CORPORATE FINANCIAL REPORTS 11-29-21

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 $10.8 million, or 54 cents per share, for the quarter ended Sept. 30. That compares with $29.3 million, or $1.48 per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $119.5 million, down from $146.2 million in the year-earlier period.

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

“Realizing our operational earnings decreased as compared to 2020, I am nevertheless very proud of the results for Quarter 3 and year-to-date 2021,” Scott M. Quist, president, said in announcing the results. “I believe our financial results represent a very solid performance by our teams accomplished despite a continuingly difficult operational environment. Every business segment delivered impressive results.”

Reflect Scientific

Reflect Scientific Inc., based in Orem, reported net income of $159,889 for the third quarter ended Sept. 30. That compares with $204,188 for the same quarter a year earlier.

Revenues in the most recent quarter totaled $716,145, up from $610,085 in the prior-year quarter.

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

“Another profitable quarter for Reflect,” Kim Boyce, CEO, said in announcing the results. “We continue to improve cryogenic product line margins improving overall gross profit. In uncertain times, we have proven our ability to deliver products and maintain positive financial results.”

Owlet

Owlet Inc., based in Lehi, reported a net loss of $34.5 million, or 36 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.5 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter was a company-record $31.5 million, up from $21.2 million in the year-earlier quarter.

Owlet offers a digital platform to give parents real-time data and insights about their children.

“We had a strong third quarter at Owlet, with our highest-ever revenues and continued international expansion, including launching into Switzerland and France,” Kurt Workman, co-founder and CEO, said in announcing the results.

“In the first three quarters of the year, we accomplished everything we set out to achieve at the beginning of 2021. Our domestic penetration and awareness continue to grow organically and have in fact accelerated with increased investment. I’m also pleased to report that adoption and growth rates internationally have outpaced our expectations and our progress toward key platform expansion opportunities are advancing in line with our expectations.”

Sarcos

Sarcos Technology and Robotics Corp., based in Salt Lake City, reported a net loss of $37 million, or 35 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $6.9 million, or 7 cents per share, for Sarcos Corp. in the year-earlier quarter.

Revenue in the most recent quarter totaled $1.1 million, down from $1.5 million in the year-earlier quarter.

Sarcos develops robotic systems that augment humans to enhance productivity and safety.

“We are delighted to share our first financial results as a public company,” Ben Wolff, chairman and CEO, said in announcing the results. “Our merger with Rotor Acquisition Corp. has given us the liquidity we needed to further develop our unique, award-winning technology, and we believe it will be sufficient to bring our Guardian XO industrial exoskeleton and Guardian XT industrial robotic avatar systems to market.”

Wolff said that like many other U.S. companies, Sarcos has faced challenges in supply chain and recruitment efforts as a result of the pandemic and other global trends. “However, development of our products continues to progress and we still anticipate having our first commercial units ready to commence initial commercial production at the end of 2022,” he said.

Recursion

Recursion Pharmaceuticals Inc., based in Salt Lake City, reported a net loss of $47.4 million, or 28 cents per share, for the third quarter ended Sept 30. That compares with a loss of $23.9 million, or $1.09 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $2.5 million, up from $1 million 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.

“In Q3, our team made progress towards our vision to industrialize drug discovery,” said Chris Gibson, co-founder and CEO. “We are now harvesting the efforts of the past few years to build a map of human cellular biology through the continued refinement and increased usage of our inference-based approach to drug discovery. With the power of our Recursion Map illuminating new and exciting relationships in biology, we are now deeply focused on extending our chemistry capabilities to significantly improve, scale and speed up new chemical entity development to address the plethora of novel biological relationships we are discovering.”

Traeger

Traeger Inc., based in Salt Lake City, reported a net loss of $89.2 million, or 78 cents per share, for the third quarter ended Sept. 30. That compares with net income of $8.1 million, or 7 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $162 million, down from $145.1 million in the year-earlier quarter.

Traeger products wood pellet grills.

“We are very pleased with our third-quarter revenue performance as we continue to drive strong momentum in our brand across geographies following exceptional growth in fiscal 2020,” Jeremy Andrus, CEO, said in announcing the results. “I am especially proud of our team’s ability to navigate supply chain challenges to successfully meet demand.”

Andrus noted the recent launch of Traeger Provisions, a direct-to-consumer premium meal offering “that we believe elevates the cooking experience and unlocks significant market opportunity. Looking ahead, we are more excited than ever about our long-term potential as pioneers in the industry.”

Vivint Smart Home

Vivint Smart Home Inc., based in Provo, reported a net loss of $92.7 million for the quarter ended Sept. 30. That compares with a loss of $111.4 million for the same quarter a year earlier.

Revenue in the most recent quarter totaled $386.7 million, up from $318.7 million in the year-earlier quarter.

Vivint is a smart home company offering consultation, installation and support. It serves more than 1.8 million customers.

“I am very pleased with our third-quarter 2021 results as we achieved double-digit year-over-year growth in revenue,” David Bywater, CEO, said in announcing the results. “Our revenue growth rate was more than double the growth rate in the prior-year period, reflecting the robust demand for the products and services we deliver. Many of the underlying metrics of the business showed strong improvement year-over-year as well.”

“We delivered solid performance for the third quarter despite the continued challenges associated with the pandemic, including supply chain and inflationary pressures,” said Dale R. Gerard, chief financial officer. “Revenue growth, led by growth in total subscribers, as well as contributions from our new smart energy and smart insurance initiatives, was over 21 percent year over year, while producing an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin of more than 44 percent. We added over 114,000 new smart home subscribers in the third quarter. We are on pace to meet or exceed the high end of our 2021 guidance targets despite the aforementioned headwinds.”

PolarityTE

PolarityTE Inc., based in Salt Lake City, reported a net loss of $1 million, or 1 cent per share, for the quarter ended Sept. 30. That compares with a loss of $7 million, or 18 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $1.1 million, down from $3.3 million in the year-earlier quarter.

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

“We are encouraged by the feedback we have received from the FDA regarding our IND for SkinTE, and we are on track to submit our complete response to the agency by year-end,” Richard Hague, CEO, said in announcing the results.

“Additionally, we are making good progress preparing for the launch of our first pivotal study and we believe if FDA accepts our IND that we can enroll our first patient shortly after approval. We are also pleased with the continued growth of our intellectual property portfolio, and we are executing on these fronts while demonstrating good discipline with respect to managing our capital efficiently.”