Utah Medical Products, Inc. (UTMD) 10-Year Financial Performance & Capital Metrics

UTMD • • Industrial / General

HealthcareMedical InstrumentsMedical Consumables & DisposablesSafety Syringes & Injectables

AboutUtah Medical Products, Inc. develops, manufactures, and distributes medical devices for the healthcare industry. The company offers fetal monitoring accessories, vacuum-assisted delivery systems, and other labor and delivery tools; DISPOSA-HOOD infant respiratory hoods; and DELTRAN PLUS blood pressure monitoring systems. It also provides GESCO umbilical vessel catheters; DIALY-NATE disposable peritoneal dialysis sets; PALA-NATE silicone oral protection devices; URI-CATH urinary drainage systems; NUTRI-CATH\NUTRI-LOK feeding device; MYELO-NATE lumbar sampling kits; HEMO-NATE disposable filters; and catheterization procedure tray of instruments and supplies. In addition, the company offers LETZ system to excise cervical intraepithelial neoplasia and other lower genital tract lesions; FINESSE+ generators; loop, ball, and needle electrodes; FILTRESSE evacuators; other specialty electrodes and supplies, and gynecologic tools; Femcare trocars, cannulae, laparoscopic instruments, and accessories; and EPITOME and OptiMicro electrosurgical devices. Further, it provides Filshie Clip female surgical contraception devices; PATHFINDER PLUS endoscopic irrigation devices; suprapubic catheterization; LIBERTY urinary incontinence treatment and control systems; ENDOCURETTE, a curette for uterine endometrial tissue sampling; TVUS/HSG-Cath to assess abnormal or dysfunctional uterine bleeding and other abnormalities of uterus; and LUMIN tool to manipulate the uterus in laparoscopic procedures. Additionally, the company offers DELTRAN, a disposable pressure transducer; and pressure monitoring accessories, components, and other molded parts. It serves neonatal intensive care units, labor and delivery departments, women's health centers in hospitals, outpatient clinics, and physician's offices through direct customer service and sales force, independent consultants, and manufacturer representatives. The company was incorporated in 1978 and is headquartered in Midvale, Utah.Show more

Revenue $41M -18.6%
EBITDA $16M -29.3%
Net Income $14M -16.6%
EPS (Diluted) 3.96 -13.3%
Gross Margin 59.03% -1.3%
EBITDA Margin 40.01% -13.2%
Operating Margin 33.23% -0.5%
Net Margin 33.92% +2.4%
ROE 11.29% -17.7%
ROIC 28.91% -13.5%
Debt/Equity 0.00 +25.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 35.7% free cash flow margin
✓Healthy dividend yield of 2.0%
✓Share count reduced 3.7% through buybacks
✓Healthy 5Y average net margin of 30.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.09%

5Y-2.7%

3Y-5.88%

TTM-16.64%

Profit (Net Income) CAGR

10Y2%

5Y-1.19%

3Y-2.1%

TTM-19.68%

EPS CAGR

10Y2.78%

5Y0.1%

3Y-0.66%

TTM-13.63%

ROCE

10Y Avg17.63%

5Y Avg14.32%

3Y Avg13.87%

Latest10.9%

Peer Comparison

Safety Syringes & Injectables

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UTMDUtah Medical Products, Inc.	193.09M	60.27	15.22	-18.56%	32.33%	10.68%	7.56%	0.00
STSSSharps Technology, Inc.	66.69M	2.30	-0.00		-324.78%	-4.98%		1.89
RVPRetractable Technologies, Inc.	21.26M	0.71	-1.78	-24.19%	-22.9%	-11.43%		0.01
XRAYDENTSPLY SIRONA Inc.	2.51B	12.58	-2.81	-4.34%	-24.34%	-59.68%	11.19%	1.17
ZTEKZentek Ltd.	93.36M	0.87	-8.70	28.26%	-8.95%	-70.13%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	40.16M	39.3M	41.41M	42M	46.9M	42.18M	49.05M	52.28M	50.22M	40.9M
Revenue Growth %	-0.03%	-0.02%	0.05%	0.01%	0.12%	-0.1%	0.16%	0.07%	-0.04%	-0.19%
Cost of Goods Sold+	15.97M	15.61M	15.02M	15.69M	17.44M	16.63M	18.14M	20.09M	20.19M	16.76M
COGS % of Revenue	0.4%	0.4%	0.36%	0.37%	0.37%	0.39%	0.37%	0.38%	0.4%	0.41%
Gross Profit+	24.18M	23.69M	26.39M	26.31M	29.47M	25.55M	30.92M	32.2M	30.04M	24.14M
Gross Margin %	0.6%	0.6%	0.64%	0.63%	0.63%	0.61%	0.63%	0.62%	0.6%	0.59%
Gross Profit Growth %	-0.03%	-0.02%	0.11%	-0%	0.12%	-0.13%	0.21%	0.04%	-0.07%	-0.2%
Operating Expenses+	8.53M	7.5M	7.38M	7.61M	11.83M	11.84M	12.04M	12.41M	13.26M	10.55M
OpEx % of Revenue	0.21%	0.19%	0.18%	0.18%	0.25%	0.28%	0.25%	0.24%	0.26%	0.26%
Selling, General & Admin	8.01M	7.03M	6.94M	7.16M	11.35M	11.35M	11.51M	11.91M	12.7M	5.57M
SG&A % of Revenue	0.2%	0.18%	0.17%	0.17%	0.24%	0.27%	0.23%	0.23%	0.25%	0.14%
Research & Development	522K	475K	447K	454K	483K	486K	526K	493K	560K	813K
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%
Other Operating Expenses	-46K	0	54K	0	0	0	0	0	0	4.17M
Operating Income+	15.65M	16.19M	19.01M	18.7M	17.63M	13.71M	18.88M	19.79M	16.78M	13.59M
Operating Margin %	0.39%	0.41%	0.46%	0.45%	0.38%	0.33%	0.38%	0.38%	0.33%	0.33%
Operating Income Growth %	-0.03%	0.03%	0.17%	-0.02%	-0.06%	-0.22%	0.38%	0.05%	-0.15%	-0.19%
EBITDA+	18.8M	19.02M	21.78M	21.65M	24.51M	20.92M	26.16M	26.87M	23.14M	16.36M
EBITDA Margin %	0.47%	0.48%	0.53%	0.52%	0.52%	0.5%	0.53%	0.51%	0.46%	0.4%
EBITDA Growth %	-0.04%	0.01%	0.15%	-0.01%	0.13%	-0.15%	0.25%	0.03%	-0.14%	-0.29%
D&A (Non-Cash Add-back)	3.15M	2.83M	2.77M	2.96M	6.88M	7.21M	7.28M	7.08M	6.37M	2.77M
EBIT	15.69M	16.19M	19.01M	18.7M	17.63M	13.71M	18.88M	19.79M	18.44M	13.59M
Net Interest Income+	-65K	0	0	0	254K	112K	166K	661K	3.04M	3.37M
Interest Income	0	0	0	0	254K	112K	166K	661K	3.04M	3.37M
Interest Expense	65K	0	0	0	0	0	0	0	0	0
Other Income/Expense	-106K	235K	71K	762K	252K	132K	181K	869K	3.31M	3.21M
Pretax Income+	15.54M	16.42M	19.08M	19.46M	17.88M	13.84M	19.06M	20.66M	20.09M	16.8M
Pretax Margin %	0.39%	0.42%	0.46%	0.46%	0.38%	0.33%	0.39%	0.4%	0.4%	0.41%
Income Tax+	3.7M	4.29M	10.58M	904K	3.16M	3.04M	4.27M	4.19M	3.45M	2.93M
Effective Tax Rate %	0.76%	0.74%	0.45%	0.95%	0.82%	0.78%	0.78%	0.8%	0.83%	0.83%
Net Income+	11.84M	12.13M	8.51M	18.55M	14.73M	10.8M	14.79M	16.47M	16.64M	13.87M
Net Margin %	0.29%	0.31%	0.21%	0.44%	0.31%	0.26%	0.3%	0.32%	0.33%	0.34%
Net Income Growth %	0.04%	0.02%	-0.3%	1.18%	-0.21%	-0.27%	0.37%	0.11%	0.01%	-0.17%
Net Income (Continuing)	11.84M	12.13M	8.51M	18.55M	14.73M	10.8M	14.79M	16.47M	16.64M	13.87M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.14	3.22	2.28	4.95	3.94	2.94	4.04	4.52	4.57	3.96
EPS Growth %	0.04%	0.03%	-0.29%	1.17%	-0.2%	-0.25%	0.37%	0.12%	0.01%	-0.13%
EPS (Basic)	3.14	3.22	2.29	4.97	3.96	2.95	4.05	4.53	4.57	3.96
Diluted Shares Outstanding	3.77M	3.77M	3.74M	3.75M	3.74M	3.67M	3.66M	3.64M	3.64M	3.5M
Basic Shares Outstanding	3.77M	3.75M	3.72M	3.73M	3.72M	3.66M	3.65M	3.64M	3.64M	3.5M
Dividend Payout Ratio	0.32%	0.32%	0.35%	0.22%	0.28%	0.38%	0.78%	0.19%	0.26%	0.31%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	32.87M	34.87M	49.19M	60.9M	54.88M	62.26M	73.16M	89.92M	106.27M	96.33M
Cash & Short-Term Investments	23.33M	26.36M	39.95M	51.11M	42.79M	51.59M	60.97M	75.05M	92.87M	82.98M
Cash Only	23.33M	26.36M	39.88M	51.11M	42.79M	51.59M	60.97M	75.05M	92.87M	82.98M
Short-Term Investments	0	0	80K	0	0	0	0	0	0	0
Accounts Receivable	4.56M	3.21M	3.62M	3.96M	4.74M	4.1M	5.13M	5.54M	3.39M	4.09M
Days Sales Outstanding	41.47	29.82	31.93	34.38	36.9	35.52	38.18	38.66	24.64	36.53
Inventory	4.2M	4.54M	5.24M	5.41M	6.91M	6.22M	6.6M	8.81M	9.58M	8.81M
Days Inventory Outstanding	95.89	106.22	127.44	125.91	144.7	136.56	132.74	160.17	173.26	191.91
Other Current Assets	363K	0	0	13K	0	0	1K	0	429K	448K
Total Non-Current Assets+	46.3M	41.72M	43.56M	38.87M	54.9M	49.48M	42.48M	33.95M	29.19M	26.21M
Property, Plant & Equipment	7.37M	9.97M	11.62M	10.36M	10.73M	11.33M	10.62M	10.22M	10.55M	9.76M
Fixed Asset Turnover	5.45x	3.94x	3.56x	4.05x	4.37x	3.72x	4.62x	5.11x	4.76x	4.19x
Goodwill	14.72M	13.49M	14.09M	13.7M	13.96M	14.16M	14.1M	13.35M	13.69M	13.58M
Intangible Assets	24.21M	18.26M	17.84M	14.8M	30.21M	23.99M	17.76M	10.38M	4.95M	2.87M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	-363K	-393K	-3.1M	0	0	0	0	0	0	0
Total Assets+	79.17M	76.58M	92.75M	99.77M	109.79M	111.75M	115.64M	123.87M	135.46M	122.54M
Asset Turnover	0.51x	0.51x	0.45x	0.42x	0.43x	0.38x	0.42x	0.42x	0.37x	0.33x
Asset Growth %	-0.02%	-0.03%	0.21%	0.08%	0.1%	0.02%	0.03%	0.07%	0.09%	-0.1%
Total Current Liabilities+	4.07M	3.02M	5.28M	5.26M	3.45M	3.79M	3.75M	5.96M	4.71M	3.76M
Accounts Payable	649K	906K	934K	975K	1.1M	788K	761K	1.22M	769K	543K
Days Payables Outstanding	14.83	21.19	22.7	22.68	22.98	17.3	15.31	22.13	13.9	11.83
Short-Term Debt	0	0	0	0	0	0	0	0	0	56K
Deferred Revenue (Current)	0	0	0	0	-38K	0	0	0	0	0
Other Current Liabilities	1.75M	999K	3.15M	3.19M	604K	116K	96K	204K	257K	55K
Current Ratio	8.08x	11.54x	9.32x	11.58x	15.92x	16.42x	19.53x	15.09x	22.56x	25.64x
Quick Ratio	7.05x	10.03x	8.32x	10.55x	13.91x	14.78x	17.77x	13.61x	20.53x	23.29x
Cash Conversion Cycle	122.53	114.85	136.68	137.61	158.62	154.78	155.61	176.7	183.99	216.62
Total Non-Current Liabilities+	5.46M	4.32M	9.34M	5.52M	5.25M	5.13M	4.75M	3.66M	2.44M	1.35M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	376K	335K	396K	341K	295K	282K
Deferred Tax Liabilities	5.46M	4.32M	3.56M	3.08M	2.76M	2.8M	2.68M	2.06M	1.44M	1.07M
Other Non-Current Liabilities	0	0	5.79M	2.44M	2.11M	2M	1.68M	1.26M	698K	0
Total Liabilities	9.53M	7.34M	14.62M	10.78M	8.7M	8.92M	8.5M	9.62M	7.14M	5.11M
Total Debt+	0	0	0	0	376K	335K	396K	341K	295K	338K
Net Debt	-23.33M	-26.36M	-39.88M	-51.11M	-42.41M	-51.26M	-60.58M	-74.71M	-92.57M	-82.69M
Debt / Equity	-	-	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.02x	0.02x	0.02x	0.01x	0.01x	0.02x
Net Debt / EBITDA	-1.24x	-1.39x	-1.83x	-2.36x	-1.73x	-2.45x	-2.32x	-2.78x	-4.00x	-5.05x
Interest Coverage	240.78x	-	-	-	-	-	-	-	-	-
Total Equity+	69.65M	69.24M	78.12M	88.99M	101.09M	102.82M	107.14M	114.25M	128.31M	117.43M
Equity Growth %	0.08%	-0.01%	0.13%	0.14%	0.14%	0.02%	0.04%	0.07%	0.12%	-0.08%
Book Value per Share	18.46	18.38	20.91	23.74	27.04	28.00	29.27	31.36	35.28	33.52
Total Shareholders' Equity	69.65M	69.24M	78.12M	88.99M	101.09M	102.82M	107.14M	114.25M	128.31M	117.43M
Common Stock	38K	37K	37K	37K	37K	36K	37K	36K	36K	33K
Retained Earnings	72.86M	81.07M	85.62M	100.12M	110.82M	110.95M	115.31M	126.01M	138.34M	129.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.96M	-12.24M	-8.34M	-11.29M	-9.78M	-8.28M	-9.05M	-12.04M	-10.66M	-11.91M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.8M	14.53M	16.91M	16.83M	17.06M	20.14M	21.2M	21.15M	22.28M	14.83M
Operating CF Margin %	0.34%	0.37%	0.41%	0.4%	0.36%	0.48%	0.43%	0.4%	0.44%	0.36%
Operating CF Growth %	-0.1%	0.05%	0.16%	-0%	0.01%	0.18%	0.05%	-0%	0.05%	-0.33%
Net Income	11.84M	12.13M	8.51M	18.55M	14.73M	10.8M	14.79M	16.47M	16.64M	13.87M
Depreciation & Amortization	3.15M	2.83M	2.77M	2.96M	6.88M	7.21M	7.28M	7.08M	6.37M	2.85M
Stock-Based Compensation	87K	92K	129K	64K	113K	160K	166K	183K	225K	256K
Deferred Taxes	-901K	-484K	-658K	-326K	-396K	-26K	-92K	-401K	-681K	0
Other Non-Cash Items	-9K	5K	21K	-373K	53K	3K	63K	36K	-33K	-342K
Working Capital Changes	-366K	-46K	6.14M	-4.04M	-4.32M	1.99M	-1.01M	-2.23M	-233K	-1.8M
Change in Receivables	137K	295K	-242K	-496K	-738K	617K	-1.09M	-511K	2.27M	-781K
Change in Inventory	422K	-360K	-467K	-244K	-1.69M	924K	-485K	-2.35M	-670K	587K
Change in Payables	-265K	286K	9K	52K	114K	-308K	-23K	464K	-456K	-73K
Cash from Investing+	-246K	-3.3M	-1.6M	534K	-21.54M	-860K	-552K	-818K	-639K	-208K
Capital Expenditures	-176K	-3.3M	-1.6M	-402K	-540K	-860K	-552K	-818K	-639K	-235K
CapEx % of Revenue	0%	0.08%	0.04%	0.01%	0.01%	0.02%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-70K	-9K	0	862K	-21M	0	0	0	0	0
Cash from Financing+	-8.89M	-6.34M	-2.65M	-4.78M	-4.23M	-10.73M	-10.9M	-5.48M	-4.17M	-23.84M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.85M	-3.92M	-2.96M	-4.03M	-4.11M	-4.12M	-11.46M	-3.16M	-4.28M	-4.26M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	72K	426K	302K	454K	283K	358K	0	174K	0	390K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	13.55M	11.23M	15.31M	16.43M	-4.48M	19.28M	20.65M	20.33M	21.64M	14.6M
FCF Margin %	0.34%	0.29%	0.37%	0.39%	-0.1%	0.46%	0.42%	0.39%	0.43%	0.36%
FCF Growth %	-0.05%	-0.17%	0.36%	0.07%	-1.27%	5.3%	0.07%	-0.02%	0.06%	-0.33%
FCF per Share	3.59	2.98	4.10	4.38	-1.20	5.25	5.64	5.58	5.95	4.17
FCF Conversion (FCF/Net Income)	1.17x	1.20x	1.99x	0.91x	1.16x	1.86x	1.43x	1.28x	1.34x	1.07x
Interest Paid	65K	0	0	0	0	0	0	0	0	0
Taxes Paid	5.34M	4.85M	5.15M	4.85M	5.3M	3.19M	4.62M	4.97M	4.83M	4.64M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.65%	17.46%	11.54%	22.21%	15.5%	10.59%	14.09%	14.88%	13.72%	11.29%
Return on Invested Capital (ROIC)	24.35%	27.22%	35.15%	36.84%	27.39%	18.65%	28.86%	34.48%	33.43%	28.91%
Gross Margin	60.23%	60.28%	63.73%	62.64%	62.82%	60.57%	63.03%	61.58%	59.81%	59.03%
Net Margin	29.49%	30.86%	20.54%	44.18%	31.4%	25.6%	30.15%	31.51%	33.12%	33.92%
Debt / Equity	-	-	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage	240.78x	-	-	-	-	-	-	-	-	-
FCF Conversion	1.17x	1.20x	1.99x	0.91x	1.16x	1.86x	1.43x	1.28x	1.34x	1.07x
Revenue Growth	-2.72%	-2.14%	5.38%	1.41%	11.68%	-10.08%	16.3%	6.58%	-3.93%	-18.56%

Frequently Asked Questions

Valuation & Price

Utah Medical Products, Inc. (UTMD) has a price-to-earnings (P/E) ratio of 15.2x. This is roughly in line with market averages.

Growth & Financials

Utah Medical Products, Inc. (UTMD) reported $38.8M in revenue for fiscal year 2024. This represents a 3% increase from $37.9M in 2011.

Utah Medical Products, Inc. (UTMD) saw revenue decline by 18.6% over the past year.

Yes, Utah Medical Products, Inc. (UTMD) is profitable, generating $12.6M in net income for fiscal year 2024 (33.9% net margin).

Dividend & Returns

Yes, Utah Medical Products, Inc. (UTMD) pays a dividend with a yield of 2.02%. This makes it attractive for income-focused investors.

Utah Medical Products, Inc. (UTMD) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Utah Medical Products, Inc. (UTMD) generated $14.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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