Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk
UTMD has manufacturing and trading operations, including related assets, in the U.S. denominated in the U.S. Dollar (USD), in Ireland denominated in the Euro (EUR), in England denominated in the British Pound (GBP), in Australia denominated in the Australia Dollar (AUD), and, starting in 2017, in Canada denominated in the Canadian Dollar (CAD). The currencies are subject to exchange rate fluctuations that are beyond the control of UTMD. The exchange rates were .8974, .9042 and .9448 EUR per USD as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively. Exchange rates were .7465, .7850 and .8188 GBP per USD as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively. Exchange rates were 1.4428, 1.4652 and 1.5505 AUD per USD on September 30, 2024, December 31, 2023, and September 30, 2023, respectively. Exchange rates were 1.3516, 1.3204, and 1.3537 CAD per USD on September 30, 2024, December 31, 2023, and September 30, 2023, respectively. UTMD manages its foreign currency risk without separate hedging transactions by invoicing customers in the local currency where costs of production were incurred, by converting currencies as transactions occur and by optimizing global account structures through liquidity management accounts.
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