# UTAH MEDICAL PRODUCTS INC (UTMD)

Informational only - not investment advice.

CIK: 0000706698
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-03-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=706698
Filing source: https://www.sec.gov/Archives/edgar/data/706698/000109690626000395/utmd-20251231_10k.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 38520000 | USD | 2025 | 2026-03-27 |
| Net income | 11286000 | USD | 2025 | 2026-03-27 |
| Assets | 122542000 | USD | 2025 | 2026-03-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000706698.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 39,298,000 | 41,414,000 | 41,998,000 | 46,904,000 | 42,178,000 | 49,054,000 | 52,281,000 | 50,224,000 | 40,903,000 | 38,520,000 |
| Net income | 12,128,000 | 8,505,000 | 18,555,000 | 14,727,000 | 10,798,000 | 14,788,000 | 16,473,000 | 16,635,000 | 13,874,000 | 11,286,000 |
| Operating income | 16,187,000 | 19,011,000 | 18,697,000 | 17,632,000 | 13,708,000 | 18,880,000 | 19,790,000 | 16,777,000 | 13,594,000 | 11,402,000 |
| Gross profit | 23,690,000 | 26,395,000 | 26,306,000 | 29,466,000 | 25,548,000 | 30,917,000 | 32,196,000 | 30,038,000 | 24,143,000 | 22,001,000 |
| Diluted EPS | 3.22 | 2.28 | 4.95 | 3.94 | 2.94 | 4.04 | 4.52 | 4.57 | 3.96 | 3.48 |
| Operating cash flow | 14,528,000 | 16,908,000 | 16,834,000 | 17,056,000 | 20,137,000 | 21,203,000 | 21,147,000 | 22,281,000 | 14,831,000 | 14,692,000 |
| Capital expenditures | 3,293,000 | 1,597,000 | 402,000 | 540,000 | 860,000 | 552,000 | 809,000 | 639,000 | 230,000 | 371,000 |
| Dividends paid | 3,916,000 | 2,955,000 | 4,026,000 | 4,112,000 | 4,116,000 | 11,465,000 | 3,163,000 | 4,282,000 | 4,260,000 | 3,983,000 |
| Share buybacks |  | 0.00 | 1,205,000 | 398,000 | 6,976,000 | 0.00 | 2,495,000 | 0.00 | 19,968,000 | 8,355,000 |
| Assets | 76,191,000 | 92,745,000 | 99,768,000 | 109,787,000 | 111,745,000 | 115,636,000 | 123,874,000 | 135,458,000 | 122,538,000 | 122,542,000 |
| Liabilities | 6,947,000 | 14,623,000 | 10,776,000 | 8,694,000 | 8,923,000 | 8,498,000 | 9,620,000 | 7,145,000 | 5,111,000 | 3,274,000 |
| Stockholders' equity | 69,244,000 | 78,122,000 | 88,992,000 | 101,093,000 | 102,822,000 | 107,138,000 | 114,254,000 | 128,313,000 | 117,427,000 | 119,268,000 |
| Cash and cash equivalents | 26,296,000 | 39,875,000 | 51,112,000 | 42,787,000 | 51,590,000 | 60,974,000 | 75,052,000 | 92,868,000 | 82,976,000 | 85,756,000 |
| Free cash flow | 11,235,000 | 15,311,000 | 16,432,000 | 16,516,000 | 19,277,000 | 20,651,000 | 20,338,000 | 21,642,000 | 14,601,000 | 14,321,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 30.86% | 20.54% | 44.18% | 31.40% | 25.60% | 30.15% | 31.51% | 33.12% | 33.92% | 29.30% |
| Operating margin | 41.19% | 45.90% | 44.52% | 37.59% | 32.50% | 38.49% | 37.85% | 33.40% | 33.23% | 29.60% |
| Return on equity | 17.51% | 10.89% | 20.85% | 14.57% | 10.50% | 13.80% | 14.42% | 12.96% | 11.81% | 9.46% |
| Return on assets | 15.92% | 9.17% | 18.60% | 13.41% | 9.66% | 12.79% | 13.30% | 12.28% | 11.32% | 9.21% |
| Liabilities / equity | 0.10 | 0.19 | 0.12 | 0.09 | 0.09 | 0.08 | 0.08 | 0.06 | 0.04 | 0.03 |
| Current ratio | 11.41 | 9.32 | 11.58 | 15.92 | 16.42 | 19.53 | 15.09 | 22.56 | 25.64 | 37.62 |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000706698.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 1.12 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.16 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | 4,214,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 12,866,000 |  | 1.15 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 12,505,000 | 3,935,000 | 1.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 12,333,000 | 4,286,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 11,340,000 | 3,956,000 | 1.09 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 3,956,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 10,400,000 |  | 0.98 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 10,005,000 | 3,563,000 | 1.02 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 9,158,000 | 2,902,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 9,710,000 | 3,041,000 | 0.92 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 3,041,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 9,953,000 |  | 0.94 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 9,812,000 | 2,631,000 | 0.82 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 9,045,000 | 2,566,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 8,722,000 | 2,604,000 | 0.82 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/706698/000109690626000767/utmd-20260331_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-12
Report date: 2026-03-31

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

General

Utah Medical Products, Inc. (UTMD) manufactures and markets a well-established range of specialty medical devices.  The Company’s Form 10-K Annual Report for the year ended December 31, 2025 provided a detailed description of products, technologies, markets, regulatory issues, business initiatives, resources and business risks, among other details, and should be read in conjunction with this report.  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.  Currency amounts in the report are in thousands, except per share amounts or where otherwise noted.  Currencies in this report 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.  

Analysis of Results of Operations

a)Overview 

Income statement results in the first quarter (1Q) of 2026 compared to 1Q 2025 were as follows:

1Q 2026

1Q 2025

change

Net Sales

$ 8,722

$ 9,710

(10.2%)

Gross Profit

5,282

5,538

(4.6%)

Operating Income

2,565

3,154

(18.7%)

Income Before Tax

3,182

3,859

(17.5%)

Net Income

2,604

3,041

(14.4%)

Earnings per Share (diluted)

$0.818

$0.919

(11.0%)

Profit margins in 1Q 2026 compared to 1Q 2025 follow:

1Q 2026

(JAN – MAR)

1Q 2025

(JAN – MAR)

Gross Profit Margin (Gross Profit/ sales):

60.6%

57.0%

Operating Income Margin (Operating Income/ sales):

29.4%

32.5%

EBT Margin (Profits before Income Taxes/ sales):

36.5%

39.7%

Net Income Margin (Profit after Taxes/ sales):

29.9%

31.3%

Consolidated sales in 1Q 2026 were $987 lower than in 1Q 2025. As expected and previously reported, UTMD did not have any 1Q 2026 sales to its previous largest medical device distributor of blood pressure monitoring kits in China, or to its previous OEM customer, PendoTECH.  The combined sales to those two entities in 1Q 2025 were $857, representing 87% of the lower 1Q 2026 sales. Although overall domestic sales were about the same in both 1Q 2026 and 2025, sales outside the U.S. (OUS) excluding the China distributor were another $176 lower, due to lower Filshie Clip System sales OUS.  

Using the same foreign currency exchange (FX) rates for sales not invoiced in USD, i.e. in “constant currency” terms, OUS sales would have been an additional $169 lower because of a weaker USD. FX rates for income statement purposes are transaction-weighted averages.

The average FX rates from the applicable foreign currency to USD during 1Q 2026 and 1Q 2025 follow:

1Q 2026

1Q 2025

Change

GBP

1.348

1.261

+6.9%

EUR

1.165

1.073

+8.5%

AUD

0.698

0.628

+11.1%

CAD

0.730

0.697

+4.7%

UTMD’s 1Q 2026 Gross Profit at $5,282 was $256 lower than 1Q 2025 Gross Profit of $5,538. The 4.6% lower Gross Profit was less than the 10.2% decline in sales as a result of a more favorable product mix and a yearly one-time adjustment to standard costs which increased inventory value. Historically, sales to UTMD’s largest OUS distributor in China had a significantly lower Gross Profit Margin (GPM), Gross Profit/Revenues, than UTMD’s

8

average GPM.  Although manufacturing overhead costs were higher, which should lower the GPM when sales are lower, UTMD continues to effectively manage its variable manufacturing expenses.   

Consolidated worldwide (WW) Operating Income, which is Gross Profit less Operating Expense (OE), in 1Q 2026 at $2,565 (29.4% of sales) was $588 lower than 1Q 2025 Operating Income of $3,154 (32.5% of sales).  Operating Income was $332 lower in addition to the $256 lower Gross Profit, due to $127 higher litigation expenses, $147 higher employee health care costs in U.S. General and Administrative (G&A) expense and $65 higher same foreign currency exchange rate of OUS OE due to a weaker USD.  In the aggregate, the components of WW OE in USD terms were Product Development (R&D) expenses about the same, Sales & Marketing (S&M) expenses $19 higher and G&A expenses $314 higher than in 1Q 2025, respectively.    

Income Before Tax (EBT) declined more than the $588 lower Operating Income because net non-operating income (NOI) in 1Q 2026 was just $617 compared to $705 in 1Q 2025. The lower NOI was due to lower interest earned on cash balances. Combining the $588 lower Operating Income with the about $89 lower NOI yielded 1Q 2026 EBT $677 (17.5%) lower than in 1Q 2025. UTMD’s EBT Margin (EBT/sales) was 36.5% in 1Q 2026 compared to 39.7% in 1Q 2025.  

UTMD’s consolidated income tax provision rate in 1Q 2026 was 18.2% compared to 21.2% in 1Q 2025. An EBT mix difference among subsidiary sovereignties caused the provision rate difference. The basic corporate income tax rate for the U.S. (including Utah state income tax) is 25.45% and for Ireland on EBT from exports is 12.5%. The lower income tax provision rate offset the 17.5% lower EBT, resulting in 1Q 2026 Net Income that was 14.4% lower than in 1Q 2025. Fewer outstanding shares as a result of UTMD’s share repurchases further reduced the decline in 1Q 2026 earnings per share (EPS), which is Net Income/diluted number of outstanding shares, to be just 11.0% lower than in 1Q 2025. During the four calendar quarters following the end of 1Q 2025, UTMD repurchased 96,864 of its shares in the open market. There was no dilution from outstanding employee stock options for purposes of calculating diluted EPS in either 1Q 2026 or 1Q 2025.  In income statement summary, with revenues declining 10.5% in 1Q 2026 compared to 1Q 2025, EPS declined 11.0%.      

UTMD’s March 31, 2026 Balance Sheet, in the absence of debt, remained strong. After using $9.5 million in cash during the most recent twelve-month period to make share repurchases, pay stockholder dividends and purchase new equipment, UTMD’s March 31, 2026 cash equivalent balances were $4.1 million higher than at March 31, 2025. Ending 1Q 2026 cash equivalent balances were about $1.7 million higher than three months earlier at December 31, 2025.  Stockholders’ Equity at $120.4 million improved $1.1 million at the end of 1Q 2026 from three months earlier, despite the fact that dividends and share repurchases reduce Stockholders’ Equity.

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 1Q 2026 and the end of 1Q 2025 follow:

3-31-26

3-31-25

Change

GBP

1.318

1.289

  2.3%

EUR

1.152

1.079

  6.7%

AUD

0.685

0.624

  9.9%

CAD

0.717

0.695

3.0%

b)Revenues 

Terms of sale are established in advance of UTMD’s acceptance of customer orders.  In the U.S., Ireland, UK, Canada, Australia and New Zealand, UTMD generally accepted orders directly from and shipped directly to end user clinical facilities, as well as third party medical/surgical distributors, under UTMD’s Standard Terms and Conditions (T&C) of Sale during both 1Q 2026 and 1Q 2025.  UTMD may have separate discounted pricing agreements with a specific clinical facility or group of affiliated facilities based on volume of purchases.  Pricing agreements which are documented arrangements with clinical facilities, or groups of affiliated facilities, if applicable, are established in advance of orders accepted or shipments made. For existing customers, past actual shipment volumes typically determine the fixed price by part number for the next agreement period of one year. For new customers, the customer’s best estimate of volume is usually accepted by UTMD for determining the ensuing fixed prices for the agreement period. Prices are not adjusted after an order is accepted. For the sake of clarity, the

9

separate pricing agreements with clinical facilities based on volume of purchases disclosure is not inconsistent with UTMD’s disclosure that the selling price is fixed prior to the acceptance of a specific customer order.  

Total consolidated 1Q 2026 UTMD revenues (sales) were $987 (10.2%) lower than in 1Q 2025. Constant currency sales, which are foreign currency sales converted to USD at 1Q 2025 currency exchange rates, were $1,156 (11.9%) lower. U.S. domestic sales were 0.4% lower, and OUS sales were 23.4% lower.   

Domestic sales in 1Q 2026 were almost the same at $5,560 compared to $5,583 in 1Q 2025.  The components of domestic sales include 1) “direct sales” of UTMD’s medical devices to user facilities (and med/surg stocking distributors for hospitals), excluding Filshie device sales, 2) “OEM sales” of components and other products manufactured by UTMD for other medical device and non-medical device companies, and 3) “Filshie device sales”, manufactured by Femcare and distributed in the U.S. by UTMD.

1)Direct medical device sales, representing 61% of total domestic sales, were $503 (12.8%) lower in 1Q 2026 than in 1Q 2025. Sales were lower in all product categories in what was hopefully just an abnormally weak demand quarter.  

2)Total domestic OEM sales in 1Q 2026, representing 11% of all domestic sales, were $13 (2.1%) lower than in 1Q 2025, as the final $69 order backlog to PendoTECH was shipped in 1Q 2025.   

3)Domestic Filshie device sales, representing 28% of all domestic sales, were $493 (+47.4%) higher in 1Q 2026 compared to 1Q 2025, which appears to be an abnormally high U.S. medical facility demand quarter.    

OUS sales in 1Q 2026 were $965 (23.4%) lower at $3,162 compared to $4,127 in 1Q 2025.  Sales to UTMD’s former distributor in China which were $789 in 1Q 2025 (and zero in 1Q 2026), which explains 82% of the $965 lower OUS sales. Although Filshie device sales directly to medical facilities in Ireland and the UK were about the same in both periods, direct Filshie device sales to medical facilities in Canada, France and Australia were $230 lower. OUS foreign currency sales actually benefited $169 from a weaker USD. On a constant currency basis, 1Q 2026 OUS sales were $1,133 (27.5%) lower than in 1Q 2025. OUS sales invoiced in foreign currencies in 1Q 2026 were $2,327, which was 74% of all OUS sales, and 27% of total 1Q 2026 UTMD consolidated sales.  Foreign currency OUS sales in 1Q 2025 were $2,944, which was 71% of all OUS sales and 30% of total 1Q 2025 UTMD consolidated sales.   

The following table provides USD consolidated sales amounts divided into general product categories for total worldwide sales and the subset of OUS sales.  

WW revenues (USD) by product category:

1Q 2026

%

1Q 2025

%

Obstetrics

$905 

10 

$1,025 

11 

Gynecology/ Electrosurgery/ Urology

5,228 

60 

4,896 

50 

Neonatal

1,570 

18 

1,982 

20 

Blood Pressure Monitoring and Accessories*

1,019 

12 

1,807 

19 

Total:

$8,722 

100 

$9,710 

100 

OUS revenues (USD) by product category:

1Q 2026

%

1Q 2025

%

Obstetrics

$151 

5 

$193 

5 

Gynecology/ Electrosurgery/ Urology

2,534 

80 

2,567 

62 

Neonatal

232 

7 

360 

9 

Blood Pressure Monitoring and Accessories*

245 

8 

1,007 

24 

Total:

$3,162 

100 

$4,127 

100 

*includes molded components sold to OEM customers. 

c) Gross Profit  

UTMD’s 1Q 2026 Gross Profit was $256 (4.6%) lower in 1Q 2026 than in 1Q 2025, driven by 10.2% lower sales. Gross Profit results from subtracting the costs of manufacturing products, including direct labor, raw materials and manufacturing overhead (MOH) expenses, from revenues. MOH, which was higher due primarily to cost-of-living adjustments for employees, includes supervision, engineering, quality assurance, outside services, depreciation of manufacturing equipment, purchasing and freight for receiving raw materials from vendors.  Higher MOH expense with lower sales decreases the GPM.  Nevertheless, UTMD’s average GPM in 1Q 2026 was 60.6% compared to 57.0% in 1Q 2025. Although the lack of low GPM sales to UTMD’s former China distributor helpe

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Low-confidence quarantine: published MD&A gate detected tail bleed at 'Consolidated Income Statement' and could not re-bound cleanly.
Confidence: low

_Quarantined: low-confidence Item 7 boundaries; no MD&A text emitted._