The following are recent financial reports as posted by selected Utah corporations:
Purple
Purple Innovation Inc., based in Lehi, reported a net loss of $50.2 million, or 47 cents per share, for the first quarter ended March 31. That compares with a loss of $25.9 million, or 26 cents per share, for the same quarter a year earlier.
Net revenue in the most recent quarter totaled $120 million, up from $106.7 million in the year-earlier quarter.
Purple manufactures comfort products, including mattresses, pillows, cushions, frames, sheets and more.
“We are encouraged by our start to the year as our first-quarter performance was in line with our guidance despite continued industry softness,” Rob DeMartini, CEO, said in announcing the results.
“Momentum in our business has been accelerating since the mid-2023 launch of our new product portfolio and brand repositioning, leading to market share gains and a return to growth. We are making important progress executing the key initiatives that we believe will deliver sequential top-line improvement as 2024 unfolds and allow us to generate positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the second half of the year. Longer-term, we are confident that Purple’s innovative and differentiated sleep technology, combined with the team and strategies that we have in place, will fuel profitable growth and increased shareholder value.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $1.4 million, or 3 cents per share, for the first quarter ended March 31. That compares with $2.6 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $13.6 million, down from $14.7 million in the prior-year quarter.
Profire provides solutions designed to enhance the efficiency, safety and reliability of industrial combustion appliances.
“Our first-quarter results reflect the continued underlying strength of our legacy business and expansion of our diversification efforts, despite lapping the third-best quarterly revenue in company history and a significant decline in natural gas prices during the quarter,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.
“Our overall balance sheet remains strong, with cash in the bank, zero debt, and sufficient inventory to ensure on-time product deliveries to our customers.”
R1 RCM
R1 RCM Inc., based in Murray, reported a net loss of $35.1 million, or 8 cents per share, for the first quarter ended March 31. That compares with net income of $1.6 million, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $603.9 million, up from $545.8 million in the prior-year quarter.
R1 RCM provides solutions designed to transform the financial performance and patient experience for health systems, hospitals and physician groups.
“First-quarter results reflect the strength and flexibility of our technology platform, our people, and our global scale,” Lee Rivas, CEO, said in announcing the results. “While addressing the impact of the Change Healthcare cyberattack, R1 continued to deliver operationally and began the onboarding of our largest new customer.
“Looking ahead, we will remain focused on executing against our technology roadmap, delivering excellent results, and aligning our strategy to our customers’ business, while achieving measurable results for our shareholders.”
Owlet
Owlet Inc., based in Lehi, reported net income of $3.3 million, or 15 cents per share, for the first quarter ended March 31. That compares with a net loss of $11.9 million, or $1.54 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $14.8 million, up from $10.7 million in the year-earlier quarter.
Owlet offers a digital health infant monitoring platform.
“We’ve started off 2024 by delivering solid year-over-year growth,” Kurt Workman, CEO and co-founder, said in announcing the results.
Workman said the company surpassed over 2 million infants monitored on the company’s platform. “Globally, parents and caregivers want accessible health insights between hospital and home and Owlet is uniquely addressing this demand. We believe our growing market position and operational health are strong momentum indicators for continued success in 2024.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $26 million, or 29 cents per share, for the first quarter ended March 31. That compares with a loss of $54.7 million, or 67 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $202 million, up from $181.2 million in the year-earlier quarter.
Myriad is focused on genetic testing and precision medicine.
“Myriad Genetics entered 2024 with positive momentum as we generated double-digit revenue growth over the prior-year period, significantly improved year-over-year net loss, and achieved positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the first quarter,” Paul J. Diaz, president and CEO, said in announcing the results.
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $11.1 million, or 9 cents per share, for the first quarter ended March 31. That compares with a loss of $11.8 million, or 15 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $73,000, down from $107,000 in the year-earlier quarter.
Clene Inc. and wholly owned subsidiary Clene Nanomedicine Inc. are focused on the treatment of neurodegenerative diseases, including amyotrophic lateral sclerosis and multiple sclerosis.
“In the first quarter, our team worked diligently to advance our FDA discussions in ALS while continuing to generate more data supporting the neurological benefits and mechanism of action of CNM-Au8,” Rob Etherington, president and CEO, said in announcing the results.
Beyond
Beyond Inc., based in Midvale, reported a net loss of $72.2 million, or $1.58 per share, for the first quarter ended March 31. That compares with a loss of $10.3 million, or 23 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $382.3 million, up from $381.1 million in the year-earlier quarter.
Beyond is the parent company of Overstock, Bed Bath & Beyond, Zulily and other online retail brands.
“2024 has begun with a strong strategic focus on building a portfolio of profitable brands designed to drive high customer affinity and lifetime value,” Marcus Lemonis, executive chairman, said in announcing the results. “We are now 120 days into this new era for the company, building a foundation that will cause the next 10 years to look materially different from the last 10, while deepening my conviction in our vision: to become the ‘AAA of Home’ — offering solutions for everything within the four walls of your home and extending to the four corners of your property.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $19.6 million, or 9 cents per share, for the first quarter ended March 31. That compares with $9.1 million, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $167.4 million, down from $181.2 million in the year-earlier quarter.
Cricut offers hardware and design software for DIY projects.
“Q1 2024 played out largely as expected,” Ashish Arora, CEO, said in announcing the results. “Operating margin dollars grew significantly by 139 percent or $15 million, driven by lower inventory write-offs, an increase in paid subscribers and higher sales of connected machines despite an 8 percent year-over-year drop in overall sales.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $2.3 million, or 12 cents per share, for the first quarter ended March 31. That compares with $900,000, or 4 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $111 million, up from $108.6 million in the year-earlier quarter.
Nature’s Sunshine offers herbal and nutritional products.
“In the first quarter, our omni-channel approach and high-quality products combined to drive momentum in our business,” Terrence Moorehead, CEO, said in announcing the results. “Specifically, we saw digital sales surge 33 percent, with a 34 percent increase in new customers, helping our North American business unit grow 5 percent for the quarter. What’s more, the successful launch of our new Power Line products helped drive improved performance in our European business that further reinforced our positive momentum.”
Recursion
Recursion, based in Salt Lake City, reported a net loss of $91.4 million, or 39 cents per share, for the first quarter ended March 31. That compares with a net loss of $65.3 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $13.8 million, up from $12.1 million in the year-earlier quarter.
Recursion is a clinical stage company working to industrialize drug discovery.
“We are excited about the multiple upcoming value catalysts that could potentially occur in the near term, including clinical trial readouts, partnership option exercises, new partnerships, and interest in Recursion’s data and technology solutions,” Chris Gibson, co-founder and CEO, said in announcing the results.
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $9.3 million, or 31 cents per share, for the first quarter ended March 31. That compares with a loss of $5.8 million, or 20 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $467,854, down from $601,957 in the year-earlier quarter.
Co-Diagnostics is a molecular diagnostics company with a platform for the development of molecular diagnostic tests.
“We are extremely encouraged by our first-quarter progress and believe that we are well-positioned to meet our 2024 goals,” Dwight Egan, CEO, said in announcing the results. “Co-Diagnostics was pleased to announce the opening of our new manufacturing facility in Salt Lake and continued facility expansion in India, which will soon enable in-house Co-Primers, instrument and test manufacturing at a low cost.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported a net loss of $533,000, or 1 cent per share, for the first quarter ended March 31. That compares with net income of $11.4 million, or 23 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $417.3 million, down from $481.5 million in the prior-year quarter.
Nu Skin offers personal care, nutrition and anti-aging products.
“Our first-quarter revenue came in at the mid-point of our guidance, negatively impacted more than anticipated by foreign currency headwinds, while our cost management efforts helped us post earnings per share in the upper half of our guide,” Ryan Napierski, president and CEO, said in announcing the results.
Sera
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $8.1 million, or 25 cents per share, for the first quarter ended March 31. That compares with a loss of $10.6 million, or 34 cents per share, for the same quarter a year earlier.
Revenue before adjustments was $39,000 and zero after a periodic review of accounting estimates for older tests. Revenue in the year-earlier quarter was $100,000.
Sera is focused on improving maternal and neonatal health by providing pregnancy biomarker information to doctors and patients.
“While revenue for the quarter was impacted by revenue adjustments related to old accounts, we continue to be pleased with our progress in setting the stage for a potential revenue inflection by submitting data for publication to enhance our evidence portfolio that we believe could ultimately lead to broad adoption, and by exploring growth opportunities in the interim where PreTRM can make a sizeable difference in improving maternity and birth outcomes,” Zhenya Lindgardt, president and CEO, said in announcing the results.
“Our new ambient whole blood collection method allows us to access more patients and, as revenue ramps, we expect should significantly improve gross margin and enable Sera to process more tests efficiently to meet future demand.”
Instructure
Instructure Holdings Inc., based in Salt Lake City, reported a net loss of $21.1 million, or 15 per share, for the first quarter ended March 31. That compares with $11.9 million, or 8 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $155.5 million, up from $128.8 million in the year-earlier quarter.
Instructure offers education technology.
“Our first-quarter results exceeded all guided metrics and demonstrate the durability, operational scale, and breadth of the Instructure platform,” Steve Daly, CEO, said in announcing the results. “I couldn’t be more pleased with how our team is working to deliver a best-in-class experience to educators, students and partners as we build momentum bringing Parchment into the Instructure ecosystem.”