Revenue has declined from $10.4M in 2024Q2 to $8.6M in 2026Q3 while operating margin has remained within a 26.6% to 33.4% band, indicating that cost discipline has so far cushioned profitability against shrinking sales.
Utah Medical Products, Inc. (UTMD) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 34.92M | 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 % | -9.62% | -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 | 14.77M | 16.52M | 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 | - | 42.88% | 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 | 20.14M | 22M | 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 % | 57.69% | 57.12% | 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 % | - | -8.87% | -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 | 9.69M | 10.6M | 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 | - | 27.52% | 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 | 9.03M | 9.93M | 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 | - | 25.78% | 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 | 662K | 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 | 10.45M | 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 % | 29.93% | 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 | 12.35M | 14.35M | 16.44M | 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 % | 35.36% | 37.26% | 40.19% | 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 % | -16.79% | -12.69% | -28.97% | -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) | 1.9M | 2.95M | 2.85M | 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 | 12.97M | 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 | 631K | 2.81M | 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 | 631K | 2.81M | 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 | 2.52M | 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 | 12.97M | 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 % | 37.16% | 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 | 2.33M | 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 % | 17.97% | 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 | 10.64M | 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 % | 30.48% | 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 % | -8.42% | -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) | 10.64M | 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) | 3.35 | 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 % | -5.59% | -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) | - | 3.48 | 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 | 3.18M | 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 | 3.18M | 3.24M | 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% | - | - | - | - | - | - | - | - |
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 $22.0M in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained revenue decline pressure
Metrics are mathematically derived from official filings.
Top Line Contraction Persists Into 2026
Based on the reported quarterly figures, UTMD's revenue fell 12.1% year over year to $8.6M in 2026Q3, extending a run of declines that has now persisted for roughly nine consecutive quarters since mid-2024.
The sequential pattern shows revenue stabilizing in a narrow $8.5M to $8.7M band across the last three quarters, which suggests the decline is flattening rather than accelerating. However, the year-over-year comparisons remain negative, indicating the base has not yet turned, and investors should monitor whether this plateau represents a true trough or a temporary pause. The absence of any quarter showing positive growth warrants caution about the durability of the franchise's demand base.
Gross Margin Recovery Masks Revenue Weakness
As reported in the quarterly income statements, UTMD's gross margin expanded to 60.6% in 2026Q1 from 50.8% in 2025Q2, a notable improvement achieved while revenue was declining.
The margin expansion appears to reflect a combination of cost reduction in cost of goods sold and possible mix or pricing effects, though the filings alone do not isolate which driver dominated. Gross margin subsequently moderated to 55.6% and 56.1% in the two most recent quarters, suggesting the 2026Q1 peak may not be sustained. Relative to the peer set, where LMAT reports 71.5% and NVCR 74.5%, UTMD's margin profile remains mid-range, which may limit evidence of structural pricing power.
Operating Margin Stability Despite Shrinking Sales
Based on the reported figures, UTMD's operating margin held between 26.6% and 33.4% over the ten quarters, with operating income of $2.8M in 2026Q3 on revenue of $8.6M.
Operating income has moved in rough proportion to revenue, which suggests that operating expenses have been adjusted to track the top line rather than producing meaningful operating leverage in either direction. The SG&A line shows considerable quarterly volatility, including a figure of $7.6M in 2024Q4 that appears anomalous relative to adjacent quarters and warrants further investigation before drawing efficiency conclusions. The data does not clearly demonstrate that operating income is scaling faster than gross profit, so the efficiency case remains unproven on this evidence.
EPS Trend Diverges From Net Income Trend
According to the reported filings, UTMD's diluted EPS declined from $0.98 in 2024Q2 to $0.80 in 2025Q4 before recovering to $0.88 in 2026Q3, a pattern that differs from the trajectory of net income.
Net income figures are reported only at the rounded million level, which limits precision when reconciling against diluted EPS and share count changes. The stock-based compensation amounts, at roughly $53K to $120K per quarter, are small relative to net income, suggesting dilution and SBC are unlikely to be material drivers of the EPS pattern. Investors should monitor whether the EPS recovery in the most recent quarter reflects share repurchase activity or genuine earnings improvement, as the filings alone do not resolve this.
Margin Durability Remains the Central Question
The strongest bear argument, based on reported figures, is that UTMD's gross margin peaked at 60.6% in 2026Q1 and has already retraced, while revenue has declined for an extended period.
A short-seller would likely argue that the margin improvement reflects temporary cost timing rather than structural gains, and that continued top-line erosion will eventually compress operating income despite current stability. The company's mid-range margins against peers such as LMAT, which reports 27.2% operating margin versus UTMD's roughly 32% in recent quarters, may also reflect a narrower competitive moat than the margin level alone implies. These concerns warrant further investigation rather than being proven outcomes, but they represent the most material challenge to a stable-earnings thesis.