0000706698
--12-31
Yes
10-Q
true
2023-03-31
false
001-12575
UTAH MEDICAL PRODUCTS INC
UT
87-0342734
7043 South 300 West
Midvale
UT
84047
801
566-1200
Common stock, $0.01 par value
UTMD
NASDAQ
Yes
Non-accelerated Filer
true
false
false
3628067
false
2023
Q1
80912000
75052000
3818000
5538000
442000
515000
95112000
89919000
10241000
10224000
13502000
13354000
53443000
52755000
44528000
42378000
8915000
10377000
127770000
123874000
1028000
1218000
5046000
4742000
6074000
5960000
1456000
1514000
1256000
1256000
328000
341000
638000
549000
9752000
9620000
0.01
0.01
50000000
50000000
3628000
3628000
3628000
3628000
36000
36000
-11490000
-12039000
322000
251000
129150000
126006000
127770000
123874000
12323000
4677000
4790000
7843000
7533000
3260000
2888000
144000
123000
3404000
3011000
4439000
4522000
680000
8000
5119000
4530000
905000
996000
0
0
4763000
3028000
155000
149000
1596000
1646000
1000
8000
13000
14000
-3000
-144000
50000
43000
2000
0
-1789000
578000
1084000
809000
-25000
109000
-193000
695000
350000
597000
2701000
1512000
6915000
5046000
43000
237000
-43000
-237000
21000
19000
1070000
0
-1049000
19000
37000
71000
5860000
4899000
75052000
60974000
80912000
65873000
129000
82000
0
0
3628000
36000
251000
-12039000
126006000
114254000
0
0
21000
0
0
21000
0
50000
0
0
50000
0
0
549000
0
549000
0
0
0
1070000
1070000
0
0
0
4214000
3628000
36000
322000
-11491000
129150000
118018000
3655000
37000
841000
-9054000
115314000
107138000
0
0
19000
0
0
19000
0
43000
0
0
43000
0
0
-506000
0
-506000
0
0
0
1060000
1060000
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0
3534000
3655000
37000
903000
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109168000
<p style='margin:0'>(1) The unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States. These statements should be read in conjunction with the financial statements and notes included in the Utah Medical Products, Inc. ("UTMD" or "the Company") annual report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company's financial position and results of operations. Currency amounts are in thousands except per-share amounts and where noted.</p>
<p style='margin:0'>(2) Recent Accounting Standards. </p><p style='margin:0'> </p><p style='margin:0'>The Company has determined that recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations.</p>
<p style='margin:0'>The Company has determined that recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations.</p>
<p style='margin-top:0pt;margin-bottom:6pt'>(3) Inventories at March 31, 2023 and December 31, 2022 consisted of the following:</p><table align="center" style='border-collapse:collapse;width:100%'><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:316pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> March 31, 2023 </p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:295.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2022</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:421.4pt'><p style='margin:0'>Finished goods</p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:316pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>1,935</p></td><td valign="top" bgcolor="#CCEEFF" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:295.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>1,896</p></td></tr><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'>Work-in-process</p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:316pt'><p align="right" style='margin:0'>1,500</p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:295.5pt'><p align="right" style='margin:0'>1,193</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:421.4pt'><p style='margin:0'>Raw materials</p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:316pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>6,505</p></td><td valign="top" bgcolor="#CCEEFF" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:295.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,725</p></td></tr><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'>Total</p></td><td valign="top" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" style='width:316pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>9,940</p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" style='width:295.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>8,814</p></td></tr></table>
<table align="center" style='border-collapse:collapse;width:100%'><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:316pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> March 31, 2023 </p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:295.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>December 31, 2022</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:421.4pt'><p style='margin:0'>Finished goods</p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:316pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>1,935</p></td><td valign="top" bgcolor="#CCEEFF" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:295.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>1,896</p></td></tr><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'>Work-in-process</p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:316pt'><p align="right" style='margin:0'>1,500</p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" style='width:295.5pt'><p align="right" style='margin:0'>1,193</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:421.4pt'><p style='margin:0'>Raw materials</p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:316pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>6,505</p></td><td valign="top" bgcolor="#CCEEFF" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:19pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:295.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,725</p></td></tr><tr align="left"><td valign="top" style='width:421.4pt'><p style='margin:0'>Total</p></td><td valign="top" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" style='width:316pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>9,940</p></td><td valign="top" style='width:24.85pt'><p style='margin:0'> </p></td><td valign="top" style='width:19pt'><p align="right" style='margin:0'>$</p></td><td valign="top" style='width:295.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>8,814</p></td></tr></table>
1935000
1896000
1500000
1193000
6505000
5725000
9940000
8814000
<p style='margin:0'>(4) Stock-Based Compensation. At March 31, 2023, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors. The Company accounts for stock compensation under FASB Accounting Standards Codification (“ASC”) 718, <i>Compensation - Stock Compensation</i>. This statement requires the Company to recognize compensation cost based on the grant date fair value of options granted to employees and directors. In the quarters ended March 31, 2023 and 2022, the Company recognized $50 and $43, respectively, in stock based compensation cost.</p>
50000
43000
<p style='margin:0'> (5) Warranty Reserve. The Company’s published warranty is: “UTMD warrants its products to conform in all material respects to all published product specifications in effect on the date of shipment, and to be free from defects in material and workmanship for a period of thirty (30) days for supplies, or twenty-four (24) months for equipment, from date of shipment. During the warranty period UTMD shall, at its option, replace any products shown to UTMD's reasonable satisfaction to be defective at no expense to the Purchaser or refund the purchase price.” </p><p style='margin-top:6pt;margin-bottom:0pt'>UTMD maintains a warranty reserve to provide for estimated costs which are likely to occur. The amount of this reserve is adjusted, as required, to reflect its actual experience. Based on its analysis of historical warranty claims and its estimate that existing warranty obligations were immaterial, no warranty reserve was made at December 31, 2022 or March 31, 2023. </p>
0
0
<p style='margin:0'>(6) 1Q 2023 global revenues (USD) by product category:</p><table align="center" style='border-collapse:collapse;width:100%'><tr style='height:11.5pt'><td valign="top" style='width:180pt'></td><td valign="top" style='width:23.05pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Domestic</p></td><td valign="top" style='width:23.05pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Outside US</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0'>Obstetrics</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>806</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>209</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,015</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:180pt'><p style='margin:0'>Gynecology/Electrosurgery/Urology</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>2,520</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>3,073</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>5,593</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0'>Neonatal</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,385</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>377</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,762</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:180pt'><p style='margin:0'>Blood Pressure Monitoring and Accessories</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2,474</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,676</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,150</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0;text-indent:-19.8pt;margin-left:19.8pt'>Total</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>7,185</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>5,335</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>12,520</p></td></tr></table><p style='margin:0'> </p>
<table align="center" style='border-collapse:collapse;width:100%'><tr style='height:11.5pt'><td valign="top" style='width:180pt'></td><td valign="top" style='width:23.05pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Domestic</p></td><td valign="top" style='width:23.05pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Outside US</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="center" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Total</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0'>Obstetrics</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>806</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>209</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,015</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:180pt'><p style='margin:0'>Gynecology/Electrosurgery/Urology</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>2,520</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>3,073</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt'><p align="right" style='margin:0'>5,593</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0'>Neonatal</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,385</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>377</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt'><p align="right" style='margin:0'>1,762</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:180pt'><p style='margin:0'>Blood Pressure Monitoring and Accessories</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>2,474</p></td><td valign="top" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>1,676</p></td><td valign="top" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" style='width:8.65pt'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:54pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,150</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:180pt'><p style='margin:0;text-indent:-19.8pt;margin-left:19.8pt'>Total</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>7,185</p></td><td valign="top" bgcolor="#CCEEFF" style='width:23.05pt'><p align="right" style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>5,335</p></td><td valign="top" bgcolor="#CCEEFF" style='width:28.1pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:8.65pt'><p align="right" style='margin:0'>$</p></td><td valign="top" bgcolor="#CCEEFF" style='width:54pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>12,520</p></td></tr></table><p style='margin:0'> </p>
806000
209000
1015000
2520000
3073000
5593000
1385000
377000
1762000
2474000
1676000
4150000
7185000
5335000
12520000
<p style='margin:0'>(7) Distribution Agreement Purchase. UTMD completed the purchase of exclusive U.S. distribution rights for the Filshie® Clip System from CooperSurgical, Inc. (CSI) on February 1, 2019. The $21,000 purchase price represents an identifiable intangible asset which is being straight-line amortized and recognized as part of G&A expenses over the 7 month remaining life, as of the end of 1Q 2023, of the prior CSI agreement with Femcare.</p>
21000000
7
<p style='margin:0'>(8) Earnings Per Share. Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of first quarter 2023.</p><p style='margin:0'> </p><p style='margin:0'> The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:</p><table style='border-collapse:collapse;width:100%'><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>(<i>in thousands</i>)</p></td><td colspan="3" valign="top" style='width:560.65pt;padding-right:5.75pt'><p align="center" style='margin:0'>Three months ended</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td colspan="3" valign="top" style='width:560.65pt;padding-right:5.75pt'><p align="center" style='margin:0'>March 31,</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2023</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="center" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2022</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>Numerator</b></font></p></td><td valign="top" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Net income</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>4,214</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,534</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>Denominator</b></font></p></td><td valign="top" style='width:228.2pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" style='width:267.65pt;padding-right:5.75pt'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Weighted average shares, basic</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,628</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,655</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Dilutive effect of stock options</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>10</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Diluted shares</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,636</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,665</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Earnings per share, basic</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ 1.16</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ .97</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Earnings per share, diluted</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ 1.16</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ .96</p></td></tr></table><p style='margin:0'> </p>
<p style='margin:0'> The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share:</p><table style='border-collapse:collapse;width:100%'><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>(<i>in thousands</i>)</p></td><td colspan="3" valign="top" style='width:560.65pt;padding-right:5.75pt'><p align="center" style='margin:0'>Three months ended</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td colspan="3" valign="top" style='width:560.65pt;padding-right:5.75pt'><p align="center" style='margin:0'>March 31,</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2023</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="center" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2022</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>Numerator</b></font></p></td><td valign="top" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt;border-top:0.5pt solid #000000'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Net income</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>4,214</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,534</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'><font style='border-bottom:1px solid #000000'><b>Denominator</b></font></p></td><td valign="top" style='width:228.2pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="top" style='width:267.65pt;padding-right:5.75pt'><p style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Weighted average shares, basic</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,628</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>3,655</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Dilutive effect of stock options</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>8</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>10</p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Diluted shares</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,636</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,665</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'> </p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt;border-top:3px double #000000'><p align="right" style='margin:0'> </p></td></tr><tr style='height:11.5pt'><td valign="top" bgcolor="#CCEEFF" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Earnings per share, basic</p></td><td valign="middle" bgcolor="#CCEEFF" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ 1.16</p></td><td valign="top" bgcolor="#CCEEFF" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" bgcolor="#CCEEFF" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ .97</p></td></tr><tr style='height:11.5pt'><td valign="top" style='width:535.1pt;padding-right:5.75pt'><p style='margin:0'>Earnings per share, diluted</p></td><td valign="middle" style='width:228.2pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ 1.16</p></td><td valign="top" style='width:64.8pt;padding-right:5.75pt'><p align="right" style='margin:0'> </p></td><td valign="middle" style='width:267.65pt;padding-right:5.75pt'><p align="right" style='margin:0'>$ .96</p></td></tr></table><p style='margin:0'> </p>
4214000
3534000
3628000
3655000
8000
10000
3636000
3665000
1.16
0.97
1.16
0.96
<p style='margin:0'>(9) Subsequent Events.<b> </b>UTMD has evaluated subsequent events through the date the financial statements were issued, and concluded there were no other events or transactions during this period that required recognition or disclosure in its financial statements.</p>
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