Utah Medical Products Inc. develops, manufactures and markets disposable and reusable specialty medical devices, with a stated focus on health care for women and babies. Its products are used in areas such as blood pressure monitoring, blood collection, electrosurgery, gynecology, neonatal critical care, perinatology and urology, serving hospitals, outpatient clinics and physicians' offices.
Company updates commonly cover quarterly and annual financial performance, domestic and outside-U.S. sales trends, foreign-currency effects, product-category demand, OEM and distributor relationships, and profit margins. Recurring corporate actions include quarterly cash dividends, open-market share repurchases when disclosed, board appointments and other governance updates for the Nasdaq-listed common stock.
Utah Medical Products, Inc. (Nasdaq: UTMD) has announced a quarterly cash dividend of $0.30 per share of common stock. This represents a 1.7% increase compared to the dividend declared in the same quarter of the previous year. The dividend will be payable on October 4, 2024, to stockholders of record at the close of business on September 20, 2024.
UTMD specializes in developing, manufacturing, and marketing a wide range of disposable and reusable specialty medical devices, with a particular focus on healthcare for women and their babies. The company's products are recognized by clinicians in over 100 countries worldwide as the standard for achieving optimal long-term patient outcomes.
Utah Medical Products (Nasdaq: UTMD) reported a substantial decline in revenues for 2Q and 1H 2024 compared to the same periods in 2023. 2Q 2024 revenues were $2,466 (19.2%) lower, and 1H 2024 revenues were $3,646 (14.4%) lower. Major contributors to the decline include reduced sales in three categories: PendoTech OEM, China BPM Distributor, and Filshie Clip System.
Despite the revenue drop, UTMD maintained similar profit margins: Gross Profit Margin remained at 60.1% for 2Q 2024. However, Operating Income and Net Income declined by 22% and 18% respectively for 2Q 2024.
The balance sheet remains strong with $89.2 million in cash and no debt. The company paid $2.2 million in dividends and repurchased $9.4 million of its common stock during 1H 2024. UTMD expects a similar magnitude of revenue decline in the remaining quarters of 2024.
Utah Medical Products, Inc. (NASDAQ: UTMD) announced a 1.7% increase in their quarterly cash dividend to thirty cents ($.30) per share of common stock. The dividend will be payable on July 5, 2024, to stockholders of record as of June 14, 2024. The company specializes in health care products for women and babies, with a global presence in over a hundred countries.
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