Sales Performance - In Q3 2024, total worldwide consolidated sales were $2,500 (20.0%) lower than in Q3 2023, and for the first nine months (9M) of 2024, sales were $6,146 (16.2%) lower compared to 9M 2023[2][9]. - Domestic U.S. sales in Q3 2024 were $5,687, down 21.7% from $7,265 in Q3 2023, while for 9M 2024, domestic sales were $17,709, down 17.5% from $21,467 in 9M 2023[7][10]. - Sales to the major OEM customer, PendoTECH, were $1,704 lower in Q3 2024 and $4,483 lower in 9M 2024, accounting for 73% of the year-to-date sales decline[2]. - In 9M 2024, the company reported a 15.2% decline in OUS sales in constant currency terms compared to 9M 2023, with total consolidated sales expected to decline by 18% to 19% in 2024[12]. - Sales to OUS distributors/OEM customers were 8.5% lower in 9M 2024 compared to 9M 2023, indicating challenges in the distribution segment[12]. Profitability Metrics - Gross Profit (GP) margin in Q3 2024 was 58.0%, down from 58.8% in Q3 2023, while for 9M 2024, it was 59.3%, down from 60.5% in 9M 2023[3][4]. - Gross Profit (GP) in 9M 2024 was $4,120 (18.0%) lower than in 9M 2023, with GP margins remaining relatively stable due to overhead adjustments[13]. - Operating Income (OI) margin for Q3 2024 was 33.4%, compared to 31.7% in Q3 2023, and for 9M 2024, it was 41.8%, up from 39.8% in 9M 2023[3][5]. - Operating Income (OI) in 9M 2024 was $10,664, reflecting a decline of $2,169 (16.9%) compared to 9M 2023, primarily due to increased operating expenses[14]. - Total Operating Expenses (OE) in 9M 2024 were $8,156, representing 25.7% of sales, compared to $10,107 (26.7%) in 9M 2023[15]. Net Income and Earnings Per Share - Net Income (NI) in Q3 2024 decreased by 9% and by 11% in 9M 2024 compared to the respective periods in 2023[2]. - Net Income (NI) in 9M 2024 was $10,972, an 11.1% decrease from $12,349 in 9M 2023, with a net income margin of 34.6%[18]. - Earnings Per Share (EPS) in Q3 2024 were only 5% lower despite a 20% drop in revenues, and for 9M 2024, EPS were 9% lower with a 16% decline in revenues[5]. - Diluted Earnings per Share (EPS) in 9M 2024 were $3.098, down 8.7% from $3.394 in 9M 2023, with diluted shares decreasing to 3,477,797[19]. Expenses and Litigation - The company reported that ongoing litigation expenses related to Filshie product liability claims were 4.26% of revenues in Q3 2024, compared to 2.78% in Q3 2023[5]. - The company maintained S&M expenses in 9M 2024 at $1,395, a $186 increase from 9M 2023, primarily due to salary increases and additional sales personnel[15]. Cash Flow and Shareholder Returns - The company's cash and investments decreased by $4,416 to $88,452 as of September 30, 2024, primarily due to share repurchases and dividends[23]. - Total shares repurchased in 9M 2024 were 196,592 for $13,259, representing about 5.4% of shares outstanding at the end of 2023[22]. - The balance sheet remained strong with a higher current ratio and lower total liabilities despite lower sales and earnings, with $3,222 paid in dividends and $13,259 used for share repurchases in 9M 2024[5]. Market and Currency Impact - Foreign currency sales represented 35% of total worldwide consolidated Q3 2024 sales, with a favorable FX rate impact increasing reported USD sales by $96 compared to Q3 2023[2][8]. EBITDA and Future Expectations - Adjusted consolidated EBITDA for 3Q 2024 was $4,958, down 25% from $6,604 in 3Q 2023[20]. - Adjusted consolidated EBITDA as a percentage of sales was 49.6% in 3Q 2024, down from 52.8% in 3Q 2023[20]. - The company expects adjusted consolidated EBITDA for the entire 2024 calendar year to be in the range of $19 to $20 million[20]. - The company expects WW PendoTECH biopharmaceutical OEM sales to be $6 million lower in 2024 than in 2023, representing less than 7% of total consolidated sales[12]. Stock Performance - The closing share price at the end of 3Q 2024 was $66.91, a 20.6% decrease from $84.22 at the end of 2023[22].

Financial Performance - Total consolidated net sales for 2Q 2024 were $10,400, a decrease of 19.2% compared to $12,866 in 2Q 2023, with 1H 2024 sales at $21,740, down 14.4% from $25,386 in 1H 2023[20]. - Gross profit for 2Q 2024 was $6,253, reflecting a 19.2% decline from $7,739 in 2Q 2023, while 1H 2024 gross profit was $13,018, down 16.4% from $15,581 in 1H 2023[20]. - The decline in sales was primarily attributed to three categories: WW PendoTECH OEM (70% of 2Q decline), China BPM Distributor (21%), and WW Filshie Clip System (16%) contributing to a total decline of $2,639[21]. - UTMD expects a total sales decline of $6 million for the year 2024 compared to 2023 due to reduced sales to its major biopharmaceutical OEM customer[22]. - The gross profit margin for 2Q 2024 remained stable at 60.1%, consistent with 2Q 2023, despite a 19% decrease in sales[22]. - Total consolidated sales in 1H 2024 were $3,646 (14.4%) lower than in 1H 2023, with biopharma pressure monitoring device sales to PendoTECH down $2,788 (57.5%)[33]. - WW consolidated Filshie sales in 1H 2024 were $918 (14.2%) lower than in 1H 2023, with domestic Filshie sales down $362 (14.8%)[34]. - OUS sales in 1H 2024 were $9,718, compared to $11,184 in 1H 2023, reflecting a decline of 13.1%[35]. - Gross Profit in 1H 2024 was $2,563 (16.4%) lower than in 1H 2023, with a Gross Profit Margin of 59.9% compared to 61.4% in 1H 2023[40]. - Operating Income in 2Q 2024 was $3,438, down $987 (22.3%) from $4,425 in 2Q 2023, maintaining a margin of 33.1%[42]. - Consolidated EBT for 2Q 2024 was $4,211 million, representing 40.5% of sales, compared to $5,172 million (40.2% of sales) in 2Q 2023[51]. - Net Income in 2Q 2024 was $3,453 million, a 17.8% decrease from $4,200 million in 2Q 2023, attributed to lower Operating Income[55]. - Diluted EPS in 2Q 2024 were $0.978, down 15.3% from $1.154 in 2Q 2023, reflecting a decrease in Net Income[57]. - Adjusted consolidated EBITDA for 1H 2024 was $10,489 million, a 24.6% decrease from $13,916 million in 1H 2023, primarily due to lower gross profit[52]. Sales and Market Trends - Total OUS sales in 2Q 2024 were $4,569, a decrease of 21.8% from $5,849 in 2Q 2023, with significant declines in sales to distributors in Ireland and China[30]. - Domestic Filshie sales in 2Q 2024 were $165 (13.9%) lower compared to 2Q 2023, indicating challenges in maintaining sales levels[28]. - Domestic U.S. sales in 2Q 2024 were $5,831, down from $7,017 in 2Q 2023, representing a decline of 16.9%[31]. - Direct non-Filshie device sales represented 63% of total domestic sales, remaining relatively stable with only a $8 (0.2%) decrease[31]. - Domestic OEM sales were $1,013 (47.0%) lower, primarily due to a $1,124 decline in U.S. PendoTECH sales[31]. - The company projects 2024 sales to be 20-22% lower than in 2023 due to ongoing weakness in Filshie device sales and lack of orders from its largest OEM customer[38]. Expenses and Investments - Total Operating Expenses in 1H 2024 were $5,697, down from $6,717 in 1H 2023, with S&M expenses increasing to 4.4% of sales[43]. - Total consolidated G&A Operating Expenses in 2Q 2024 were $2,014 million, a decrease of $761 million compared to the same period in 2023[45]. - R&D expenses in 2Q 2024 were $255 million, significantly higher than $133 million in 2Q 2023, due to extensive validation studies required by biopharmaceutical manufacturers[46]. - The total cost of share repurchases in 1H 2024 was $9,393 million, with 138,215 shares repurchased at an average price of $67.96[59]. - Capital expenditures for property, plant, and equipment (PP&E) were $132 in 1H 2024, a decrease of 63.6% from $363 in 1H 2023[63]. Cash Flow and Financial Position - Ending cash and investments as of June 30, 2024, were $89.2 million, down from $92.9 million at the end of 2023, after paying $2.2 million in dividends and repurchasing $9.4 million of common stock[23]. - Net cash provided by operating activities in 1H 2024 was $8,038, down 32.5% from $11,828 in 1H 2023, primarily due to a $1,005 decrease in Net Income[62]. - Working capital was $98,383 at June 30, 2024, down from $101,559 at December 31, 2023, with cash balances comprising 91% of working capital[70]. - Total liabilities decreased by $1,165 to $5,980 as of June 30, 2024, with a total debt ratio of 4.6%[71]. - Total consolidated assets decreased by $5,425 to $130,032 as of June 30, 2024, compared to December 31, 2023[67]. Management and Future Outlook - UTMD's current backlog for WW PendoTECH shipments is approximately $450, with minimal new orders expected for the second half of 2024[26]. - Management plans to introduce high-pressure process control transducer configurations to biopharmaceutical manufacturers and continue product development in 2H 2024[72]. - EPS is expected to benefit from share repurchases, despite lower than projected revenues for the year[73]. - The average age of trade receivables was 32 days at June 30, 2024, compared to 24 days at December 31, 2023, indicating strong collection performance[66]. - UTMD's cash and investments decreased by $3,650 to $89,219, primarily due to cash used for stock repurchases and dividends[66].

Core Insights - Utah Medical Products Inc. (UTMD) reported a second-quarter 2024 earnings per share (EPS) of $0.98, a 15.3% decrease from $1.15 in the second quarter of 2023 [1] - The company experienced a notable decline in revenues and profits, primarily driven by significant reductions in sales to major customers and distributors, while maintaining healthy profit margins and continuing investments in share repurchases and dividends [2] Revenue Breakdown - Sales to UTMD's largest blood pressure monitoring (BPM) kit distributor in China were 39.3% lower in the second quarter of 2024 compared to the same quarter in 2023 [3] - Domestic sales were $5.8 million in the second quarter of 2024, a 16.9% decline from $7 million in the year-ago quarter [5] - Total revenues for the quarter stood at $10.4 million, a 19.2% decrease from $12.9 million in the second quarter of 2023 [10] - International sales were $4.6 million in the reported quarter, down 21.9% from $5.9 million in the year-ago quarter [13] Financial Performance - Gross profit for the second quarter of 2024 was $6.3 million, a 19.2% decrease from $7.7 million in the second quarter of 2023, with a gross profit margin of 60.1% [6] - Operating income was $3.4 million, down 22.3% from $4.4 million in the prior year quarter, with an operating income margin of 33.1% [6] - Income before tax (EBT) for the reported quarter was $4.2 million, an 18.6% decline from $5.2 million in the year-ago quarter, while net income was $3.5 million, down 17.8% from $4.2 million a year ago [15] Operating Expenses - Total operating expenses in the reported quarter were $2.8 million, a 15% decrease from $3.3 million a year ago [7] - Sales and Marketing (S&M) expenses increased to $0.5 million from $0.4 million in the year-ago quarter, while General and Administrative (G&A) costs decreased to $2 million from $2.8 million [14] Balance Sheet and Shareholder Returns - Total stockholders' equity was $124.1 million as of June 30, 2024, compared with $128.3 million at the end of December 2023, with a current ratio improving to 26.0 from 22.6 [8] - Cash and investments totaled $89.2 million, down from $92.9 million at the end of December 2023, with total assets at $130 million [16] - The company repurchased 95,107 shares at an average price of $67.33 per share and paid $1.1 million in dividends to stockholders during the second quarter of 2024 [17]

Company Overview - Utah Medical Products, Inc. (UTMD) has been initiated with a Neutral recommendation, highlighting its strong positioning in the medical device market while acknowledging challenges such as intense competition and the loss of a major OEM customer [1] - The company operates in the expanding medical device industry, driven by increasing chronic disease prevalence, an aging population, and rising demand for home healthcare [2] Financial Performance - In the first quarter of 2024, UTMD's international sales accounted for 45.4% of total revenues, indicating a well-diversified revenue stream and exposure to growth opportunities in emerging markets [3] - Despite increased litigation costs, UTMD improved its net income margin to 34.9% in Q1 2024 from 33.7% in Q1 2023, reflecting strong cost management [4] - The company reported a significant reduction in general and administrative expenses by 23.3% in Q1 2024 compared to Q1 2023 [4] - As of March 31, 2024, UTMD had $93.8 million in cash and investments, providing financial flexibility and stability due to the absence of debt [5] Shareholder Returns - UTMD has consistently returned value to shareholders through stock repurchases and cash dividends, repurchasing 43,108 shares and paying $1.1 million in cash dividends in Q1 2024 [6] Challenges - The termination of a significant OEM customer relationship led to a 9.4% sales decline in Q1 2024, with expectations of further revenue losses throughout 2024 due to the absence of new orders from this customer [7] - The company experienced a decline in both net sales and gross profit margins in Q1 2024, attributed to lower absorption of manufacturing overhead costs [8] - UTMD faces intense competition from industry giants, which may lead to pricing pressures and reduced margins [8] Market Position - UTMD's share price has declined significantly over the past year, reflecting investor concerns over recent challenges, despite trading at a discount compared to its peer group [9] - The current trading multiples suggest that while UTMD has recovery potential, its valuation remains constrained by uncertainties impacting future performance [9] Conclusion - While UTMD is well-positioned in a growing market with a strong product portfolio and solid financials, it faces significant hurdles that could impact future performance [10]

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, 2024 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 incorpo ...

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, 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) (State or other jurisdiction of incorporation or organizatio ...

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 ...

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 ...

[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)

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( ...