Item 7A. Quantitative and Qualitative Disclosures About Market Risk
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company had manufacturing operations, including related assets, in the U.S. denominated in the U.S. Dollar (USD), in Ireland denominated in the Euro (EUR), and in England denominated in the British Pound (GBP). UTMD also has trading activities in the U.S. and in subsidiaries in other countries denominated in the USD, EUR, GBP, the Australian Dollar (AUD) and the Canadian Dollar (CAD). The currencies are subject to exchange rate fluctuations that are beyond the control of UTMD. The exchange rates were .9351, .8790 and .8178 EUR per USD as of December 31, 2022, 2021 and 2020, respectively. Exchange rates were .8280, .7388 and .7319 GBP per USD as of December 31, 2022, 2021 and 2020, respectively. Exchange rates were 1.4695, 1.3759 and 1.2974 AUD per USD on December 31, 2022, 2021 and 2020, respectively. Exchange rates were 1.3532, 1.2656 and 1.2754 CAD per USD on December 31, 2022, 2021, and 2020, respectively. Please see note 1 in Item, 8, below under “Translation of Foreign Currencies” for more information. UTMD manages its foreign currency risk without separate hedging transactions by either invoicing customers in the local currency where costs of production were incurred, or by converting currencies as transactions occur.
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