UTMD

EX-99.1

2 utmd_ex99z1.htm

EXHIBIT 99.1

EXHIBIT 99.1

UTMD Reports Financial Performance for Second Calendar Quarter and First Half 2026

Contact: Brian Koopman (801) 566-1200July 23, 2026

Salt Lake City, Utah – Utah Medical Products, Inc. [Nasdaq: UTMD] reports second calendar quarter (2Q) and first half (1H) 2026 financial results with a continued decline in overall revenues in comparison to the same time periods in 2025.

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.  Because of the relatively short span of time, 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.

Overview of Results

In brief, consolidated total 2Q 2026 revenues were $1,424 (14.3%) lower than in 2Q 2025, with 1H 2026 revenues $2,411 (12.3%) lower than in 1H 2025. The lower sales in comparison with the prior year’s periods were primarily the result of a lack of sales to UTMD’s two previously largest customers, representing a combined $1,065 loss in 2Q 2025 sales, which was 75% of the 2Q decline; and representing a combined $1,923 loss in 1H 2025 sales, which was 80% of the 1H decline. The total 2025 sales to these two former customers were $2,889, which UTMD planned to recover in sales of new products in 2026, mainly to other biopharma OEM customers. Sales to other biopharma new customers were just $211 in 1H 2026, a slower than expected gain. Additional period-to-period sales comparisons follow below.

UTMD’s profit margins compared to those of the prior year’s same periods follow:

2Q 2026

(Apr – Jun)

2Q 2025

(Apr – Jun)

1H 2026

(Jan – Jun)

1H 2025

(Jan – Jun)

Gross Profit Margin (GP/ sales):

55.8%

56.2%

58.2%

56.6%

Operating Income Margin (OI/ sales):

31.1%

32.1%

30.2%

32.3%

Income B4 Tax Margin (EBT/ sales):

38.5%

38.5%

37.5%

39.1%

Net Income Margin (NI/ sales):

31.5%

30.6%

30.7%

31.0%

Despite a more favorable sales mix relative to 2Q 2025, UTMD’s Gross Profit (GP) margin in 2Q 2026 contracted somewhat as a result of lower sales than expected without proportionally lowering consolidated manufacturing overhead costs. Operating Income (OI) declined more than the GP decline due to $213 higher 2Q 2026 U.S. litigation costs compared to 2Q 2025, and $341 higher 1H 2026 litigation costs than in 1H 2025, which costs are included in Operating Expenses. Non-operating income in 2Q 2026 was about the same as in 2Q 2025, but $91 lower in 1H 2026 as a result of lower interest rates. A lower estimated average income tax provision rate helped to decrease the percentage period-to-period declines in Net Income (NI).  Share repurchases during 1H 2026 were minimal compared to the 1H of 2025. Please see the financial statements on the last page of this report.

UTMD’s June 30, 2026 Balance Sheet continued strong, with no debt. Ending Cash and Investments were $87.5 million compared to $85.8 million on December 31, 2025, after paying $2.0 million in cash dividends to stockholders, repurchasing $0.2 million of UTMD common stock, increasing non-cash working capital by $1.7 million (including increasing inventories by $1.1 million while reducing current liabilities by $0.5 million) and investing $0.3 million in capital expenditures during 1H 2026.

Revenues (sales) -2Q 2026

Total consolidated 2Q 2026 UTMD worldwide (WW) sales in USD terms were $8,529 compared to $9,953 in 2Q 2025.

Consistent with the projection in UTMD’s SEC 10-K Report at the beginning of the year, 1) sales of biopharma pressure monitoring devices and accessories to UTMD’s previously largest OEM customer, PendoTECH, were zero in 2Q 2026, which were $196 in 2Q 2025 domestic OEM sales, and 2) sales of blood pressure monitoring kits to UTMD’s previously largest distributor outside the U.S. (OUS) located

in China were also zero, which were $870 in international sales in 2Q 2025.  The combined sales to those two entities, which were zero in 2Q 2026, were $1,066 in 2Q 2025 and $1,007 in 2Q 2024.

Domestic sales are invoiced in USD and obviously not subject to foreign currency conversion (FX) rate fluctuations. The components of domestic sales include 1) “direct non-Filshie device sales” of UTMD’s medical devices to user facilities (and med/surg stocking distributors for hospitals), 2) “OEM sales” of components and other products manufactured by UTMD for other medical device and non-medical device companies, and 3) “domestic Filshie device sales”. UTMD separates domestic Filshie device sales from other medical device sales direct to medical facilities because UTMD is simply a distributor for Femcare in the U.S.

In the aggregate, 2Q 2026 domestic sales were 11.9% lower, at just $5,166 compared to $5,865 in 2Q 2025. Non-PendoTECH domes

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UTAH MEDICAL PRODUCTS, INC. - Form 8-K SEC filing

0000706698 false

0000706698

2026-01-29 2026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 29, 2026

UTAH MEDICAL PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

UTAH

000-12575

87-0342734

(State or other jurisdiction of

(Commission File Number)

(IRS Employer

incorporation or organization)

Identification No.)

7043 South 300 West

Midvale, Utah

84047

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code:

Phone: (801) 566-1200

n/a

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

ITEM 2.02—RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Utah Medical Products, Inc. for the three and twelve months ended December 31, 2025 and forward-looking statements relating to 2025 and beyond as presented in a press release dated January 29, 2026.

The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

ITEM 9.01—FINANCIAL STATEMENTS AND EXHIBITS

The following is filed as an exhibit to this report:

Exhibit

Number*

Title of Document

Location

Item 99.1

Financial information for Utah Medical Products, Inc. for the three and twelve months ended December 31, 2025 and forward-looking statements relating to 2025 and beyond as presented in a press release dated January 29, 2026.

This filing

*All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UTAH MEDICAL PRODUCTS, INC.

Dated: January 29, 2026

By:

/s/ Kevin L. Cornwell

Kevin L. Cornwell, Chief Executive Officer