Utah Medical Products, Inc. (UTMD) is a vertically integrated manufacturing company that develops, produces, and distributes high-quality medical devices globally. The company focuses on improving patient safety and clinical outcomes while maintaining cost-effectiveness. UTMD's products are used in critical care areas such as neonatal intensive care units, labor and delivery departments, and women's health centers, as well as in outpatient clinics and physician offices.
- Gynecology/Electrosurgery/Urology - Provides tools for gynecological procedures, including devices for cervical/uterine disease, specialty excision and incision tools, conservative urinary incontinence therapy devices, and urology surgical procedure devices.
- Blood Pressure Monitoring/Accessories/Other - Offers specialized transducers, components, and molded parts sold on an OEM basis to other companies.
- Neonatal Critical Care - Supplies devices for critically ill babies, including vascular access, enteral feeding, oxygen therapy, and thermal environment maintenance.
- Obstetrics - Delivers labor and delivery management tools for monitoring fetal and maternal well-being, reducing risks in delivery procedures, and enhancing clinician and patient safety.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin L. Cornwell ExecutiveBoard | President and CEO | Kevin L. Cornwell has been President and CEO of UTMD since December 1992 and has served as Chairman since 1996, leveraging over 45 years of senior management experience in the technology and medical device industries. | View Report → | |
Barbara A. Payne Board | Director | Barbara A. Payne has been a Director at UTMD since 1997 and serves on both the Compensation and Benefits and Audit Committees, contributing her extensive expertise in scientific research and environmental science. She is recognized as an independent director under Nasdaq Stock Market Rule 5605(a)(2). | ||
Carrie Leigh Board | Director | Lean Merchandising and E-commerce Consultant (since 2017) | Carrie Leigh serves as a Director at UTMD since November 1, 2024 and previously held direct sales roles at the company from 2004 to 2016, culminating in her position as Manager of Global Direct End User Sales. Additionally, she has been working as a lean merchandising and e-commerce consultant since 2017. | |
Ernst G. Hoyer Board | Lead Independent Director | Ernst G. Hoyer has been a member of UTMD’s Board since 1996 and currently serves as both the Chairman of the Audit Committee and the Lead Independent Director, bringing decades of experience in manufacturing operations, financial management, and accounting. | ||
James H. Beeson Board | Member of the Board of Directors | Dr. James H. Beeson has been a member of the Board of Directors at UTMD since 2007 and brings extensive expertise as a maternal-fetal medicine physician with a strong background in healthcare delivery and product development. He has not held any executive or officer positions at UTMD, focusing solely on his board role. | ||
Paul O. Richins Board | Independent Director | Paul O. Richins has held various key roles at UTMD since 1994, including Chief Administrative Officer (1997-2018) and Treasurer and Assistant Secretary (1994-2018), and has been a board member since 1998. He is recognized as an independent director under Nasdaq rules and contributes his extensive financial and administrative expertise to the company's governance. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
PendoTECH | Largest OEM customer | OEM | $2.7 million in 2024 (7% of total) , backlog of $0.151 million for 2025 , no further orders expected |
Largest OUS Distributor (China) | Distributor (Blood Pressure Monitoring Kits) | OUS | $2.4 million in 2024 (≈5.9% of total) , 2025 order volume matches 2024 |
Recent press releases and 8-K filings for UTMD.
- For the second calendar quarter (2Q) 2025, consolidated total revenues were $447 (4.3%) lower than in 2Q 2024, and for the first half (1H) 2025, revenues were $2,077 (9.6%) lower than in 1H 2024, primarily due to a continued decline in sales to PendoTECH.
- Gross Profit Margin contracted to 56.2% in 2Q 2025 (from 60.1% in 2Q 2024) and 56.6% in 1H 2025 (from 59.9% in 1H 2024), mainly due to lower sales and an unfavorable product mix for UTMD’s Ireland operations.
- Net Income for 2Q 2025 was $3,048 thousand, a 11.7% decrease from 2Q 2024, and for 1H 2025 was $6,089 thousand, a 17.8% decrease from 1H 2024. Diluted Earnings Per Share (EPS) decreased 4.0% to $0.939 in 2Q 2025 and 10.3% to $1.858 in 1H 2025, with the decline significantly mitigated by share repurchases.
- UTMD maintained a strong balance sheet with no debt, reporting $82.2 million in Cash and Investments as of June 30, 2025. The company repurchased $6.7 million of common stock and paid $2.0 million in dividends during 1H 2025.
- Net sales dropped 14.4% to $9,710 thousand in Q1 2025 versus Q1 2024, driven largely by a significant OEM sales decline, especially from PendoTECH.
- Profitability metrics fell with gross profit down by 18.1%, operating income decreasing 18.8% to $3,154 thousand, and net income falling 23.1% to $3,041 thousand; EPS declined 16% to $0.919.
- The company offset some margin pressure by reducing operating expenses and executed share repurchases, which helped moderate the EPS impact, while maintaining strong liquidity with cash equivalents at $83.3 million and nearly unchanged stockholders’ equity.