The following are recent financial reports as posted by selected Utah corporations:
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $2.6 million, or 4 cents per share, for the second quarter ended June 30. That compares with a loss of $6.8 million, or 8 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $500,000, compared with no revenue in the year-earlier quarter.
Lipocine is a biopharmaceutical company focused on developing products to treat metabolic and central nervous system disorders.{mprestriction ids="1,3"}
Franklin Covey
Franklin Covey Co., based in Salt Lake City, reported net income of $7.2 million, or 51 cents per share, for the third fiscal quarter ended May 31. That compares with $12.8 million, or 90 cents per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $66.2 million, up from $58.7 million in the year-earlier quarter.
Franklin Covey creates, and on a subscription basis, distributes content, training, processes and tools to help organizations and individuals.
“We are very pleased with our strong third-quarter and year-to-date results,” Paul Walker, president and CEO, said in announcing the results.
“Our revenue growth, strong gross margin and operational efficiency produced strong financial results in the third quarter, including a 91 percent increase in operating income to $5.9 million, a 28 percent increase in cash flows from operating activities to $39.5 million, and a 27 percent increase in adjusted EBITDA to $10.9 million. Our liquidity also remained strong as our cash balances totaled $52.1 million at May 31, 2022, even after spending $20.3 million on open market stock repurchases during the quarter.”
Co-Diagnostics
Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $2.7 million, or 8 cents per share, for the second quarter ended June 30. That compares with net income of $9.8 million, or 33 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $5 million, down from $27.4 million in the prior-year quarter.
Co-Diagnostics is a molecular diagnostics company offering a platform for the development of molecular diagnostic tests.
“Our second-quarter results reflect lower volumes for our Logix Smart COVID-19 test, which we believe is primarily the result of a reduction in mandated testing in travel and public venues and in government funding for testing programs,” Dwight Egan, CEO, said in announcing the results.
“The company has initiatives underway intended to actively address these pressures, such as growing our international distributor network, expanding our infectious disease testing menu including monkeypox, and most importantly, our upcoming at-home/point-of-care testing platform. We anticipate these initiatives will potentially be bolstered by recurring COVID surges as we have previously experienced.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported a net loss of $57,000, or zero cents per share, for the second quarter ended June 30. That compares with a loss of $67,000, or zero cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.5 million, up from $3.4 million in the year-earlier quarter.
The company designs and manufactures drilling tool technologies.
“Our second-quarter revenue growth reflected the continued improvement in the oil and gas industry, our success with obtaining additional business with existing customers, and the increasing market for our flagship tool, the Drill-N-Ream,” Troy Meier, chairman and CEO, said in announcing the results.
“We have continued to see favorable demand in our North America market, and we are encouraged with the improving market conditions in the Middle East. We believe there is significant demand for the DNR internationally.”
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $11.5 million, or 37 cents per share, for the second quarter ended June 30. That compares with a loss of $6.3 million, or $3.17 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $78,000, up from $20,000 in the year-earlier quarter.
Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We see a sizeable opportunity to increase awareness of our PreTRM Test and build adoption within a variety of health systems,” Dr. Gregory C. Critchfield, chairman and CEO, said in announcing the results. “As example of many such systems, we are making demonstrable progress in contracting with self-insured employers who become adopters because they see the immediate value in managing escalating healthcare costs and offering important benefits to attract and retain talented employees.”
PolarityTE
PolarityTE Inc., based in Salt Lake City, reported a net loss attributable to common shareholders of $68,000, or 49 cents per share, for the second quarter ended June 30. That compares with a loss of $3.2 million, or $1.01 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $73,000, down from $2.5 million in the year-earlier quarter.
PolarityTE is a biotechnology company developing regenerative tissue products and biomaterials.
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported pre-tax earnings of $4.7 million for the quarter ended June 30. That compares with $14.7 million for the same quarter a year earlier.
Revenues in the most recent quarter totaled $95.6 million, down from $116.8 million in the year-earlier quarter.
The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.
“2022 is proving to be a very challenging year for our company, given the dramatic rise in interest rates, the significant declines in the stock markets, the continuing tight labor markets, and the meteoric rise of inflationary pressures,” Scott M. Quist, president, said in announcing the results.
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $4.5 million, or 7 cents per share, for the second quarter ended June 30. That compares with a loss of $3.4 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $35,000, down from $201,000 in the year-earlier quarter.
Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease by targeting energetic failure.
“We are on the cusp of a transformative period for the company as we await a key data readout in ALS for our lead asset, CNM-Au8,” Rob Etherington, president and CEO, said in announcing the results. “The ALS patient population is desperate for new treatments to help mitigate the disease course and following the statistically significant survival benefits demonstrated in our open label trial, we are hopeful that we can deliver an effective therapy for people living with ALS.”{/mprestriction}
