Corporate Financial Reports 5-29-23

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

Co-Diagnostics

Co-Diagnostics Inc., based in Salt Lake City, reported a net loss of $5.8 million, or 20 cents per share, for the quarter ended March 31. That compares with net income of $11.7 million, or 34 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled{mprestriction ids="1,3"} $600,000, down from $22.7 million in the year-earlier quarter. The company attributed the decrease to lower global demand for its Logix Smart COVID-19 tests.

Co-Diagnostics offers a platform for the development of molecular diagnostic tests.

“Our financial performance during the quarter reflects the expected decline in COVID-related sales year-over-year,” Dwight Egan, CEO, said in announcing the results. “However, we continue to advance our longer-term strategy, most notably with progress in our clinical evaluations for our Co-Dx PCR Home platform.”

Security National Financial

Security National Financial Corp., based in Salt Lake City, reported after-tax earnings from operations of $1.2 million, or 6 cents per share, for the quarter ended March 31. That compares with $3.2 million, or 15 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $79.5 million, down from $102.4 million in the year-earlier quarter.

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

“While we are never pleased with quarterly decreases in income, I think that a deeper analysis of our business segment performance is warranted,” Scott M. Quist, president, said in announcing the results.

Quist said the life insurance segment had its best first-quarter performance ever. The memorial segment saw a drop in case count consistent with death rate declines in the company’s market areas. The mortgage segment was hurt by the increase in interest rates, he said.

Owlet

Owlet Inc., based in Lehi, reported a net loss attributable to common stockholders of $12.5 million, or 11 cents per share, for the first quarter ended March 31. That compares with a loss of $28.8 million, or 26 cents per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $19.7 million, down from $21.5 million in the year-earlier quarter.

Owlet provides a digital parenting platform.

“Our conviction in Owlet’s future remains steadfast as we continue to rebuild our business and position it for profitability later this year,” Kurt Workman, CEO, said in announcing the results. “During the quarter, we reduced operating expenses, increased gross margins, and continued to make timely progress on the ongoing regulatory review for both our medical device and de novo product applications.”{/mprestriction}