What changed in this filing

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Item 1. Financial Statements

2021-11-12 compared with 2021-08-06 · 37 added, 61 removed, 161 unchanged (38% of the section changed)

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS AS OF

JUNE 30, 2021 AND DECEMBER 31, 2020

SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

(in thousands)

JUNE 30, 2021

SEPTEMBER 30, 2021

DECEMBER 31, 2020

22 unchanged sentences

authorized - 50,000 shares;

issued - June 30, 2021, 3,646 shares and December 31, 2020, 3,643 shares

Accumulated other comprehensive loss

issued - September 30, 2021, 3,649 shares and December 31, 2020, 3,643 shares

Accumulated other comprehensive income (loss)

Additional paid-in capital

6 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE

THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020

(in thousands, except per share amounts - unaudited)

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Nine Months Ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

Cost of goods sold

17 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND JUNE 30, 2020

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020

(in thousands - unaudited)

Six Months Ended

Nine Months Ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

3 unchanged sentences

Amortization of right-of-use assets

(Gain) loss on disposal of assets

Deferred income taxes

11 unchanged sentences

Property and equipment

Intangible assets

Net cash used in investing activities

5 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

6 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE

THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020

(In thousands - unaudited)

1 unchanged sentence

Stockholders'

Income (Loss)

Balance at December 31, 2020

Balance at June 30, 2021

Shares issued upon exercise of employee

3 unchanged sentences

Common stock dividends

Balance at March 31, 2021

Balance at September 30, 2021

Balance at December 31, 2020

Shares issued upon exercise of employee

3 unchanged sentences

Common stock dividends

Balance at September 30, 2021

Balance at June 30, 2020

Balance at December 31, 2019

Shares issued upon exercise of employee

4 unchanged sentences

Common stock dividends

Balance at March 31, 2020

Balance at September 30, 2020

Balance at December 31, 2019

Shares issued upon exercise of employee

1 unchanged sentence

Stock option compensation expense

Common stock purchased and retired

Foreign currency translation adjustment

Common stock dividends

Balance at June 30, 2020

Balance at September 30, 2020

see notes to consolidated condensed financial statements

8 unchanged sentences

(2) Recent Accounting Standards.

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

(3) Inventories at June 30, 2021 and December 31, 2020 consisted of the following:

June 30, 2021

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, 2021, and December 31, 2020, consisted of the following:

September 30, 2021

December 31, 2020

3 unchanged sentences

(4) Stock-Based Compensation.

At June 30, 2021, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.

At September 30, 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.

In the quarters ended June 30, 2021 and 2020, the Company recognized $ 41 and $ 49 , respectively, in stock based compensation cost.

In the six months ended June 30, 2021 and 2020, the Company recognized $ 82 and $ 72 , respectively, in stock based compensation cost.

In the quarters ended September 30, 2021, and 2020, the Company recognized $ 41 and $ 49 , respectively, in stock based compensation cost.

In the nine months ended September 30, 2021, and 2020, the Company recognized $ 123 and $ 121 , 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, 2020 or June 30, 2021.

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 September 30, 2021.

(6) Global 3Q 2021 revenues (USD) by product category:

1 unchanged sentence

Blood Pressure Monitoring and Accessories

Global 1H 2021 revenues (USD) by product category:

Global 9M 2021 revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

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 10 years and on the automobile is 6 months.

There are no options to extend or terminate the leases.

UTMD has no other leases yet to commence.

As neither lease contains implicit rates, UTMD’s incremental borrowing rate, based on information available at adoption date, was used to determine the present value of the leases.

The components of lease cost were as follows:

Three Months Ended June 30, 2021

Operating Lease Cost ( in thousands )

Right of Use Assets obtained in exchange for new operating lease Obligations

Other Information

As of June 30, 2021

Weighted Average Remaining Lease Term – Operating Leases

Weighted Average Discount Rate – Operating Leases

Operating lease liabilities/ payments

( in thousands )

Operating lease payments, 2021

Operating lease payments, 2022

Operating lease payments, 2023

Operating lease payments, 2024

Operating lease payments, 2025

Reconciliation of operating lease liabilities/ payments to operating lease liabilities

( in thousands )

Total operating lease liabilities/ payments

Operating lease liabilities – current (included in Accrued Expenses)

Operating lease liabilities – long term

Present value adjustment

Maturities of lease liabilities were as follows:

( in thousands )

Year ending December 31,

(7) Distribution Agreement Purchase.

2 unchanged sentences

(CSI) on February 1, 2019.

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 2.33 year life as of June 30, 2021 of the prior CSI distribution agreement with Femcare.

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 2.08 year life as of September 30, 2021 of the prior CSI distribution agreement with Femcare.

(8) 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 on June 30, 2021.

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 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

Six months ended

Nine months ended

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.

What changed 10-Q

Item 1. Financial Statements