Here are a few analogies to describe Utah Medical Products (UTMD):

• Like a specialized Medtronic for women's and infant medical devices.
• Similar to Becton, Dickinson (BD), but focused solely on medical products for women and newborns.

• Mityvac® Vacuum-Assisted Delivery Systems: Devices designed for safe and effective vacuum-assisted vaginal delivery.
• DELTRAN® Disposable Blood Pressure Transducers: Products used for accurate invasive blood pressure monitoring and other physiological pressure measurements in critical care settings.
• Electrosurgical Accessories: A range of electrodes and instruments, including those for LEEP procedures, used in various surgical applications, particularly gynecology.
• Neonatal Care Products: Specialized medical devices such as umbilical catheters, feeding tubes, and warming systems for the care of premature and critically ill newborns.
• Labor & Delivery Monitoring Products: Devices including fetal scalp electrodes and intrauterine pressure catheters for internal monitoring during childbirth.

Utah Medical Products (UTMD) primarily sells its medical devices to other companies and institutions within the healthcare sector, rather than directly to individuals.

The company's most recent SEC filings (e.g., Form 10-K) indicate that no single customer or distributor represented more than 10% of their total sales in recent fiscal years. Therefore, specific "major customers" by name that meet typical disclosure thresholds are not publicly identified. Instead, UTMD's sales are diversified across a broad range of healthcare entities.

Based on their business model and marketing strategy, UTMD's major categories of customers (companies and institutions) include:

• Hospitals and Healthcare Facilities: These institutions are the primary end-users of UTMD's specialized medical devices, including labor and delivery units, neonatal intensive care units, urology clinics, and general surgery departments. UTMD sells to these facilities both directly and indirectly through distributors.
• Medical Device Distributors: These companies purchase UTMD products and then resell them to a wide array of healthcare providers. Distributors play a crucial role in extending UTMD's market reach across the United States and internationally.
• Group Purchasing Organizations (GPOs) and Integrated Delivery Networks (IDNs): While not always direct transactional customers, GPOs and IDNs represent large groups of hospitals and healthcare providers. UTMD contracts with these organizations to gain access to their member facilities, which then purchase UTMD products through negotiated agreements.

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The key risks to Utah Medical Products (UTMD) are primarily centered around significant revenue declines, ongoing litigation, and limited organic growth potential.

1. Loss of Major Customers and Declining Revenues: Utah Medical Products is facing substantial challenges due to the loss of key customers and an overall decline in sales. Its largest OEM customer, PendoTECH, which previously accounted for over 22% of total revenue, is projected to contribute almost no revenue through 2025, leading to a significant reduction in consolidated worldwide revenues. The company's international sales have also weakened, including reduced orders from a significant customer in China for 2024 and 2025. UTMD's consolidated revenues declined by 19% in 2024 compared to 2023, and further low to mid-single-digit percentage reductions are anticipated for 2025. This ongoing revenue erosion has contributed to a notable drop in the company's stock price.
2. Litigation Related to the Filshie Clip System: UTMD is involved in ongoing litigation concerning its Filshie Clip System, a product that accounts for 26% of the company's sales. This litigation has already led to a 16% year-over-year decline in Filshie device sales and significantly increased legal costs in 2023 and 2024, with projections for further increases. The lawsuits pose risks of substantial financial costs, potential loss of business, and a diversion of key employee attention from normal management activities.
3. Limited Organic Growth and Reliance on Acquisitions: The company has acknowledged limited internal research and development, which translates to minimal organic growth prospects, with expectations of only low single-digit growth. Historically, UTMD's revenues have shown modest growth, increasing only 25% over the past decade, and the company struggles to attract new customers. To achieve meaningful growth, Utah Medical Products will likely need to pursue new acquisitions, a strategy supported by its strong balance sheet and cash reserves.

Utah Medical Products (UTMD) operates in several medical device markets, primarily focusing on women's health and neonatal care. Below are the addressable market sizes for their main product categories:

• Fetal Monitoring Equipment: The global fetal monitoring equipment market size was estimated at $3.67 billion in 2024 and is projected to reach $6.16 billion by 2030, growing at a CAGR of 9.0% from 2025 to 2030. North America was the largest revenue-generating market in 2023, and the U.S. held the largest share within North America. Another estimate places the global fetal monitoring market at $5.8 billion in 2024, expected to grow to $11.1 billion by 2034 with a CAGR of 6.8%. The North American fetal monitoring market held over 46% of the global market share in 2023.
• Neonatal Care Equipment: The global neonatal infant care market size is estimated to expand from $2.52 billion in 2024 to $4.70 billion by 2034, with a CAGR of 6.4%. North America is a dominant region in the neonatal care equipment market, with the U.S. market alone estimated to reach $1.57 billion by 2034. Another report states the global neonatal care equipment market size was calculated at $2.04 billion in 2024, projected to reach $3.51 billion by 2034, expanding at a CAGR of 5.64%. North America held 34.5% of the global revenue in 2024.
• Gynecological Devices: The global gynecological devices market was valued at $8.5 billion in 2022 and is projected to reach $17.3 billion by 2032, with a CAGR of 7.3%. North America generated the largest revenue in 2022. Other estimates show the global gynecological devices market at $11.38 billion in 2025, forecasted to reach approximately $23.22 billion by 2034, with a CAGR of 8.25% from 2025 to 2034. The U.S. gynecological devices market size was estimated to be around $3.25 billion in 2023 and is anticipated to grow at a CAGR of 8.2% over the forecast period.
• Urology Devices: The global urology devices market size was $36.34 billion in 2024 and is projected to grow from $39.03 billion in 2025 to $64.33 billion by 2032, exhibiting a CAGR of 7.4%. North America dominated the urology devices market with a market share of 37.45% in 2024, with a revenue of $13.61 billion. Another report estimated the global urology devices market at $36.8 billion in 2024, expected to grow to $73.5 billion in 2034, at a CAGR of 7.2%. The U.S. urology devices market size was estimated at $9.78 billion in 2023 and is predicted to be worth around $18.23 billion by 2034.
• Uterine Fibroid Embolization Devices: The global uterine fibroid embolization (UFE) device market size is estimated to increase to $92 million by 2027. Another report predicts the global market for uterine fibroids embolization devices to reach $3.8 billion by 2033, growing at a CAGR of 4.5% over the forecast period. North America was the largest region in this market in 2024.
• Blood Pressure Monitoring: The search results did not provide a specific addressable market size for "Blood Pressure Monitoring" products as a standalone market directly attributable to UTMD's specific offerings beyond general critical care devices.
• Electrosurgery: A specific addressable market size for general electrosurgery devices was not found for UTMD's particular focus. UTMD offers electrosurgery tools for gynecology, which would be covered under the gynecological devices market.
• OEM/Capabilities: The market for supplying components and sub-assemblies to other medical device manufacturers is a business-to-business market that is difficult to quantify as a single addressable market for UTMD's specific OEM capabilities.

Expected Drivers of Future Revenue Growth for Utah Medical Products (UTMD)

• Continued Growth in Domestic Sales of Core Products: Utah Medical Products anticipates future revenue growth from consistent demand for its established medical device portfolio within the U.S. market. This includes the positive trend observed in direct device sales, particularly the Filshie devices, which significantly contributed to U.S. sales in 2025. Additionally, domestic neonatal device sales are projected to experience a low single-digit percentage increase in 2025.
• Expansion and Diversification of Specialized Product Lines: The company is focused on enhancing and broadening its offerings of specialized medical devices for women and infants. An example of this is the introduction of extended length OptiMicro needle versions, designed for specific head and neck procedures, which helps expand the application and market reach of its existing product categories.
• Strategic Penetration and Recovery in Key International Markets: Despite broader global trade uncertainties and challenges in some international distribution channels, Utah Medical Products has demonstrated targeted growth in specific overseas markets. For instance, direct to end-user sales in Ireland and the UK showed increases in 2024. Leveraging its established direct sales and extensive distributor networks in these and other strategically important regions presents an opportunity for future revenue generation as market conditions stabilize.

Share Repurchases

• In 2024, Utah Medical Products repurchased approximately $20 million of its shares, representing over 8% of outstanding shares.
• During the first nine months of 2024, the company repurchased 196,592 shares for $13,259,000 at an average cost of $67.45 per share.
• No shares were repurchased in 2023.

Share Issuance

• In 2024, UTMD issued 7,592 shares of stock upon the exercise of employee stock options, receiving $390,000.
• As of March 25, 2025, common shares outstanding were 3,281,816, reflecting a decrease from 3,627,992 shares outstanding as of March 24, 2023, indicating net repurchases over issuances.

Capital Expenditures

• Capital expenditures in 2024 amounted to $231,000, primarily for new molds, manufacturing equipment, and fixtures to expand and maintain operating capabilities.
• In the first half of 2024, capital expenditures totaled $0.1 million.
• Capital expenditures for 2023 were $639,000.