Business
UTMD Reports Financial Performance for Third Calendar Quarter and Nine Months 2021
Salt Lake City, Utah, Oct. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- The third calendar quarter (3Q) of 2021 financial results continued to demonstrate
About this update from Utah Medical Products, Inc.
[{"type":"text","content":"Salt Lake City, Utah, Oct. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- The third calendar quarter (3Q) of 2021 financial results continued to demonstrate Utah Medical Products, Inc.’s (Nasdaq: UTMD’s) recovery after a time when there were restrictions on so-called nonessential medical procedures during the COVID-19 pandemic. Because of the unusual dip in 2020 demand for its devices, UTMD management continues to report quarterly income statement results compared to the same periods not only in 2021 compared to 2020, but also compared to 2019. The Company is exceeding its stated objective in 2021 to try to fully recover back to its 2019 financial performance. Please see the income statements for all three years on the last page. 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. Overview of ResultsThe following summary comparison of 3Q and first nine months (9M) of 2021 with 3Q and 9M 2020 income statement measures demonstrates UTMD’s excellent recovery, despite many new challenges: 2021 to 2020 Comparison3Q (July – September)9M (January-September) Revenues (Sales):+ 20%+ 20% Gross Profit (GP):+ 24%+ 25% Operating Income (OI):+ 42% + 46% Income Before Tax (EBT):+ 44%+ 45% Net Income (NI):+ 43%+ 44% Earnings Per Share (EPS):+ 43%+ 45% As longer-term UTMD stockholders appreciate, the above dramatic increases resulted from comparing 2021 financial results with the former depressed COVID-19 pandemic year in which so-called “nonessential” medical procedures using UTMD’s devices were restricted by government fiat. Perhaps the following comparison of 3Q and first nine months (9M) of 2021 with 3Q and 9M 2019, prior to the 2020 pandemic year, might be more meaningful: 2021 to 2019 Comparison3Q(July – September)9M(January-September) Revenues (Sales):+ 1%+ 3% Gross Profit (GP):+ 9%+ 5% Operating Income (OI):+ 17% + 6% Income Before Tax (EBT):+ 16%+ 6% Net Income (NI):+ 14%+ 3% Earnings Per Share (EPS):+ 16%+ 5% The above increases in NI and EPS according to U.S. Generally Accepted Accounting Principles (US GAAP) in both 9M 2021 and 9M 2020 (but not in 3Q 2021 or 3Q 2020, nor in 3Q 2019 and 9M 2019) were affected by lo...