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 $14.5 million for the full fiscal year ended Dec. 31. That compares with $25.7 million in the prior year.
Net earnings in the most recent year totaled 64 cents per share, compared with $1.12 for 2022.
Revenues in the most recent year totaled $318.5 million, down from $389.7 million in the prior year.
The company has three business segments: life insurance, cemeteries/mortuaries, and mortgages.
“2023 was a year where the financial balance of our company demonstrated itself,” Scott Quist, chairman of the board, president and CEO, said in announcing the results. “With the increasing interest rates and improving premium margins, our life insurance business segment had its best operational year ever, earning $25,000,000.
“As death rates stabilized throughout 2023, and as we implemented renewed emphasis on operational efficiencies, our cemetery and mortuary segment had its best year ever, earning nearly $8,500,000. Needless to say, we are very pleased with those results. However, the increased interest rates continued to have a devastating effect on our mortgage loan business, with volumes falling roughly an additional 35 percent below 2022’s already decreased markets, with the net result being that our mortgage segment lost $17,500,000. Despite that loss, I thought our team battled the market conditions extraordinarily well and positioned us to take advantage of a very distraught mortgage loan market. I think it worthy to remember that in the three years 2020 to 2022 our mortgage segment produced $98,000,000 of profit, so we think the goal is worthy of our current efforts.”
HealthEquity
HealthEquity Inc., based in Draper, reported net income of $26.4 million, or 30 cents per share, for the fiscal fourth quarter ended Jan. 31. That compares with a net loss of $209,000, or less than 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $262.4 million, up from $233.8 million in the year-earlier quarter.
For the full fiscal year, the company reported net income of $55.7 million, or 64 cents per share. That compares with a net loss of $261 million, or 31 cents per share, in fiscal 2023. Revenue in the most recent fiscal year totaled $999.6 million, up from $861.7 million in fiscal 2023.
HealthEquity is the nation’s largest health savings account custodian.
“We delivered fiscal 2024 with a record of nearly $1 billion in revenue as well as over 500 (basis points) expansion in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin,” Jon Kessler, president and CEO, said in announcing the results.
“Building on these results, we believe we are well-positioned to continue our growth in fiscal 2025 as our technology investments enable us to continue taking market share, with an initial outlook for increases of approximately 15 percent in revenue and 20 percent in adjusted EBITDA.”
Domo
Domo Inc., based in American Fork, reported a net loss of $18.7 million, or 51 cents per share, for the fiscal fourth quarter ended Jan. 31. That compares with a loss of $19.8 million, or 57 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $80.2 million, up from $79.6 million in the prior-year quarter.
For the full fiscal year, the company reported a net loss of $75.6 million, or $2.10 per share. That compares with a loss of $105.6 million, or $3.10 per share, in the prior fiscal year. Revenue in the most recent year totaled $319 million, up from $308.6 million in the prior fiscal year.
Domo offers a data experience platform.
“The strategic investments we’re making this year will help customers capitalize on the new opportunities offered through artificial intelligence and data, making it easier and faster to scale Domo’s full suite of solutions across the entire organization,” Josh James, founder and CEO, said in announcing the results. “We’re confident in our focus areas to build on our momentum, and to position Domo for growth in the coming year.”
Superior Drilling Products
Superior Drilling Products Inc., based in Vernal, reported net income of $5.6 million, or 18 cents per share, for the fourth quarter ended Dec. 31. That compares with net income of $333,000, or 1 cent per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.3 million, down from $5.3 million in the prior-year quarter.
For the full fiscal year, the company reported net income of $7.4 million, or 25 cents per share. That compares with $1 million or 4 cents per share, for 2022. Revenue in 2023 totaled $21 million, up from $19 million in 2022.
The company designs and manufactures drilling tool technologies. It has entered into an agreement with Drilling Tools International Corp. under which DTI agreed to acquire SDP for about $32.2 million.
“We are excited to merge with DTI,” Troy Meier, chairman and CEO, said in announcing the results. “We have a long history working with them as our North American distributor and believe that together we can drive more value for our shareholders and broader stakeholders. The combination of our patented technology and cutting-edge manufacturing capabilities with DTI’s powerful sales and marketing will enable us to accelerate our growth and bring our drilling solutions to more customers in more parts of the world.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $16.4 million, or $3.14 per share, for the fiscal year ended Dec. 31. That compares with a loss of $10.8 million, or $2.15 per share, for 2022.
Revenue in 2023 totaled $2.9 million, up from $500,000 in 2022.
Lipocine is a biopharmaceutical company focused on treating central nervous system disorder.
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $7.9 million, or 25 cents per share, for the fourth quarter ended Dec. 31. That compares with $9.7 million, or 31 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $41,000, down from $65,000 in the year-earlier quarter.
For the full year 2023, the company reported a net loss of $36.2 million, or $1.16 per share. That compares with a loss of $44.2 million, or $1.43 per share, in 2022. Revenue in 2023 totaled $306,000, up from $268,000 in 2022.
Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We are looking forward to an exciting year of developments for Sera, including publication of our PRIME study results while executing on commercial expansion and our plans to establish direct relationships with expectant mothers,” Zhenya Lindgardt, president and CEO, said in announcing the results. “We expect these activities and advancements in our product pipeline to complement what we believe is our leading position in the area of maternal and neonatal health and pave the way for a future inflection in revenue growth.”