What changed in this filing

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Item 1. Financial Statements

2025-08-12 compared with 2025-05-15 · 65 added, 60 removed, 142 unchanged (47% of the section changed)

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS AS OF

MARCH 31, 2025 AND DECEMBER 31, 2024

JUNE 30, 2025 AND DECEMBER 31, 2024

(in thousands)

MARCH 31, 2025

JUNE 30, 2025

DECEMBER 31, 2024

15 unchanged sentences

Other long term liabilities

Long-term lease liability

Operating lease liability

Deferred income taxes

3 unchanged sentences

authorized - 50,000 shares;

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

issued and outstanding - June 30, 2025, 3,216 shares and December 31, 2024, 3,335 shares

Accumulated other comprehensive loss

6 unchanged sentences

AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

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

(in thousands, except per share amounts)

CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE

THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

(in thousands, except per share amounts - unaudited)

Three Months Ended

Six Months Ended

Cost of goods sold

11 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 THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

(in thousands - unaudited)

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

cash provided by operating activities

Provision for losses on/(recovery of) accounts receivable

Provision for (recovery of) losses on accounts receivable

Amortization of Right-of-Use Assets

12 unchanged sentences

Property and equipment

Proceeds from sale of equipment

Net cash provided by/(used in) investing activities

Intangible assets

Proceeds from sale of property and equipment

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

12 unchanged sentences

UTAH MEDICAL PRODUCTS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

Three Months and Six Months Ended June 30, 2025 and 2024

(In thousands - unaudited)

Comprehensive

Stockholders'

Balance at December 31, 2024

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at March 31, 2025

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at June 30, 2025

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 March 31, 2024

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 June 30, 2024

see notes to consolidated condensed financial statements

UTAH MEDICAL PRODUCTS, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

13 unchanged sentences

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:

(3) Inventories at June 30, 2025 and December 31, 2024 consisted of the following:

Finished goods

2 unchanged sentences

(4) Stock-Based Compensation.

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

At June 30, 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 March 31, 2025 and March 31, 2024, the Company recognized $ 82 and $ 79 , respectively, in stock-based compensation cost.

In the quarters ended June 30, 2025 and 2024, the Company recognized $ 86 and $ 52 , respectively, in stock-based compensation expense.

In the six months ended June 30, 2025 and 2024, the Company recognized $ 168 and $ 131 , respectively, in stock-based compensation expense.

(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, 2024 or March 31, 2025.

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

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 June 30, 2025.

(6) Global 2Q 2025 revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

Global 1H 2025 revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

(7) Earnings Per Share.

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.

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 on June 30, 2025.

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

Six months ended

Weighted average shares, basic

8 unchanged sentences

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,

The following table presents selected financial information with respect to the Company’s single operating segment for the quarters ended June 30, 2025 and June 30, 2024:

Quarter Ended June 30,

Standard cost of sales

12 unchanged sentences

(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 March 31, 2025 financial statements.

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.

After June 30, 2025 through August 11, 2025, the Company made additional repurchases of 10,178 shares of its stock in the open market for $567, at an average price of $55.67 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