Revenue growth has trended negatively for multiple quarters, culminating in a -10.2% decline in 2026Q1 alongside gross margin compression from 59.7% in 2024Q1 to 52.3% by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 37.53M | 38.52M | 40.9M | 50.22M | 52.28M | 49.05M | 42.18M | 46.9M | 42M | 41.41M | 39.3M | 40.16M | 41.28M | 40.49M | 41.55M | 37.86M | 25.12M | 25.92M | 27.78M | 28.5M | 28.75M | 27.69M | 26.48M | 27.14M | 27.36M | 26.95M | 27.19M | 29.44M | 27.7M | 24.3M | 38.7M |
| Revenue Growth % | -4.44% | -5.83% | -18.56% | -3.93% | 6.58% | 16.3% | -10.08% | 11.68% | 1.41% | 5.38% | -2.14% | -2.72% | 1.94% | -2.55% | 9.75% | 50.71% | -3.07% | -6.72% | -2.53% | -0.87% | 3.83% | 4.56% | -2.4% | -0.82% | 1.51% | -0.88% | -7.65% | 6.3% | 13.99% | -37.21% | -7.86% |
| Cost of Goods Sold | 17.4M | 18.64M | 16.76M | 20.19M | 20.09M | 18.14M | 16.63M | 17.44M | 15.69M | 15.02M | 15.61M | 15.97M | 16.3M | 16.22M | 16.25M | 15.46M | 11.91M | 12.13M | 12.76M | 12.71M | 12.61M | 11.94M | 11.42M | 11.24M | 11.6M | 11.56M | 12.07M | 11.46M | 11.4M | 10.2M | 18.1M |
| COGS % of Revenue | - | 48.4% | 40.98% | 40.19% | 38.42% | 36.97% | 39.43% | 37.18% | 37.36% | 36.27% | 39.72% | 39.77% | 39.48% | 40.06% | 39.1% | 40.83% | 47.41% | 46.79% | 45.94% | 44.61% | 43.84% | 43.11% | 43.11% | 41.44% | 42.39% | 42.89% | 44.38% | 38.91% | 41.16% | 41.98% | 46.77% |
| Gross Profit | 20.13M | 19.88M | 24.14M | 30.04M | 32.2M | 30.92M | 25.55M | 29.47M | 26.31M | 26.39M | 23.69M | 24.18M | 24.98M | 24.27M | 25.31M | 22.4M | 13.21M | 13.79M | 15.02M | 15.79M | 16.15M | 15.75M | 15.07M | 15.89M | 15.76M | 15.39M | 15.13M | 17.99M | 16.3M | 14.1M | 20.6M |
| Gross Margin % | 53.63% | 51.6% | 59.03% | 59.81% | 61.58% | 63.03% | 60.57% | 62.82% | 62.64% | 63.73% | 60.28% | 60.23% | 60.52% | 59.94% | 60.9% | 59.17% | 52.59% | 53.21% | 54.06% | 55.39% | 56.16% | 56.89% | 56.88% | 58.56% | 57.61% | 57.11% | 55.62% | 61.09% | 58.84% | 58.02% | 53.23% |
| Gross Profit Growth % | - | -17.68% | -19.63% | -6.7% | 4.14% | 21.02% | -13.3% | 12.01% | -0.34% | 11.42% | -2.05% | -3.19% | 2.93% | -4.09% | 12.98% | 69.57% | -4.2% | -8.18% | -4.88% | -2.22% | 2.5% | 4.56% | -5.2% | 0.82% | 2.4% | 1.77% | -15.92% | 10.36% | 15.6% | -31.55% | -2.83% |
| Operating Expenses | 9.31M | 8.47M | 10.55M | 13.26M | 12.41M | 12.04M | 11.84M | 11.83M | 7.61M | 7.38M | 7.5M | 8.53M | 8.78M | 9.45M | 10.11M | 10.56M | 4.29M | 4.36M | 4.63M | 5.03M | 5.31M | 6.52M | 4.96M | 5.17M | 5.22M | 6.12M | 6.76M | 9.71M | 9.6M | 8.6M | 8.7M |
| OpEx % of Revenue | - | 22% | 25.79% | 26.4% | 23.73% | 24.54% | 28.07% | 25.23% | 18.12% | 17.83% | 19.09% | 21.25% | 21.27% | 23.33% | 24.33% | 27.89% | 17.07% | 16.81% | 16.66% | 17.65% | 18.47% | 23.53% | 18.72% | 19.05% | 19.08% | 22.69% | 24.85% | 32.96% | 34.66% | 35.39% | 22.48% |
| Selling, General & Admin | 8.65M | 7.8M | 5.57M | 12.7M | 11.91M | 11.51M | 11.35M | 11.35M | 7.16M | 6.94M | 7.03M | 8.01M | 8.32M | 8.95M | 9.55M | 10.04M | 3.89M | 4M | 4.27M | 4.65M | 5M | 6.2M | 4.67M | 4.88M | 4.94M | 5.75M | 6.19M | 6.79M | 6.6M | 6.1M | 5.9M |
| SG&A % of Revenue | - | 20.26% | 13.61% | 25.29% | 22.79% | 23.47% | 26.92% | 24.2% | 17.04% | 16.75% | 17.88% | 19.95% | 20.16% | 22.11% | 22.98% | 26.52% | 15.49% | 15.42% | 15.37% | 16.31% | 17.38% | 22.37% | 17.61% | 17.99% | 18.04% | 21.34% | 22.76% | 23.08% | 23.83% | 25.1% | 15.25% |
| Research & Development | 668K | 668K | 813K | 560K | 493K | 526K | 486K | 483K | 454K | 447K | 475K | 522K | 460K | 491K | 563K | 518K | 397K | 361K | 359K | 382K | 316K | 320K | 292K | 288K | 285K | 364K | 568K | 719K | 900K | 1M | 1.4M |
| R&D % of Revenue | - | 1.73% | 1.99% | 1.11% | 0.94% | 1.07% | 1.15% | 1.03% | 1.08% | 1.08% | 1.21% | 1.3% | 1.11% | 1.21% | 1.35% | 1.37% | 1.58% | 1.39% | 1.29% | 1.34% | 1.1% | 1.16% | 1.1% | 1.06% | 1.04% | 1.35% | 2.09% | 2.44% | 3.25% | 4.12% | 3.62% |
| Other Operating Expenses | 0 | 0 | 4.17M | 0 | 0 | 0 | 0 | 0 | 0 | 54K | 0 | -46K | 0 | 79K | -17K | 0 | 0 | 0 | 0 | 0 | -1K | 1K | 0 | 0 | 0 | 0 | 0 | 2.19M | 2.1M | 1.5M | 1.4M |
| Operating Income | 10.81M | 11.4M | 13.59M | 16.78M | 19.79M | 18.88M | 13.71M | 17.63M | 18.7M | 19.01M | 16.19M | 15.65M | 16.2M | 14.83M | 15.2M | 11.84M | 8.92M | 9.43M | 10.39M | 10.76M | 10.84M | 9.24M | 15.32M | 10.72M | 10.54M | 9.28M | 8.37M | 8.28M | 6.7M | 5.5M | 11.9M |
| Operating Margin % | 28.81% | 29.6% | 33.23% | 33.4% | 37.85% | 38.49% | 32.5% | 37.59% | 44.52% | 45.9% | 41.19% | 38.97% | 39.25% | 36.62% | 36.57% | 31.28% | 35.52% | 36.39% | 37.39% | 37.74% | 37.68% | 33.36% | 57.84% | 39.51% | 38.53% | 34.42% | 30.77% | 28.13% | 24.19% | 22.63% | 30.75% |
| Operating Income Growth % | - | -16.12% | -18.97% | -15.22% | 4.82% | 37.73% | -22.25% | -5.7% | -1.65% | 17.45% | 3.42% | -3.4% | 9.27% | -2.42% | 28.32% | 32.73% | -5.41% | -9.21% | -3.41% | -0.73% | 17.3% | -39.71% | 42.88% | 1.71% | 13.62% | 10.89% | 1.03% | 23.61% | 21.82% | -53.78% | 1.71% |
| EBITDA | 13.74M | 14.35M | 16.36M | 23.14M | 26.87M | 26.16M | 20.92M | 24.51M | 21.65M | 21.78M | 19.02M | 18.8M | 19.56M | 18.02M | 18.46M | 14.62M | 9.53M | 10.02M | 10.98M | 11.35M | 11.47M | 9.91M | 16.13M | 11.71M | 11.71M | 11.21M | 10.56M | 10.47M | 8.8M | 7M | 13.3M |
| EBITDA Margin % | 36.62% | 37.26% | 40.01% | 46.08% | 51.4% | 53.34% | 49.59% | 52.26% | 51.56% | 52.6% | 48.4% | 46.81% | 47.38% | 44.51% | 44.43% | 38.6% | 37.93% | 38.66% | 39.52% | 39.83% | 39.89% | 35.8% | 60.9% | 43.14% | 42.81% | 41.59% | 38.83% | 35.57% | 31.77% | 28.81% | 34.37% |
| EBITDA Growth % | -12.65% | -12.29% | -29.29% | -13.87% | 2.71% | 25.08% | -14.67% | 13.21% | -0.6% | 14.53% | 1.18% | -3.89% | 8.52% | -2.38% | 26.32% | 53.37% | -4.9% | -8.74% | -3.29% | -1.01% | 15.7% | -38.54% | 37.78% | -0.07% | 4.49% | 6.18% | 0.8% | 19.02% | 25.71% | -47.37% | -0.75% |
| D&A (Non-Cash Add-back) | 2.93M | 2.95M | 2.77M | 6.37M | 7.08M | 7.28M | 7.21M | 6.88M | 2.96M | 2.77M | 2.83M | 3.15M | 3.36M | 3.19M | 3.27M | 2.77M | 607K | 588K | 591K | 597K | 634K | 676K | 809K | 984K | 1.17M | 1.93M | 2.19M | 2.19M | 2.1M | 1.5M | 1.4M |
| EBIT | 13.43M | 14.11M | 16.8M | 18.44M | 20.66M | 19.06M | 13.71M | 17.63M | 18.7M | 19.01M | 16.19M | 15.69M | 16.28M | 14.91M | 15.19M | 11.94M | 9.07M | 9.63M | 10.97M | 10.76M | 10.84M | 9.24M | 15.32M | 10.72M | 10.54M | 9.28M | 8.37M | 8.28M | 6.7M | 5.47M | 11.9M |
| Net Interest Income | 617K | 0 | 3.37M | 0 | 661K | 166K | 112K | 254K | 0 | 0 | 0 | -65K | -289K | -438K | -652K | -859K | -25K | 155K | 345K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 617K | 0 | 3.37M | 0 | 661K | 166K | 112K | 254K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 206K | 543K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65K | 289K | 438K | 652K | 859K | 25K | 51K | 198K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.62M | 2.71M | 3.21M | 3.31M | 869K | 181K | 132K | 252K | 762K | 71K | 235K | -106K | -390K | -352K | -659K | -762K | 118K | 148K | 388K | 1.28M | 1.58M | 977K | -739K | 454K | 454K | 202K | 53K | 263K | 900K | 1.3M | 1.8M |
| Pretax Income | 13.43M | 14.11M | 16.8M | 20.09M | 20.66M | 19.06M | 13.84M | 17.88M | 19.46M | 19.08M | 16.42M | 15.54M | 15.81M | 14.48M | 14.54M | 11.08M | 9.04M | 9.58M | 10.78M | 12.04M | 12.42M | 10.21M | 10.91M | 11.18M | 11M | 9.48M | 8.42M | 8.54M | 7.6M | 6.8M | 13.7M |
| Pretax Margin % | 35.79% | 36.63% | 41.08% | 40% | 39.52% | 38.86% | 32.81% | 38.13% | 46.33% | 46.08% | 41.79% | 38.71% | 38.31% | 35.75% | 34.99% | 29.27% | 35.99% | 36.97% | 38.79% | 42.24% | 43.19% | 36.88% | 41.18% | 41.18% | 40.19% | 35.17% | 30.96% | 29.02% | 27.44% | 27.98% | 35.4% |
| Income Tax | 2.58M | 2.82M | 2.93M | 3.45M | 4.19M | 4.27M | 3.04M | 3.16M | 904K | 10.58M | 4.29M | 3.7M | 4.43M | 3.07M | 4.37M | 3.67M | 3.03M | 3.32M | 3.57M | 4.13M | 4.25M | 2.67M | 3.74M | 3.84M | 3.83M | 3.55M | 3.05M | 3.08M | 2.7M | 2.5M | 4.9M |
| Effective Tax Rate % | 19.24% | 20.01% | 17.43% | 17.19% | 20.26% | 22.42% | 21.98% | 17.65% | 4.65% | 55.43% | 26.15% | 23.81% | 28.04% | 21.21% | 30.05% | 33.09% | 33.47% | 34.68% | 33.14% | 34.34% | 34.22% | 26.11% | 34.3% | 34.37% | 34.84% | 37.41% | 36.19% | 36.01% | 35.53% | 36.76% | 35.77% |
| Net Income | 10.85M | 11.29M | 13.87M | 16.64M | 16.47M | 14.79M | 10.8M | 14.73M | 18.55M | 8.51M | 12.13M | 11.84M | 11.38M | 11.41M | 10.17M | 7.41M | 6.01M | 6.26M | 7.21M | 7.91M | 8.17M | 7.55M | 10.22M | 20.76M | 7.17M | 5.93M | 5.37M | 5.47M | 4.9M | 4.3M | 8.8M |
| Net Margin % | 28.9% | 29.3% | 33.92% | 33.12% | 31.51% | 30.15% | 25.6% | 31.4% | 44.18% | 20.54% | 30.86% | 29.49% | 27.56% | 28.17% | 24.47% | 19.58% | 23.94% | 24.15% | 25.93% | 27.73% | 28.41% | 27.25% | 38.59% | 76.5% | 26.19% | 22.02% | 19.76% | 18.57% | 17.69% | 17.7% | 22.74% |
| Net Income Growth % | -16.29% | -18.65% | -16.6% | 0.98% | 11.39% | 36.95% | -26.68% | -20.63% | 118.15% | -29.87% | 2.41% | 4.09% | -0.25% | 12.16% | 37.16% | 23.28% | -3.9% | -13.14% | -8.86% | -3.22% | 8.23% | -26.15% | -50.77% | 189.76% | 20.74% | 10.44% | -1.74% | 11.59% | 13.95% | -51.14% | 4.76% |
| Net Income (Continuing) | 10.85M | 11.29M | 13.87M | 16.64M | 16.47M | 14.79M | 10.8M | 14.73M | 18.55M | 8.51M | 12.13M | 11.84M | 11.38M | 11.41M | 10.17M | 7.41M | 6.01M | 6.26M | 7.21M | 7.91M | 8.17M | 7.55M | 7.17M | 7.33M | 7.17M | 5.93M | 5.37M | 5.47M | 4.9M | 4.3M | 8.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.41 | 3.48 | 3.96 | 4.57 | 4.52 | 4.04 | 2.94 | 3.94 | 4.95 | 2.28 | 3.22 | 3.14 | 3.01 | 3.02 | 2.74 | 2.03 | 1.65 | 1.72 | 1.86 | 1.98 | 2.02 | 1.80 | 2.19 | 4.25 | 1.36 | 1.14 | 0.90 | 0.76 | 0.59 | 0.51 | 0.93 |
| EPS Growth % | -10.58% | -12.12% | -13.35% | 1.11% | 11.88% | 37.41% | -25.38% | -20.4% | 117.11% | -29.19% | 2.55% | 4.32% | -0.33% | 10.22% | 34.98% | 23.03% | -4.07% | -7.53% | -6.06% | -1.98% | 12.22% | -17.81% | -48.47% | 212.5% | 19.3% | 26.67% | 18.42% | 28.81% | 15.69% | -45.16% | 13.41% |
| EPS (Basic) | - | 3.41 | 3.96 | 4.57 | 4.53 | 4.05 | 2.95 | 3.96 | 4.97 | 2.29 | 3.22 | 3.14 | 3.02 | 3.02 | 2.74 | 2.04 | 1.66 | 1.73 | 1.87 | 2.01 | 2.07 | 1.91 | 2.32 | 4.59 | 1.46 | 1.18 | 0.90 | 0.76 | 0.59 | 0.51 | 0.94 |
| Diluted Shares Outstanding | 3.19M | 3.24M | 3.5M | 3.64M | 3.64M | 3.66M | 3.67M | 3.74M | 3.75M | 3.74M | 3.77M | 3.77M | 3.77M | 3.77M | 3.71M | 3.65M | 3.64M | 3.63M | 3.88M | 3.99M | 4.04M | 4.19M | 4.67M | 4.88M | 5.27M | 5.21M | 5.97M | 7.19M | 8.31M | 8.43M | 9.46M |
| Basic Shares Outstanding | 3.19M | 3.31M | 3.5M | 3.64M | 3.64M | 3.65M | 3.66M | 3.72M | 3.73M | 3.72M | 3.75M | 3.77M | 3.77M | 3.77M | 3.71M | 3.63M | 3.62M | 3.61M | 3.84M | 3.93M | 3.95M | 3.95M | 4.41M | 4.52M | 4.91M | 5.03M | 5.97M | 7.19M | 8.31M | 8.43M | 9.36M |
| Dividend Payout Ratio | - | 35.29% | 30.7% | 25.74% | 19.2% | 77.53% | 38.12% | 27.92% | 21.7% | 34.74% | 32.29% | 32.47% | 33.09% | 32.22% | 34.96% | 46.3% | 100.27% | 53.32% | 60.08% | 43.3% | 35.53% | 32.4% | 13.02% | - | - | - | - | - | - | - | - |
Persistent negative revenue growth
According to the provided quarterly income statements, UTMD has experienced a consistent decline in top-line performance, with revenue growth reaching -10.2% in 2026Q1, signaling a multi-quarter trend of contraction that suggests potential market share erosion or a softening in core maternal and neonatal demand.
The persistent negative growth trajectory across the last ten quarters indicates that the company's niche product portfolio may be facing structural headwinds rather than temporary cyclicality. Investors should monitor whether this decline reflects a loss of competitive positioning in the Filshie Clip or broader fetal monitoring segments, as the lack of top-line expansion limits the company's ability to leverage its fixed cost base.
Based on reported financial data, UTMD's gross margin has fluctuated significantly, dropping from 59.7% in 2024Q1 to 52.3% by 2025Q4, which suggests that the company's pricing power may be increasingly constrained by rising input costs or competitive pressures within its specialized medical device niches.
The variability in gross margins warrants further investigation into whether the company is successfully passing through inflationary costs to hospital customers. A compression in these margins, combined with declining revenue, may indicate that the company's proprietary designs are facing increased scrutiny or that GPO contract renewals are becoming more difficult to negotiate on favorable terms.
As reported in recent financial statements, UTMD's net margin remains remarkably close to its operating margin, with net income of $2.6 million in 2026Q1, suggesting that non-operating interest income from its substantial cash reserves is a critical component of the company's bottom-line profitability.
The reliance on interest income to sustain net margins implies that the core manufacturing business may be less profitable than the headline figures suggest. Analysts should be wary of viewing these earnings as purely operational, as the company's bottom line is highly sensitive to interest rate fluctuations rather than purely organic product demand.
Based on the provided income statement history, the most significant challenge to the investment thesis is the combination of negative revenue growth and a lack of reinvestment, which may lead market participants to view the company as a terminal asset rather than a growth-oriented medical device firm.
Short-sellers would likely focus on the company's inability to reverse the downward revenue trend, arguing that the high cash balance is merely a byproduct of harvesting a declining business. Without a clear strategy for capital deployment or product innovation, the company risks becoming a stagnant entity where the primary value proposition is limited to its existing cash pile and interest income.
Quick answers to the most common questions about buying UTMD stock.
For fiscal year 2025, Utah Medical Products, Inc. (UTMD) reported total revenue of $38.5M. This represents a 0.5% decline compared to $38.7M in 1996.
Utah Medical Products, Inc. (UTMD) is profitable, generating $11.3M in net income for the fiscal year ending 2025 with a net profit margin of 29.3%.
Utah Medical Products, Inc. (UTMD) reported an operating income of $11.4M, resulting in an operating profit margin of 29.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Utah Medical Products, Inc. (UTMD) generated $19.9M in gross profit for the year, representing a gross profit margin of 51.6%. This demonstrates the company's core pricing power and production efficiency.