Business
UTMD Reports Financial Performance for Second Calendar Quarter and First Half 2020
Salt Lake City, Utah, July 28, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- As many of the gynecology devices provided by Utah Medical Products, Inc. (Nasdaq:
About this update from Utah Medical Products, Inc.
[{"type":"text","content":"Salt Lake City, Utah, July 28, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- As many of the gynecology devices provided by Utah Medical Products, Inc. (Nasdaq: UTMD) are used in “nonessential” or “elective” procedures, as medical procedures have been reclassified during the COVID-19 pandemic, the Company’s financial performance in the second calendar quarter (2Q) and first half (1H) of 2020 reflects a substantial negative change relative to the same periods in 2019.\n According to CEO Kevin Cornwell,“To put it simply, UTMD just had a bad quarter. If you regard the quarter as traversing through a short term depression rather than sliding into an abyss, I don’t think a detailed comparison with the same calendar quarter in the prior year yields much helpful insight into UTMD’s current and future financial performance. Because the short term “ship to satisfy immediate medical facility need” portion of the business has been the segment most affected by the pandemic, we expect that it will recover quickly as well. UTMD’s current plans and actions are guided by the following: The medical need for our specialized devices has neither decreased nor increased because of the appearance of the corona virus. UTMD’s financial position is strong as shown in the accompanying balance sheet and the fact that the Company maintained substantial profitability even during a “shutdown” of certain medical procedures in 2Q 2020. We are well-positioned to produce and distribute devices to medical facilities on demand. In my view, the slope of a recovery curve will be driven primarily by government policy responses, at all levels, in each of our major markets. I am immensely proud of the continued efforts of UTMD employees worldwide who have lived up to their code of conduct commitment to support UTMD as an essential business. Our facilities have remained open throughout this year to serve the important needs of best practices health care.” 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. The comparison of 2Q and 1H 2020 results with the results in the same periods of 2019, according to U.S. Generally Accepted Accounting Principles (US ...