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Utah Medical Products(UTMD) - 2023 Q3 - Quarterly Report
2023-11-13 15:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of incorp ...
Utah Medical Products(UTMD) - 2023 Q2 - Quarterly Report
2023-08-11 15:54
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of incorpor ...
Utah Medical Products(UTMD) - 2023 Q1 - Quarterly Report
2023-05-05 16:22
[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated condensed financial statements for Q1 2023, including Balance Sheets, Income, Cash Flows, and Equity Statements | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets (in thousands)** | **$127,770** | **$123,874** | | Cash & Investments (in thousands) | $80,912 | $75,052 | | Total Liabilities (in thousands) | $9,752 | $9,620 | | **Total Stockholders' Equity (in thousands)** | **$118,018** | **$114,254** | | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Sales, net (in thousands) | $12,520 | $12,323 | | Gross Profit (in thousands) | $7,843 | $7,533 | | Operating Income (in thousands) | $4,439 | $4,522 | | **Net Income (in thousands)** | **$4,214** | **$3,534** | | **EPS (diluted)** | **$1.16** | **$0.96** | | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities (in thousands) | $6,915 | $5,046 | | Net cash used in investing activities (in thousands) | ($43) | ($237) | | Net cash provided by/(used in) financing activities (in thousands) | ($1,049) | $19 | | **Net increase in cash and cash equivalents (in thousands)** | **$5,860** | **$4,899** | [Notes to Consolidated Condensed Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Provides detailed disclosures on inventories, stock-based compensation, global revenues by product, and EPS calculations, complementing the financial statements Inventories (in thousands) | Category | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Finished goods | $1,935 | $1,896 | | Work-in-process | $1,500 | $1,193 | | Raw materials | $6,505 | $5,725 | | **Total** | **$9,940** | **$8,814** | Q1 2023 Global Revenues by Product Category (in thousands) | Product Category | Domestic | Outside US | Total | | :--- | :--- | :--- | :--- | | Obstetrics | $806 | $209 | $1,015 | | Gynecology/Electrosurgery/Urology | $2,520 | $3,073 | $5,593 | | Neonatal | $1,385 | $377 | $1,762 | | Blood Pressure Monitoring & Accessories | $2,474 | $1,676 | $4,150 | | **Total** | **$7,185** | **$5,335** | **$12,520** | - Basic and diluted EPS for Q1 2023 were both **$1.16**, calculated from a net income of **$4.214 million**. This compares to a basic EPS of **$0.97** and diluted EPS of **$0.96** in Q1 2022 from a net income of **$3.534 million**[22](index=22&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=9&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2023 financial performance, highlighting sales growth, margin changes, operating expenses, and liquidity Q1 2023 vs Q1 2022 Performance Summary (in thousands, except EPS) | Metric | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $12,520 | $12,323 | +1.6% | | Gross Profit | $7,843 | $7,532 | +4.1% | | Operating Income | $4,439 | $4,522 | (1.9%) | | Net Income | $4,214 | $3,534 | +19.2% | | EPS (diluted) | $1.159 | $0.964 | +20.2% | - Domestic sales decreased by **10%**, while sales outside the U.S. (OUS) grew by **23%** in USD terms (**28%** in constant currency)[25](index=25&type=chunk) - The company's balance sheet remains strong with **no debt**. Cash and Investments grew to **$80.9 million** at the end of Q1 2023 from **$75.1 million** at the end of 2022[30](index=30&type=chunk) [Revenues](index=11&type=section&id=Revenues) Total consolidated sales increased 1.6% to $12.5 million, driven by strong international growth offsetting domestic declines - Domestic sales components saw declines: direct sales were down **9.3%**, OEM sales were down **14.0%**, and Filshie device sales were down **3.9%** compared to Q1 2022[34](index=34&type=chunk) - OUS sales grew **22.9%** to **$5,335k**. In constant currency, OUS sales were up **28.1%** compared to Q1 2022[34](index=34&type=chunk) Worldwide Revenues by Product Category (in thousands) | Product Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Obstetrics | $1,015 | $1,049 | | Gynecology/ Electrosurgery/ Urology | $5,593 | $5,102 | | Neonatal | $1,762 | $1,873 | | Blood Pressure Monitoring & Acc. | $4,150 | $4,299 | | **Total** | **$12,520** | **$12,323** | [Gross Profit](index=12&type=section&id=Gross%20Profit) Gross profit increased 4.1% to $7.8 million, with margin improving to 62.6% due to better overhead absorption and lower healthcare costs - Gross Profit increased by **$310k** (**+4.1%**) in Q1 2023 compared to Q1 2022[36](index=36&type=chunk) - The Gross Profit Margin improved to **62.6%** in Q1 2023 from **61.1%** in Q1 2022, driven by better overhead absorption in Ireland and lower U.S. healthcare costs[26](index=26&type=chunk)[36](index=36&type=chunk) [Operating Income](index=12&type=section&id=Operating%20Income) Operating income slightly decreased to $4.4 million, with margin declining to 35.5% due to increased litigation expenses - Operating income decreased by **$84k** (**1.9%**) YoY, mainly due to a **$348k** increase in litigation expenses[27](index=27&type=chunk)[39](index=39&type=chunk) Operating Expenses Breakdown (in thousands) | Expense Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | S&M Expense | $387 | $336 | | R&D Expense | $144 | $123 | | G&A Expense (Total) | $2,873 | $2,551 | | *Litigation Expense (within G&A)* | *$409* | *$61* | | *IIA Amortization (within G&A)* | *$1,588* | *$1,637* | | **Total Operating Expenses** | **$3,404** | **$3,010** | [Non-operating Income](index=13&type=section&id=Non-operating%20expense%2F%20Non-operating%20income) Net non-operating income surged to $681k in Q1 2023, primarily driven by a significant increase in interest income - Net non-operating income was **$681k** in Q1 2023 compared to **$8k** in Q1 2022[41](index=41&type=chunk) - The primary driver was a **$646k** year-over-year increase in interest income[41](index=41&type=chunk) [Income Before Income Taxes (EBT)](index=13&type=section&id=Income%20Before%20Income%20Taxes%20(EBT)) Consolidated EBT rose 13.0% to $5.1 million, driven by higher non-operating income, with adjusted EBITDA increasing 8.6% - EBT increased by **$589k** (**+13.0%**) to **$5,119k** in Q1 2023. The increase was primarily due to **$673k** higher non-operating income[41](index=41&type=chunk) Non-US GAAP Adjusted EBITDA Reconciliation (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | EBT | $5,119 | $4,530 | | Depreciation Expense | $154 | $149 | | Total Amortization Expense | $1,596 | $1,646 | | Stock Option Compensation Expense | $50 | $43 | | **UTMD non-US GAAP EBITDA** | **$6,919** | **$6,371** | [Net Income and Earnings Per Share (EPS)](index=14&type=section&id=Net%20Income%20and%20EPS) Net income increased 19.2% to $4.2 million, with diluted EPS growing 20.2% to $1.16, driven by higher EBT and a lower tax rate - Net Income rose **19.2%** to **$4,214k**, while diluted EPS rose **20.2%** to **$1.16**[45](index=45&type=chunk)[46](index=46&type=chunk) - The average consolidated income tax rate decreased to **17.7%** in Q1 2023 from **22.0%** in Q1 2022, primarily due to tax-exempt interest income[45](index=45&type=chunk) - A cash dividend of **$1,070k** (**$0.295/share**) was paid in Q1 2023[48](index=48&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains strong with cash and investments increasing to $80.9 million, supported by robust operating cash flow and a healthy balance sheet - Net cash provided by operating activities was **$6,915k** in Q1 2023, up from **$5,046k** in Q1 2022[50](index=50&type=chunk) - The current ratio improved to **15.7** at March 31, 2023, from **15.1** at December 31, 2022[55](index=55&type=chunk) - The total debt ratio (total liabilities/total assets) was **7.6%** as of March 31, 2023[57](index=57&type=chunk) [Management's Outlook](index=16&type=section&id=Management%27s%20Outlook) Management reaffirms its 2023 plan, focusing on multinational integration, product development, profitability, capital returns, and strategic acquisitions - The company expects to achieve its plan for 2023 as a whole, based on Q1 results[58](index=58&type=chunk) - Strategic objectives for 2023 include: - Integrating multinational operations - Marketing the Filshie Clip System in the U.S. - Internal new product development - Maintaining profitable performance - Returning capital to stockholders - Seeking accretive acquisition opportunities[60](index=60&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=17&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages foreign currency exchange rate risk from multinational operations through invoicing and liquidity strategies, without hedging instruments - The company has operations and assets denominated in USD, EUR, GBP, AUD, and CAD, exposing it to foreign exchange rate risk[61](index=61&type=chunk) - UTMD manages foreign currency risk without using separate hedging transactions, instead relying on invoicing strategies and liquidity management[61](index=61&type=chunk) [Controls and Procedures](index=17&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal controls - The CEO and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[62](index=62&type=chunk) - No changes occurred during Q1 2023 that materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[63](index=63&type=chunk) [PART II – OTHER INFORMATION](index=18&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=18&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in litigation, primarily related to the Filshie clip, but does not expect a material impact on financial results - The company is currently party to litigation, primarily lawsuits related to the Filshie clip initiated by a single U.S. law firm[66](index=66&type=chunk) - The company does not expect the outcome of the Filshie clip litigation to be material to its consolidated financial results[66](index=66&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) Directs investors to detailed risk factors in the 2022 10-K, highlighting regulatory burdens, GPOs, product liability, and foreign currency risks - Investors are advised to consider the detailed risk factors in the Annual Report on Form 10-K for the year ended December 31, 2022[67](index=67&type=chunk) - Key risks include increasing regulatory burdens, the influence of Group Purchasing Organizations (GPOs), and legislative interference in the U.S. healthcare marketplace[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - Other risks involve reliance on third-party distributors, potential product liability lawsuits, loss of key employees, and fluctuations in foreign currencies[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=19&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its own securities during Q1 2023, contrasting with 2022 share repurchases - The company did not purchase any of its own securities during Q1 2023[77](index=77&type=chunk) - In 2022, the company repurchased **30,105 shares** at an average price of **$82.88 per share**[77](index=77&type=chunk) [Exhibits](index=19&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO/PFO certifications and financial statements in iXBRL format - The report includes CEO and Principal Financial Officer certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906[78](index=78&type=chunk) - Financial information is provided in iXBRL format, including balance sheets, income statements, cash flow statements, statements of stockholders' equity, and related notes[78](index=78&type=chunk) [Signatures](index=21&type=section&id=SIGNATURES) [Signatures](index=21&type=section&id=Signatures) The Form 10-Q report was duly authorized and signed on May 5, 2023, by the CEO and Principal Financial Officer - The report was signed on behalf of the registrant, Utah Medical Products, Inc[80](index=80&type=chunk)[81](index=81&type=chunk) - Signatories are Kevin L. Cornwell (CEO) and Brian L. Koopman (Principal Financial Officer), with the date of signature being May 5, 2023[82](index=82&type=chunk)
Utah Medical Products(UTMD) - 2022 Q4 - Annual Report
2023-03-27 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 7043 South 300 West OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15( ...
Utah Medical Products(UTMD) - 2022 Q3 - Quarterly Report
2022-11-10 16:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Indicate by check mark whether the registrant is a ...
Utah Medical Products(UTMD) - 2022 Q2 - Quarterly Report
2022-08-12 17:14
Commission File No. 001-12575 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of incorpor ...
Utah Medical Products(UTMD) - 2022 Q1 - Quarterly Report
2022-05-11 16:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...
Utah Medical Products(UTMD) - 2021 Q4 - Annual Report
2022-03-25 19:54
PART I [Business](index=4&type=section&id=Item%201.%20Business) Utah Medical Products, Inc. (UTMD) designs, manufactures, and distributes medical devices for critical care, neonatal intensive care, labor and delivery, and women's health, selling directly and through distributors globally - UTMD specializes in producing high-quality, cost-effective medical devices focused on safety and improved patient outcomes, particularly in NICU, labor & delivery, and women's health[12](index=12&type=chunk) - The company utilizes a mixed distribution model: direct sales in the U.S., Canada, UK, France, Ireland, Australia, and New Zealand, and a network of over 220 distributors in other countries[14](index=14&type=chunk) - Products from four key acquisitions (Columbia Medical, Gesco, Abcorp, Femcare) accounted for **51% of the company's consolidated sales in 2021**[16](index=16&type=chunk) [Products](index=5&type=section&id=Products) UTMD's product portfolio spans Labor and Delivery, Neonatal Intensive Care, Gynecology/Urology/Electrosurgery, and Blood Pressure Monitoring, with the Filshie Clip System being a significant revenue contributor - The Filshie® Clip System, a female surgical contraception device, was a major revenue contributor, representing **27% of UTMD's total U.S. Dollar denominated sales in 2021**[51](index=51&type=chunk) - The Labor and Delivery product line includes fetal monitoring accessories like the INTRAN® PLUS transducer-tipped IUP catheter system and specialized tools such as the BT-CATH® for postpartum hemorrhage[19](index=19&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk) - The Neonatal Intensive Care portfolio features devices specifically designed for premature infants, such as DISPOSA-HOOD™ for oxygen administration and the GESCO® line of biocompatible silicone catheters (e.g., UMBILI-CATH™, PICC-NATE®)[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The Gynecology/Urology/Electrosurgery segment includes the LETZ® System for treating HPV-related cervical lesions, the EPITOME® electrosurgical scalpel for precise incisions, and the LIBERTY® System for treating urinary incontinence[45](index=45&type=chunk)[49](index=49&type=chunk)[64](index=64&type=chunk) [Marketing, Competition, and Distribution](index=13&type=section&id=Marketing,%20Competition,%20and%20Distribution) UTMD competes on patient safety and device performance, facing challenges from GPOs, with 38% of 2021 sales from outside the U.S. through direct and distributor channels Sales Breakdown (2019-2021) | Region | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | OUS Sales (% of Total) | 38% | 39% | 41% | - The primary marketing challenge is maintaining customer focus on the clinical benefits of UTMD's differentiated products, as U.S. hospitals increasingly prioritize out-of-pocket unit price, weakening UTMD's competitive position[74](index=74&type=chunk) - In the U.S., sales to Med/Surg distributors comprised **11% of total domestic direct sales in 2021** (excluding OEM sales)[82](index=82&type=chunk) - The company's direct sales force is primarily composed of "inside" representatives who operate via telephone and email, supplemented by independent representatives and clinical specialists for training[83](index=83&type=chunk) [New Product Development, Employees, and IP](index=15&type=section&id=New%20Product%20Development,%20Employees,%20and%20IP) UTMD focuses on R&D (1-2% of sales) for product enhancement and acquisitions, values its experienced workforce (14-year average tenure), and prioritizes trademarks over patents for intangible value - Internal product development expenses are expected to remain in the range of **1-2% of sales**[88](index=88&type=chunk) - As of December 31, 2021, the company had 178 full-time and 33 part-time employees worldwide, with an average tenure of **14 years for full-time employees** in the U.S. and Ireland[89](index=89&type=chunk) - The company owns eight unexpired U.S. patents and **31 registered trademarks**, but considers its trademarks and brand recognition more valuable than its patents[92](index=92&type=chunk) [Government Regulation and Operations](index=16&type=section&id=Government%20Regulation%20and%20Operations) UTMD's products are FDA-regulated, with the Filshie Clip System as a Class III device, and its facilities are ISO13485:2016 and MDSAP certified, managing supply chain risks with safety stocks - The Filshie Clip System is a **Class III device**, subject to more stringent regulatory controls than the company's other devices, which are primarily Class I or Class II[98](index=98&type=chunk) - UTMD's manufacturing facilities in the UK, Ireland, and Utah are certified under the **ISO13485:2016 standard** and the Medical Device Single Audit Program (MDSAP)[99](index=99&type=chunk) - The company is self-insured for product liability risk and has no product liability judgments against it in its 44-year history, considering recent lawsuits without merit[110](index=110&type=chunk)[111](index=111&type=chunk) Order Backlog (Shippable < 90 days) | As of | Amount (in thousands) | | :--- | :--- | | Jan 1, 2022 | $4,956 | | Jan 1, 2021 | $3,008 | | Jan 1, 2020 | $1,627 | [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces market unpredictability from healthcare legislation, increased regulatory burdens, GPO pressures, product liability, reliance on distributors, key personnel loss, and foreign currency fluctuations - Legislative healthcare interference and restrictions on "nonessential" medical procedures in the U.S. create an unpredictable marketplace[115](index=115&type=chunk) - Increasing regulatory burdens and substantial user fees create significant barriers to new product introduction and revenue generation[116](index=116&type=chunk) - Group Purchasing Organizations (GPOs) add costs and restrict market access by treating specialized devices as commodities, focusing on price over clinical value[117](index=117&type=chunk) - A significant portion of sales are invoiced in foreign currencies, making financial results susceptible to fluctuations in exchange rates relative to the USD[123](index=123&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[126](index=126&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) UTMD is a vertically-integrated manufacturer, owning most of its facilities, including a 105,000 sq ft facility in Utah and a 77,000 sq ft facility in Ireland for primary manufacturing - The company owns all its property and facilities, with the exception of a long-term lease on a section of its Midvale parking lot[128](index=128&type=chunk) - Total operational space includes **105,000 sq ft in Utah**, **77,000 sq ft in Ireland**, **38,600 sq ft in England**, **3,200 sq ft in Australia**, and **4,700 sq ft in Canada**[128](index=128&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company states there is no current or threatened litigation expected to materially impact its consolidated financial results - There is no current or threatened litigation expected to have a material impact on the company's consolidated financial results[129](index=129&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) UTMD common stock trades on NASDAQ, with at least 2,000 beneficial stockholders, paid **$3.140 per share in dividends in 2021** (including a special dividend), and made no share repurchases in 2021 Cash Dividends Per Share | Year | Total Dividends Paid Per Share | | :--- | :--- | | 2021 | $3.140 | | 2020 | $1.120 | - The company did not purchase any of its own securities in 2021, but purchased **87,000 shares for $6,977 thousand in 2020**[135](index=135&type=chunk) - As of March 6, 2022, the number of beneficial stockholders was at least **2,000**[133](index=133&type=chunk) [Selected Financial Data](index=23&type=section&id=Item%206.%20Selected%20Financial%20Data) This section provides a five-year summary of UTMD's consolidated financial data, showing net sales growth to **$49.1 million in 2021**, net income of **$14.8 million**, diluted EPS of **$4.04**, and zero long-term debt Five-Year Selected Financial Data (in thousands, except per share data) | | 2021 | 2020 | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Sales | $49,054 | $42,178 | $46,904 | $41,998 | $41,414 | | Net Income | 14,788 | 10,798 | 14,727 | 18,555 | 8,505 | | Earnings Per Common Share (Diluted) | 4.04 | 2.94 | 3.94 | 4.95 | 2.28 | | Total Assets | 115,636 | 111,745 | 109,787 | 99,768 | 92,745 | | Long-term Debt | 0 | 0 | 0 | 0 | 0 | | Cash Dividends Per Common Share | 3.140 | 1.120 | 1.100 | 1.085 | 1.065 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) UTMD's 2021 financial performance showed strong recovery, with worldwide revenues growing **16.3% to $49.1 million**, net income rising **37.0% to $14.8 million**, improved profit margins, and a strengthened debt-free financial condition Consolidated Income Statement Highlights (2021 vs. 2020 & 2019) | Consolidated Income Statement | 2021 | % Change vs 2020 | % Change vs 2019 | | :--- | :--- | :--- | :--- | | Worldwide Revenues (in thousands) | $49,054 | +16.3% | +4.6% | | Gross Profit (in thousands) | $30,917 | +21.0% | +4.9% | | Operating Income (in thousands) | $18,880 | +37.7% | +7.1% | | Net Income (US GAAP) (in thousands) | $14,788 | +37.0% | +0.4% | | EPS (US GAAP) | $4.041 | +37.4% | +2.6% | Key Profit Margins (2019-2021) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Gross Profit Margin (GPM) | 63.0% | 60.6% | 62.8% | | Operating Income Margin | 38.5% | 32.5% | 37.6% | | Net Income Margin (US GAAP) | 30.1% | 25.6% | 31.4% | - The company's financial condition improved significantly, with cash increasing by **$9.4 million to $61.0 million** and working capital up **19% to $69.4 million**, despite paying a **$7.3 million special dividend** in late 2021[150](index=150&type=chunk)[152](index=152&type=chunk) - The company remains debt-free, with a total debt ratio (total liabilities to total assets) of **7% at the end of 2021**[152](index=152&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) In 2021, total revenues increased **16.3% to $49.1 million**, driven by U.S. OEM sales and global direct-to-end-user recovery, leading to a gross profit margin of **63.0%** and operating income growth of **37.7%** Revenue by Channel (in thousands) | Channel | 2021 | % Change vs 2020 | % Change vs 2019 | | :--- | :--- | :--- | :--- | | Direct to End-User | $28,441 | +9.7% | (6.0%) | | All Other OUS (Distributors) | $11,050 | +13.3% | +9.5% | | U.S. OEM Sales | $9,563 | +47.3% | +46.1% | | **Worldwide Revenues** | **$49,054** | **+16.3%** | **+4.6%** | Global Revenues by Product Category (in thousands) | Category | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Obstetrics | $4,675 | $4,523 | $5,000 | | Gynecology/ Electrosurgery/ Urology | $21,973 | $20,552 | $25,354 | | Neonatal | $6,691 | $5,870 | $6,066 | | Blood Pressure Monitoring/Other | $15,715 | $11,233 | $10,484 | | **Total** | **$49,054** | **$42,178** | **$46,904** | - Gross Profit Margin (GPM) improved to **63.0% in 2021** from **60.6% in 2020**, attributed to better absorption of fixed manufacturing overheads and a return to more normal self-insured health care plan costs[186](index=186&type=chunk)[187](index=187&type=chunk) - Total operating expenses were **$12.0 million**, of which **$6.6 million (55%)** was non-cash amortization expense for identifiable intangible assets (IIA) from the Femcare and CooperSurgical acquisitions[193](index=193&type=chunk)[202](index=202&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity in 2021, with **$21.2 million** in operating cash flow, a **$9.4 million** increase in cash to **$61.0 million**, and **$11.5 million** in dividend payments, remaining debt-free Cash Flow Summary (in thousands) | Activity | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $21,203 | $20,137 | $17,056 | | Net Cash from Investing Activities | ($552) | ($860) | ($21,540) | | Net Cash from Financing Activities | ($10,905) | ($10,734) | ($4,227) | | **Net Increase (Decrease) in Cash** | **$9,384** | **$8,803** | **($8,325)** | - Financing activities in 2021 were dominated by **$11.5 million in cash dividends** paid to stockholders[235](index=235&type=chunk) - The company did not repurchase any of its stock in 2021, compared to repurchasing **87,000 shares for $7.0 million in 2020**[232](index=232&type=chunk)[233](index=233&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) UTMD's primary market risk stems from foreign currency exchange rate fluctuations (USD, EUR, GBP, AUD, CAD), which it manages by invoicing in local currency or converting as needed, without using hedging instruments - The primary market risk is from foreign currency exchange rate fluctuations involving the USD, EUR, GBP, AUD, and CAD[250](index=250&type=chunk) - The company does not use separate hedging transactions to manage its foreign currency risk[250](index=250&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents UTMD's audited consolidated financial statements for 2021 and 2020, including Management's Report on Internal Control and independent auditor reports, with an unqualified opinion - Management concluded that the company maintained effective internal control over financial reporting as of December 31, 2021[256](index=256&type=chunk) - The independent auditor, Haynie & Company, issued an unqualified opinion on the financial statements for the two-year period ended December 31, 2021[260](index=260&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=66&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles, financial disclosure, or auditing scope - None[355](index=355&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%209A.%20Controls%20and%20Procedures) The CEO and Principal Financial Officer concluded that disclosure controls and procedures were effective as of December 31, 2021, with no material changes to internal controls during Q4 2021 - Management concluded that as of December 31, 2021, the company's disclosure controls and procedures were effective[357](index=357&type=chunk) - No changes in internal control over financial reporting occurred during Q4 2021 that materially affected, or were reasonably likely to materially affect, the company's internal controls[359](index=359&type=chunk) [Other Information](index=66&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[360](index=360&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=67&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2022 proxy statement, with the Code of Ethics available online - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 annual meeting of stockholders[363](index=363&type=chunk) [Executive Compensation](index=67&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive proxy statement for the 2022 annual meeting of stockholders - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 annual meeting of stockholders[365](index=365&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=67&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership and equity compensation plans is incorporated by reference from the company's definitive proxy statement for the 2022 annual meeting of stockholders - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 annual meeting of stockholders[366](index=366&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=67&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's definitive proxy statement for the 2022 annual meeting of stockholders - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 annual meeting of stockholders[367](index=367&type=chunk) [Principal Accounting Fees and Services](index=67&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the company's definitive proxy statement for the 2022 annual meeting of stockholders - This section incorporates information by reference from the registrant's definitive proxy statement for the 2022 annual meeting of stockholders[369](index=369&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=68&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Form 10-K, including corporate governance, employment agreements, and SOX certifications, with financial statement schedules omitted as inapplicable - The documents filed as part of this report are listed, including certifications by the CEO and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[374](index=374&type=chunk) - Financial Statement Schedules have been omitted because they are either not applicable or the required information is already included in the Financial Statements and notes[373](index=373&type=chunk) [Form 10-K Summary](index=69&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary for this item - None[377](index=377&type=chunk)
Utah Medical Products(UTMD) - 2021 Q3 - Quarterly Report
2021-11-12 15:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of inc ...
Utah Medical Products(UTMD) - 2021 Q2 - Quarterly Report
2021-08-06 15:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12575 UTAH MEDICAL PRODUCTS INC (Exact name of Registrant as specified in its charter) Utah 87-0342734 (State or other jurisdiction of incorpor ...