Utah Medical Products(UTMD) - 2025 Q1 - Quarterly Results

Financial Performance - In Q1 2025, Utah Medical Products, Inc. reported total revenues of $1,630,000, a decline of 14.4% compared to Q1 2024[3] - Gross Profit (GP) for Q1 2025 was $5,538,000, which is $1,227,000 (18.1%) lower than Q1 2024 GP of $6,766,000[5] - Operating Income (OI) in Q1 2025 was $3,154,000, representing 32.5% of sales, compared to $3,883,000 (34.2% of sales) in Q1 2024[6] - Net Income (NI) for Q1 2025 was $2,174,000, a decrease of 23.1% from Q1 2024[9] - Earnings Per Share (EPS) in Q1 2025 was $0.56, only 16.0% lower than Q1 2024 despite a 23.1% decrease in NI due to share repurchases[10] - Total net sales for Q1 2025 were $9,710, down 14.4% from $11,340 in Q1 2024, with gross profit declining by 18.1%[35] Sales Performance - Domestic sales in Q1 2025 were $5,583,000, down 9.8% from $6,192,000 in Q1 2024, with direct sales increasing by 11.6%[13] - OUS sales in Q1 2025 were $4,127,000, a decrease of 19.8% compared to Q1 2024, with OEM sales to PendoTECH contributing significantly to the decline[14] Expenses and Costs - Operating Expenses (OE) in Q1 2025 were $2,385,000, representing 24.6% of sales, compared to $2,882,000 (25.4% of sales) in Q1 2024[16] - Research and Development (R&D) expenses decreased to $155,000 (1.6% of sales) in Q1 2025 from $266,000 (2.3% of sales) in Q1 2024, primarily due to one-time testing costs[19] Tax and Income Metrics - The consolidated income tax provision rate increased to 21.2% in Q1 2025 from 17.6% in Q1 2024, impacting the net income[9] - Consolidated EBT for Q1 2025 was $3,859, a decrease of 19.6% from $4,798 in Q1 2024, representing 39.7% of sales[20] - Net Income in Q1 2025 was $3,041, down 23.1% from $3,956 in Q1 2024, with a net income margin of 31.3% compared to 34.9% in Q1 2024[23] - Earnings per share (EPS) for Q1 2025 was $0.919, a decline of 16.0% from $1.093 in Q1 2024, with diluted shares decreasing to 3,310,248 from 3,618,168[24] Cash and Liquidity - Cash and investments increased by $349, totaling $83.3 million as of March 31, 2025, despite cash outflows for share repurchases and dividends[29] - Total current liabilities were $4,324, an increase from $3,757 at the end of 2024, while stockholders' equity decreased slightly to $117.0 million[30] - The current ratio improved to 22.3 as of March 31, 2025, compared to 19.6 a year earlier, indicating strong liquidity[31] Share Repurchase - The company repurchased 54,267 shares at an average price of $59.35 during Q1 2025, with no options awarded in either Q1 2025 or Q1 2024[26] Receivables Management - The aging of receivables improved to 36.6 days at the end of Q1 2025, down from 40.3 days at the end of 2024[29] EBITDA - The trailing twelve-month EBITDA as of March 31, 2025, was $18,957, supporting a target of $18 million for the year 2025[22]