What changed in this filing

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Item 1. Financial Statements

2026-05-12 compared with 2025-11-14 · 38 added, 71 removed, 148 unchanged (42% of the section changed)

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS AS OF

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

MARCH 31, 2026 AND DECEMBER 31, 2025

(in thousands)

SEPTEMBER 30, 2025

MARCH 31, 2026

DECEMBER 31, 2025

12 unchanged sentences

Accrued expenses

Current portion of notes payable

Total current liabilities

Notes payable

Deferred tax liability - Femcare IIA

Operating lease liability

Other long term liabilities

Long-term lease liability

Deferred income taxes

3 unchanged sentences

authorized - 50,000 shares;

issued - September 30, 2025, 3,204 shares and December 31, 2024, 3,335 shares

Accumulated other comprehensive income (loss)

issued and outstanding - March 31, 2026, 3,184 shares and December 31, 2025, 3,186 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, 2025 AND SEPTEMBER 30, 2024

(in thousands, except per share amounts - unaudited)

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(in thousands, except per share amounts)

THREE MONTHS ENDED

NINE MONTHS ENDED

SEPTEMBER 30,

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

3 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(in thousands - unaudited)

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

1 unchanged sentence

Stock-based compensation expense

Tax benefit attributable to exercise of stock options

Changes in operating assets and liabilities:

8 unchanged sentences

Property and equipment

Intangible assets

Proceeds from sale of:

Property and equipment

Net cash used in investing activities

Net cash provided by/(used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of common stock - options

Common stock purchased and retired

2 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

7 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

(In thousands - unaudited)

1 unchanged sentence

Stockholders'

Balance at June 30, 2025

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2025

Balance at December 31, 2025

3 unchanged sentences

Common stock dividends

Balance at September 30, 2025

Balance at June 30, 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 September 30, 2024

Balance at March 31, 2026

Balance at December 31, 2024

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

2 unchanged sentences

Common stock dividends

Balance at September 30, 2024

see notes to consolidated condensed financial statements

Balance at March 31, 2025

UTAH MEDICAL PRODUCTS, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

5 unchanged sentences

(2) Recent Accounting Standards.

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):

2 unchanged sentences

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

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

September 30,

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.

(3) Inventories at March 31, 2026 and December 31, 2025 consisted of the following:

Finished goods

2 unchanged sentences

(4) Stock-Based Compensation.

At September 30, 2025, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.

At March 31, 2026, 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, 2025, and 2024, the Company recognized $ 95 and $ 53 , respectively, in stock-based compensation cost.

In the nine months ended September 30, 2025, and 2024, the Company recognized $ 262 and $ 184 , respectively, in stock-based compensation cost.

In the quarters ended March 31, 2026 and March 31, 2025, the Company recognized $ 120 and $ 82 , 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, 2024, or September 30, 2025.

(6) Global 3Q 2025 revenues (USD) by product category:

Labor & Delivery

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessorie s*

Global 9M 2025 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, 2025 or March 31, 2026.

(6) 1Q 2026 global revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

*includes assemblies and molded components sold to OEM customers.

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 3 rd quarter 2025.

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 2026 and 2025, 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

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 September 30, 2025 and September 30, 2024:

Quarter Ended September 30,

The following table presents selected financial information with respect to the Company’s single operating segment for the quarters ended March 31, 2026 and March 31, 2025:

Quarter Ended March 31,

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 financial statements.

After September 30, 2025 through November 10, 2025, the Company made additional repurchases of 500 shares of its stock in the open market for $29, at a price of $57.90 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