3 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
−Removed: SEPTEMBER 30, 2020 AND DECEMBER 31, 2019
+Added: MARCH 31, 2021 AND DECEMBER 31, 2020
(in thousands)
−Removed: SEPTEMBER 30, 2020
+Added: MARCH 31, 2021
DECEMBER 31, 2020
20 unchanged sentences
Stockholders' equity:
−Removed: Preferred stock - $ 0.01 par value;
−Removed: authorized - 5,000 shares;
−Removed: no shares issued or outstanding
Common stock - $ 0.01 par value;
authorized - 50,000 shares;
−Removed: issued - September 30, 2020, 3,640 shares and December 31, 2019, 3,722 shares
−Removed: Accumulated other comprehensive income (loss)
+Added: issued and outstanding - March 31, 2021, 3,646 shares and December 31, 2020, 3,643 shares
+Added: Accumulated other comprehensive loss
Additional paid-in capital
6 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE
−Removed: THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND SEPTEMBER 30, 2019
+Added: THREE MONTHS ENDED MARCH 31, 2021 AND MARCH 31, 2020
(in thousands, except per share amounts - unaudited)
THREE MONTHS ENDED
−Removed: Nine Months Ended
−Removed: September 30, 2020
−Removed: September 30, 2019
−Removed: September 30, 2020
−Removed: September 30, 2019
Cost of goods sold
4 unchanged sentences
Operating income
−Removed: Other income (expense)
Income before provision for income taxes
11 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 AND SEPTEMBER 30, 2019
+Added: FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND MARCH 31, 2020
(in thousands - unaudited)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: THREE MONTHS ENDED
CASH FLOWS FROM OPERATING ACTIVITIES:
3 unchanged sentences
Amortization of Right of Use Assets
−Removed: (Gain) loss on disposal of assets
Deferred income taxes
11 unchanged sentences
Property and equipment
−Removed: Intangible assets
Net cash used in investing activities
5 unchanged sentences
Effect of exchange rate changes on cash
−Removed: Net decrease in cash and cash equivalents
+Added: Net increase (decrease) in cash and cash equivalents
Cash at beginning of period
6 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE
−Removed: THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND SEPTEMBER 30, 2019
+Added: THREE MONTHS ENDED MARCH 31, 2021 AND MARCH 31, 2020
(in thousands - unaudited)
1 unchanged sentence
Stockholders'
−Removed: Balance at June 30, 2020
−Removed: Shares issued upon exercise of employee
−Removed: stock options for cash
−Removed: Stock option compensation expense
−Removed: Common stock purchased and retired
−Removed: Foreign currency translation adjustment
−Removed: Common stock dividends
−Removed: Balance at September 30, 2020
Balance at December 31, 2020
−Removed: Shares issued upon exercise of employee
−Removed: stock options for cash
−Removed: Stock option compensation expense
−Removed: Common stock purchased and retired
−Removed: Foreign currency translation adjustment
−Removed: Common stock dividends
−Removed: Balance at September 30, 2020
−Removed: Balance at June 30, 2019
−Removed: Shares issued upon exercise of employee
−Removed: stock options for cash
+Added: Shares issued upon exercise of employee stock options for cash
Stock option compensation expense
−Removed: Common stock purchased and retired
Foreign currency translation adjustment
Common stock dividends
−Removed: Balance at September 30, 2019
+Added: Balance at March 31, 2021
Balance at December 31, 2019
−Removed: Shares issued upon exercise of employee
−Removed: stock options for cash
+Added: Shares issued upon exercise of employee stock options for cash
Stock option compensation expense
2 unchanged sentences
Common stock dividends
−Removed: Balance at September 30, 2019
+Added: Balance at March 31, 2020
see notes to consolidated condensed financial statements
8 unchanged sentences
(2) Recent Accounting Standards.
−Removed: 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.
−Removed: (3) Inventories at September 30, 2020, and December 31, 2019, consisted of the following:
−Removed: September 30, 2020
+Added: The Company has determined that 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.
+Added: (3) Inventories at March 31, 2021 and December 31, 2020 consisted of the following:
+Added: March 31, 2021
December 31, 2020
3 unchanged sentences
(4) Stock-Based Compensation.
−Removed: At September 30, 2020, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.
+Added: At March 31, 2021, 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.
−Removed: In the quarters ended September 30, 2020, and 2019, the Company recognized $ 49 and $ 29 , respectively, in stock based compensation cost.
−Removed: In the nine months ended September 30, 2020, and 2019, the Company recognized $ 121 and $ 85 , respectively, in stock based compensation cost.
+Added: In the quarters ended March 31, 2021 and 2020, the Company recognized $ 41 and $ 23 , 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.
−Removed: 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, 2019, or September 30, 2020.
−Removed: (6) Global 3Q 2020 revenues (USD) by product category:
−Removed: Gynecology/Electrosurgery/Urology
−Removed: Blood Pressure Monitoring and Accessories
−Removed: Global 9M 2020 revenues (USD) by product category:
+Added: 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, 2020, or March 31, 2021.
+Added: (6) 1Q 2021 global revenues (USD) by product category:
Gynecology/Electrosurgery/Urology
1 unchanged sentence
UTMD has operating leases for a portion of its parking lot at its Midvale facility and an automobile at its Ireland facility.
−Removed: The remaining lease term on the parking lot is 11 years and on the automobile it is 16 months.
+Added: The remaining lease term on the parking lot is 10 years and on the automobile it is 1 year.
There are no options to extend or terminate the leases.
2 unchanged sentences
The components of lease cost were as follows:
−Removed: Three Months Ended September 30, 2020
+Added: Three Months Ended March 31, 2021
Operating Lease Cost ( in thousands )
−Removed: Right of Use Assets obtained in exchange for new operating lease Obligations
+Added: Right-of-Use Assets in exchange for new operating lease obligations
Other Information
−Removed: Three Months Ended September 30, 2020
+Added: Three Months Ended March 31, 2021
Weighted Average Remaining Lease Term – Operating Leases
Weighted Average Discount Rate – Operating Leases
−Removed: Operating lease liabilities/ payments ( in thousands )
+Added: Operating lease liabilities/ payments
+Added: ( in thousands )
Operating lease payments, 2021
11 unchanged sentences
( in thousands )
−Removed: Maturities of lease liabilities were as follows:
−Removed: ( in thousands )
Year ending December 31,
3 unchanged sentences
(CSI) on February 1, 2019.
−Removed: The $ 21,000 purchase price represented an identifiable intangible asset which is being straight-line amortized and recognized as part of G&A expenses over a remaining 3.08 year life as of September 30, 2020 of the prior CSI distribution agreement with Femcare.
+Added: The $ 21,000 purchase price represents an identifiable intangible asset which is being straight-line amortized and recognized as part of G&A expenses over the now 2.58 year remaining life of the prior CSI agreement with Femcare.
(9) 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.
−Removed: 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 2020.
+Added: Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of first quarter 2021.
The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:
1 unchanged sentence
Three months ended
−Removed: Nine months ended
−Removed: September 30,
−Removed: September 30,
Weighted average shares, basic
6 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.