UTMD Reports Financial Performance for Third Quarter and Nine Months of Year 2020


Contact: Crystal Rios (801) 566-1200October 27, 2020 


Salt Lake City, Utah – For the third calendar quarter (3Q) and first nine months (9M) of 2020, Utah Medical Products, Inc. (Nasdaq: UTMD) reports financial results described by CEO Kevin Cornwell as follows,

“As stockholders know, the desire to preserve capacity for treating patients with COVID-19 led to suspending many hospital medical procedures.  As a result, UTMD began to experience lower demand for its specialty medical devices in March during 1Q 2020.  As the largest segment of UTMD’s revenues in recent years has been in gynecology procedures deemed “nonessential” such as tubal ligation and loop excision of the transformation zone, UTMD sales dropped precipitously in 2Q 2020.


My view is that comparisons of 3Q and 9M 2020 results with the same periods in the prior year represent the magnitude of a revenue hole that UTMD fell into caused by COVID-19 management policies, not a fundamental trend. The trend which may be of more interest and cause for optimism is a comparison of successive quarterly revenues during 2020.  In this report, in addition to comparing with the prior year’s same time periods, which identify the “COVID-19 hole”, UTMD also presents 2020 successive quarterly sales by channel and product group.  In summary, 3Q 2020 U.S. domestic sales substantially recovered from 2Q 2020.  Although sales outside the U.S. (OUS) have been slower to recover, they nevertheless were significantly higher in 3Q 2020 than in the dismal 2Q 2020. Unless governments again restrict medical care, we see the recovery trend continuing to be positive, so that 4Q 2020 is likely to be UTMD’s best revenue quarter of the year.”  


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 results 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 three month period may not be indicative of comparative results for the year as a whole, the following table shows the percent changes in 2020 quarterly results compared to the same periods of time in 2019:


Revenues [USD denominated]





U.S. domestic  (excluding OEM)

+ 14.5%



(  9.2%)

Canada domestic



( 5.6%)


Ireland domestic





UK domestic





France domestic





Australia domestic

(  8.6%)




Subtotal, Direct to End User:

+ 4.2%





All Other OUS (Sales to Int’l Distributors)


(  5.2%)


(  4.5%)





U.S. OEM Sales

+ 0.7%

+ 9.5%

( 8.9%)

(  0.6%)

Worldwide Revenues

+ 1.6%




The following information was filed by Utah Medical Products Inc (UTMD) on Tuesday, October 27, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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