup and instrument manufacturing lines in India as well, in addition to capability to support Co-Primers manufacturing in the near future.”
Purple
Purple Innovation Inc., based in Lehi, reported a net loss of $18.3 million, or 17 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $71.7 million, or 78 cents per share, for the same quarter a year earlier.
Net revenue in the most recent quarter totaled $145.9 million, up from $144.3 million in the prior-year quarter.
For the full year 2023, the company reported a net loss of $120.8 million, or $1.17 per share. That compares with a loss of $92.5 million, $1.13 per share, in 2022. Revenue in 2023 totaled $510.5 million, down from $573.2 million in 2022.
Purple manufactures mattresses, pillows, cushions, frames, sheets and other comfort products.
“The fourth quarter represented an encouraging finish to 2023 as sales finished within our guidance range and increased year-over-year for the first time in eight quarters,” Rob DeMartini, CEO, said in announcing the results.
“Throughout last year, we made meaningful progress capturing market share and repositioning Purple as a premium brand despite ongoing industry headwinds. The launch of our innovative new mattresses and new marketing campaign fueled improved sales trends across all channels in the second half. Backed by marketing efficiencies, fourth-quarter profitability was in line with expectations, highlighted by positive operating income in the month of December.”
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $49.5 million, or 47 cents per share, for the fiscal year ended Dec. 31. That compares with a loss of $29.9 million, or 46 cents per share, for the prior year.
Revenue in 2023 totaled $498,000, up from $329 million in 2022.
Clene and its wholly owned subsidiary, Clene Nanomedicine Inc., is a clinical-stage biopharmaceutical company focused on mitochondrial health and neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis and multiple sclerosis.
“In 2024, we will continue to advance our regulatory discussions with the U.S. Food and Drug Administration that we anticipate will include new data on biomarkers, as well as additional clinical function and survival data in people living with ALS,” Rob Etherington, president and CEO, said in announcing the results.
“Having held our initial discussion with the FDA in the fourth quarter of last year, we have a clear understanding of the additional data required to support an accelerated approval pathway filing for CNM-Au8. We believe that we can provide additional supportive evidence to advance discussions with the FDA with the potential to file an NDA later this year.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $3.3 million, or 7 cents per share, for the fourth quarter ended Dec. 31. That compares with $1.8 million, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $14.4 million, up from $14 million in the prior-year quarter.
For the full fiscal year 2023, the company reported net income of $10.8 million, or 22 cents per share. That compares with $3.9 million, or 8 cents per share, for 2022. Revenue in 2023 totaled $58.2 million, up from $45.9 million in 2022.
Profire provides solutions that enhance the efficiency, safety and reliability of industrial combustion appliances.
“2023 was a record year for Profire, recording our highest annual revenue, net income and EBITDA (earnings before interest, taxes, depreciation and amortization) in company history,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.
“We expanded our full-year gross margin and used a portion of our operating cash flow to repurchase 1.2 million of our outstanding shares. Our solid balance sheet provides great flexibility for us to simultaneously invest in our business, repurchase shares when the market presents the opportunity, and pursue other investment opportunities that will enhance our future, with the ongoing focus of delivering long-term value for our shareholders.”
Domo
Domo Inc., based in American Fork, reported a net loss of $18.7 million, or 51 cents per share, for the fiscal fourth quarter ended Jan. 31. That compares with a loss of $19.8 million, or 57 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $80.2 million, up from $79.6 million in the prior-year quarter.
For the full fiscal year, the company reported a net loss of $75.6 million, or $2.10 per share. That compares with a loss of $105.6 million, or $3.10 per share, in the prior fiscal year. Revenue in the most recent year totaled $319 million, up from $308.6 million in the prior fiscal year.
Domo offers a data experience platform.
“The strategic investments we’re making this year will help customers capitalize on the new opportunities offered through artificial intelligence and data, making it easier and faster to scale Domo’s full suite of solutions across the entire organization,” Josh James, founder and CEO, said in announcing the results. “We’re confident in our focus areas to build on our momentum, and to position Domo for growth in the coming year.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $5.6 million, or 18 cents per share, for the fourth quarter ended Dec. 31. That compares with net income of $333,000, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.3 million, down from $5.3 million in the prior-year quarter.
For the full fiscal year, the company reported net income of $7.4 million, or 25 cents per share. That compares with $1 million or 4 cents per share, for 2022. Revenue in 2023 totaled $21 million, up from $19 million in 2022.
The company designs and manufactures drilling tool technologies. It has entered into an agreement with Drilling Tools International Corp. under which DTI agreed to acquire SDP for about $32.2 million.
“We are excited to merge with DTI,” Troy Meier, chairman and CEO, said in announcing the results. “We have a long history working with them as our North American distributor and believe that together we can drive more value for our shareholders and broader stakeholders. The combination of our patented technology and cutting-edge manufacturing capabilities with DTI’s powerful sales and marketing will enable us to accelerate our growth and bring our drilling solutions to more customers in more parts of the world.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $16.4 million, or $3.14 per share, for the fiscal year ended Dec. 31. That compares with a loss of $10.8 million, or $2.15 per share, for 2022.
Revenue in 2023 totaled $2.9 million, up from $500,000 in 2022.
Lipocine is a biopharmaceutical company focused on treating central nervous system disorder.
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $7.9 million, or 25 cents per share, for the fourth quarter ended Dec. 31. That compares with $9.7 million, or 31 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $41,000, down from $65,000 in the year-earlier quarter.
For the full year 2023, the company reported a net loss of $36.2 million, or $1.16 per share. That compares with a loss of $44.2 million, or $1.43 per share, in 2022. Revenue in 2023 totaled $306,000, up from $268,000 in 2022.
Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We are looking forward to an exciting year of developments for Sera, including publication of our PRIME study results while executing on commercial expansion and our plans to establish direct relationships with expectant mothers,” Zhenya Lindgardt, president and CEO, said in announcing the results. “We expect these activities and advancements in our product pipeline to complement what we believe is our leading position in the area of maternal and neonatal health and pave the way for a future inflection in revenue growth.”