Utah Medical Products Inc. Files Q3 2024 10-Q

TL;DR

UTMD Q3 10-Q filed. Financials and ops details out.

AI Summary

Utah Medical Products Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers financial performance and operational details for the third quarter and the year-to-date period. Specific financial figures and operational highlights are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance data for Utah Medical Products Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• UTAH MEDICAL PRODUCTS INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — nge on which registered: Common stock, $0.01 par value UTMD NASDAQ Indicate by
• $2,500 — (WW) consolidated sales in 3Q 2024 were $2,500 lower than in 3Q 2023, and were $6,146
• $6,146 — $2,500 lower than in 3Q 2023, and were $6,146 lower in 9M 2024 compared to 9M 2023. W
• $1,704 — ous major OEM customer, PendoTECH, were $1,704 lower in 3Q 2024 than in 3Q 2023, and w
• $4,483 — er in 3Q 2024 than in 3Q 2023, and were $4,483 lower in 9M 2024 compared to 9M 2023 ac
• $193 — ch were not projected to be lower, were $193 lower in 3Q 2024 than in 3Q 2023, and w
• $1,110 — er in 3Q 2024 than in 3Q 2023, and were $1,110 lower in 9M 2024 compared to 9M 2023 ac
• $96 — in the prior year's same periods, were $96 higher in 3Q 2024 as a result of a stro
• $113 — er EUR and GBP compared to 3Q 2023, and $113 higher for 9M 2024. Profit margins in
• $21 million — m the fact that the amortization of the $21 million identifiable intangible asset (IIA) ass
• $1,105 — October 2023. In other words, there was $1,105 (8.8% of revenues) in 3Q 2023 operating
• $3,316 — enues) in 3Q 2023 operating expense and $3,316 (also 8.8% of revenues) in 9M 2023 oper
• $3,222 — s and earnings, 9M 2024 cash payment of $3,222 in dividends to stockholders and use of
• $13,259 — in dividends to stockholders and use of $13,259 to repurchase shares. The 3Q 2024 endin
• $17.31 — The 3Q 2024 ending share price declined $17.31 (20.6%) from the end of 2023. Foreign

Filing Documents

• utmd-20240930.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
• 0001811884-24-000022.txt ( ) — 2223KB
• utmd-20240930_cal.xml (EX-101.CAL) — 31KB
• utmd-20240930_def.xml (EX-101.DEF) — 29KB
• utmd-20240930_lab.xml (EX-101.LAB) — 124KB
• utmd-20240930_pre.xml (EX-101.PRE) — 99KB
• utmd-20240930.xsd (EX-101.SCH) — 18KB
• utmd-20240930_htm.xml (XML) — 227KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Condensed Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2024 and September 30, 2023 2 Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and September 30, 2023 3 Consolidated Condensed Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and September 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 16 Item 4.

Controls and Procedures

Controls and Procedures 16

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

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

SIGNATURES

SIGNATURES 19 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 SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (in thousands) (unaudited) (audited) SEPTEMBER 30, 2024 DECEMBER 31, 2023 ASSETS Current assets: Cash & investments $ 88,452 $ 92,868 Accounts & other receivables, net 3,720 3,391 Inventories 9,107 9,582 Other current assets 377 428 Total current assets 101,656 106,269 Property and equipment, net 10,419 10,551 Goodwill 14,027 13,692 Other intangible assets 55,899 54,296 Other intangible assets - accumulated amortization ( 52,307 ) ( 49,350 ) Other intangible assets, net 3,592 4,946 Total assets $ 129,694 $ 135,458 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 999 $ 769 Accrued expenses 2,436 3,941 Total current liabilities 3,435 4,710 Deferred tax liability – Femcare IIA 779 1,120 Other long term liabilities 698 698 Operating lease liability 299 295 Deferred income taxes 286 322 Total liabilities 5,497 7,145 Stockholders' equity: Common stock - $ 0.01 par value; authorized - 50,000 shares; issued - September 30, 2024, 3,441 shares and December 31, 2023, 3,630 shares 34 36 Accumulated other comprehensive income (loss) ( 9,890 ) ( 10,658 ) Additional paid-in capital - 594 Retained earnings 134,053 138,341 Total stockholders' equity 124,197 128,313 Total liabilities and stockholders' equity $ 129,694 $ 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 NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023 (in thousands, except per share amounts - unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Sales, ne

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, provided 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-month period in comparison with a previous three-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; A$ or AUD = Australia Dollars; or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and or EUR = Euros. Analysis of Results of Operations a) Overview Income statement results in 3Q and 9M 2024 compared to the same periods of 2023 were as follows: 3Q 2024 3Q 2023 Change 9M 2024 9M 2023 Change Net Sales $ 10,005 $ 12,505 (20.0%) $ 31,745 $ 37,891 (16.2%) Gross Profit 5,802 7,359 (21.2%) 18,820 22,940 (18.0%) Operating Income 3,343 3,969 (15.8%) 10,664 12,833 (16.9%) Income Before Tax 4,179 4,781 (12.6%) 13,189 15,072 (12.5%) Net Income (NI) 3,564 3,935 (9.4%) 10,972 12,349 (11.1%) Earnings per Diluted Share (EPS) 1.025 1.081 (5.2%) 3.098 3.394 (8.7%) Worldwide (WW) consolidated sales in 3Q 2024 were $2,500 lower than in 3Q 2023, and were $6,146 lower in 9M 2024 compared to 9M 2023. WW sales to UTMD's previous major OEM customer, PendoTECH, were $1,704 lower in 3Q 2024 than in 3Q 2023, and were $4,483 lower in 9M 2024 compared to 9M 2023 accounting for 73% of the lower year-to-date sales. WW Filshie Clip System (Filshie) sales, which were n

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View this 10-Q filing on SEC EDGAR