Business
Utah Medical Products, Inc. Reports Financial Performance for First Quarter 2024
SALT LAKE CITY, UT / ACCESSWIRE / April 25, 2024 / In the first calendar quarter (1Q) of 2024, Utah Medical Products, Inc. (NASDAQ:UTMD) attained financial
About this update from Utah Medical Products, Inc.
[{"type":"text","content":"SALT LAKE CITY, UT / ACCESSWIRE / April 25, 2024 / In the first calendar quarter (1Q) of 2024, Utah Medical Products, Inc. (NASDAQ:UTMD) attained financial results consistent with its previously announced projections for calendar year 2024.Summary of results .The following is a summary comparison of 1Q 2024 with 1Q 2023 income statement measures:Revenues (Sales): -9.40%Gross Profit (GP): -13.70%Operating Income (OI): -12.50%Net Income (NI): -6.10%Earnings Per Share (EPS): -5.70% Profit margins in 1Q 2024 compared to 1Q 2023 follow: 1Q 2024 1Q 2023 (JAN - MAR) (JAN - MAR) Gross Profit Margin (gross profits/ sales): 59.70% 62.60%Operating Income Margin (operating income/ sales): 34.20% 35.50%EBT Margin (profits before income taxes/ sales): 42.30% 40.90%Net Income Margin (profit after taxes/ sales): 34.90% 33.70% 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 2024 were 14% lower and sales outside the U.S. (OUS) were 3% lower, in USD terms, compared to 1Q 2023. Using the same foreign currency exchange (FX) rates for sales not invoiced in USD, i.e. in \"constant currency\" terms, OUS sales were 4% lower. Although 31% of consolidated USD sales were invoiced in foreign currencies, the change in FX rates for OUS sales had a minor 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 2024 and 1Q 2023 follow: 1Q 2024 1Q 2023 Change GBP 1.267 1.215 4.30%EUR 1.083 1.078 0.40%AUD 0.658 0.685 -4.10%CAD 0.742 0.739 0.40% The weighted-average positive impact on foreign currency sales was 1.2%, increasing reported USD sales $40 relative to the same foreign currency sales in 1Q 2023. In constant currency terms, total consolidated 1Q 2024 sales were $1,220 (9.7%) lower than in 1Q 2023.UTMD's 1Q 2024 GP at $6,766 was $1,077 lower than 1Q 2023 GP of $7,843. The 13.7% lower GP was the result of 9.4% lower sales combined with a Gross Profit Margin (GPM), GP/revenues, almost three percentage points lower than in 1Q 2023. The lower GPM was due to manufacturing ove...