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Utah Medical Products Inc (UTMD). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $10,005,000 from $12,505,000 in the same quarter the previous year. The decrease is attributed to lower sales to a major OEM customer and a decline in Filshie Clip System sales.
Cost of goods sold for the quarter was $4,203,000, resulting in a gross profit of $5,802,000, compared to $7,359,000 in the previous year. The gross profit margin decreased to 58.0% from 58.8% in the previous year.
Operating expenses decreased to $2,459,000 from $3,390,000, primarily due to the end of amortization expenses related to the CooperSurgical Inc. (COO) distribution agreement.
Operating income for the quarter was $3,343,000, down from $3,969,000 in the previous year. The decline is attributed to lower sales and higher litigation expenses.
Net income for the quarter was $3,563,000, down from $3,935,000 in the previous year. Earnings per diluted share were $1.025, compared to $1.081 in the previous year.
Cash provided by operating activities was $11,894,000, while cash used in investing and financing activities was $199,000 and $16,091,000, respectively.
Utah Medical Products had a working capital of $98,221,000 as of September 30, 2024. The company continues to focus on managing its cash flow and returning value to shareholders through dividends and share repurchases.
The filing also details the company's focus on defending the Filshie Clip System in the U.S. and its plans to introduce new products to the market.
Utah Medical Products does not anticipate significant changes in its accounting policies and continues to evaluate potential acquisition opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Utah Medical Products Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.