What changed in this filing

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Item 1. Financial Statements

2024-05-10 compared with 2023-11-13 · 36 added, 65 removed, 133 unchanged (43% of the section changed)

3 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS AS OF

SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

MARCH 31, 2024 AND DECEMBER 31, 2023

(in thousands)

SEPTEMBER 30, 2023

MARCH 31, 2024

DECEMBER 31, 2023

15 unchanged sentences

Other long term liabilities

Operating lease liability

Long-term lease liability

Deferred income taxes

3 unchanged sentences

authorized - 50,000 shares;

issued - September 30, 2023, 3,629 shares and December 31, 2022, 3,628 shares

Accumulated other comprehensive income (loss)

issued and outstanding - March 31, 2024, 3,588 shares and December 31, 2023, 3,628 shares

Accumulated other comprehensive loss

Additional paid-in capital

6 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND SEPTEMBER 30, 2022

THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(in thousands, except per share amounts - unaudited)

THREE MONTHS ENDED

Nine Months Ended

September 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Cost of goods sold

2 unchanged sentences

Research & development

Total operating expense

Total operating expenses

Operating income

12 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND SEPTEMBER 30, 2022

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(in thousands - unaudited)

Nine Months Ended

September 30,

THREE MONTHS ENDED

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

12 unchanged sentences

Property and equipment

Intangible assets

Net cash used in investing activities

Proceeds from sale of equipment

Net cash provided by/(used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

12 unchanged sentences

UTAH MEDICAL PRODUCTS, INC.

AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND SEPTEMBER 30, 2022

THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023

(in thousands - unaudited)

1 unchanged sentence

Stockholders'

Balance at June 30, 2023

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2023

Balance at December 31, 2023

Shares issued upon exercise of employee

stock options for cash

Stock option compensation expense

Foreign currency translation adjustment

Common stock dividends

Balance at September 30, 2023

Balance at June 30, 2022

Shares issued upon exercise of employee

stock options for cash

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, 2022

Balance at March 31, 2024

Balance at December 31, 2022

Shares issued upon exercise of employee

stock options for cash

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, 2022

Balance at March 31, 2023

see notes to consolidated condensed financial statements

3 unchanged sentences

These statements should be read in conjunction with the financial statements and notes included in the Utah Medical Products, Inc.

("UTMD"

or "the Company") annual report on Form 10-K for the year ended December 31, 2022.

("UTMD" or "the Company") annual report on Form 10-K for the year ended December 31, 2023.

In the opinion of management, the accompanying financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company's financial position and results of operations.

1 unchanged sentence

(2) Recent Accounting Standards.

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, 2023, and December 31, 2022, consisted of the following:

September 30, 2023

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.

(3) Inventories at March 31, 2024 and December 31, 2023 consisted of the following:

March 31, 2024

December 31, 2023

3 unchanged sentences

(4) Stock-Based Compensation.

At September 30, 2023, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors.

At March 31, 2024, 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, 2023, and 2022, the Company recognized $ 53 and $ 38 , respectively, in stock based compensation cost.

In the nine months ended September 30, 2023, and 2022, the Company recognized $ 153 and $ 121 , respectively, in stock based compensation cost.

In the quarters ended March 31, 2024 and March 31, 2023, the Company recognized $ 79 and $ 50 , 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, 2022, or September 30, 2023.

(6) Global 3Q 2023 revenues (USD) by product category:

Labor & Delivery

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

Global 9M 2023 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, 2023 or March 31, 2024.

(6) 1Q 2024 global revenues (USD) by product category:

Gynecology/Electrosurgery/Urology

Blood Pressure Monitoring and Accessories

(7) Distribution Agreement Purchase.

(7) Exclusive U.S.

Filshie Distribution Agreement Purchase.

UTMD completed the purchase of exclusive U.S.

distribution rights for the Filshie Clip System from CooperSurgical, Inc.

(CSI) as of 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 one month of life as of September 30, 2023 of the prior CSI distribution agreement with Femcare Ltd.

distribution and use of intellectual property rights for the Filshie® Clip System from CooperSurgical, Inc.

(CSI) effective February 1, 2019.

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 CSI Agreement with Femcare ended in October 2023.

(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 at the end of 3rd quarter 2023.

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 2024 and 2023, as applicable.

The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:

1 unchanged sentence

Three months ended

Nine months ended

September 30,

Weighted average shares, basic

4 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 March 31, 2024 through May 3, 2024, the Company made additional repurchases of 63,985 shares of its stock in the open market for $ 4,323 , at an average price of $ 67.57 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