Corporate Financial Reports 11-28-22

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

Varex

Varex Imaging Corp., based in Salt Lake City, reported net income of $13.1 million, or 32 cents per share, for the fiscal fourth quarter ended Sept. 30. That compares with $8.7 million, or 20 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter were a company-record{mprestriction ids="1,3"} $231.4 million, up from $226.3 million in the year-earlier quarter.

For the full fiscal year, the company reported net income of $30.3 million, or 73 cents per share, which compares with $17.4 million, or 43 cents per share, for the prior year. Revenue in the most recent fiscal year totaled $859 million, up from $818.1 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 components of X-ray imaging systems. The company has approximately 2,300 employees in North America, Europe, and Asia.

“I am pleased to announce a strong finish to another fiscal year, with revenues reaching $231 million in the fourth quarter of fiscal 2022, a new quarterly record for Varex,” Sunny Sanyal, CEO, said in announcing the results.

“Global demand for our products was solid during the quarter, and a slowly improving supply chain and our supplier diversification efforts allowed us to convert more orders to sales. As we start a new fiscal year, I look forward to our prospects to grow in fiscal 2023 and beyond.

“Fiscal year 2022 presented various challenges, including supply chain disruptions and inflationary pressure. Varex employees managed through these disruptions, leading to growth in sales and earnings, and we made progress with new products and investments in future growth.”

Owlet

Owlet Inc., based in Lehi, reported a net loss of $19.4 million, or 17 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $34.5 million, or 36 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $17.4 million, down from $31.5 million in the year-earlier quarter.

Owlet provides a digital platform for parents.

“The third quarter also marked incredible progress on our regulatory goals, as we submitted a 510(k) to the FDA for a prescription-only Sock monitor for babies under the care of a physician,” Kurt Workman, CEO and co-founder, said in announcing the results.

“Additionally, we look forward to submitting a second filing in the coming weeks for a software-as-a-medical-device, which would add opportunistic notifications to the existing Dream Sock functionality. Other positive trends we’re seeing include sell-through growing, efficiently reducing our costs and making progress toward our goal of break-even. These are especially important as we navigate uncertain economic times.”{/mprestriction}