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UTMD Reports Audited Year 2020 and Fourth Quarter Financial Performance
Contact: Crystal Rios (801) 566-1200January 28, 2021
Salt Lake City, Utah –Utah Medical Products, Inc. (Nasdaq: UTMD) reports financial results for the fourth calendar quarter (4Q) which confirms a trend of recovery from the “COVID-19 depression” in 2Q 2020 caused by government policies restricting medical procedures deemed “nonessential” such as tubal ligation and loop excision of the transformation zone. In this report, UTMD presents 2020 successive quarterly comparisons. In summary, 4Q 2020 was UTMD’s best revenue quarter of the year, almost 2% higher than the pre-pandemic 4Q 2019. Consolidated total worldwide revenues for the 2020 year were 10% lower than in 2019, after being down 26% in 2Q 2020. Direct to end user sales, which drive UTMD’s overall profitability, were 14% lower for the 2020 year after being down 39% in the dismal 2Q 2020.
Currencies in this release are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; £ or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and € or EUR = Euros. Currency amounts throughout this report are in thousands, except per share amounts and where noted.
Summary of Financial Results
UTMD management believes that the presentation of sequential 2020 quarterly comparisons provides meaningful supplemental information to both management and investors. Keeping in mind that results for any given three month period in comparison with a previous year’s same three month period may vary as a result of several factors: foreign currency exchange rates for sales invoiced in foreign currencies, uneven international distributor and OEM customer order patterns as a result of purchasing larger quantities of devices at a time, and the timing of ups and downs in government restrictions during the pandemic. The following table shows the percent changes in 2020 quarterly revenues by sales channel compared to the same periods of time in 2019:
Revenues [USD denominated]
U.S. domestic (excluding OEM)
Subtotal, Direct to End-User:
All Other OUS (Sales to Int’l Distributors)
U.S. OEM Sales
U.S. domestic sales direct to end-user facilities did not decline as much as OUS direct to end-user facilities in 2Q 2020, down 29% in the U.S. compared to down 63% OUS, and recovered faster. For the year, U.S domestic sales to end-user facilities were 8% lower compared to 30% lower OUS. After a good 3Q 2020 recovery, a resurgence of virus infections in 4Q 2020 slowed the recovery OUS but not in the U.S. The different OUS 4Q 2020 significant improvement in Australia was due in part to UTMD beginning to sell directly to medical facilities in New Zealand from its Australia facility, rather than by a third party distributor.
The following information was filed by Utah Medical Products Inc (UTMD) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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