CORPORATE FINANCIAL REPORTS 5-30-22

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 $3.2 million, or 15 cents per share, for the quarter ended March 31. That compares with $12.1 million, or 58 cents per share, for the same quarter a year earlier.{mprestriction ids="1,3"}

Revenues in the most recent quarter totaled $102.4 million, down from $122.7 million in the year-earlier quarter.

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

“While obviously we are well below 2021 income levels, I believe we had a very solid first quarter,” Scott Quist, president, said in announcing the results. “Our goal is always to improve our financial performance every year, but sometimes to measure that incremental progress, it is appropriate to remove macro distortions. So, if we compare Q1 2022 to Q1 2019, trying to remove the pandemic effects somewhat, our Q1 2022 results are 83 percent above our Q1 2019 results. To me, that is a solid performance.”

Blackstone Products

Blackstone Products, based in Logan, reported net income of $12.7 million for the quarter ended March 31. That compares with $11.4 million for the same quarter a year earlier.

Revenue in the most recent quarter totaled $128.3 million, up from $100.3 million in the year-earlier quarter.

Blackstone produces griddle cooking appliances and accessories. In December, it announced it will combine with Ackrell SPAC Partners I Co., a special purpose acquisition company, with the combined company to be named Blackstone Products Inc. Blackstone, which had previously announced its intention to list on Nasdaq, intends to transfer the listing of the common shares of the combined company to the NYSE under the new ticker symbol, “BLKS.”

“Despite a volatile and challenging environment, Blackstone demonstrated strong performance in all of our key metrics during the first quarter,” Roger Dahle, founder and CEO, said in announcing the results. “Blackstone’s growth this quarter is a clear indication that we are continuing to disrupt the industry as our griddles gain market share. Customers love the experience of cooking on a Blackstone, and we are excited about our upcoming product introductions. We are confident in our ability to drive sustainable long-term growth.”

Sera Prognostics

Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $12.2 million, or 40 cents per share, for the quarter ended March 31. That compares with a loss of $6.4 million, or $3.55 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $38,000, up from $13,000 in the year-earlier quarter.

Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.

“As we build awareness, we are seeing increases in orders and improvement in other key commercial metrics,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results. “This reflects the growing recognition of the benefit of our PreTRM Test, which fosters increased adoption with payors, care providers and patients.”

Superior Drilling Products

Superior Drilling Products Inc., based in Vernal, reported net income of $150,000, or 1 cent per share, for the first quarter ended March 31. That compares with a net loss of $1.1 million, or 4 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $4.1 million, up from $4 million in the year-earlier quarter.

The company designs and manufactures drilling tool technologies.

“Our team once again has demonstrated our ability to perform exceptionally well,” Troy Meier, chairman and CEO, said in announcing the results. “Over the last two years, we have delivered in the face of adversity and now with markets accelerating are expanding capacity, producing efficiently and meeting customer demand.”

Meier said the company recently invested $1.1 million in new machinery that is expected to increase its capacity for both the manufacture and refurbishment of drill bits as well as other contract manufacturing work.

Recursion

Recursion, based in Salt Lake City, reported a net loss of $56 million, or 33 cents per share, for the first quarter ended March 31. That compares with a loss of $30.7 million, or $1.33 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.3 million, up from $2.6 million in the year-earlier quarter.

Recursion is a clinical-stage biotechnology company industrializing drug discovery by decoding biology.

“Recursion achieved several key milestones, including dosing the first participants in our clinical trial for CCM, advancing our science across multiple other programs and continuing the evolution of our Recursion OS to take on additional steps in the drug discovery process beyond target discovery and lead identification,” Chris Gibson, co-founder and CEO, said in announcing the results.

“It is exciting to be at this inflection point of our platform and making progress towards translating molecules into medicines with our potential treatments beginning to move through clinical development. We look forward to the additional clinical trials we plan to initiate later this year and the potential of our work and partnerships to positively impact the lives of patients and their loved ones.”{/mprestriction}