CORPORATE FINANCIAL REPORTS 8-30-21

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

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $11.3 million for the quarter ended June 30. That compares with $20.6 million for the same quarter a year earlier.

Revenues in the most recent quarter totaled $116.8 million, down from $118.7 million in the year-earlier quarter.

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

“I think we have to be pleased with the operational performance of our company,” Scott M. Quist, president, said in announcing the results. “Q2 2021 represents the company’s second-best second-quarter performance, and Q1 and Q2 2021 represent our best first-half performance.”

LifeVantage

LifeVantage Corp., based in Salt Lake City, reported net income of $4.9 million, or 35 cents per share, for the fourth fiscal quarter ended June 30. That compares with $3.8 million, or 26 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $54.8 million, down from $59.4 million in the prior-year period.

For the full fiscal year, the company reported net income of $12.9 million, or 90 cents per share. That compares with $11.5 million, or 79 cents per share, for the prior fiscal year. Revenue in the most recent fiscal year totaled $220.2 million, down from $232.9 million in the prior year.

LifeVantage is focused on the identification, research, development, formulation and sale of nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath and body, and targeted relief products.

“Fourth-quarter revenues results were in line with our expectations and earnings were slightly ahead as we continued to focus on our core strategies for driving long-term growth and operational improvement,” Steve Fife, CEO and chief financial officer, said in announcing the results.

“Adjusted earnings per share increased 11 percent despite an 8 percent decline in net sales. The sequential improvement in the number of customers was particularly encouraging and the first positive inflection in the past year. Our initiatives to drive active account growth through distributor enrollment and increased retention continue to gain traction and we expect to show further progress over the next several quarters.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $170,781 for the second quarter ended June 30. That compares with a net loss of $25,454 for the same quarter a year earlier.

Revenue in the most recent quarter totaled $707,133, up from $502,906 for the year-earlier quarter.

Reflect 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.

“Revenues were up second quarter year over year, we kept expenses under control, and our R&D budget has done its job creating new cryogenic products for the marketplace,” Kim Boyce, CEO, said in announcing the results.

“Our cash position has increased, and spending on R&D is down, giving Reflect the ability to invest in new marketing and sale programs. The pandemic has caused some shipping issues; however, we have addressed them head-on. I am pleased with our second-quarter performance.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported a net loss of $67,000, or zero cents per share, for the second quarter ended June 30. That compares with a loss of $1.2 million, or 5 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $3.4 million, up from $2 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“We believe our strong growth this quarter clearly demonstrated the value of our Drill-N-Ream well bore conditioning tool as well as the growing demand for our manufacturing capabilities,” Troy Meier, chairman and CEO, said in announcing the results.

“While we are not yet back to pre-pandemic levels, we continue to gain market share as markets recover. We expect that we will continue to grow through 2021 and be back on track in 2022 to resume the growth plans we had expected at the end of 2019.”

Profire Energy

Profire Energy Inc., based in Lindon, reported a net loss of $397,166, or 1 cent per share, for the second quarter ended June 30. That compares with a loss of $602,000, or 1 cent per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $6 million, up from $5.1 million in the year-earlier quarter.

Profire provides solutions that help energy production companies in the safe and efficient production and transportation of oil and natural gas.

“The continued reopening of most global economies during the second quarter resulted in increased demand and higher commodity prices across the oil and gas markets,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“Our sequential and year-over-year revenue growth reflects increased product sales and resumption of equipment maintenance that was largely deferred during the pandemic. We continued to reinvest in our company in response to the increased demand and improved industry outlook. Additionally, I am pleased that we were able to generate operating cash flow and increase our cash and liquid investments in the first six months of this year while remaining debt-free.”

Cameron Tidball, co-CEO, said the company is “encouraged by our Q2 results, despite the challenges that remain in the petroleum industry.”

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss of $3.2 million, or 4 cents per share, for the quarter ended June 30. That compares with a loss of $12.7 million, or 33 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $2.54 million, up from $2.27 million in the year-earlier quarter.

PolarityTE is a biotechnology company developing regenerative tissue products and biomaterials.

“We have made great strides to position the company for the future, most recently with the submission of an IND (investigational new drug application), and I could not be more impressed by the organization’s commitment to this achievement,” David Seaburg, CEO, said in announcing the results.

Owlet

Owlet Inc., based in Lehi, reported a net loss of $5.3 million, or 49 cents per share, for the second quarter ended June 30. That compares with a loss of $1.1 million, or 10 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $24.9 million, up from $18.4 million in the year-earlier quarter.

Owlet offers a digital parenting platform.

“We had an incredible quarter, recording strong year-over-year and sequential revenue growth, with significant year-over-year margin expansion,” Kurt Workman, co-founder and CEO, said in announcing the results.

Workman said international expansion is key to the company’s mission, “and our second-quarter launches throughout Europe represent great progress.”

CleanSpark

CleanSpark Inc., based in Woods Cross, reported a net loss of $16.7 million, or 49 cents per share, for the third fiscal quarter ended June 30. That compares with a loss of $8.5 million, or 77 cents per share, for the same quarter a year earlier.

Revenue in the quarter totaled $11.9 million, up from $3.4 million in the prior-year quarter.

CleanSpark is a clean Bitcoin mining and diversified software and services company.

Lipocine

Lipocine Inc., based in Salt Lake City, reported a net loss of $6.8 million, or 8 cents per share, for the second quarter ended June 30. That compares with a loss of $6.4 million, or 13 cents per share, for the same quarter a year earlier.

Lipocine is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders.

Recursion

Recursion, based in Salt Lake City, reported a net loss of $43.4 million, or 31 cents per share, for the second quarter ended June 30. That compares with a loss of $18.9 million, or 88 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2.5 million, up from $186,000 in the year-earlier quarter.

Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science and engineering. The company’s current construction projects include expanding its current headquarters and creating a chemistry, manufacturing and controls (CMC) site in Salt Lake City.

“We are excited with how Recursion is expanding across many fronts in order to deliver on our mission to decode biology to radically improve lives,” Chris Gibson, co-founder and CEO, said in announcing the results.

“Not only is the company continuing to advance and expand the total number of its research and development programs, but we are expanding our operations to Canada to grow our capabilities and workforce, and we are enhancing our expertise in research and development by forming a Therapeutics Advisory Board.”

Arena

Arena Pharmaceuticals Inc., based in Park City, reported a net loss of $146.1 million, or $2.40 per share, for the second quarter ended June 30. That compares with a loss of $84.9 million, or $1.61 per share, for the same quarter a year earlier.

The company had no revenues in both the most recent and the year-earlier quarters.

Arena is focused on delivering medicines.