CORPORATE FINANCIAL REPORTS 8-26-19

The following are recent financial reports as posted by selected Utah corporations:

Myriad Genetics 

Myriad Genetics Inc., based in Salt Lake City, reported a net loss of $4.2 million, or 6 cents per share, for the fiscal fourth quarter ended June 30. That compares with net income of $14.5 million, or 20 cents per share, for the same quarter a year earlier. {mprestriction ids="1,3"}

Revenue in the most recent quarter totaled $215.4 million, up from $193.8 million in the prior-year quarter.

For the full fiscal year, the company reported net income of $4.6 million, or 6 cents per share. That compares with $133.3 million, or $1.85 per share, for the prior fiscal year.

Revenue in the just-finished fiscal year totaled $851.1 million, up from $743.7 million in the prior year.

Myriad Genetics discovers and commercializes molecular diagnostic tests.

“Fiscal year 2019 revenue increased 14 percent with earnings up 18 percent,” Mark C. Capone, president and CEO, said in announcing the results. “Unfortunately, revenue in the fourth quarter was 2 percent below expectations, largely due to lower reimbursement for our expanded carrier screening test.

“Looking ahead to fiscal year 2020, with stabilized pricing, growing new product volumes and recent reimbursement advances with GeneSight, we are highly optimistic about our ability to deliver an inflection in revenue and earnings as we transition through the fiscal year.”

Purple Innovation

Purple Innovation Inc., based in Alpine, reported a net loss of $7.3 million, or 16 cents per share, for the second quarter ended June 30. That compares with a loss of $5.6 million, or 12 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $103 million, up from $75.8 million in the year-earlier quarter.

Purple designs and manufactures comfort products, including mattresses, pillows and cushions.

“The positive top-line momentum we experienced at the start of the year carried over into the second quarter,” Joe Megibow, CEO, said in announcing the results. “We once again delivered strong year-over-year revenue growth as our wholesale door expansion and enhanced marketing programs are continuing to drive greater awareness of the Purple brand and create even greater demand for our differentiated product offering.

“Importantly, the initiatives we have successfully deployed in our manufacturing, supply chain and fulfillment processes, combined with advancements with our marketing effectiveness, are yielding improved operating margins and generating increased cash flows.”

Megibow said the company is “very pleased with the way 2019 is unfolding.”

“The growing team continues to demonstrate their ability to effectively execute and with a stronger balance sheet. I am confident that we are well-positioned to profitably capitalize on the numerous growth opportunities we believe exist for the company in the near and long term.”

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $4.6 million, or 20 cents per share, for the quarter ended June 30. That compares with $4.2 million, or 19 cents per share, in the prior-year quarter.

Revenues in the most recent quarter totaled $68.4 million, down from $68.9 million in the prior-year quarter.

The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.

“I am quite pleased with the operational performance of our company during the second quarter, and year-to-date for that matter,” Scott M. Quist, president, said in announcing the results. “Adjusting out the investment gains, losses or asset write-downs for the given periods, operational income increased 308 percent over second quarter 2018, and 627 percent over year-to-date 2018.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $3.9 million, or 26 cents per share, for the fiscal fourth quarter ended June 30. That compares with $3 million, or 21 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $56.2 million, up from $54 million in the year-earlier quarter.

For the full fiscal year, the company reported net income of $7.4 million, or 50 cents per share. That compares with $5.8 million, or 41 cents per share, in the prior year. Revenues totaled $226 million, up from $203.2 million in the prior fiscal year.

LifeVantage is engaged in the identification, research, development and distribution of nutrigenomic dietary supplements and skin and hair care products.

“We are proud to report a strong finish to fiscal 2019, generating the highest annual revenue in the company’s history while exceeding our fiscal 2019 adjusted EPS (earnings per share) guidance,” Darren Jensen, president and CEO, said in announcing the results.

“We continue to see positive trends in our active member counts, reflecting successful execution of each of our 2019 strategic initiatives. We have also expanded our geographic footprint and enhanced our innovative product offering. Looking to fiscal 2020, we remain focused on the key drivers of our continued growth, while embracing new initiatives with the intent to expand these drivers and capitalize on the ever-growing global consumer interest in improving health and enhancing lifestyles.”{/mprestriction}