What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-03-27 compared with 2025-03-26 · 47 added, 34 removed, 604 unchanged (12% of the section changed)

26 unchanged sentences

To the Board of Directors and

Stockholders of

Stockholders of Utah Medical Products, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Utah Medical Products, Inc.

(the Company) as of December 31, 2024 and 2023, and the related statements of income and comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements).

We have audited the accompanying consolidated balance sheets of Utah Medical Products, Inc (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of income and comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

33 unchanged sentences

/s/ Haynie & Company

We have served as the Company’s auditor since 2018.

Salt Lake City, Utah

March 27, 2026

We have served as the Company’s auditor since 2018.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

57 unchanged sentences

Long term lease liability

Long term income tax payable (REPAT tax) (note 7)

Deferred tax liability - intangible assets

66 unchanged sentences

Effect of exchange rate changes on cash

Net increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash at beginning of year

11 unchanged sentences

Shares issued upon exercise of employee stock options for cash

Shares received and retired upon exercise of stock options

Stock option compensation expense

4 unchanged sentences

Shares issued upon exercise of employee stock options for cash

Shares received and retired upon exercise of stock options

Stock option compensation expense

1 unchanged sentence

Foreign currency translation adjustment

Unrealized holding gain (loss) from investments, available-for-sale, net of taxes

Common stock dividends

39 unchanged sentences

The Company has not experienced any losses in such accounts and believes it is not exposed to a significant credit risk on cash and cash equivalent balances.

Utah Medical Products, Inc.

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, 2024 and 2023

Note 1 – Summary of Significant Accounting Policies (continued)

Accounts Receivable

5 unchanged sentences

Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions (see note 2).

Utah Medical Products, Inc.

Notes to Consolidated Financial Statements

Years Ended December 31, 2024, 2023 and 2022

Note 1 – Summary of Significant Accounting Policies (continued)

Finished products, work-in-process, raw materials and supplies inventories are stated at the lower of cost and net realizable value (NRV) computed on a first-in, first-out method.

3 unchanged sentences

Depreciation and amortization are computed using the straight-line method over estimated useful lives as follows:

Building and improvements 15 - 40 years

Furniture, equipment and tooling 3 - 10 years

Building and improvements

15 - 40 years

Furniture, equipment and tooling

Long-Lived Assets

8 unchanged sentences

UTMD does not expect its goodwill to become impaired in the foreseeable future.

Estimated future amortization expenses on intangible assets held as of December 31, 2024, using the 2024 year-end 1.2521 USD/GBP and 0.6183 USD/AUD currency exchange rates, is about $ 1,935 in 2025, $ 426 in 2026, $ 14 in 2027, $ 11 in 2028, and $ 10 in 2029 (see note 2).

In 2019, $ 21,000 in intangible assets were acquired from CSI.

This intangible asset was fully amortized in 2023 (see note 15).

Estimated future amortization expenses on intangible assets held as of December 31, 2025, using the 2025 year-end 1.3445 USD/GBP and .

6668 USD/AUD currency exchange rates, is about $ 433 in 2026, $ 12 in 2027, $ 10 in 2028, $ 9 in 2029, and $ 9 in 2030 (see note 2).

Utah Medical Products, Inc.

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, 2024 and 2023

Note 1 – Summary of Significant Accounting Policies (continued)

Stock-Based Compensation

9 unchanged sentences

There are circumstances under which insignificant revenue may be recognized when product is not shipped, which meet the criteria of ASC 606:

the Company provides engineering services, for example, design and production of manufacturing tooling that may be used in subsequent UTMD manufacturing of custom components for

Utah Medical Products, Inc.

Notes to Consolidated Financial Statements

Years Ended December 31, 2024, 2023 and 2022

Note 1 – Summary of Significant Accounting Policies (continued)

other companies.

the Company provides engineering services, for example, design and production of manufacturing tooling that may be used in subsequent UTMD manufacturing of custom components for other companies.

This revenue is recognized when UTMD’s performance obligations have been completed according to a fixed contractual agreement.

8 unchanged sentences

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and any related penalties in income taxes.

The Company did not recognize any tax-related interest expense or have any tax penalties in 2024, 2023 or 2022.

The Company did not have any tax penalties in 2025, 2024 or 2023.

The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of business.

1 unchanged sentence

The reserve for legal costs at December 31, 2025 and 2024 was $ 68 and $ 111 , respectively (see note 2).

Utah Medical Products, Inc.

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, 2024 and 2023

Note 1 – Summary of Significant Accounting Policies (continued)

Earnings per Share

18 unchanged sentences

EUR and AUD balances held by the UK subsidiary, are recognized as non-operating income or expense, as applicable.

Income and expense items are translated at the weighted average rate of exchange (based on when transactions actually occurred) during the year.

Utah Medical Products, Inc.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

Note 1 – Summary of Significant Accounting Policies (continued)

Income and expense items are translated at the weighted average rate of exchange (based on when transactions actually occurred) during the year.

Note 2 – Detail of Certain Balance Sheet Accounts

109 unchanged sentences

Years ended December 31,

Total Current

Total Deferred

Total Income Tax Expense

Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:

3 unchanged sentences

Foreign income taxes (blended rate)

R&D tax credits and manufacturing profit deduction

United Kingdom

Other Foreign Jurisdictions

Research and development tax credits

Non-taxable or Non-deductible items

Tax-exempt income

Change in Rate

Other Adjustments

Section 965 Tax

Other Adjustments

The domestic and foreign components of income before income tax expense were as follows:

Years ended December 31,

Note 7 – Income Taxes (continued)

Income Taxes Paid (Net of refunds received):

Years ended December 31,

Utah Medical Products, Inc.

74 unchanged sentences

UTMD has operating leases for a portion of its parking lot at its Midvale facility and an automobile at its Ireland facility.

The remaining lease term on the parking lot is 7 years and on the automobile is 30 months.

The remaining lease term on the parking lot is less than 6 years, and on the automobile is 18 months.

There are no options to extend or terminate the leases.

5 unchanged sentences

Supplemental balance sheet information related to operating leases was as follows ( in thousands ):

As of December 31, 2024

Operating lease right-of-use assets

3 unchanged sentences

Maturities of operating lease liabilities at December 31, 2025 were as follows ( in thousands ):

As of December 31, 2024

2026 (less imputed interest)

50 unchanged sentences

Provision for income taxes

See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Utah Medical Products, Inc.

1 unchanged sentence

Years Ended December 31, 2025, 2024 and 2023

See the consolidated financial statements for other financial information regarding the Company’s operating segment.

Note 18 – Recent Accounting Pronouncements

7 unchanged sentences

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.

The Company adopted ASU 2023-09 effective January 1, 2025 and elected to apply the new disclosure requirements retrospectively to all periods presented.

Accordingly, prior-year income tax disclosures have been updated to conform to the new guidance.

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

2 unchanged sentences

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

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software”.

This ASU clarifies and modernizes the accounting for costs related to internal-use software by removing references to prescriptive and sequential software development states and clarifies the threshold entities apply to begin capitalizing costs.

Additionally, this ASU specifies that the disclosures in Subtopic 360-10, Property, Plant and Equipment - Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

This ASU is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is evaluating the impact of adopting ASU 2025-06.

Note 19 – Subsequent Events

4 unchanged sentences

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-K

Item 8. Financial Statements and Supplementary Data