Business
UTMD Reports Financial Performance for Second Calendar Quarter and First Half 2024
SALT LAKE CITY, UT / ACCESSWIRE / July 25, 2024 / As previously projected, Utah Medical Products, Inc. (Nasdaq:UTMD) realized second calendar quarter (2Q) and
About this update from Utah Medical Products, Inc.
[{"type":"text","content":"SALT LAKE CITY, UT / ACCESSWIRE / July 25, 2024 / As previously projected, Utah Medical Products, Inc. (Nasdaq:UTMD) realized second calendar quarter (2Q) and first half (1H) 2024 financial results which reflect a substantial decline in revenues.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. 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.Overview of ResultsIn brief, consolidated total 2Q 2024 revenues were $2,466 (19.2%) lower than in 2Q 2023, with 1H 2024 revenues $3,646 (14.4%) lower than in 1H 2023. The decline in sales in three categories explain more than the total consolidated sales decline. WW in the table below = \"worldwide\"Revenue Category Portion of 2Q Lower Total UTMD Sales Portion of 1H Lower Total UTMD SalesWW PendoTECH OEM 70% 76%China BPM Distributor 21% 12%WW Filshie Clip System 16% 25%Total: 107% 113%In other words, aggregated consolidated sales in all other sales categories were higher when comparing 2024 to 2023 in both periods. Please see more details explaining revenue results below.Despite the significantly lower sales, UTMD achieved profit margins in all income categories similar to those of the prior year's same periods: 2Q 2024(Apr - Jun) 2Q 2023(Apr - Jun) 1H 2024(Jan - Jun) 1H 2023(Jan - Jun) Gross Profit Margin (GP/ sales): 60.1% 60.1% 59.9% 61.4%Operating Income Margin (OI/ sales): 33.1% 34.4% 33.7% 34.9%Income B4 Tax Margin (EBT/ sales): 40.5% 40.2% 41.4% 40.5%Net Income Margin (NI/ sales): 33.2% 32.6% 34.1% 33.1%A summary of the change in income statement results, according to U.S. Generally Accepted Accounting Principles (US GAAP), follows: 2Q(April - June) 1H(January-June)Revenues (Sales): (19)% (14)%Gross Profit (GP): (19)% (16)%Operating Income (OI): (22)% (17)%Income Before Tax (EBT): (19)% (12)%Net Income (NI): (18)% (12)%Earnings Per Share (EPS): (15)% (11)%The percentage decline in 2Q consolidated revenues was greater than for 1H primarily because the period-to-period decline in UTMD sales to its previously maj...