UTMD Reports Financial Performance for Third Calendar Quarter and Nine Months 2024
Utah Medical Products (NASDAQ:UTMD) reported weaker Q3 and 9M 2024 revenues but improved bottom-line performance compared to projections. Q3 worldwide sales declined 20% to $10,005, with domestic sales down 21.7% and international sales down 17.6%. The decline was primarily driven by lower sales to PendoTECH ($1,704 lower in Q3) and reduced Filshie Clip System sales. Despite revenue challenges, profit margins remained relatively stable, with Q3 2024 gross profit margin at 58.0% versus 58.8% in Q3 2023. The company's balance sheet remained strong despite paying $3,222 in dividends and using $13,259 for share repurchases. Management now expects total 2024 consolidated sales to decline 18-19% compared to 2023.
Utah Medical Products (NASDAQ:UTMD) ha riportato ricavi più deboli nel terzo trimestre e nei primi nove mesi del 2024, ma ha migliorato le performance nette rispetto alle previsioni. Le vendite globali nel Q3 sono diminuite del 20%, arrivando a $10.005, con vendite interne in calo del 21,7% e vendite internazionali in calo del 17,6%. Il declino è stato principalmente causato da minori vendite a PendoTECH (con un calo di $1.704 nel Q3) e dalla riduzione delle vendite del sistema Filshie Clip. Nonostante le sfide sui ricavi, i margini di profitto sono rimasti relativamente stabili, con un margine di profitto lordo del 58,0% nel Q3 2024 rispetto al 58,8% nel Q3 2023. Il bilancio dell'azienda è rimasto solido nonostante il pagamento di $3.222 in dividendi e l'utilizzo di $13.259 per il riacquisto di azioni. La gestione prevede ora una diminuzione totale delle vendite consolidate nel 2024 compresa tra il 18% e il 19% rispetto al 2023.
Utah Medical Products (NASDAQ:UTMD) reportó ingresos más débiles en el tercer trimestre y en los primeros nueve meses de 2024, pero mejoró el rendimiento neto en comparación con las proyecciones. Las ventas mundiales del Q3 cayeron un 20% hasta $10,005, con ventas nacionales en descenso del 21,7% y ventas internacionales cayendo un 17,6%. La disminución fue impulsada principalmente por menores ventas a PendoTECH (que fueron $1,704 más bajas en el Q3) y por una reducción en las ventas del sistema Filshie Clip. A pesar de los desafíos en los ingresos, los márgenes de beneficio se mantuvieron relativamente estables, con un margen de beneficio bruto del 58,0% en el Q3 de 2024 en comparación con el 58,8% en el Q3 de 2023. El balance de la empresa se mantuvo fuerte a pesar de pagar $3,222 en dividendos y usar $13,259 para la recompra de acciones. La dirección ahora espera que las ventas consolidadas totales de 2024 disminuyan entre un 18% y un 19% en comparación con 2023.
유타 메디컬 프로덕츠 (NASDAQ:UTMD)는 2024년 3분기 및 9개월 매출에서 부진한 실적을 보고했지만, 예상보다 개선된 순이익 성과를 기록했습니다. 3분기 전 세계 매출은 20% 감소하여 10,005달러에 이르렀으며, 국내 매출은 21.7%, 국제 매출은 17.6% 감소했습니다. 이 감소는 주로 PendoTECH에 대한 매출 감소(3분기에 1,704달러 감소)와 필시 클립 시스템의 판매 감소 때문입니다. 매출에 대한 어려움에도 불구하고, 이익률은 상대적으로 안정적으로 유지되었으며, 2024년 3분기 총매출 이익률은 2023년 3분기의 58.8%에 비해 58.0%로 나타났습니다. 회사의 재무 상태는 3,222달러의 배당금을 지급하고 13,259달러의 자사주 매입을 사용했음에도 불구하고 여전히 강력하게 유지되고 있습니다. 경영진은 이제 2024년 총 연결 매출이 2023년 대비 18-19% 감소할 것으로 예상하고 있습니다.
Utah Medical Products (NASDAQ:UTMD) a affiché des revenus plus faibles au troisième trimestre et au cours des neuf premiers mois de 2024, mais a amélioré sa performance nette par rapport aux prévisions. Les ventes mondiales du Q3 ont diminué de 20% pour atteindre 10 005 $, avec des ventes domestiques en baisse de 21,7% et des ventes internationales en baisse de 17,6%. Ce déclin a été principalement entraîné par une baisse des ventes à PendoTECH (1 704 $ de moins au Q3) et une réduction des ventes du système Filshie Clip. Malgré les défis en matière de revenus, les marges bénéficiaires sont restées relativement stables, avec une marge brute de 58,0% au Q3 2024 contre 58,8% au Q3 2023. Le bilan de l'entreprise est resté solide malgré le paiement de 3 222 $ en dividendes et l'utilisation de 13 259 $ pour le rachat d'actions. La direction s'attend maintenant à ce que les ventes consolidées totales de 2024 diminuent de 18 à 19% par rapport à 2023.
Utah Medical Products (NASDAQ:UTMD) berichtete über schwächere Umsätze im 3. Quartal und in den ersten neun Monaten 2024, erzielte aber im Vergleich zu den Prognosen eine verbesserte Nettoperformance. Die weltweiten Verkaufszahlen im Q3 sanken um 20% auf 10.005 $, mit einem Rückgang der Inlandsverkäufe um 21,7% und einem Rückgang der internationalen Verkäufe um 17,6%. Der Rückgang wurde hauptsächlich durch niedrigere Verkäufe an PendoTECH (1.704 $ weniger im Q3) und durch reduzierte Verkäufe des Filshie Clip Systems verursacht. Trotz der Umsatzherausforderungen blieben die Gewinnmargen relativ stabil, mit einer Bruttogewinnmarge von 58,0% im Q3 2024 im Vergleich zu 58,8% im Q3 2023. Die Bilanz des Unternehmens blieb stark, obwohl 3.222 $ an Dividenden gezahlt und 13.259 $ für Aktienrückkäufe verwendet wurden. Das Management erwartet nun, dass die gesamten konsolidierten Verkäufe von 2024 um 18-19% im Vergleich zu 2023 zurückgehen werden.
- Operating Income margin improved to 33.4% in Q3 2024 from 31.7% in Q3 2023
- EBT margin increased to 41.8% in Q3 2024 from 38.2% in Q3 2023
- Net Income margin rose to 35.6% in Q3 2024 from 31.5% in Q3 2023
- Higher net non-operating income in both Q3 and 9M 2024
- Worldwide sales declined 20% in Q3 2024 compared to Q3 2023
- Domestic sales decreased 21.7% in Q3 2024
- International sales fell 17.6% in Q3 2024
- Gross Profit margin declined to 58.0% in Q3 2024 from 58.8% in Q3 2023
- Share price declined $17.31 (20.6%) from end of 2023
Insights
Utah Medical Products reported a challenging Q3 2024 with
- Two major factors drove revenue decline: PendoTECH OEM sales (-
$1,704 ) and Filshie Clip System sales (-$193 ), accounting for76% of Q3 revenue drop - Despite lower sales, operating margins improved to
33.4% vs31.7% last year, benefiting from end of CSI intangible asset amortization - Balance sheet remains strong despite
$13,259 in share repurchases and$3,222 in dividends paid - Management projects full-year 2024 sales decline of
18-19% , with PendoTECH sales expected to be$6M lower than 2023 - Adjusted EBITDA margin contracted to
49.6% from52.8% , but still demonstrates solid operational efficiency
The revenue decline warrants concern but several mitigating factors suggest underlying business stability:
- Gross margin compression was less severe than initially projected due to successful cost management
- Higher interest income and operational efficiencies partially offset revenue decline
- Geographic diversification helps stabilize results -
35% of sales from foreign currencies - Management actively managing costs while maintaining R&D investment in new products
- Strong balance sheet provides flexibility to weather current headwinds
The expected
SALT LAKE CITY, UT / ACCESSWIRE / October 29, 2024 / Utah Medical Products, Inc. (NASDAQ:UTMD) reports third quarter (3Q) and first nine months (9M) of calendar year 2024 financial results that were weaker on the top line, but better on the bottom line, compared to its beginning of year projections.
Currencies in this release are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; £ or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and € or EUR = Euros. Currency amounts throughout this report are in thousands, except per share amounts and where noted.
Overview of Results
The following is a summary comparison of 3Q and 9M of calendar 2024 with 3Q and 9M 2023 income statement measures:
2024 to 2023 Comparison |
| 3Q |
|
| 9M |
| ||
Revenues (Sales): |
|
| (20 | %) |
|
| (16 | %) |
Gross Profit (GP): |
|
| (21 | %) |
|
| (18 | %) |
Operating Income (OI): |
|
| (16 | %) |
|
| (17 | %) |
Income Before Tax (EBT): |
|
| (13 | %) |
|
| (12 | %) |
Net Income (NI): |
|
| ( 9 | %) |
|
| (11 | %) |
Earnings Per Share (EPS): |
|
| ( 5 | %) |
|
| ( 9 | %) |
Because of the relatively short span of time, results for any given three-month period in comparison with a previous three-month period may not be indicative of comparative results for the year as a whole.
Worldwide (WW) consolidated sales in 3Q 2024 were
Sales invoiced in foreign currencies, which did not include PendoTECH biopharmaceutical OEM sales, represented
Profit margins in 3Q and 9M 2024 compared to 3Q and 9M 2023 follow:
| 3Q 2024 (Jul - Sep) |
|
| 3Q 2023 (Jul - Sep) |
|
| 9M 2024 (Jan - Sep) |
|
|
|
| |||||
Gross Profit Margin (GP/ sales): |
|
| 58.0 | % |
|
| 58.8 | % |
|
| 59.3 | % |
|
| 60.5 | % |
Operating Income Margin (OI/ sales): |
|
| 33.4 | % |
|
| 31.7 | % |
|
| 33.6 | % |
|
| 33.9 | % |
EBT Margin (EBT/ sales): |
|
| 41.8 | % |
|
| 38.2 | % |
|
| 41.5 | % |
|
| 39.8 | % |
Net Income Margin (NI/ sales): |
|
| 35.6 | % |
|
| 31.5 | % |
|
| 34.6 | % |
|
| 32.6 | % |
EBT = Income Before Taxes = (Operating Income + Non-Operating Income)
In 3Q and 9M 2024, UTMD's GP Margin (GPM) was hampered by planned higher manufacturing overhead costs with lower absorption as a result of lower sales. Despite additional cost-of-living adjustments for production workers and continued "sticky inflation" in raw material costs, UTMD's GPMs in 2024 have not declined as much as projected at the beginning of the year due to reductions in headcount, including management, not planned at the beginning of the year.
Compared to the prior year, OI Margins in 2024 benefited from the fact that the amortization of the
UTMD's September 30, 2024 Balance Sheet continued to be about as strong as at the end of 2023 with a higher current ratio and lower total liabilities, despite lower sales and earnings, 9M 2024 cash payment of
Foreign currency exchange (FX) rates for Balance Sheet purposes are the applicable rates at the end of each reporting period. The FX rates from the applicable foreign currency to USD for assets and liabilities at the end of 3Q 2024 compared to the end of calendar year 2023 and the end of 3Q 2023 follow:
|
| 9-30-24 |
|
|
| 12-31-23 |
|
| Change |
|
|
| 9-30-23 |
|
| Change |
| |||
GBP |
|
| 1.33958 |
|
|
| 1.27386 |
|
|
| 5.2 | % |
|
| 1.22134 |
|
|
| 9.7 | % |
EUR |
|
| 1.11429 |
|
|
| 1.10593 |
|
|
| 0.8 | % |
|
| 1.05841 |
|
|
| 5.3 | % |
AUD |
|
| 0.69312 |
|
|
| 0.68248 |
|
|
| 1.6 | % |
|
| 0.64494 |
|
|
| 7.5 | % |
CAD |
|
| 0.73987 |
|
|
| 0.75733 |
|
|
| (2.3 | %) |
|
| 0.73873 |
|
|
| 0.2 | % |
Revenues (sales) - 3Q 2024
Total WW UTMD consolidated 3Q 2024 sales were
Domestic U.S. sales in 3Q 2024 were
OUS sales in 3Q 2024 were
|
| 3Q 2024 |
|
|
| 3Q 2023 |
|
| Change |
| ||
GBP |
|
| 1.3009 |
|
|
| 1.2669 |
|
|
| + 2.7 | % |
EUR |
|
| 1.1091 |
|
|
| 1.0711 |
|
|
| + 3.5 | % |
AUD |
|
| 0.6687 |
|
|
| 0.6572 |
|
|
| + 1.8 | % |
CAD |
|
| 0.7339 |
|
|
| 0.7462 |
|
|
| ( 1.7 | %) |
The weighted average favorable FX rate difference impact on 3Q 2024 foreign currency OUS sales was
OUS sales invoiced in foreign currencies are due to direct end-user sales in Ireland, the UK, France, Canada, Australia and New Zealand, and to shipments to OUS distributors of products manufactured by UTMD subsidiaries in Ireland and the UK. Export sales from the U.S. to OUS distributors are invoiced in USD. Direct to end-user foreign currency OUS 3Q 2024 sales in USD terms were
Sales - 9M 2024
Total consolidated 9M 2024 UTMD WW consolidated sales were
Domestic U.S. sales in 9M 2024 were
OUS sales in 9M 2024 were
|
| 9M 2024 |
|
|
| 9M 2023 |
|
| Change |
| ||
GBP |
|
| 1.2760 |
|
|
| 1.2434 |
|
|
| + 2.6 | % |
EUR |
|
| 1.0886 |
|
|
| 1.0790 |
|
|
| + 0.9 | % |
AUD |
|
| 0.6617 |
|
|
| 0.6708 |
|
|
| ( 1.4 | %) |
CAD |
|
| 0.7355 |
|
|
| 0.7432 |
|
|
| ( 1.0 | %) |
The weighted-average favorable impact on 9M 2024 WW consolidated sales was
Since shipments to OEM customers and OUS distributors typically have longer lead times, the current order backlog added to 9M 2024 sales results for those segments helps provide a fair estimate for 2024 sales as a whole, barring new raw material supply constraints. Management now expects that WW PendoTECH biopharmaceutical OEM sales will be
Gross Profit (GP)
GP results from subtracting the costs of manufacturing, quality assurance and receiving materials from suppliers from revenues. UTMD's GP was
Operating Income (OI)
OI results from subtracting Operating Expenses (OE) from GP. OI in 3Q 2024 was
OE are comprised of Sales and Marketing (S&M) expenses, General and Administrative (G&A) expenses and Product Development (R&D) expenses. The following table summarizes OE in 3Q and 9M 2024 compared to the same periods in 2023 by OE category:
OE Category |
|
| 3Q |
|
| % of |
|
|
| 3Q |
|
| % of |
|
|
| 9M |
|
| % of |
|
|
| 9M |
|
| % of |
| ||||
S&M: |
| $ | 437 |
|
|
| 4.4 |
|
| $ | 417 |
|
|
| 3.3 |
|
| $ | 1,395 |
|
|
| 4.4 |
|
| $ | 1,209 |
|
|
| 3.2 |
|
G&A: |
|
| 1,850 |
|
|
| 18.5 |
|
|
| 2,835 |
|
|
| 22.7 |
|
|
| 6,069 |
|
|
| 19.1 |
|
|
| 8,484 |
|
|
| 22.4 |
|
R&D: |
|
| 172 |
|
|
| 1.7 |
|
|
| 138 |
|
|
| 1.1 |
|
|
| 692 |
|
|
| 2.2 |
|
|
| 414 |
|
|
| 1.1 |
|
Total OE: |
|
| 2,459 |
|
|
| 24.6 |
|
|
| 3,390 |
|
|
| 27.1 |
|
|
| 8,156 |
|
|
| 25.7 |
|
|
| 10,107 |
|
|
| 26.7 |
|
The large G&A expense change which allowed UTMD's OE ratio to be lower in 2024 were the noncash IIA amortization expenses of
Changes in foreign currency exchange (FX) rates did not have a significant impact on consolidated financial results in 2024. The FX rate changes are noted in the revenues sections above. A stronger EUR, GBP and AUD in 3Q 2024 helped increase OUS S&M expense by
S&M expenses in 3Q 2024 were up
R&D expenses were higher in both periods primarily from qualification of UTMD's own-branded biopharmaceutical manufacturing processes of high-pressure monitoring devices which it has not yet begun to market.
A division of G&A expenses by location follows. G&A expenses include non-cash expenses from the amortization of IIA associated with the Filshie Clip System, which is also separated out below:
G&A Exp Category |
|
| 3Q |
|
| % of |
|
|
| 3Q |
|
| % of |
|
|
| 9M |
|
| % of |
|
|
| 9M |
|
| % of |
| ||||
IIA Amort- UK: |
| $ | 517 |
|
|
| 5.2 |
|
| $ | 504 |
|
|
| 4.0 |
|
| $ | 1,522 |
|
|
| 4.8 |
|
| $ | 1,484 |
|
|
| 3.9 |
|
IIA Amort- CSI: |
|
| - |
|
|
| - |
|
|
| 1,105 |
|
|
| 8.8 |
|
|
| - |
|
|
| - |
|
|
| 3,316 |
|
|
| 8.8 |
|
Other- UK: |
|
| 187 |
|
|
|
|
|
|
| 164 |
|
|
|
|
|
|
| 536 |
|
|
|
|
|
|
| 490 |
|
|
|
|
|
U.S. Litigation |
|
| 413 |
|
|
| 4.1 |
|
|
| 310 |
|
|
| 2.5 |
|
|
| 1,802 |
|
|
| 5.7 |
|
|
| 1,000 |
|
|
| 2.6 |
|
Other- US: |
|
| 582 |
|
|
|
|
|
|
| 609 |
|
|
|
|
|
|
| 1,740 |
|
|
|
|
|
|
| 1,760 |
|
|
|
|
|
IRE: |
|
| 87 |
|
|
|
|
|
|
| 74 |
|
|
|
|
|
|
| 273 |
|
|
|
|
|
|
| 227 |
|
|
|
|
|
AUS: |
|
| 32 |
|
|
|
|
|
|
| 38 |
|
|
|
|
|
|
| 98 |
|
|
|
|
|
|
| 107 |
|
|
|
|
|
CAN: |
|
| 32 |
|
|
|
|
|
|
| 31 |
|
|
|
|
|
|
| 98 |
|
|
|
|
|
|
| 100 |
|
|
|
|
|
Total G&A: |
|
| 1,850 |
|
|
| 18.5 |
|
|
| 2,835 |
|
|
| 22.7 |
|
|
| 6,069 |
|
|
| 19.1 |
|
|
| 8,484 |
|
|
| 22.4 |
|
Although the UK IIA amortization expense in GBP was the same as in the prior year's same periods, the 3Q 2024 OI margin was diluted by 1.2 percentage points, and the 9M 2024 OI margin was diluted by 0.9 percentage points, due to lower sales and the GBP FX rate difference. But total non-cash IIA amortization expense was just
OUS G&A expenses in USD terms were
Income Before Tax (EBT)
EBT results from subtracting net non‑operating expense (NOE) or adding net non-operating income (NOI) from or to, as applicable, OI. Consolidated 3Q 2024 EBT was
NOE/NOI includes the combination of 1) expenses from loan interest and bank fees; 2) expenses or income from losses or gains from remeasuring the value of EUR cash bank balances in the UK, and GBP cash balances in Ireland, in USD terms; and 3) income from rent of underutilized property, investment income and royalties received from licensing the Company's technology. Negative NOE is NOI. Net NOI in 3Q 2024 was
EBITDA is a non-US GAAP metric that measures profitability performance without factoring in effects of financing, accounting decisions regarding non-cash expenses, capital expenditures or tax environments. Excluding the noncash effects of depreciation, amortization of intangible assets and stock option expense, 3Q 2024 consolidated EBT excluding the remeasured bank balance currency gain or loss and interest expense ("adjusted consolidated EBITDA") was
Adjusted consolidated EBITDA was
UTMD's adjusted consolidated EBITDA as a percentage of sales was
Management believes that this operating performance metric provides meaningful supplemental information to both management and investors and confirms UTMD's ongoing excellent financial operating performance during a difficult transition period of time.
UTMD's non-US GAAP adjusted consolidated EBITDA is the sum of the elements in the following table, each element of which is a US GAAP number:
|
| 3Q 2024 |
|
|
| 3Q 2023 |
|
|
| 9M 2024 |
|
|
| 9M 2023 |
| |
EBT |
| $ | 4,179 |
|
| $ | 4,781 |
|
| $ | 13,188 |
|
| $ | 15,072 |
|
Depreciation Expense |
|
| 203 |
|
|
| 155 |
|
|
| 530 |
|
|
| 465 |
|
Femcare IIA Amortization Expense |
|
| 517 |
|
|
| 503 |
|
|
| 1,522 |
|
|
| 1,484 |
|
CSI IIA Amortization Expense |
|
| - |
|
|
| 1,105 |
|
|
| - |
|
|
| 3,316 |
|
Other Non-Cash Amortization Expense |
|
| 8 |
|
|
| 8 |
|
|
| 26 |
|
|
| 24 |
|
Stock Option Compensation Expense |
|
| 53 |
|
|
| 53 |
|
|
| 184 |
|
|
| 152 |
|
Interest Expense |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
Remeasured Foreign Currency Balances |
|
| (2 | ) |
|
| (1 | ) |
|
| (3 | ) |
|
| 7 |
|
UTMD non-US GAAP EBITDA: |
| $ | 4,958 |
|
| $ | 6,604 |
|
| $ | 15,447 |
|
| $ | 20,520 |
|
Net Income (NI)
NI in 3Q 2024 of
The average consolidated income tax provisions (as a % of the same period EBT) in 3Q 2024 and 3Q 2023 were
Earnings per share (EPS) .
Diluted EPS in 3Q 2024 were
The number of shares used for calculating 3Q 2024 EPS was higher than September 30, 2024 actual outstanding shares because of a time-weighted calculation of average outstanding shares. There was nodilution from unexercised employee and director options. Outstanding shares at the end of 3Q 2024 were 3,440,525 compared to 3,629,525 at the end of calendar year 2023. The difference was due to 7,592 shares in employee option exercises during 1H 2024 minus 196,592 shares repurchased in 9M 2024. There were no option exercises in 3Q 2024. For further comparison, actual outstanding shares one year ago at the end of 3Q 2023 were also 3,629,525. The total number of outstanding unexercised employee and outside director options at September 30, 2024 was 73,497 at an average exercise price of
Because the average exercise price of employee options was higher than the ending market price of the stock in 3Q 2024, the number of dilution shares added as a dilution factor for both 3Q 2024 and 9M 2024 was zero. The number of shares added as a dilution factor for 3Q 2023 was 9,309. The number of shares added as a dilution factor for 9M 2023 was 9,918.
No employee or director options have been awarded in 2024. Non-qualified option awards totaling 19,000 shares were made to 48 employees in October 2023 at an exercise price of
UTMD's closing share price at the end of 3Q 2024 was
Balance Sheet .
At September 30, 2024, UTMD's cash and investments decreased
Financial ratios as of September 30, 2024 which may be of interest to stockholders follow:
Current Ratio = 29.6
Days in Trade Receivables (based on 3Q 2024 sales activity) = 33.5
Average Inventory Turns (based on 3Q 2024 average inventory and CGS) = 1.9
2024 YTD ROE (before dividends) =
12%
Investors are cautioned that this press release contains forward looking statements and that actual events may differ from those projected. Risk factors that could cause results to differ materially from those projected include global economic conditions, market acceptance of products, regulatory approvals of products, regulatory intervention in current operations, government intervention in healthcare in general, tax law changes, the Company's ability to efficiently manufacture, market and sell products, cybersecurity and foreign currency exchange rates, among other factors that have been and will be outlined in UTMD's public disclosure filings with the SEC. UTMD's 3Q 2024 SEC Form 10-Q will be filed on or before November 14, 2024, and can be accessed on www.utahmed.com .
Utah Medical Products, Inc., with particular interest in health care for women and their babies, develops, manufactures and markets a broad range of disposable and reusable specialty medical devices recognized by clinicians in over one hundred countries around the world as the standard for obtaining optimal long-term outcomes for their patients. For more information about Utah Medical Products, Inc., visit UTMD's website at www.utahmed.com .
Utah Medical Products, Inc.
INCOME STATEMENT, Third Quarter (three months ended September 30)
(in thousands except earnings per share):
|
| 3Q 2024 |
|
|
| 3Q 2023 |
|
| Percent Change |
| ||
Net Sales |
| $ | 10,005 |
|
| $ | 12,505 |
|
|
| (20.0 | %) |
Gross Profit |
|
| 5,802 |
|
|
| 7,359 |
|
|
| (21.2 | %) |
Operating Income |
|
| 3,343 |
|
|
| 3,969 |
|
|
| (15.8 | %) |
Income Before Tax |
|
| 4,179 |
|
|
| 4,781 |
|
|
| (12.6 | %) |
Net Income (US GAAP) |
|
| 3,564 |
|
|
| 3,935 |
|
|
| ( 9.4 | %) |
Earnings Per Share (US GAAP) |
| $ | 1.025 |
|
| $ | 1.081 |
|
|
| ( 5.2 | %) |
Shares Outstanding (diluted) |
|
| 3,478 |
|
|
| 3,639 |
|
|
|
|
|
INCOME STATEMENT, First Nine Months (nine months ended September 30)
(in thousands except earnings per share):
|
| 9M 2024 |
|
|
| 9M 2023 |
|
| Percent Change |
| ||
Net Sales |
| $ | 31,745 |
|
| $ | 37,891 |
|
|
| (16.2 | %) |
Gross Profit |
|
| 18,820 |
|
|
| 22,940 |
|
|
| (18.0 | %) |
Operating Income |
|
| 10,664 |
|
|
| 12,833 |
|
|
| (16.9 | %) |
Income Before Tax |
|
| 13,189 |
|
|
| 15,072 |
|
|
| (12.5 | %) |
Net Income (US GAAP) |
|
| 10,972 |
|
|
| 12,349 |
|
|
| (11.1 | %) |
EPS (US GAAP) |
| $ | 3.098 |
|
| $ | 3.394 |
|
|
| ( 8.7 | %) |
Shares Outstanding (diluted) |
|
| 3,542 |
|
|
| 3,638 |
|
|
|
|
|
BALANCE SHEET
| (unaudited) |
|
| (unaudited) |
|
| (audited) |
|
| (unaudited) |
| |||||
(in thousands) |
| 30-Sep-24 |
|
| 30-Jun-24 |
|
| 31-Dec-23 |
|
| 30-Sep-23 |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash & Investments |
| $ | 88,452 |
|
| $ | 89,219 |
|
| $ | 92,868 |
|
| $ | 88,209 |
|
Accounts & Other Receivables, Net |
|
| 3,720 |
|
|
| 3,668 |
|
|
| 3,391 |
|
|
| 3,487 |
|
Inventories |
|
| 9,107 |
|
|
| 9,058 |
|
|
| 9,582 |
|
|
| 9,709 |
|
Other Current Assets |
|
| 377 |
|
|
| 377 |
|
|
| 428 |
|
|
| 442 |
|
Total Current Assets |
|
| 101,656 |
|
|
| 102,322 |
|
|
| 106,269 |
|
|
| 101,847 |
|
Property & Equipment, Net |
|
| 10,419 |
|
|
| 10,194 |
|
|
| 10,552 |
|
|
| 10,347 |
|
Intangible Assets, Net |
|
| 17,619 |
|
|
| 17,516 |
|
|
| 18,637 |
|
|
| 19,049 |
|
Total Assets |
| $ | 129,694 |
|
| $ | 130,032 |
|
| $ | 135,458 |
|
| $ | 131,243 |
|
Liabilities & Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable |
| $ | 999 |
|
| $ | 834 |
|
| $ | 769 |
|
| $ | 511 |
|
REPAT Tax Payable |
|
| 558 |
|
|
| 558 |
|
|
| 558 |
|
|
| 419 |
|
Other Accrued Liabilities |
|
| 1,878 |
|
|
| 2,547 |
|
|
| 3,383 |
|
|
| 3,247 |
|
Total Current Liabilities |
| $ | 3,435 |
|
| $ | 3,939 |
|
| $ | 4,710 |
|
| $ | 4,177 |
|
Deferred Tax Liability - Intangible Assets |
|
| 779 |
|
|
| 860 |
|
|
| 1,120 |
|
|
| 1,196 |
|
Long Term Lease Liability |
|
| 299 |
|
|
| 275 |
|
|
| 295 |
|
|
| 305 |
|
Long Term REPAT Tax Payable |
|
| 698 |
|
|
| 698 |
|
|
| 698 |
|
|
| 1,256 |
|
Deferred Revenue and Income Taxes |
|
| 286 |
|
|
| 208 |
|
|
| 322 |
|
|
| 607 |
|
Stockholders' Equity |
|
| 124,197 |
|
|
| 124,052 |
|
|
| 128,313 |
|
|
| 123,702 |
|
Total Liabilities & Stockholders' Equity |
| $ | 129,694 |
|
| $ | 130,032 |
|
| $ | 135,458 |
|
| $ | 131,243 |
|
SOURCE: Utah Medical Products, Inc.
View the original press release on accesswire.com
FAQ
What was UTMD's revenue decline in Q3 2024?
How much did UTMD spend on share repurchases in 2024?
What is UTMD's projected sales decline for full-year 2024?
What was UTMD's gross profit margin in Q3 2024?
