Utah Medical Products (UTMD)
Market Price (11/13/2026): $71.43 | Market Cap: $203.4 MilSector: Health Care | Industry: Health Care Equipment
Utah Medical Products (UTMD)
Market Price (11/13/2026): $71.43Market Cap: $203.4 MilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Specialized Healthcare Technology. Themes include Specialized Medical Devices, Critical Care & Patient Monitoring, and Women's Health Medical Devices. | Trading close to highsDist 52W High is -4.0% Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -75% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -14% Key risksUTMD key risks include [1] significant revenue declines from the loss of major customers, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -37% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Specialized Healthcare Technology. Themes include Specialized Medical Devices, Critical Care & Patient Monitoring, and Women's Health Medical Devices. |
| Trading close to highsDist 52W High is -4.0% |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -75% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -14% |
| Key risksUTMD key risks include [1] significant revenue declines from the loss of major customers, Show more. |
Qualitative Assessment
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Oct 28: down 5.8% in one day (S&P 500 up 0.3%)
The stock declined after a Zacks report highlighted a 12.1% year-over-year revenue decline in Q3, despite a rise in earnings per share.
Down 12.9% from its Sep 22 high to Oct 29, up 10.2% since (S&P 500 down 0.5%)
The stock declined during a period driven by bond market concerns and negative reaction to third-quarter financial results. The largest drops occurred on September 23 amid surging Treasury yields and on October 28 and 29 following reports of a significant Q3 revenue decline.
Oct 23: down 1.1% the day after its Oct 22 earnings report (S&P 500 down 0.5%)
The stock declined after the company reported its third calendar quarter financial performance, which detailed a 12.1% year-over-year revenue decline. The market also fell, with broad concerns about a potential tech bear market and declining stocks.
Oct 28: down 5.8% in one day (S&P 500 up 0.3%)
The stock declined after a Zacks report highlighted a 12.1% year-over-year revenue decline in Q3, despite a rise in earnings per share.
Down 12.9% from its Sep 22 high to Oct 29, up 10.2% since (S&P 500 down 0.5%)
The stock declined during a period driven by bond market concerns and negative reaction to third-quarter financial results. The largest drops occurred on September 23 amid surging Treasury yields and on October 28 and 29 following reports of a significant Q3 revenue decline.
Oct 23: down 1.1% the day after its Oct 22 earnings report (S&P 500 down 0.5%)
The stock declined after the company reported its third calendar quarter financial performance, which detailed a 12.1% year-over-year revenue decline. The market also fell, with broad concerns about a potential tech bear market and declining stocks.
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Stock Movement Drivers
Fundamental Drivers
The 4.8% change in UTMD stock from 7/31/2026 to 11/12/2026 was primarily driven by a 8.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.22 | 73.63 | 4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38 | 36 | -3.8% |
| Net Income Margin (%) | 28.9% | 29.0% | 0.5% |
| P/E Multiple | 20.6 | 22.4 | 8.4% |
| Shares Outstanding (Mil) | 3 | 3 | 0.0% |
| Cumulative Contribution | 4.8% |
Market Drivers
7/31/2026 to 11/12/2026| Return | Correlation | |
|---|---|---|
| UTMD | 4.8% | |
| Market (SPY) | 1.4% | 13.5% |
| Sector (XLV) | 15.6% | 21.4% |
Fundamental Drivers
The 13.5% change in UTMD stock from 4/30/2026 to 11/12/2026 was primarily driven by a 21.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.85 | 73.63 | 13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 36 | -6.3% |
| Net Income Margin (%) | 29.3% | 29.0% | -0.9% |
| P/E Multiple | 18.4 | 22.4 | 21.7% |
| Shares Outstanding (Mil) | 3 | 3 | 0.4% |
| Cumulative Contribution | 13.5% |
Market Drivers
4/30/2026 to 11/12/2026| Return | Correlation | |
|---|---|---|
| UTMD | 13.5% | |
| Market (SPY) | 5.6% | 10.7% |
| Sector (XLV) | 29.2% | 31.9% |
Fundamental Drivers
The 29.2% change in UTMD stock from 10/31/2025 to 11/12/2026 was primarily driven by a 51.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.00 | 73.63 | 29.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 36 | -7.0% |
| Net Income Margin (%) | 32.3% | 29.0% | -10.2% |
| P/E Multiple | 14.7 | 22.4 | 51.7% |
| Shares Outstanding (Mil) | 3 | 3 | 1.9% |
| Cumulative Contribution | 29.2% |
Market Drivers
10/31/2025 to 11/12/2026| Return | Correlation | |
|---|---|---|
| UTMD | 29.2% | |
| Market (SPY) | 11.9% | 12.0% |
| Sector (XLV) | 31.9% | 23.5% |
Fundamental Drivers
The -2.0% change in UTMD stock from 10/31/2023 to 11/12/2026 was primarily driven by a -30.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.16 | 73.63 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 52 | 36 | -30.4% |
| Net Income Margin (%) | 33.2% | 29.0% | -12.6% |
| P/E Multiple | 15.8 | 22.4 | 41.4% |
| Shares Outstanding (Mil) | 4 | 3 | 13.9% |
| Cumulative Contribution | -2.0% |
Market Drivers
10/31/2023 to 11/12/2026| Return | Correlation | |
|---|---|---|
| UTMD | -2.0% | |
| Market (SPY) | 87.3% | 25.9% |
| Sector (XLV) | 57.9% | 28.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UTMD Return | 22% | 2% | -15% | -26% | -7% | 33% | -3% |
| Peers Return | 30% | -7% | 2% | -6% | 2% | 25% | 49% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| UTMD Win Rate | 58% | 58% | 42% | 33% | 33% | 82% | |
| Peers Win Rate | 71% | 48% | 58% | 52% | 43% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| UTMD Max Drawdown | -26% | -19% | -23% | -26% | -19% | -13% | |
| Peers Max Drawdown | -19% | -41% | -38% | -45% | -34% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EW, ATRC, UFPT, IART, KMTS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/12/2026 (YTD)
How Low Can It Go
| Event | UTMD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.5% | -18.8% |
| % Gain to Breakeven | 16.9% | 23.1% |
| Time to Breakeven | 114 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.3% | -24.5% |
| % Gain to Breakeven | 19.5% | 32.4% |
| Time to Breakeven | 140 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -19.2% | -33.7% |
| % Gain to Breakeven | 23.7% | 50.9% |
| Time to Breakeven | 68 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.4% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -12.1% | -15.4% |
| % Gain to Breakeven | 13.8% | 18.2% |
| Time to Breakeven | 58 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -26.6% | -53.4% |
| % Gain to Breakeven | 36.3% | 114.4% |
| Time to Breakeven | 190 days | 1085 days |
In The Past
Utah Medical Products's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 16.9% gain to breakeven.
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| Event | UTMD | S&P 500 |
|---|---|---|
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.9% | -19.2% |
| % Gain to Breakeven | 26.4% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -26.6% | -53.4% |
| % Gain to Breakeven | 36.3% | 114.4% |
| Time to Breakeven | 190 days | 1085 days |
In The Past
Utah Medical Products's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 16.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Utah Medical Products (UTMD)
Utah Medical Products, Inc. (UTMD) is a medical device company that develops, manufactures, and distributes a comprehensive range of specialized medical devices for the healthcare industry. The company's focus spans several critical areas, including critical care, women's health, and general medical disposables, aiming to provide solutions that enhance patient care and streamline medical procedures across various clinical settings.
UTMD's main products encompass a wide array of devices. Key offerings include fetal monitoring accessories and vacuum-assisted delivery systems for labor and delivery, alongside infant respiratory hoods for neonatal care. For critical care, they provide blood pressure monitoring systems and umbilical vessel catheters. A significant segment of their portfolio is dedicated to women's health, featuring gynecologic tools such as the LETZ system for cervical lesion treatment, laparoscopic instruments, the Filshie Clip for surgical contraception, and devices for uterine manipulation. Additionally, the company supplies general medical products like urinary drainage systems, feeding devices, and peritoneal dialysis sets.
The primary customers for Utah Medical Products are healthcare facilities, predominantly hospitals, where their products are utilized in neonatal intensive care units, labor and delivery departments, and women's health centers. The company also serves outpatient clinics and physician's offices. UTMD distributes its products through a combination of a direct customer service and sales force, independent consultants, and manufacturer representatives.
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1. Becton Dickinson (BDX) for women's health and neonatal care.
2. A Medtronic or Stryker, but for labor & delivery, gynecology, and neonatal medical devices.
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- Labor & Delivery Tools: Offers fetal monitoring accessories, vacuum-assisted delivery systems, and other instruments for childbirth.
- Neonatal & Pediatric Devices: Provides infant respiratory hoods, umbilical vessel catheters, oral protection devices, and feeding devices for infants.
- Blood Pressure Monitoring Systems: Includes DELTRAN PLUS systems and disposable pressure transducers for vital sign monitoring.
- Urinary Drainage & Catheterization Systems: Supplies URI-CATH urinary drainage systems and procedure trays for various catheterization needs.
- Peritoneal Dialysis Sets: Features DIALY-NATE disposable sets for patients requiring peritoneal dialysis.
- Gynecological Electrosurgical Systems: Comprises the LETZ system, FINESSE+ generators, various electrodes, and evacuators for cervical procedures and other electrosurgery.
- Laparoscopic Gynecological Instruments: Provides Femcare trocars, cannulae, and other instruments for minimally invasive gynecological surgery.
- Female Contraception Devices: Offers Filshie Clip devices for permanent surgical contraception.
- Uterine Diagnostic & Treatment Tools: Includes ENDOCURETTE for tissue sampling, TVUS/HSG-Cath for uterine assessment, and LUMIN for uterine manipulation.
- Urinary Incontinence Treatment Systems: Provides LIBERTY systems for the treatment and control of urinary incontinence.
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Utah Medical Products (UTMD) sells primarily to various healthcare institutions rather than directly to individuals. While specific names of major customer companies or distributors are not provided, the company serves the following categories of healthcare providers:
- Hospitals, including neonatal intensive care units (NICUs), labor and delivery departments, and women's health centers.
- Outpatient clinics.
- Physician's offices.
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Kevin L. Cornwell, Chairman, Chief Executive Officer, President, and Secretary
Kevin L. Cornwell became Utah Medical Products' president and CEO on December 31, 1992, and has been Chairman since 1996. He previously worked for 21 years in management and investment positions before joining Utah Medical Products. He holds a B.S. in Chemical Engineering, an M.S. in Engineering-Economic Systems, and an M.B.A., all from Stanford University. Mr. Cornwell has served in various senior operating management positions in several technology-based companies over a 43-year span and has been 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 at Utah Medical Products, Inc. He has held the position of Director of Finance/CFO since April 1, 2018. In these capacities, Mr. Koopman is responsible for the company's financial health and integrity, overseeing accounting operations, managing financial planning and analysis, and ensuring compliance with financial regulations.
Paul O. Richins, Director
Paul O. Richins is a Director at Utah Medical Products. He previously served as the Chief Administrative Officer of UTMD from 1997 to 2018 and as UTMD Treasurer and Assistant Secretary from 1994 to 2018. Mr. Richins holds a B.S. degree in finance from Weber State University and an MBA degree from Pepperdine University.
Marcena H. Clawson, Vice President Corporate Sales
Marcena H. Clawson is the Head of Corporate Sales at Utah Medical Products, Inc., also referred to as Vice President Corporate Sales. She is responsible for directing and overseeing all aspects of the company's corporate sales efforts, building relationships with key corporate accounts, developing sales strategies, and driving revenue growth.
Mark L. Fox, Vice President of Marketing
Mark L. Fox holds the role of Vice President of Marketing for Utah Medical Products, Inc. In this capacity, he is responsible for developing and executing the company's comprehensive marketing strategies, increasing brand awareness, and identifying new market opportunities.
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1. Regulatory Compliance and Product Liability
As a developer, manufacturer, and distributor of a broad range of medical devices, Utah Medical Products operates within a highly regulated environment, facing extensive oversight from bodies such as the U.S. Food & Drug Administration (FDA) and other global regulatory entities. The company has a history of significant regulatory challenges, including an instance where the FDA improperly sought to shut it down, highlighting the potential for arbitrary and capricious regulatory actions that can lead to substantial litigation costs, diversion of key employee attention, and business disruption. Furthermore, the medical device industry inherently carries the risk of product liability lawsuits, especially given that UTMD's devices are frequently used in critical care situations like labor and delivery, neonatal intensive care, and surgical procedures. Utah law applies strict liability to many defective product cases, meaning injured parties do not need to prove negligence but rather that the product was defective, caused injury, and was used as intended. The company is currently facing ongoing product liability litigation related to its Filshie Clip system, with numerous lawsuits alleging clip migration. This litigation, despite UTMD's defense of the product's safety and effectiveness, poses a risk of reputational damage and can impact product sales, with the Filshie Clip accounting for 26% of UTMD's sales.
2. Dependence on Key Customers and Macroeconomic Factors
Utah Medical Products faces significant revenue and margin challenges, partly due to its dependence on key customers and broader macroeconomic trends. A substantial risk materialized with the loss of its largest customer, PendoTECH, which previously accounted for over 22% of total revenue but is projected to contribute almost no revenue through 2025. Additionally, the company has experienced weaker performance in international markets, including reduced orders from a significant customer in China. Macroeconomic factors also present a risk, as potential recession-driven birthrate declines and tariffs could severely impact UTMD's revenue, with 54.6% of its revenues, particularly those from obstetrics and neonatal product categories, being at risk. This has already contributed to a reported decline in revenue, profits, and cash flow, and a contraction in net margins, prompting some analysts to downgrade investment ratings for the company.
3. Competitive Pressures and Limited Innovation
The medical device industry is highly competitive and characterized by continuous technological advancements. While the provided background indicates a diverse product portfolio, a key risk for Utah Medical Products is its apparent limited investment in research and development (R&D). Some analyses suggest that the company has "no real R&D," which could translate to minimal organic growth in an industry where competitors, who invest significantly in R&D, achieve higher organic growth rates. This lack of substantial innovation could make UTMD vulnerable to competitive pressures from new or more advanced products introduced by rivals, potentially leading to technological obsolescence for its existing product lines and a loss of market share over the long term.
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The addressable markets for Utah Medical Products' main products and services are sized as follows:
- Uterine Manipulation Devices: The global uterine manipulation devices market was valued at approximately USD 367 million in 2024 and is projected to reach USD 610.7 million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.2% from 2025 to 2034. The U.S. market for these devices was valued at USD 115.4 million in 2024 and is anticipated to grow at a CAGR of 4.4% between 2025 and 2034. Another report indicated the global market size for uterine manipulation devices was valued at USD 351.80 million in 2025 and is estimated to grow to USD 479.92 million by 2031, at a CAGR of 5.32% during the forecast period (2026-2031). North America held approximately 41.90% of the uterine manipulator market share in 2025.
- Umbilical Vessel Catheters: The global umbilical vessel catheters market size was valued at USD 1.51 billion in 2025 and is projected to grow to USD 2.46 billion by 2034, exhibiting a CAGR of 5.5% from 2026 to 2034. North America dominated this market with a market share of 41.06% in 2025. Another source indicates the global market size was approximately USD 1.701 billion by the end of 2025 and is projected to reach USD 2.5517 billion by 2033, with a CAGR of 5.2% during 2025 to 2033. North America is reported to lead with a market valuation of USD 0.85 billion in 2024, expected to reach USD 1.06 billion by 2035.
- Blood Pressure Monitoring Systems: The global blood pressure monitoring devices market size was estimated at USD 4.19 billion in 2025 and is expected to reach USD 8.56 billion by 2033, growing at a CAGR of 9.34% from 2026 to 2033. North America dominated the market, with a revenue share of 35.77% in 2025. Another report states the global blood pressure monitors market size was valued at USD 3.41 billion in 2025 and is anticipated to cross USD 7.5 billion by 2035, growing at more than an 8.2% CAGR during the forecast period (2026-2035). North America is expected to hold a 42% share by 2035.
- Peritoneal Dialysis Devices: The global peritoneal dialysis market size was valued at USD 13.1 billion in 2024. It is expected to grow from USD 13.6 billion in 2025 to USD 20.9 billion in 2034, with a CAGR of 4.8% during the forecast period. North America dominated the global peritoneal dialysis market with a 33.1% market share in 2024. The U.S. market reached USD 4.04 billion in 2024.
- Urinary Incontinence Treatment Devices (including Urinary Drainage Systems/Catheters): The global urinary incontinence devices market size was valued at USD 4.53 billion in 2025 and is projected to grow to USD 7.48 billion by 2034, exhibiting a CAGR of 6.00% during the forecast period. North America dominated this market with a market share of 42.50% in 2025. Absorbent products held the largest market share (67.02% in 2026), while non-absorbents, including catheters, also contribute to the market.
- Enteral Feeding Devices: The global enteral feeding devices market size was valued at USD 6.5 billion in 2024 and is expected to exhibit growth at a CAGR of 5.9% from 2025 to 2034. The U.S. enteral feeding devices market accounted for USD 1.9 billion in 2024 and is anticipated to grow at a CAGR of 5.2% between 2025 and 2034. Another report states the global enteral feeding devices market size was USD 4.96 billion in 2025 and is predicted to reach around USD 7.67 billion by 2034, growing at a CAGR of 4.95% from 2025 to 2034. North America led the global market in 2024.
- Cervical Intraepithelial Neoplasia (CIN) and HR-HPV Treatment (including LEEP/Electrosurgical Devices): The global CIN and HR-HPV treatment market size was valued at USD 11.48 billion in 2022 and is predicted to reach USD 20.08 billion by 2031, at a 6.5% CAGR during the forecast period of 2023-2031. Another source reports the global cervical intraepithelial neoplasia market is estimated to be valued at USD 706.3 million in 2025 and is expected to reach USD 1020.6 million by 2032, growing at a CAGR of 5.4% from 2025 to 2032. The LEEP Electrosurgical Generator market, a component of this, is projected to experience moderate growth with a CAGR estimated to be in the range of 6% to 8%.
- Laparoscopic Instruments: The global laparoscopic instruments market size was valued at USD 17.86 billion in 2025. The market is projected to grow from USD 19.40 billion in 2026 to USD 41.12 billion by 2034, exhibiting a CAGR of 9.84% during the forecast period. North America dominated the laparoscopy instruments market with a market share of 50.66% in 2025. Another source states the global laparoscopic instruments market size was accounted at USD 19.11 billion in 2025 and predicted to increase to approximately USD 49.33 billion by 2034, representing a CAGR of 11.14% from 2025 to 2034. The U.S. laparoscopic instruments market size is valued at USD 4.82 billion in 2025.
- Endoscopy Irrigation Pumps: The global endoscopy irrigation pumps market size was $6.21 billion in 2022 and is forecasted to reach $10.64 billion by 2030, with a CAGR of 7.3% from 2023 to 2030. The North America Endoscopy Irrigation Pumps market size will be USD 665.04 million by 2028. Another report indicates the global endoscopy irrigation pump market is valued at approximately $750 million in 2023 and is projected to reach approximately $1.1 billion by 2028.
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Utah Medical Products (UTMD) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- New Product Sales: The company anticipates offsetting declines in OEM sales with the introduction of new products.
- Growth in Domestic Filshie Device Sales: Utah Medical Products expects continued modest growth in its organic business, specifically highlighting domestic sales of its Filshie device. Domestic Filshie sales demonstrated strong growth in Q4 2025 and Q2 2025.
- Improvement in International Filshie Device Sales: The company is looking for improvement in Filshie device sales outside the U.S. (OUS), as OUS sales were lower than anticipated in the first half of 2025.
- Growth in Direct Non-Filshie Device Sales: Direct sales of non-Filshie devices have shown an increase, contributing to overall domestic sales growth.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In 2025, Utah Medical Products repurchased 148,935 shares for $8.4 million.
- In the first nine months of 2025, 130,984 shares were repurchased.
- In the first quarter of 2025, the company used $3.2 million cash for share repurchases.
Share Issuance
- In 2024, UTMD received $390,000 and issued 7,592 shares of stock upon the exercise of options.
Capital Expenditures
- In 2025, the company invested $371,000 in new manufacturing equipment and tooling.
- Capital expenditures in 2024 amounted to $231,000, used for new molds, manufacturing equipment, and fixtures to expand capabilities and maintain existing operations.
- In 2023, capital expenditures totaled $639,000.
Peer Outperformance in Health Care Equipment
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 53.6% | 100.8% | CAH 499% · MCK 391% · COR 193% |
| Health Care Services | 20 | 31.0% | 26.6% | 12.3% | HIMS 167% · RDNT 141% · DGX 91% |
| Managed Health Care | 8 | 67.9% | -2.3% | 0.7% | OSCR 162% · HQY 52% · ELV 6% |
| Health Care Facilities | 26 | 23.6% | 20.3% | -10.0% | THC 263% · NHC 228% · EHC 191% |
| Health Care Equipment ← | 50 | 1.4% | 15.5% | -14.4% | GKOS 385% · UFPT 350% · TMDX 243% |
| Health Care Supplies | 11 | 22.6% | 16.0% | -40.4% | LNTH 233% · HAE 105% · MMSI 28% |
| Pharmaceuticals | 60 | -15.5% | 10.6% | -41.8% | LQDA 1065% · XERS 678% · KNSA 619% |
| Life Sciences Tools & Services | 109 | -13.1% | -9.6% | -75.0% | AXGN 355% · MEDP 196% · NTRA 181% |
| Biotechnology | 364 | -28.4% | -32.7% | -81.4% | ELVN 1253% · DNTH 1151% · TRVI 1095% |
| Health Care Technology | 22 | -17.6% | -51.5% | -83.0% | VEEV -5% · DOCS -55% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Utah Medical Products Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.70 |
| Mkt Cap | 2.4 |
| Rev LTM | 650 |
| Op Inc LTM | 73 |
| FCF LTM | 64 |
| FCF 3Y Avg | 32 |
| CFO LTM | 74 |
| CFO 3Y Avg | 76 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 14.7% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 18.7% |
| Op Inc Chg 3Y Avg | 19.3% |
| Op Mgn LTM | 15.4% |
| Op Mgn 3Y Avg | 15.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 11.6% |
| CFO/Rev 3Y Avg | 13.3% |
| FCF/Rev LTM | 9.8% |
| FCF/Rev 3Y Avg | 11.4% |
Price Behavior
| Market Price | $73.63 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 03/08/1999 | |
| Distance from 52W High | -4.0% | |
| 50 Days | 200 Days | |
| DMA Price | $72.94 | $68.12 |
| DMA Trend | up | up |
| Distance from DMA | 1.0% | 8.1% |
| 3M | 1YR | |
| Volatility | 26.0% | 28.9% |
| Downside Capture | -22.58 | 22.43 |
| Upside Capture | -8.07 | 50.01 |
| Correlation (S&P 500) | 10.4% | 13.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.47 | -0.30 | -0.01 | 0.16 | 0.21 | 0.41 |
| Up Beta | 0.52 | 0.84 | 0.73 | -0.14 | -0.29 | 0.38 |
| Down Beta | -1.03 | -0.24 | -0.46 | 0.52 | 0.42 | 0.36 |
| Up Capture | -103% | -58% | -14% | 14% | 32% | 12% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 22 | 33 | 64 | 129 | 344 |
| Down Capture | 29% | -28% | 2% | 8% | 27% | 77% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 21 | 31 | 61 | 121 | 401 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UTMD | |
|---|---|---|---|---|
| UTMD | 31.3% | 28.9% | 0.93 | - |
| Sector ETF (XLV) | 26.4% | 16.8% | 1.20 | 24.0% |
| Equity (SPY) | 11.8% | 13.7% | 0.55 | 12.1% |
| Gold (GLD) | -6.6% | 28.9% | -0.24 | 5.0% |
| Commodities (DBC) | 32.8% | 21.3% | 1.22 | -23.5% |
| Real Estate (VNQ) | 9.8% | 14.2% | 0.41 | 30.1% |
| Bitcoin (BTCUSD) | -28.5% | 43.4% | -0.66 | 1.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UTMD | |
|---|---|---|---|---|
| UTMD | -4.4% | 28.9% | -0.15 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 28.5% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 30.5% |
| Gold (GLD) | 16.2% | 19.2% | 0.68 | 4.9% |
| Commodities (DBC) | 8.2% | 19.6% | 0.30 | -2.5% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 34.3% |
| Bitcoin (BTCUSD) | 3.7% | 51.5% | 0.25 | 13.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UTMD | |
|---|---|---|---|---|
| UTMD | 3.5% | 31.2% | 0.17 | - |
| Sector ETF (XLV) | 12.8% | 16.8% | 0.63 | 29.6% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 32.9% |
| Gold (GLD) | 11.1% | 16.6% | 0.54 | 0.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 6.8% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.25 | 31.5% |
| Bitcoin (BTCUSD) | 58.4% | 66.3% | 0.98 | 8.7% |
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Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -1.1% | -11.0% | |
| 7/23/2026 | 4.6% | 8.4% | 11.5% |
| 4/23/2026 | -1.0% | -3.6% | -5.0% |
| 1/29/2026 | -1.0% | 2.0% | 8.8% |
| 10/23/2025 | -0.0% | -6.4% | -8.8% |
| 7/24/2025 | 0.8% | -4.2% | 5.0% |
| 4/29/2025 | -1.4% | 2.0% | 4.0% |
| 1/28/2025 | -2.7% | -4.8% | -5.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 0.9% | 2.7% | 4.7% |
| Median Negative | -1.0% | -4.2% | -3.4% |
| Max Positive | 4.6% | 9.7% | 24.9% |
| Max Negative | -2.7% | -11.0% | -12.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -1.1% | -11.0% | |
| 7/23/2026 | 4.6% | 8.4% | 11.5% |
| 4/23/2026 | -1.0% | -3.6% | -5.0% |
| 1/29/2026 | -1.0% | 2.0% | 8.8% |
| 10/23/2025 | -0.0% | -6.4% | -8.8% |
| 7/24/2025 | 0.8% | -4.2% | 5.0% |
| 4/29/2025 | -1.4% | 2.0% | 4.0% |
| 1/28/2025 | -2.7% | -4.8% | -5.2% |
| 10/29/2024 | -0.2% | -0.2% | 1.6% |
| 1/30/2024 | -1.5% | -6.8% | -12.7% |
| 10/26/2023 | -0.9% | 2.7% | 7.5% |
| 7/25/2023 | 0.1% | 3.0% | -2.5% |
| 4/25/2023 | 0.9% | 0.6% | -0.7% |
| 1/31/2023 | 0.6% | 1.1% | 1.4% |
| 10/25/2022 | 0.1% | -5.5% | -3.4% |
| 7/28/2022 | 2.1% | -0.2% | -0.4% |
| 4/27/2022 | -0.1% | -2.4% | -3.5% |
| 2/2/2022 | -2.6% | 9.7% | -1.4% |
| 10/26/2021 | 0.0% | 0.5% | 24.9% |
| 7/22/2021 | 1.2% | 4.7% | 0.7% |
| 4/23/2021 | -0.2% | -1.0% | -1.7% |
| 1/28/2021 | 2.0% | 9.3% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 0.9% | 2.7% | 4.7% |
| Median Negative | -1.0% | -4.2% | -3.4% |
| Max Positive | 4.6% | 9.7% | 24.9% |
| Max Negative | -2.7% | -11.0% | -12.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/25/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | Reported | -7.0% | 4.5% | Raised | Guidance: -11.5% for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Litigation Expense | Reported | -1.60 Mil | ||||||
| 2026 Revenue Growth | Reported | -13.0% | -11.5% | -10.0% | ||||
Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Litigation Expense | Reported | |||||||
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 OEM sales to PendoTech and blood pressure monitoring kits to China | Reported | 0 | ||||||
Insider Activity
Updated 10/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cornwell, Kevin L | Chairman, CEO | See note | Buy | 10292026 | 66.75 | 1,000 | 66,750 | 12,647,256 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cornwell, Kevin L | Chairman, CEO | See note | Buy | 10292026 | 66.75 | 1,000 | 66,750 | 12,647,256 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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