The following are recent financial reports as posted by selected Utah corporations:
Extra Space
Extra Space Storage Inc., based in Salt Lake City, reported core funds from operations of $457.7 million, or $2.06 per share, for the quarter ended June 30. That compares with $296 million, or $2.06 per share, for the same quarter a year earlier.
The company reported net income attributable to common stockholders of $185.9 million, or 88 cents per share. That compares with $202.4 million, or $1.50 per share, for the same quarter a year earlier.
Total same-store revenues were $419.2 million, up from $416.7 million in the year-earlier quarter.
Extra Space Storage manages 1,423 stores for third-party owners and 472 stores owned in unconsolidated joint ventures, for a total of 1,895 stores under management. It is the largest self-storage management company in the United States.
“We’ve maintained strong occupancy levels in the Extra Space and Life Storage same-store pools despite a challenging demand and new customer rate environment,” Joe Margolis, CEO, said in announcing the results. “The occupancy gains drove positive revenue growth in both pools. In addition, we continue to realize G&A savings and stronger-than- expected tenant insurance income, supporting solid FFO per share performance ahead of our projections.”
Merit Medical
Merit Medical Systems Inc., based in South Jordan, reported net income of $35.7 million, or 61 cents per share, for the second quarter ended June 30. That compares with $20.2 million, or 35 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $338 million, up from $320 million in the year-earlier quarter.
Founded in 1987, Merit Medical Systems develops, manufactures and distributes disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
“We delivered better-than-expected revenue and financial results in the second quarter, reflecting continued strong momentum over the first half of fiscal year 2024,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.
“Our constant currency, organic, revenue and our constant currency total revenue exceeded the high end of our expectations in the second quarter and we delivered year-over-year improvements in both our non-GAAP gross and operating margins and our non-GAAP earnings per share. Importantly, our strong growth and profitability performance fueled free cash flow generation of more than $80 million over the first half of fiscal year 2024.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $15 million for the second quarter ended June 30. That compares with $19.3 million for the same quarter a year earlier.
The bank is a wholly owned subsidiary of Medallion Financial Corp. and provides consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners.
Net interest income in the most recent quarter totaled $50.2 million, up from $47 million in the prior-year quarter. At the end of the quarter, total assets were $2.4 billion.
“Asset growth resumed in the second quarter, reflecting the seasonality of our business and ongoing strong demand for our lending programs,” Donald Poulton, president and CEO, said in announcing the results. “While loan growth will increase interest income, it comes at a short-term cost in the form of elevated credit loss provisions as we build the reserve for expected losses.
“Credit performance improvement during the quarter was notable. Both loan losses and delinquency fell compared to the first quarter, with recreation loan net charge-offs down 137 basis points and home improvement loan net charge-offs down 63 basis points. Our credit standards remained relatively tight as we prioritized quality growth that maintains our market position. Consistent with the last few quarters, our focus remains on prudent balance sheet and credit risk management.”
Clarus
Clarus Corp., based in Salt Lake City, reported a net loss of $5.5 million, or 14 cents per share, for the second quarter ended June 30, including the impact of discontinued operations. That compares with a loss of $2.1 million, or 6 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $56.5 million, down from $57.9 million in the year-earlier quarter.
Clarus designs and develops equipment and lifestyle products for outdoor enthusiasts.
“Against a backdrop of constrained consumers in the outdoor space, we made incremental progress in the second quarter executing Clarus’ strategic initiatives to seek to create long-term value,” Warren Kanders, executive chairman, said in announcing the results.
Kanders said the company remains in the early stages of a multi-year strategic plan “but believe the investments we have made to date strengthening our teams, enhancing business processes, and ensuring we offer in-demand, premium product across our key categories will deliver significant long-term benefit.”
Weave
Weave, based in Lehi, reported a net loss of $8.6 million, or 12 cents per share, for the second quarter ended June 30. That compares with a loss of $9 million, or 13 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $50.6 million, up from $41.7 million in the year-earlier quarter.
Weave offers a customer experience and payments software platform for small and medium-sized healthcare businesses.
“We had an outstanding quarter, continuing our track record of improving financial performance and setting the stage for a strong second half of the year,” Brett White, CEO, said in announcing the results. “We delivered solid top-line performance, significant gross and operating margin improvements, and positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first time in company history. Our strong financial performance highlights the continued demand for our software and payments platform and our ongoing commitment to enhancing business efficiency.”
Varex
Varex Imaging Corp., based in Salt Lake City, reported net income of $1.4 million, or 3 cents per share, for the fiscal third quarter ended June 30. That compares with $9.1 million, or 21 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $209 million, down from $232.2 million in the year-earlier quarter.
Varex designs and manufactures X-ray imaging components, which include X-ray tubes, digital detectors, and other image processing solutions that are key components of X-ray imaging systems. It has about 2,300 employees worldwide.
“Revenue in the third quarter of fiscal 2024 came in as expected, driven primarily by continued strength in our cargo inspection business, which drove a 6 percent year-over-year increase in our industrial segment,” Sunny Sanyal, CEO, said in announcing the results.
Waystar
Waystar Holding Corp., co-headquartered in Lehi and Louisville, Kentucky, reported a net loss of $27.7 million, or 21 cents per share, for the second quarter ended June 30. That compares with a loss of $10.8 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $234.5 million, up from $196 million.
Waystar provides healthcare payment software.
“Waystar delivered strong performance across all key metrics in Q2,” Matt Hawkins, CEO, said in announcing the results. “We have solid momentum as clients utilize the cloud-based Waystar software platform, which we have purpose-built to drive client return on investment and a differentiated, modern user experience.”
Recursion
Recursion, based in Salt Lake City, reported a net loss of $97.5 million, or 40 cents per share, for the second quarter ended June 30. That compares with a loss of $76.7 million, or 38 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $14.4 million, up from $11 million for the same quarter a year earlier.
Recursion is a clinical-stage techbio company decoding biology to industrialize drug discovery. Recursion has announced it has entered into a definitive agreement to combine with Exscientia, a clinical-stage drug design and development company.
“Our mission at Recursion is to decode biology to radically improve lives. We are leading the industry by integrating technology to map and navigate biology and chemistry to achieve this ambitious aim,” 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 $7.6 million, or 25 cents per share, for the second quarter ended June 30. That compares with a loss of $8.9 million, or 31 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $2.7 million, up from $200,000 in the prior-year quarter.
Co-Diagnostics is a molecular diagnostics company that develops, manufactures and markets diagnostics technologies.
“We are very pleased by the progress Co-Diagnostics has made so far this year,” Dwight Egan, CEO, said in announcing the results. “Our 510(k) application for our new instrument and COVID-19 test kit, which we submitted to the FDA for over-the-counter use, is a significant accomplishment.”
“We truly believe that we are one-step closer to delivering the most low-cost, easy-to-use and highly accessible diagnostics point-of-care platform,” said Brian Brown, chief financial officer. “We also look forward to beginning clinical evaluations for our multiplex test later this year.”
Myriad Genetics
Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $36.7 million, or 41 cents per share, for the second quarter ended June 30. That compares with a loss of $116.1 million, or $1.42 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $211.5 million, up from $183.5 million in the year-earlier quarter.
Myriad Genetics is focused on genetic testing and precision medicine.
“We are very proud to have delivered another quarter of strong double-digit year-over-year revenue growth in the second quarter of 2024,” Paul J. Diaz, president and CEO, said in announcing the results. “Our year-to-date 2024 revenue growth of 13 percent year-over-year, following our 11 percent year-over-year revenue growth in calendar year 2023, and our 15 percent year-over-year revenue growth in the second quarter 2024, demonstrate the sustainability of our organic growth and gives us the confidence to raise our long-term revenue growth target to 12 percent.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $19.8 million, or 9 cents per share, for the second quarter ended June 30. That compares with $16 million, or 7 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $167.9 million, down from $177.8 million in the year-earlier quarter.
Cricut offers hardware and design software for DIY consumers.
“We are pleased with strong Q2 profitability and 18 percent growth in connected machines revenue YoY,” Ashish Arora, CEO, said in announcing the results. “Remember, our flywheel begins with the purchase of a connected machine, which then presents the opportunity to monetize our customers through subscriptions and accessories and materials. … We continued with our increased investment in marketing, and initial results are promising, measured by driving traffic to Cricut.com, which plays a central role in pulling consumers through the funnel regardless of where they purchase their machine.”
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $6.8 million, or $1.06 per share, for the second quarter ended June 30. That compares with a loss of $25.2 million, or $5.84 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $91,000, down from $269,000 in the year-earlier quarter.
Clene and its wholly owned subsidiary Clene Nanomedicine Inc. are focused on revolutionizing the treatment of neurodegenerative diseases, including amyotrophic lateral sclerosis and multiple sclerosis.
“We are approaching our next FDA interaction focused on the regulatory path forward to potentially bring CNM-Au8 to people living with ALS,” Rob Etherington, president and CEO, said in announcing the results. “With this imminent timing, we are optimistic about the possibility of submitting a new drug application later this year. Our utmost priority is to help patients and their families for whom time is critical.”
Profire Energy
Profire Energy Inc., based in Lindon, reported net income of $2.1 million, or 4 cents per share, for the second quarter ended June 30. That compares with $2.9 million, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $15.2 million, up from $14.6 million in the year-earlier quarter.
Profire provides solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances.
“We reported another very successful quarter, highlighted by the second-highest quarterly revenue in company history, further progress across our diversification strategy, and maintaining momentum within our legacy business,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results. “We increased our cash balance while building our inventory and repurchasing shares, and continue to remain debt-free.”
Nature’s Sunshine
Nature’s Sunshine Products Inc., based in Lehi, reported net income attributable to common shareholders of $1.3 million, or 7 cents per share, for the second quarter ended June 30. That compares with $2.4 million, or 12 cents per share, for the same quarter a year earlier.
Net sales in the most recent quarter totaled $110.6 million, down from $116.5 million in the year-earlier quarter.
Nature’s Sunshine is a health and wellness company that markets and distributes nutritional and personal care products in more than 40 countries.
“In the second quarter of 2024, we continued to make progress on our global growth strategies, addressing near-term challenges, while driving change and creating new opportunities for the future,” Terrence Moorehead, CEO, said in announcing the results.
“For the quarter, net sales were $110.6 million, down 3 percent versus prior year on a local currency basis, driven by macroeconomic headwinds in China, slowing consumer spending in the U.S., and a temporary disruption to our North American business. EBITDA (earnings before interest, taxes, depreciation and amortization) came in at $10.4 million, down 8 percent versus prior year.”
Nu Skin
Nu Skin Enterprises Inc., based in Provo, reported a net loss of $118.3 million, or $2.38 per share, for the second quarter ended June 30. That compares with net income of $26.9 million, or 54 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $439 million, down from $500.3 million in the year-earlier quarter.
Nu Skin Enterprises’ family of companies includes Nu Skin and Rhyz Inc.
“We are pleased with our progress as we perform to plan on our transformational efforts, and we are on track as evidenced by our second-quarter results,” Ryan Napierski, president and CEO, said in announcing the results. “Our revenue was in line with our expectations despite a 4 percent FX headwind, while adjusted earnings per share slightly exceeded our projections due to heightened operational discipline, excluding our restructuring and impairment charges.”
Purple
Purple Innovation Inc., based in Lehi, reported net income of $27,000, or zero cents per share, for the second quarter ended June 30. That compares with a net loss of $40.5 million, or 39 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $120.3 million, up from $117.9 million in the year-earlier quarter.
Purple manufactures mattresses, pillows, cushions, frames, sheets and more.
“Our second-quarter results underscore the progress we’ve made enhancing the financial profile of the company,” Rob DeMartini, CEO, said in announcing the results. “Even as industry trends further deteriorated and impacted demand, we exceeded our adjusted EBITDA plan, thanks to a number of operational improvements and cost-saving programs that drove a significant increase in gross margins on both a year-over-year and sequential basis.”
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $8.3 million, or 25 cents per share, for the second quarter ended June 30. That compares with a loss of $10.5 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $24,000, down from $123,000 for the year-earlier quarter.
Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We are pleased to have achieved publication of our positive AVERT study results and look forward to the publication of our pivotal PRIME study, both of which we believe are necessary prerequisites for growing our evidence portfolio, adoption and building revenue over time,” Zhenya Lindgardt, president and CEO, said in announcing the results.
“To further expand awareness of the benefit of our PreTRM offering, we are pursuing cost-effective multi-channel strategies with focused investments where we anticipate the best impact for value delivered and, at the same time, working to support the establishment of care guidelines leveraging our compelling test-and-treat data.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $3.1 million, or 57 cents per share, for the second quarter ended June 30. That compares with a loss of $3.6 million, or 68 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $90,000, compared with zero revenue in the year-earlier quarter.
Lipocine is a biopharmaceutical company leveraging its proprietary technology platform to augment therapeutics through effective oral delivery to develop differentiated products.