Utah Medical Products, Inc. develops, manufactures, and distributes medical devices for the healthcare industry. The company offers fetal monitoring accessories, vacuum-assisted delivery systems, and other labor and delivery tools; DISPOSA-HOOD infant respiratory hoods; and DELTRAN PLUS blood pressure monitoring systems. It also provides GESCO umbilical vessel catheters; DIALY-NATE disposable peritoneal dialysis sets; PALA-NATE silicone oral protection devices; URI-CATH urinary drainage systems; NUTRI-CATH\NUTRI-LOK feeding device; MYELO-NATE lumbar sampling kits; HEMO-NATE disposable filters; and catheterization procedure tray of instruments and supplies. In addition, the company offers LETZ system to excise cervical intraepithelial neoplasia and other lower genital tract lesions; FINESSE+ generators; loop, ball, and needle electrodes; FILTRESSE evacuators; other specialty electrodes and supplies, and gynecologic tools; Femcare trocars, cannulae, laparoscopic instruments, and accessories; and EPITOME and OptiMicro electrosurgical devices. Further, it provides Filshie Clip female surgical contraception devices; PATHFINDER PLUS endoscopic irrigation devices; suprapubic catheterization; LIBERTY urinary incontinence treatment and control systems; ENDOCURETTE, a curette for uterine endometrial tissue sampling; TVUS/HSG-Cath to assess abnormal or dysfunctional uterine bleeding and other abnormalities of uterus; and LUMIN tool to manipulate the uterus in laparoscopic procedures. Additionally, the company offers DELTRAN, a disposable pressure transducer; and pressure monitoring accessories, components, and other molded parts. It serves neonatal intensive care units, labor and delivery departments, women's health centers in hospitals, outpatient clinics, and physician's offices through direct customer service and sales force, independent consultants, and manufacturer representatives. The company was incorporated in 1978 and is headquartered in Midvale, Utah.
AI Generated Analysis | Feedback
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.
AI Generated Analysis | Feedback
- 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.
AI Generated Analysis | Feedback
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.
AI Generated Analysis | Feedback
Here is the management team for Utah Medical Products (UTMD):
Kevin L. Cornwell, Chairman, Chief Executive Officer, President, and Secretary
Kevin L. Cornwell joined Utah Medical Products as President and CEO on December 31, 1992. He has served as Chairman of UTMD since 1996 and Secretary since 1993. Prior to joining UTMD, Mr. Cornwell worked for 21 years in various senior operating management and investment positions in technology-based companies. He holds a B.S. in Chemical Engineering, an M.S. in Engineering-Economic Systems, and an MBA specializing in Finance and Operations Management, all from Stanford University. Mr. Cornwell has also served as a director on seven other company boards.
Brian L. Koopman, Principal Financial Officer, Accounting Manager, and Controller
Brian L. Koopman serves as the Principal Financial Officer, Accounting Manager, and Controller for Utah Medical Products. He was appointed Principal Financial Officer in April 2018 and has been the Accounting Manager/Controller of UTMD since 2006. Prior to his tenure at UTMD, Mr. Koopman worked for over eleven years in various accounting positions and was a previous CPA (California). He earned a B.S. degree in Business Administration, Accounting, from UNLV.
Marcena H. Clawson, Head of Corporate Sales (also listed as Vice President Corporate Sales)
Marcena H. Clawson is the Head of Corporate Sales at Utah Medical Products, Inc. In this leadership role, Ms. Clawson is responsible for directing and overseeing all aspects of the company’s corporate sales efforts, focusing on building and maintaining relationships with key corporate accounts, developing sales strategies, and driving revenue growth.
AI Generated Analysis | Feedback
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.
AI Generated Analysis | Feedback
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.
AI Generated Analysis | Feedback
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.
