The following are recent financial reports as posted by selected Utah corporations:
PACS Group
PACS Group Inc, based in Farmington, reported a net loss of $10.9 million, or 7 cents per share, for the second quarter ended June 30. That compares with net income of $21.2 million, or 16 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $981.8 million, up from $760.7 million in the year-earlier quarter.
PACS Group is a holding company investing in post-acute healthcare facilities, professionals and ancillary services. Its independent subsidiaries operate 248 post-acute care facilities across 13 states, serving over 22,000 patients daily. PACS owns 87 real estate assets with purchase options on an additional 31 real estate assets, including both wholly owned and owned in a joint venture.
“Our facilities across the nation continue to focus on clinical excellence, and we couldn’t be more pleased about the outcomes they are achieving,” Jason Murray, CEO, said in announcing the results. “Their dedication to their patients and to serving their communities leads to their individual success, and to our collective success as a company. We’re looking forward to keeping that positive momentum through the end of the year and beyond.”
Purple
Purple Innovation Inc., based in Lehi, reported net income of $27,000, or zero cents per share, for the second quarter ended June 30. That compares with a net loss of $40.5 million, or 39 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $120.3 million, up from $117.9 million in the year-earlier quarter.
Purple manufactures mattresses, pillows, cushions, frames, sheets and more.
“Our second-quarter results underscore the progress we’ve made enhancing the financial profile of the company,” Rob DeMartini, CEO, said in announcing the results. “Even as industry trends further deteriorated and impacted demand, we exceeded our adjusted EBITDA plan, thanks to a number of operational improvements and cost-saving programs that drove a significant increase in gross margins on both a year-over-year and sequential basis.”
Sera Prognostics
Sera Prognostics Inc., based in Salt Lake City, reported a net loss of $8.3 million, or 25 cents per share, for the second quarter ended June 30. That compares with a loss of $10.5 million, or 34 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $24,000, down from $123,000 for the year-earlier quarter.
Sera is focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients.
“We are pleased to have achieved publication of our positive AVERT study results and look forward to the publication of our pivotal PRIME study, both of which we believe are necessary prerequisites for growing our evidence portfolio, adoption and building revenue over time,” Zhenya Lindgardt, president and CEO, said in announcing the results.
“To further expand awareness of the benefit of our PreTRM offering, we are pursuing cost-effective multi-channel strategies with focused investments where we anticipate the best impact for value delivered and, at the same time, working to support the establishment of care guidelines leveraging our compelling test-and-treat data.”
Lipocine
Lipocine Inc., based in Salt Lake City, reported a net loss of $3.1 million, or 57 cents per share, for the second quarter ended June 30. That compares with a loss of $3.6 million, or 68 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $90,000, compared with zero revenue in the year-earlier quarter.
Lipocine is a biopharmaceutical company leveraging its proprietary technology platform to augment therapeutics through effective oral delivery to develop differentiated products.
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported after-tax earnings of $7.2 million, or 62 cents per share, for the quarter ended June 30. That compares with $6.4 million, or 32 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $85.8 million, up from $83.8 million in the year-earlier quarter.
The company has three business segments: life insurance, cemeteries/mortuaries, and mortgages.
“I am quite pleased with our company’s financial performance in the first half of 2024,” Scott M. Quist, president, said in announcing the results. “To have a 95 percent increase in pretax income over 2023 is an excellent performance. In my view, our operational income was even better. … I believe 2024 again demonstrates the financially balanced nature of our company and the excellent and continuously improving quality of our teams, which enable us to thrive in a variety of economic climates.”
Owlet
Owlet Inc., based in Lehi, reported a net loss of $1.1 million, or 30 cents per share, for the second quarter ended June 30. That compares with a loss of $8.5 million, or $1.19 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $20.7 million, up from $13.1 million in the year-earlier quarter.
Owlet offers a digital infant monitoring platform.
“Owlet’s results in the first half of 2024 give us added confidence that this year is a turning point for our company,” Kurt Workman, CEO and co-founder, said in announcing the results. “We have delivered strong, double-digit revenue and sell-through growth as we advance our vision to make Owlet the most trusted infant health monitoring ecosystem. Along with our excellent commercial progress, we have continued to streamline our business to achieve improved gross margins and significantly lower operating expenses, which in turn drove improved adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and a clear path to adjusted EBITDA break-even exiting 2024.”