Utah Medical Products Inc. Q2 2024 10-Q Filing

TL;DR

UTMD 10-Q filed. Financials for Q2 2024 out.

AI Summary

Utah Medical Products Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position for the second quarter and the first half of the fiscal year. Specific financial figures and operational updates are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Utah Medical Products Inc., crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility and reporting requirements associated with SEC filings, which can impact stock prices.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024.)
• 2024-06-30 — End of Reporting Period (The specific date up to which financial data is reported.)
• 2023-06-30 — Prior Year Period End (For comparative financial analysis.)

Key Players & Entities

• UTAH MEDICAL PRODUCTS INC (company) — Filer
• 0000706698 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240809 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.01 — nge on which registered: Common stock, $0.01 par value UTMD NASDAQ Indicate by
• $2,466 — otal consolidated 2Q 2024 revenues were $2,466 (19.2%) lower than in 2Q 2023, with 1H
• $3,646 — than in 2Q 2023, with 1H 2024 revenues $3,646 (14.4%) lower than in 1H 2023. The decl
• $1,046 — rmaceutical OEM customer increased from $1,046 in 1Q 2024 to $1,732 in 2Q 2024. UTMD n
• $1,732 — mer increased from $1,046 in 1Q 2024 to $1,732 in 2Q 2024. UTMD now expects a similar
• $6 million — ar as occurred in 2Q 2024, resulting in $6 million lower sales to this OEM customer for th
• $689 — declined more than Gross Profit due to $689 higher 1H 2024 U.S. litigation costs wh
• $89.2 million — debt. Ending Cash and Investments were $89.2 million on June 30, 2024 compared to $92.9 mill
• $92.9 million — .2 million on June 30, 2024 compared to $92.9 million on December 31, 2023. The June 30, 2024
• $2.2 million — 2024 cash balance resulted after paying $2.2 million in cash dividends to stockholders, repu
• $9.4 million — dividends to stockholders, repurchasing $9.4 million of its common stock, increasing non-cas
• $0.5 million — increasing non-cash working capital by $0.5 million (including reducing current liabilities
• $0.8 million — cluding reducing current liabilities by $0.8 million) and making $0.1 million in capital exp
• $0.1 million — liabilities by $0.8 million) and making $0.1 million in capital expenditures during 1H 2024.
• $608 — les to PendoTech in 2Q 2024 compared to $608 in 2Q 2023.) New orders received from P

Filing Documents

• utmd-20240630.htm (10-Q) — 529KB
• 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
• 0001811884-24-000018.txt ( ) — 2228KB
• utmd-20240630_cal.xml (EX-101.CAL) — 31KB
• utmd-20240630_def.xml (EX-101.DEF) — 29KB
• utmd-20240630_lab.xml (EX-101.LAB) — 124KB
• utmd-20240630_pre.xml (EX-101.PRE) — 99KB
• utmd-20240630.xsd (EX-101.SCH) — 18KB
• utmd-20240630_htm.xml (XML) — 225KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Condensed Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Condensed Statements of Income for the three and six months ended June 30, 2024 and June 30, 2023 2 Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 3 Consolidated Condensed Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and June 30, 2023 4 Notes to Consolidated Condensed Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 18 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (in thousands) (unaudited) (audited) JUNE 30, 2024 DECEMBER 31, 2023 ASSETS Current assets: Cash & investments $ 89,219 $ 92,868 Accounts & other receivables, net 3,668 3,391 Inventories 9,058 9,582 Other current assets 377 428 Total current assets 102,322 106,269 Property and equipment, net 10,194 10,551 Goodwill 13,640 13,692 Other intangible assets 54,030 54,296 Other intangible assets - accumulated amortization ( 50,154 ) ( 49,350 ) Other intangible assets, net 3,876 4,946 Total assets $ 130,032 $ 135,458 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 834 $ 769 Accrued expenses 3,105 3,941 Total current liabilities 3,939 4,710 Deferred tax liability – Femcare IIA 860 1,120 Other long term liabilities 698 698 Operating lease liability 275 295 Deferred income taxes 208 322 Total liabilities 5,980 7,145 Stockholders' equity: Common stock - $ 0.01 par value; authorized - 50,000 shares; issued and outstanding - June 30, 2024, 3,499 shares and December 31, 2023, 3,630 shares 35 36 Accumulated other comprehensive loss ( 11,322 ) ( 10,658 ) Additional paid-in capital - 594 Retained earnings 135,339 138,341 Total stockholders' equity 124,052 128,313 Total liabilities and stockholders' equity $ 130,032 $ 135,458 see notes to consolidated condensed financial statements 1 Table of Contents UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023 (in thousands, except per share amounts - unaudited) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Sales, net $ 10,400 $ 12,866 $ 21,740 $ 25

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General Utah Medical Products, Inc. (UTMD) manufactures and markets a well-established range of specialty medical devices. The Company's Form 10-K Annual Report for the year ended December 31, 2023 provides a detailed description of products, technologies, markets, regulatory issues, business initiatives, resources and business risks, among other details, and should be read in conjunction with this report. Because of the relatively short span of time, results for any given three- or six-month period in comparison with a previous three- or six-month period may not be indicative of comparative results for the year as a whole. Currency amounts in the report are in thousands, except per share amounts or where otherwise noted. Currencies in this report are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; or GBP = UK Pound Sterling; CAD = Canadian Dollars; and or EUR = Euros. Analysis of Results of Operations a) Overview Income statement results in second calendar quarter (2Q) and first half (1H) 2024 compared to the same periods of 2023 were as follows: 2Q 2024 2Q 2023 change 1H 2024 1H 2023 change Net Sales $ 10,400 $ 12,866 (19.2%) $ 21,740 $ 25,386 (14.4%) Gross Profit 6,253 7,739 (19.2%) 13,018 15,581 (16.4%) Operating Income 3,438 4,425 (22.3%) 7,321 8,864 (17.4%) Income Before Tax 4,211 5,172 (18.6%) 9,010 10,291 (12.5%) Net Income (US GAAP) 3,453 4,200 (17.8%) 7,409 8,414 (11.9%) Earnings per Diluted Share 0.978 1.154 (15.3%) 2.070 2.313 (10.5%) Total consolidated 2Q 2024 revenues were $2,466 (19.2%) lower than in 2Q 2023, with 1H 2024 revenues $3,646 (14.4%) lower than in 1H 2023. The decline in sales in three categories explain more than the total consolidated sales decline. WW in the table below = "worldwide" Revenue Category Portion of 2Q Lower Total UTMD Sales Portion of 1H Lower Total

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