Earnings ·
UTMD Reports Q3 Net Income of $2.8M on $8.6M Revenue as Sales Fall 12%
UTMDUtah Medical Products Inc
Utah Medical Products reported third-quarter net income of $2.8 million, or $0.876 per diluted share, a 5.9% increase from the prior year period. Consolidated revenues declined 12.1% to $8.6 million, driven by zero sales to two major former customers and an accelerated decline in Filshie Clip System sales. Operating income rose 7% to $2.8 million as lower litigation and amortization expenses offset reduced gross profit margins. For the first nine months, revenues fell 12.2% to $25.9 million while net income decreased 7.4% to $8.1 million. The company acquired Orion Medical Supplies Ltd for $5.0 million in August and paid a quarterly dividend of $0.31 per share.