Utah Medical Products Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Utah Medical Products, Inc. has submitted its 2023 Form 10-K, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

UTAH MEDICAL PRODUCTS INC (UTMD) filed a Annual Report (10-K) with the SEC on March 26, 2024. Utah Medical Products, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Utah (UT) and operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Common Stock, Additional Paid-In Capital, Comprehensive Income, and Retained Earnings are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking UTAH MEDICAL PRODUCTS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Utah Medical Products, Inc.'s financial health and business operations for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, expenses, assets, liabilities, and overall financial position as of December 31, 2023.

Risk Assessment

Risk Level: medium — UTAH MEDICAL PRODUCTS INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial performance and any disclosed risks will determine the overall risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Utah Medical Products, Inc.'s financial performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-26 — Filing Date (Date the report was filed)
• 124 — Document Count (Number of public documents in the filing)
• 2023 — Fiscal Year (The year for which the report is filed)

Key Players & Entities

• UTAH MEDICAL PRODUCTS INC (company) — Filer name
• UTMD (company) — Ticker symbol
• 2023-12-31 (date) — Conformed period of report
• 2024-03-26 (date) — Filed as of date
• 0000706698 (company) — Central Index Key
• SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] (industry) — Standard Industrial Classification
• UT (location) — State of incorporation
• 870342734 (identifier) — IRS number

FAQ

Industry Context

Utah Medical Products, Inc. operates within the Surgical & Medical Instruments & Apparatus industry. This 10-K filing provides insights into its performance within this sector.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY2023.
2. Review any disclosed risk factors to understand potential challenges and uncertainties.
3. Compare FY2023 financial results with previous years (FY2022, FY2021) to identify trends.

Year-Over-Year Comparison

This is the initial 10-K filing data provided for analysis, so a comparison to a previous filing is not possible with the given information.

Key Financial Figures

• $0.01 — nge on which registered: Common stock, $0.01 par value UTMD NASDAQ Securities
• $1,750 — tock to the public one time in 1982 for $1,750 (before offering costs of $321). Since
• $321 — 82 for $1,750 (before offering costs of $321). Since 1992, UTMD has returned $128 mi
• $128 million — of $321). Since 1992, UTMD has returned $128 million in the form of share repurchases, and a
• $82 million — of share repurchases, and an additional $82 million in cash dividends, to its public stockh

Filing Documents

• utmd-20231231.htm (10-K) — 1008KB
• utmd_ex10z5.htm (EX-10.5) — 9KB
• utmd_ex21.htm (EX-21) — 5KB
• utmd_ex23z1.htm (EX-23.1) — 2KB
• utmd_ex23z2.htm (EX-23.2) — 2KB
• utmd_ex31z1.htm (EX-31.1) — 7KB
• utmd_ex31z2.htm (EX-31.2) — 7KB
• utmd_ex32z1.htm (EX-32.1) — 3KB
• utmd_ex32z2.htm (EX-32.2) — 3KB
• utmdex23z2_1.jpg (GRAPHIC) — 13KB
• utmd10k_1.jpg (GRAPHIC) — 16KB
• 0001811884-24-000009.txt (&nbsp;) — 5395KB
• utmd-20231231_cal.xml (EX-101.CAL) — 59KB
• utmd-20231231_def.xml (EX-101.DEF) — 103KB
• utmd-20231231_lab.xml (EX-101.LAB) — 264KB
• utmd-20231231_pre.xml (EX-101.PRE) — 252KB
• utmd-20231231.xsd (EX-101.SCH) — 67KB
• utmd-20231231_htm.xml (XML) — 764KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 15 Item 1B Unresolved Staff Comments 17 Item 1C Cybersecurity 17 Item 2

Properties

Properties 17 Item 3

Legal Proceedings

Legal Proceedings 17 Item 4 Mine Safety Disclosures 17 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6 Reserved 18 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 52 Item 9A

Controls and Procedures

Controls and Procedures 52 Item 9B Other Information 52 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III Item 10 Directors, Executive Officers and Corporate Governance 53 Item 11

Executive Compensation

Executive Compensation 53 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13 Certain Relationships and Related Transactions, and Director Independence 53 Item 14 Principal Accounting Fees and Services 53 PART IV Item 15 Exhibits, Financial Statement Schedules 54 Item 1 6 Form 10-K Summary 54

SIGNATURES

SIGNATURES 55 Table of Contents PART I

– BUSINESS

ITEM 1 – BUSINESS Currency amounts throughout this report are in thousands except per-share amounts and where noted. Utah Medical Products, Inc. ("UTMD" or "the Company") is in the business of producing high quality cost- effective medical devices that are predominantly differentiated by safety and improved patient outcomes. Throughout this report, "UTMD" or "the Company" refers jointly to Utah Medical Products, Inc. and all of its subsidiaries. Success depends on 1) recognizing and responding to needs of clinicians and patients, 2) rapidly designing or acquiring economical solutions that gain premarketing regulatory concurrence, 3) reliably producing devices that meet those clinical needs, and then 4) selling through a) UTMD's own direct channels into markets where the Company enjoys an established reputation and has a critical mass of sales and support resources, or b) relationship with other companies that have the resources to effectively distribute and support the Company's products. UTMD's success in providing reliable solutions comes from its proven ability to integrate a number of engineering and technical disciplines in electronics, software, mechanical assembly and packaging, instrumentation, plastics processing and materials. The resulting differentiated devices represent significant incremental improvements in patient safety, clinical outcomes and/or total cost over preexisting clinical tools. UTMD's experience is that, in the case of labor-saving devices, the improvement in cost-effectiveness of clinical procedures also leads to an improvement in overall healthcare including lower risk of complications. UTMD markets a broad range of medical devices used in critical care areas, especially the neonatal intensive care unit (NICU), the labor and delivery (L&D) department and the women's health center in hospitals, as well as medical devices sold to outpatient clinics and physician's offices. The opportunity to apply solutions to recognized needs

View Full Filing

View this 10-K filing on SEC EDGAR