CORPORATE FINANCIAL REPORTS 11-30-20

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

Varex 

Varex Imaging Corp., based in Salt Lake City, reported a net loss of $25.6 million, or 66 cents per share, for the fiscal fourth quarter ended Oct. 2. That compares with net income of $8.1 million, or 21 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $170 million, down from $202.4 million in the year-earlier quarter.

For the full fiscal year, the company reported a net loss of $57.1 million, or $1.47 per share. That compares with net income of $15.5 million, or 40 cents per share, for the prior fiscal year.

Revenue in the most recent fiscal year was $738 million, down from $780.6 million in the prior fiscal year.

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. Its products are used in medical imaging as well as in industrial and security imaging applications. It has about 2,000 employees in North America, Europe and Asia.

“Revenues for the fourth quarter of fiscal year 2020 exceeded expectations and were comparable to the third quarter of fiscal year 2020,” Sunny Sanyal, CEO, said in announcing the results. “Strong sales of our CT tubes were partially offset by continued decline in sales for other medical and industrial products. Gross margin for the quarter improved sequentially from the third quarter due to a slight improvement in product mix and the start of cost-reduction actions implemented late in the third quarter and during the fourth quarter.”

Sanyal said the fourth-quarter results indicate that the impact of COVID on the company’s business “has started to stabilize, while the timing and pace of sales recovery continues to remain uncertain. Nonetheless, we expect to see increasing benefit from the closure of our Santa Clara (California) facility and other cost reduction actions on our profitability over the next two quarters.”

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $29.3 million, or $1.51 per share, for the quarter ended Sept. 30. That compares with $3.6 million, or 19 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $146.2 million, up from $75.4 million in the year-earlier period.

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

“For the quarter, revenues increased 94 percent, profitability increased 700 percent, and [year-to-date] we have a 26 percent return on equity,” Scott M. Quist, president, said in announcing the results.

“I believe our third quarter is the best operational third quarter ever for each of our business segments. Those are spectacular results that have been delivered in difficult circumstances. I applaud the efforts of all our teams in their considerable accomplishment. Every business segment delivered impressive results.”

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported net income of $15.7 million, or 53 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.7 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $21.8 million, up from $41,434 for the year-earlier quarter.

Co-Diagnostics develops, manufactures and markets a new diagnostics technology.

“Co-Diagnostics continues to see widespread uptake of our COVID-19 test domestically and abroad, and we believe our customer and distributor bases are laying the foundation for a strong future,” Dwight Egan, CEO, said in announcing the results.

“Development projects both completed and ongoing have helped position Co-Diagnostics as a key player in the battle against the coronavirus pandemic, including receipt today of two important CE markings that will allow our ABC and COVID-19 2-gene tests to be sold as in vitro diagnostics in areas that accept CE markings as valid regulatory approval.

“The strength and flexibility of our technology platform as illustrated by our enhanced patent protection and successful proof of concept in extraction-free COVID-19 tests underscore our core competency as a forward-looking technology company with an expanding menu of critical diagnostic tools.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $120,000, or zero cents per share, for the third quarter ended Sept. 30. That compares with $1,521, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $610,155, up from $366,431 for the year-earlier quarter.

Reflect Scientific develops and markets technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical and transportation markets. Among its products are low-temperature freezers and refrigerated systems for laboratory, transportation and computer server room uses.

“Continued strong interest in the Cryometrix ultralow-temperature freezers and solvent chillers has driven our successful third-quarter revenues,” Kim Boyce, CEO, said in announcing the results.

“My expectation is that the market conditions fueling our sales will prevail well into the foreseeable future. The emergence of mRNA vaccines like COVID-19, therapeutic protein drugs and other biologicals requiring ultra-cold conditions for processing, storage or transportation will serve to create a solid revenue stream for the Cryometrix ultracold refrigeration solutions.”