Business
Utah Medical Products, Inc. Reports Financial Performance for First Quarter 2022
SALT LAKE CITY, UT, April 26, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – In the first calendar quarter (1Q) of 2022, Utah Medical Products, Inc. (Nasdaq:
About this update from Utah Medical Products, Inc.
[{"type":"text","content":"SALT LAKE CITY, UT, April 26, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – In the first calendar quarter (1Q) of 2022, Utah Medical Products, Inc. (Nasdaq: UTMD) attained financial results consistent with achieving its goals for calendar year 2022. Summary of results.The following is a summary comparison of 1Q 2022 with 1Q 2021 income statement measures: Revenues (Sales): +12.4%Gross Profit (GP): + 8.4%Operating Income (OI): +16.3%Net Income (NI): +16.9%Earnings Per Share (EPS): +16.6% Profit margins in 1Q 2022 compared to 1Q 2021 follow: 1Q 2022(JAN – MAR)1Q 2021 (JAN – MAR)Gross Profit Margin (gross profits/ sales): 61.1%63.4%Operating Income Margin (operating income/ sales): 36.7%35.5%EBT Margin (profits before income taxes/ sales): 36.8%35.6%Net Income Margin (profit after taxes/ sales): 28.7% 27.6% 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. Domestic sales in 1Q 2022 were up 18%, and sales outside the U.S. (OUS) were up 4%, compared to 1Q 2021. Using the same foreign currency exchange (FX) rates for sales not invoiced in USD, i.e. in “constant currency” terms, OUS sales were up 7%. Because 24% of consolidated sales were invoiced in foreign currencies, the change in FX rates for OUS sales did have an impact on period-to-period relative financial results. FX rates for income statement purposes are transaction-weighted averages. The average FX rates from the applicable foreign currency to USD during 1Q 2022 and 1Q 2021 follow: 1Q 2022 1Q 2021 Change GBP 1.339 1.379 (2.9%) EUR 1.126 1.203 (6.4%) AUD 0.724 0.773 (6.3%) CAD 0.789 0.790 (0.1%) The weighted-average negative impact on foreign currency sales was 5.0%, reducing reported USD sales by $152 relative to the same foreign currency sales in 1Q 2021. In constant currency terms, total consolidated 1Q 2022 sales were up $1,512 (+14%). Despite UTMD increasing the unit prices of its devices and components approximately 6% across-the-board, its 1Q 2022 Gross Profit Margin (GPM) suffered as the result of significantly higher incremental direct labor, direct materials and manufacturing overhead costs in the U.S. UTMD’s Operating Income Margin (OIM) benefitte...