3 unchanged sentences
Report of Independent Registered Public Accounting Firm (Haynie) on Financial Statements
−Removed: and the Company’s Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm (Nortons) on Financial Statements
−Removed: and the Company’s Internal Control Over Financial Reporting
Consolidated Balance Sheets
6 unchanged sentences
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934.
−Removed: The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").
+Added: The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").
The Company's internal control over financial reporting includes those policies and procedures that
14 unchanged sentences
We have audited the accompanying balance sheets of Utah Medical Products, Inc.
−Removed: (the Company) as of December 31, 2022 and 2021, and the related statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes (collectively referred to as the financial statements).
+Added: (the Company) as of December 31, 2023 and 2022, 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, 2023, 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, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
41 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the consolidated balance sheets of Femcare Group Limited (the Company), including its subsidiaries, as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income, stockholders’ equity, for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively referred to as the financial statements).
+Added: We have audited the consolidated balance sheets of Femcare Group Limited (the Company), including its subsidiaries, as of December 31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2023, 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, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
97 unchanged sentences
Amortization of operating lease assets
−Removed: Loss/(Gain) on disposal of assets
Deferred income taxes
24 unchanged sentences
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
−Removed: Cash paid during the period for income taxes
−Removed: Cash paid during the period for interest
+Added: Cash paid during the year for income taxes
+Added: Cash paid during the year for interest
S ee accompanying notes to financial statements.
8 unchanged sentences
stock options for cash
+Added: Shares received and retired upon exercise
+Added: of stock options
Stock option compensation expense
−Removed: Common stock purchased and retired
Foreign currency translation adjustment
12 unchanged sentences
stock options for cash
−Removed: Shares received and retired upon exercise
−Removed: of stock options
Stock option compensation expense
−Removed: Common stock purchased and retired
Foreign currency translation adjustment
13 unchanged sentences
(OUS) markets.
−Removed: Domestically, until February 1, 2019, Femcare had an exclusive U.S.
+Added: Domestically, until February 1, 2019, Femcare Ltd had an exclusive U.S.
distribution relationship with CooperSurgical, Inc.
45 unchanged sentences
In 2019, $ 21,000 in intangible assets were acquired from CSI.
−Removed: The future amortization expenses on those assets are estimated to be $ 3,864 in 2023 (see note 15).
+Added: This intangible asset was fully amortized in 2023 (see note 15).
Stock-Based Compensation
21 unchanged sentences
The Company did not recognize any tax-related interest expense or have any tax penalties in 2023, 2022 or 2021.
−Removed: In 2020 the Company paid tax penalties of $ 4 .
The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of business.
103 unchanged sentences
The Company maintains a reserve to cover product liability litigation expenses and possible damages consistent with its experience going back decades.
−Removed: Although actual product liability litigation expense at $ 670 was substantially higher in 2022 relative to history, costs during the prior two reporting years were immaterial.
−Removed: There were no product liability damages in any of the three reporting years, which is consistent with the Company’s long-term history.
+Added: Although product liability litigation expenses at $ 1,660 in 2023, $ 670 in 2022 and $ 22 in 2021 were high relative to history, they were not material to overall consolidated financial results.
The Company absorbs the costs of clinical training and trouble-shooting in its on-going operating expenses.
7 unchanged sentences
The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of a medical device business.
−Removed: Presently, except for the Filshie clip lawsuits by a single U.S.
−Removed: law firm, there is no litigation or threatened litigation.
−Removed: The Company does not expect the outcome of the Filshie clip litigation will be material to consolidated financial results.
+Added: Presently, except for Filshie clip lawsuits, there is no litigation or threatened litigation where UTMD is a defendant.
+Added: The Company expects that the outcome of the Filshie clip litigation will not be material to overall consolidated financial results.
The Company applies its accounting policy to accrue legal costs that can be reasonably estimated.
14 unchanged sentences
R&D tax credits and manufacturing profit deduction
−Removed: Deemed repatriation transition tax
−Removed: US Taxes on foreign income
+Added: Tax-exempt income
Change in Rate
14 unchanged sentences
49.18 - 82.60
+Added: 82.60 - 82.60
Expired or canceled
5 unchanged sentences
33.30 - 77.05
−Removed: 77.05 - 77.05
Expired or canceled
86 unchanged sentences
distribution rights for the Filshie Clip System from CooperSurgical, Inc.
−Removed: (CSI) on February 1, 2019, after which CSI no longer sells the Filshie Clip System and UTMD distributes the Filshie Clip System directly to clinical facilities in the U.S.
−Removed: The $ 21,000 purchase price represents an identifiable intangible asset which will be straight-line amortized and recognized as part of G&A expenses over the 4.75 year remaining life of the prior CSI distribution agreement with Femcare.
−Removed: The agreement will be fully amortized in 4th quarter 2023.
+Added: (CSI) on February 1, 2019, after which CSI no longer had the right to sell the Filshie Clip System and UTMD distributed the Filshie Clip System directly to clinical facilities in the U.S.
+Added: The $ 21,000 purchase price represented an identifiable intangible asset which was straight-line amortized and recognized as part of G&A expenses over the 4.75 year remaining life of the prior CSI distribution agreement with Femcare.
+Added: The agreement became fully amortized in 4th quarter 2023.
As part of the agreement, UTMD also purchased the remaining CSI inventory for approximately $2,100.
16 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.