What changed in this filing

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Item 1. Financial Statements

2025-05-15 compared with 2024-11-12 · 89 added, 88 removed, 113 unchanged (61% of the section changed)

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS AS OF

SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

MARCH 31, 2025 AND DECEMBER 31, 2024

(in thousands)

SEPTEMBER 30, 2024

MARCH 31, 2025

DECEMBER 31, 2024

15 unchanged sentences

Other long term liabilities

Operating lease liability

Long-term lease liability

Deferred income taxes

3 unchanged sentences

authorized - 50,000 shares;

issued - September 30, 2024, 3,441 shares and December 31, 2023, 3,630 shares

Accumulated other comprehensive income (loss)

issued and outstanding - March 31, 2025, 3,281 shares and December 31, 2024, 3,335 shares

Accumulated other comprehensive loss

Additional paid-in capital

5 unchanged sentences

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)

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

(in thousands, except per share amounts)

THREE MONTHS ENDED

Nine Months Ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Cost of goods sold

2 unchanged sentences

Research & development

Total operating expense

Total operating expenses

Operating income

6 unchanged sentences

Other comprehensive income (loss):

Foreign currency translation net of taxes of $ 0 in all periods

Foreign currency translation net of taxes of

$ 0 in all periods

Total comprehensive income

2 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

Three Months Ended March 31, 2025 and 2024

(In thousands - unaudited)

Comprehensive

Stockholders'

Balance at December 31, 2024

Shares issued upon exercise of employee

stock options for cash

Shares received and retired upon exercise

of stock options

Tax benefit attributable to appreciation

of stock options

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Unrealized holding gain (loss) from investments,

available-for-sale, net of taxes

Common stock dividends

Balance at March 31, 2025

Balance at December 31, 2023

Shares issued upon exercise of employee

stock options for cash

Shares received and retired upon exercise of stock

Tax benefit attributable to appreciation

of stock options

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Unrealized holding gain (loss) from investments,

available-for-sale, net of taxes

Common stock dividends

Balance at March 31, 2024

see notes to consolidated condensed financial statements

UTAH MEDICAL PRODUCTS, INC.

AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

(in thousands - unaudited)

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

cash provided by operating activities:

Provision for (recovery of) losses on accounts receivable

Provision for losses on/(recovery of) accounts receivable

Amortization of Right-of-Use Assets

12 unchanged sentences

Property and equipment

Intangible assets

Proceeds from sale of property and equipment

Net cash used in investing activities

Proceeds from sale of equipment

Net cash provided by/(used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

4 unchanged sentences

Effect of exchange rate changes on cash

Net increase/(decrease) in cash and cash equivalents

Net increase in cash and cash equivalents

Cash at beginning of period

5 unchanged sentences

UTAH MEDICAL PRODUCTS, INC.

AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023

(In thousands - unaudited)

Comprehensive

Stockholders'

Balance at June 30, 2024

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2024

Balance at December 31, 2023

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2024

Balance at June 30, 2023

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2023

Balance at December 31, 2022

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2023

see notes to consolidated condensed financial statements

UTAH MEDICAL PRODUCTS, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

5 unchanged sentences

(2) Recent Accounting Standards.

The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations.

(3) Inventories at September 30, 2024, and December 31, 2023, consisted of the following:

September 30, 2024

December 31, 2023

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact of adopting AUS 2023-09.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses , requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2024-03.

(3) Inventories at March 31, 2025 and December 31, 2024 consisted of the following:

Finished goods

2 unchanged sentences

(4) Stock-Based Compensation.

At September 30, 2024, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.

At March 31, 2025, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.

The Company accounts for stock compensation under FASB Accounting Standards Codification (“ASC”) 718, Compensation - Stock Compensation .

This statement requires the Company to recognize compensation cost based on the grant date fair value of options granted to employees and directors.

In the quarters ended September 30, 2024, and 2023, the Company recognized $ 53 and $ 53 , respectively, in stock based compensation cost.

In the nine months ended September 30, 2024, and 2023, the Company recognized $ 184 and $ 153 , respectively, in stock based compensation cost.

In the quarters ended March 31, 2025 and March 31, 2024, the Company recognized $ 82 and $ 79 , respectively, in stock-based compensation cost.

(5) Warranty Reserve.

4 unchanged sentences

The amount of this reserve is adjusted, as required, to reflect its actual experience.

Based on its analysis of historical warranty claims and its estimate that existing warranty obligations were immaterial, no warranty reserve was made at December 31, 2023, or September 30, 2024.

(6) Global 3Q 2024 revenues (USD) by product category:

Labor & Delivery

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories*

Global 9M 2024 revenues (USD) by product category:

Labor & Delivery

Based on its analysis of historical warranty claims and its estimate that existing warranty obligations were immaterial, no warranty reserve was made at December 31, 2024 or March 31, 2025.

(6) 1Q 2025 global revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

*includes assemblies and molded components sold to OEM customers.

(7) Distribution Agreement Purchase.

UTMD completed the purchase of exclusive U.S.

distribution rights for the Filshie® Clip System from CooperSurgical, Inc.

(CSI) as of February 1, 2019.

The $ 21,000 purchase price represented an identifiable intangible asset which was straight-line amortized and recognized as part of G&A expenses over the 4.75 year remaining life of the CSI distribution agreement with Femcare Ltd.

(7) Earnings Per Share.

Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of 3rd quarter 2024.

Basic earnings per share were calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during each applicable period.

Diluted earnings per share were calculated by assuming the exercise of stock options at the closing price of stock at the end of first quarter 2025 and 2024, as applicable.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

Three months ended March 31

(in thousands)

Three months ended

Nine months ended

September 30,

Weighted average shares, basic

3 unchanged sentences

Earnings per share, diluted

(8) Segment Information.

The Company operates as one operating segment.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis.

The CODM uses consolidated gross profit margin, operating margin, and net income to assess financial performance and allocate resources.

These financial metrics are used by the CODM to make key operating decisions such as the allocation of budget between cost of sales, sales and marketing, research and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the quarters ended March 31, 2025 and March 31, 2024:

Quarter Ended March 31,

Standard cost of sales

Other cost of sales

Gross Profit Margin

Sales & Marketing

Research & Development

Litigation Fees

Other General & Administrative

Operating Income

Operating Income Margin

Interest income

Other income (expense)

Income before income taxes

Provision for income taxes

(9) Subsequent Events.

UTMD has evaluated subsequent events through the date the financial statements were issued, and concluded there were no other events or transactions during this period that required recognition or disclosure in its financial statements.

After September 30, 2024 through November 11, 2024, the Company made additional repurchases of 48,905 shares of its stock in the open market for $ 3,164 , at an average price of $ 64.70 per share.

After March 31, 2025 through May 12, 2025, the Company made additional repurchases of 32,679 shares of its stock in the open market for $1,754, at an average price of $53.67 per share.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements