UTMD reviews monetary efficiency for the second calendar quarter and the primary half of 2021

Salt Lake City, Utah, July 22, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – The second calendar quarter (2nd quarter) of the 2021 financial results was dramatically different from the 2nd quarter 2020 results since the 2nd quarter results 2020 were the low point of Utah Medical Products. Inc. (Nasdaq: UTMD) during the COVID-19 pandemic, at a time when there were restrictions on so-called non-essential medical procedures. Therefore, UTMD's management reports quarterly income statement results compared to the same periods not only in 2021 compared to 2020 but also compared to 2019. The company's stated goal in 2021 was to try to fully regain its 2019 financial performance. Please note the profit and loss accounts for every three years on the last page.

Currencies in this press release are denoted as $ or USD = US dollars; AUD = Australian dollars; £ or GBP = British Pound Sterling; C $ or CAD = Canadian dollars; and € or EUR = Euro. Currency amounts in this report are in thousands, except where and when stated per share.

Results overview

The following summarizing comparison of the 2nd quarter and the first half of the year (1H) 2021 with the income statement key figures of the 2nd quarter and 1st half of 2020 shows the excellent recovery of UTMD despite many new challenges:

2Q

(April June)

1H

(January-June)

Income (sales):

+ 43%

+ 20%

Gross Profit (GP):

+ 57%

+ 25%

Operating income (OI):

+ 141%

+ 48%

Earnings before taxes (EBT):

+ 144%

+ 46%

Net Income (NI):

+ 161%

+ 45%

Earnings per share (EPS):

+ 161%

+ 46%

The above-mentioned increases in NI and EPS under US GAAP were reflected in both the second quarter of 2020 and the second quarter of 2021 by the increase in long-term deferred tax liabilities (DTL) on the balance of identifiable intangible assets (IIA ) Affected by Femcare Shareholders may recall that DTL came into being with the acquisition of Femcare in 2011 as the cost of the Femcare IIA amortization, largely over a period of fifteen years from the date of acquisition, is in the UK are not tax deductible. According to US GAAP, the future tax effects of a DTL change must be recorded in the quarter in which a tax law change comes into effect. The second quarter of 2020 saw UK deferred taxes increase by $ 225 over the next six years as the UK decided not to lower its corporate tax rate from 19% to 17% from the second quarter of 2020 as previously decided . This year, Q2 2021, there was another $ 390 increase in DTL over the remaining five years as the UK Parliament ratified the Treasury Secretary's plan in June 2021 to lower the UK corporate tax rate from April 1, 2023 19% to increase to 25%. This relates to the deferred taxes for IIA to be depreciated from April 1, 2023 up to full depreciation from Q1 2026.

The story goes on

The management of UTMD believes that the presentation of the results excluding the unfavorable adjustments to deferred tax liabilities to income tax provisions for the 2nd quarter and 1st half of 2021, and for the 2nd quarter and 1st half of 2020, both management and the Provides investors with meaningful additional information that more clearly indicates UTMD's results of operations. The non-US GAAP exclusion only affects net income and earnings per share.

Without the increase in deferred tax liabilities in the 2nd quarter of 2020 and 2nd quarter of 2021 and the resulting "one-off" tax provision increases due to the changes in the UK income tax rate, the resulting non-US GAAP NI and EPS changes follow:

2Q 1H

(April – June) (January-June)

NI (non-US GAAP):

+ 148%

+ 46%

EPS (non-US GAAP):

+ 148%

+ 48%

Apart from the unusual year 2020, the following is a comparison of the 2nd quarter and the 1st half of 2021 with the income statement measurements of the 2nd quarter and the 1st half of 2019 before the COVID-19 pandemic:

2Q 1H

(April – June) (January-June)

Income (sales):

+ 6%

+ 4%

Gross Profit (GP):

+ 4%

+ 3%

Operating income (OI):

+ 6%

+ 1%

Earnings before taxes (EBT):

+ 6%

+ 0%

Net Income (NI):

(3%)

(3%)

Earnings per share (EPS):

( 1%)

( 1%)

Since no British tax law change was enacted in 2019, there was a negative comparison of NI and EPS according to US GAAP. Without the future tax rate change resolved in the 2nd quarter of 2021 and the effects on the DTL, a comparison of the 2nd quarter and the 1st half of 2021 with the NI and earnings per share of the 2nd quarter and 1st half of 2019 follows:

2Q 1H

(April – June) (January-June)

NI (non-US GAAP):

+ 8%

+ 3%

EPS (non-US GAAP):

+ 11%

+ 5%

In a nutshell, Q2 and H1 2021 financial results confirm that after surviving a depression in its business in 2020, UTMD may be back on track, regardless of possible future health care constraints resulting from the use of the Medical devices benefit from UTMD, or other consequences of government policies that can adversely affect the free market, the medical device industry, and especially small businesses.

Sales in all product categories and almost all sales channels increased significantly in the second quarter and in the first half of 2021 compared to the same periods in 2020. Revenue invoiced in foreign currencies, which represented 27% of total consolidated revenue (expressed in USD) in the second quarter of 2021 and 1H 2021, was supported by a weaker USD. USD sales in the second quarter and in the first half of 2021 were approximately 3% higher than that which would have resulted using the same exchange rates (FX) as in the same periods of the previous year (“sales with constant currency”).

Profit margins in the 2nd quarter and 1st half of 2021 compared to the 2nd quarter and 1st half of 2020 follow:

2nd quarter 2021

(April June)

2nd quarter 2020

(April June)

1H 2021

(January – June)

1H 2020

(January – June)

Gross Profit Margin (GP / Sales):

61.8%

56.3%

62.5%

59.9%

Operating profit margin (OI / sales):

37.8%

22.5%

36.7%

29.7%

Net Income Margin (US GAAP)

27.2%

14.9%

27.4%

22.6%

Net Income Margin (Non-US GAAP, B4 DTL Adj):

30.3%

17.5%

29.0%

23.8%

Note: The net profit margin is NI, after deducting a tax provision, divided by sales.

With the company not making drastic cuts to its operating overheads in 2020 to accommodate lower sales activity, profit margins suffered compared to UTMD's performance in previous years, but remained in view of UTMD's ability to operate during the pandemic. The decision not to cut was based on management's belief that most of the overheads are critical resources needed to support the business in the anticipated recovery, along with UTMD's convenient cash reserves. Profit margins in 2021 have returned to levels more in line with management's longer-term expectations.

UTMD's balance sheet as of June 30, 2021 has been further strengthened in the absence of debt. Final cash and investments were $ 59.5 million on June 30, 2021, compared to $ 51.6 million on December 31, 2020, following cash dividends of $ 2.1 million in the first half of 2021 – dollars have been paid to shareholders. Equity (SE) rose in the six-month period from. $ 4.5 million December 31, 2020 despite SE dividend cut. Compared to June 30, 2020, a year earlier, cash increased $ 17.2 million and the SE increased $ 12.1 million.

Foreign currency rates (FX) for balance sheet purposes are the rates in effect at the end of each reporting period. The exchange rates from the applicable foreign currency in USD for assets and liabilities at the end of the 2nd quarter 2021 compared to the end of the calendar year 2020 and the end of the 2nd quarter 2020 are as follows:

6-30-21

12-31-20

change

6-30-20

change

British pound

1.38065

1.36631

1.0%

1.23685

11.6%

EUR

1.18514

1.22281

(3.1%)

1.12346

5.5%

AUD

0.74952

0.77079

(2.8%)

0.68897

8.8%

CAD

0.80619

0.78406

2.8%

0.73437

9.8%

Revenue (Revenue) -2Q 2021

UTMD's total consolidated revenue worldwide (WW) in Q2 2021 was $ 3,817 (+ 43.4%) higher than Q2 2020. Currency-neutral revenue was $ 3,487 (+ 39.7%) higher. US domestic sales increased 46% and non-US (OUS) sales increased 40%. Without the help of a weaker USD in converting foreign currency sales, OUS sales were 30% higher (i.e. sales in constant currencies). Despite the excellent double-digit percentage recovery of WW sales, US domestic sales continued to improve faster than OUS sales in the second quarter. Because of the relatively short period, the results for a given three-month period compared to a previous three-month period may not be indicative of year-round comparative results.

US domestic sales were $ 8,023 for Q2 2021 compared to $ 5,513 for Q2 2020. Domestic sales are invoiced in US dollars and are not subject to currency fluctuations. The components of domestic sales include 1) "direct sales of other devices" of UTMD's medical devices to user facilities (and distributors of medical / surgical hosiery for hospitals), excluding sales of Filshie devices, 2) "OEM sales" of components and other products, those of. UTMD are produced for other medical device and non-medical device companies and 3) "direct sales of Filshie devices". UTMD separates the sale of Filshie devices from other medical devices sold directly to medical facilities due to their importance and acquisition history. Direct sales of other devices, which account for 47% of total domestic sales, were $ 926 (+ 33%) higher in Q2 2021 than Q2 2020. OEM sales, which account for 33% of total domestic sales, were 1,126 USD (+ 72%) higher. Filshie device direct sales, which account for 20% of total domestic sales, were $ 457 (+ 40%) higher in the second quarter of 2021 than in the second quarter of 2020.

OUS sales for Q2 2021 were $ 4,581, 40% higher than Q2 2020 at $ 3,274. The increase in USD denominated OUS sales is exaggerated due to a weaker USD which added $ 329 to OUS sales invoiced in GBP, EUR, AUD and CAD foreign currencies (in constant currencies). “Constant Currency Sales” means the exchange of foreign currency sales for USD-denominated sales at the same exchange rate as in the previous reference period. Exchange rates for income statement purposes are transaction-weighted averages. The average exchange rates of the applicable foreign currency in USD in Q2 2021 and Q2 2020 for sales purposes follow:

2nd quarter 2021 2nd quarter 2020 change

1.3986 GBP 1.2416 + 12.6%

EUR 1.2043 1.1100 + 8.5%

AUD 0.7696 0.6638 + 15.9%

0.8119 CAD 0.7231 + 12.3%

The weighted average positive impact on foreign currency OUS sales in the second quarter of 2021 was 10.8%, increasing reported US dollar sales by $ 329 compared to the same foreign currency sales in the second quarter of 2020. At constant exchange rates, foreign currency sales in the second quarter of 2021 were 92.9% higher than in the previous year, 2nd quarter of 2020. The proportion of OUS sales invoiced in foreign currencies in USD was 27% of total consolidated sales in the second quarter 2021, compared to 18% in Q2 2020.

OUS sales invoiced in foreign currency are attributable to direct consumer sales in Ireland, Great Britain, France, Canada, Australia and New Zealand, and deliveries to OUS dealers of products manufactured by UTMD subsidiaries in Ireland and Great Britain. US export sales to OUS dealers will be invoiced in USD. US dollar direct sales of OUS to consumers in Q2 2021 increased 101% in Ireland, 71% in Canada, 146% in France and 247% in the UK. Direct sales to end users in Australia, which included New Zealand in Q2 2021 but not Q2 2020, was 80% higher. Sales to OUS distributors in Q2 2021 were 9% higher than Q2 2020.

Sale -1H 2021

UTMD's consolidated worldwide revenue for the first half of 2021 (WW) was $ 3,879 (+ 19.7%) higher than the first half of 2020. Currency-neutral revenue was $ 3,298 (+ 16.8%) higher. US domestic sales increased 24% and OUS sales increased 13%. Without the help of a weaker USD in converting foreign currency sales, OUS sales increased 6%.

US domestic sales were $ 14,805 in the first half of 2021 compared to $ 11,956 in the first half of 2020. Direct sales of other devices, which account for 48% of total domestic sales, were down $ 952 in the first half of 2021 ( + 15%) higher than H1 2020. OEM sales, which account for 31% of total domestic sales, increased $ 1,646 (+ 56%). Filshie device direct sales, which account for 21% of total domestic sales, were 251 (+ 9%) higher in the first half of 2021 than in the first half of 2020.

OUS sales in H1 2021 were 13% higher at $ 8,762 compared to $ 7,733 in H1 2020. The increase in USD denominated OUS sales in H1 2021 is exaggerated as a weaker one USD led to USD 581 on OUS sales invoiced in GBP, EUR, AUD and CAD foreign currencies (at constant exchange rates). Exchange rates for income statement purposes are transaction-weighted averages. The average exchange rates of the applicable foreign currency in USD during the 1st half of 2021 and the 1st half of 2020 for sales purposes follow:

1H 2021 1H 2020 change

GBP 1.3908 1.2718 + 9.4%

1.2037 EUR 1.1089 + 8.5%

AUD 0.7711 0.6585 + 17.1%

CAD 0.8009 0.7409 + 8.1%

The weighted average positive impact on foreign currency OUS sales in the first half of 2021 was 10.0%, increasing reported USD sales by $ 581 compared to the same foreign currency sales in the first half of 2020. At constant exchange rates, OUS sales in the first half of 2021 were 5.8% higher than in the first half of 2020. The share of OUS sales calculated in foreign currencies in USD was 27% of total consolidated 1H 2021 sales compared to 23% in 1H 2020. OUS 1H 2021 sales in US dollars sold direct to consumers were 26% higher in Ireland. 8% more in Canada, 27% more in France and 17% more in the UK. Direct sales to end-users in Australia, which included New Zealand in the first half of 2021 but not in the first half of 2020, rose 32%. Sales to OUS distributors in the first half of 2021 were 9% higher than in the first half of 2020.

Gross profit (GP)

GP results from the deduction of the costs for production, quality assurance and material procurement from suppliers. UTMD's GP was up $ 2,835 (+ 57.3%) in the 2nd quarter of 2021 compared to the 2nd quarter of 2020 and in the first half of 2021 was $ 2,946 (+ 25.0%) higher than in the 1st half of 2020. The main contributor to an expanded GP Margin (GPM) was a much greater dilution of Fixed Manufacturing Overheads of 43% higher sales in Q2 2021 and 20% higher sales in H1 2021. The larger percentage increase in GP than in sales is due to the possibility of leveraging fixed costs. Incremental direct labor costs increased due to competition for a limited number of current job seekers. In the second quarter of 2021, UTMD continued to see double-digit percentage increases in costs for a number of raw materials as well as freight costs for receiving the materials. The growing administrative burden of complying with regulatory requirements, especially the OUS, continues to put pressure on UTMD's GPM. Managing variable manufacturing costs will continue to be a major challenge for the rest of 2021.

Operating Income (OI)

OI is the result of subtracting the operating costs (OE) from GP. After subtracting the OE from the much higher GPs in Q2 and H1 2021, the OI was $ 4,765 in Q2 2021 compared to $ 1,977 in Q2 2020, an increase of 141%, and was 8,652 US $ 5,840 in H1 2021 compared to US $ 5,840 in H1 2020, up 48%. Although the OE in USD in 2021 was slightly higher than in the same 2020 periods as shown in the table below, the increases in the comparative period in the 2021 GP were further offset due to better OE absorption (lower percentage of sales).

OE is made up of sales and marketing costs (S&M), general and administrative costs (G&A) and costs for product development (R&D). The following table summarizes the OU in the 2nd quarter and 1st half of 2021 compared to the same periods in 2020 according to OU categories:

OE category

2nd quarter 2021

% of sales

2nd quarter 2020

% of sales

1H 2021

% of sales

1H 2020

% of sales

SM:

$ 364

2.9

$ 424

4.8

$ 748

3.2

$ 844

4.3

Terms of Service:

2,528

20.1

2,433

27.7

5,073

21.5

4,852

24.6

R&D:

128

1.0

116

1.3

259

1.1

250

1.3

Total OE:

3,020

24.0

2,973

33.8

6,080

25.8

5,946

30.2

While a weaker USD helped increase consolidated USD sales in 2021, it also helped drive the USD-denominated OE of UTMD's overseas subsidiaries by $ 109 in Q2 2021 and $ 169 in H1 2021 USD increase. The following table summarizes the OE in "constant currency" in the 2nd quarter and 1st half of 2021 compared to the same periods in 2020 by OE category:

OE category

2Q 2021 const FX

2nd quarter 2020

1H 2021 const FX

1H 2020

SM:

$ 352

$ 424

$ 729

$ 844

Terms of Service:

2,432

2,433

4,924

4,852

R&D:

127

116

258

250

Total OE:

2,911

2,973

5,911

5,946

In other words, the OE 2021, which was converted into USD at the same exchange rate, was actually lower than in 2020. Keeping the OE constant while at the same time dramatically increasing revenues with a higher GPM had an enormously positive impact on the OI.

The change in exchange rates increased OUS S&M spending by $ 12 in Q2 2021 and OUS S&M spending by $ 19 in H1 2021. The lower currency-neutral S&M expenses were mainly due to a reduction in sales force in the UK.

The following is a breakdown of G&A expenses by location. G&A expenses include non-cash expenses from the amortization of IIA in connection with the Filshie clip system, which are also broken down below:

G&A Exp category

2nd quarter 2021

% of sales

2nd quarter 2020

% of sales

1H 2021

% of sales

1H 2020

% of sales

IIA Amort – Great Britain:

$ 556

4.4

$ 495

5.6

$ 1,106

4.7

$ 1,007

5.1

IIA Amort – CSI:

Other – Great Britain:

Others – USA:

IRISHMAN:

OUT:

CAN:

1.105

155

552

77

42

41

8.8

1.105

149

546

68

35

35

12.6

2.210

312

1,113

161

88

83

9.4

2.210

293

1,054

126

88

73

11.2

Total G&A:

2,528

20.1

2,433

27.7

5,073

21.5

4,852

24.6

About two-thirds of the G&A expenses in all of the above periods came from non-cash expenses related to the depreciation of IIA related to the Filshie Clip system. G&A expenses for OUS were $ 871 in Q2 2021 compared to $ 782 in Q2 2020. G&A expenses for OUS were $ 1,750 in H1 2021 versus $ 1,587 in H1 2020. In the following Table shows the OUS G&A expenses for the 2nd quarter and 1st half of 2021 compared to In the same periods in 2020, virtually all increases in G&A expenses for OUS in both periods were due to changes in exchange rates:

G&A Exp category

2Q 2021 const FX

2nd quarter 2020

1H 2021 const FX

1H 2020

IIA Amort – Great Britain:

$ 493

$ 495

$ 1,014

$ 1,007

Other – Great Britain:

IRISHMAN:

OUT:

CAN:

Total G&A:

137

71

37

36

774

149

68

35

35

782

285

149

75

77

1,600

293

126

88

73

1,587

Product development (R&D) expenses varied slightly from time to time depending on the specific project costs. Since almost all research and development is done in the United States, there has been little impact on exchange rates.

Earnings before taxes (EBT)

The EBT results from the deduction of the non-operating net expenses (NOE) or the addition of the non-operating net income (NOI) from or to the OI. Consolidated EBT in the 2nd quarter of 2021 was $ 4,825 (38.3% of sales) compared to $ 1,977 (22.5% of sales) in the 2nd quarter of 2020. Consolidated EBT in the 1st half of 2021 was $ 8,723 (37, 0% of sales) versus $ 5,965 (30.3% of sales) in the first half of 2020.

NOE / NOI includes the combination of 1) loan interest and bank charges; 2) the expense or income of any loss or gain arising from the revaluation of the value of EUR bank balances in UK and GBP cash balances in Ireland denominated in USD; and 3) Income from renting unused real estate, investment income and royalties from licensing the company's technology. Negative NOE is NOI. The net NOI in Q2 2021 was $ 60, compared to essentially zero NOI in Q2 2020. Net NOI in H1 2021 was $ 71 compared to $ 125 in H1 2020. Despite higher Cash on hand in 2021 compared to 2020, UTMD received less interest income. Instead of a profit of $ 42 at the end of the first half of 2020 from the revaluation of foreign currency bank balances, UTMD realized a loss of $ 5 at the end of the first half of 2021.

EBITDA is a non-US GAAP measure that measures profitability performance without considering the impact of financing, accounting decisions related to non-cash expenses, investments, or tax conditions. Excluding the non-cash effects of amortization, amortization of intangible assets, and stock option expenses, Q2 2021 consolidated EBT excluding the revalued currency gain or loss on bank balances and interest expenses ("Adjusted Consolidated EBITDA") was $ 6,695 versus $ 3,800 in Q2. Adjusted Consolidated EBITDA was $ 12,471 for the 1st half of 2021 compared to $ 9,572 for the 1st half of 2020. Adjusted consolidated EBITDA for the last four calendar quarters (TTM) was $ 24,024 as of June 30, 2021. Based on the better-than-expected operating results for Q2 2021, management expects that adjusted consolidated EBITDA of $ 25 million is likely to be achievable for full year 2021. UTMD's Adjusted Consolidated EBITDA as a percentage of sales was 53.1% in Q2 2021 compared to 43.2% in Q2 2020. UTMD's Adjusted Consolidated EBITDA as a percentage of sales was 52.9% in 1H 2021 Compared to 48.6% in the first half of 2020. Achieving significantly higher sales with an extended GPM while keeping operating costs roughly the same was obviously a very positive effect on this important profitability figure. Management believes this operating performance metric will provide meaningful additional information to both management and investors and confirms UTMD's continued excellent financial operating performance and significant recovery from 2020.

UTMD Adjusted Consolidated EBITDA under US GAAP is the sum of the elements in the following table, where each element is a US GAAP number:

2nd quarter 2021

2nd quarter 2020

1H 2021

1H 2020

EBT

$ 4,825

$ 1,977

$ 8,723

$ 5,965

Depreciation

162

161

326

335

Femcare IIA amortization expense

556

495

1.106

1.007

CSI IIA amortization expense

1.105

1.105

2.211

2.211

Other non-cash amortization charges

10

12th

18th

24

Compensation for stock options

41

49

82

72

Interest expenses

Revalued foreign currency balances

(4)

1

5

(42)

UTMD non-US GAAP EBITDA:

$ 6,695

$ 3,800

$ 12,471

$ 9,572

Note

All UTMD profit and loss metrics from GP to EBT (including non-US GAAP Adjusted Consolidated EBITDA above) for the 2021 and 2020 periods were unaffected by the adopted changes to the UK corporate income rate.

Net income (NI)

The US GAAP NI of US $ 3,426 (27.2% of sales) in Q2 2021 was 161.0% above the US GAAP NI of US $ 1,313 (14.9% of sales) in Q2 2020 Obviously, Q2 2020 was the low point for UTMD during the COVID-19 pandemic. In both periods NI was affected by an additional tax provision that had to be recognized by UTMD in the quarter in which a tax change takes effect due to an adjustment of the deferred tax liability (DTL). The DTL results from the tax effect that the remaining future amortization expense of Femcare IIA is not deductible. With the UK rolling its corporate tax rate back from 17% to 19% in Q2 2020, UTMD had to post an additional $ 225 in income tax, which was the additional tax that would be paid in the UK over the remaining six years of the femcare's annual useful life. Acquisition IIA 2011, based on a rate of 19%. With the UK increasing its corporate tax rate from 19% to 25% from the second quarter of 2023 in the second quarter of 2021, UTMD had to add an additional $ 390 to its income tax provision for the second quarter of 2021, which is the additional tax that will be paid United Kingdom during the now remaining five year term of the 2011 Femcare IIA acquisition. Excluding the DTL increase of $ 390 in Q2 2021 and the DTL increase of $ 225 in Q2 2020, both of which NI reduced by the same amounts, the non-US GAAP NI was $ 3,817 (30.3% of sales) in the 2nd quarter of 2021, 148.3% higher than the non-US GAAP 2Q 2020 NI of 1,537 USD (17.5% of sales). Excluding the tax provision increases due to the DTL adjustment, the non-US GAAP NI for the 1st half of 2021 was $ 6,840 (29.0% of sales), 46.3% higher than the non-US GAAP NI for the 1st half of 2021. Half-year 2020 of $ 4,677, or 23.8% of revenue.

The average corporate income tax provisions (in% of EBT for the same period) according to US GAAP were 29.0% and 33.6% in the 2nd quarter of 2021 and in the 2nd quarter of 2020 and in the 1st half of 2021 and in the 1st half of 2020, respectively . Half-year 2020 26.1% and 25.4% respectively. Because these tax rates are not directly related to the EBT achieved in the same periods for either the 2021 or 2020 periods, UTMD offers the following tax rates without the $ 390 tax provision adjustment in Q2 2021 and the income tax provision adjustment in the 2nd quarter of 2021 The GAAP income tax provision rates were 20.9% and 22.2% for the 2nd quarter of 2021 and 2nd quarter of 2020, and were 21.6% for the 1st half of 2020, respectively 2021 and the first half of 2020.

The consolidated income tax provision rate varies because the composition of taxable income between US and foreign subsidiaries with different income tax rates differs from period to period. The basic corporate tax rates in the individual sovereignties were the same as in the previous year.

Earnings per share (EPS).

GAAP diluted earnings per share were $ 0.937 for the second quarter of 2021 compared to $ 0.359 for the second quarter of 2020, an increase of 161.3%. GAAP diluted earnings per share were $ 1.765 for the first half of 2021 compared to $ 1.207 for the first half of 2020, an increase of 46.2%. Excluding the "one-time" increases in income tax provision due to DTL adjustments, diluted earnings based on GAAP were $ 1.044 for the second quarter of 2021 compared to $ 0.420 for the second quarter of 2020, an increase of 148.5%, and the Diluted earnings based on US GAAP for the first half of 2021 were $ 1.871 compared to $ 1.268 in the first half of 2020, an increase of 47.6%. In both cases, the EPS gains were substantial due to the improvement in the operating result. The diluted stocks in Q2 2021 were 3,655,319 compared to 3,658,626 in Q2 2020. The lower diluted stocks in Q2 2021 were the result of share buybacks in 2020 that were exercised by Employee options were offset, and a lower dilution factor for options that were not exercised.

The number of shares used for the calculation of the EPS was higher than the closing shares due to a time-weighted calculation of the average outstanding shares plus the dilution due to unexercised employee and director options. The shares outstanding amounted to 3,645,798 at the end of the 2nd quarter of 2021 compared to 3,643,035 at the end of the 2020 calendar year. The difference was due to 2,763 shares exercising employee options in the 1st half of 2021. Zum Vergleich: Die ausstehenden Aktien betrugen zum Ende des 2. Quartals 2020 3.642.946. Die Gesamtzahl der ausstehenden, nicht ausgeübten Optionen für Mitarbeiter und externe Direktoren betrug zum 30. Juni 2021 63.874 zu einem durchschnittlichen Ausübungspreis von 68,38 USD, einschließlich zugeteilter, aber noch nicht unverfallbarer Aktien. Im Vergleich zu 76.625 nicht ausgeübten Optionsaktien am Ende des 2. Quartals 2020 zu einem durchschnittlichen Ausübungspreis von 64,72 USD/Aktie, einschließlich zugeteilter, aber nicht unverfallbarer Aktien.

Die Anzahl der als Verwässerungsfaktor hinzugefügten Aktien im 2. Quartal 2021 betrug 9.526 gegenüber 16.040 im 2. Quartal 2020. Die Anzahl der als Verwässerungsfaktor hinzugefügten Aktien im 1. Halbjahr 2021 betrug 10.569 gegenüber 15.342 im 1. Quartal 2020. Im März 2020 wurden 26.300 Optionsaktien an 48 Mitarbeiter zu einem Ausübungspreis von 77,05 USD je Aktie vergeben. Im Jahr 2021 wurden bisher keine Optionen zugeteilt. UTMD zahlte im 2. Qu. 2021 Dividenden in Höhe von 1.039 USD (0,285 USD/Aktie) an die Aktionäre, verglichen mit 1.035 USD (0,280 USD/Aktie) im 2. Quartal 2020. Die Dividenden, die im 2. Quartal 2021 an die Aktionäre gezahlt wurden, betrugen 27 % der nicht -US-GAAP-NI. UTMD zahlte im ersten Halbjahr 2021 Dividenden in Höhe von 2.077 USD (0,285 USD/Aktie) an die Aktionäre, verglichen mit 2.077 USD (0,280 USD/Aktie) im ersten Halbjahr 2020. Die Erhöhung der Dividende pro Aktie wurde durch Aktienrückkäufe ausgeglichen. Die im ersten Halbjahr 2021 an die Aktionäre gezahlten Dividenden betrugen 30 % der nicht US-GAAP-NI.

Im März 2020 kaufte UTMD 80.000 seiner Aktien auf dem freien Markt zu 80,32 USD/Aktie zurück. Im September 2020 kaufte UTMD 7.000 Aktien zu 78,67 USD/Aktie zurück. Im Jahr 2021 wurden bisher keine Aktien zurückgekauft. Das Unternehmen behält den starken Wunsch und die finanziellen Möglichkeiten, seine Aktien zu einem Preis zurückzukaufen, der seiner Meinung nach für die verbleibenden Aktionäre attraktiv ist. Der Schlusskurs der UTMD-Aktie am Ende des 2. Quartals 2021 lag bei 85,04 USD, gegenüber dem Schlusskurs von 86,60 USD am Ende des 1. Quartals 2021 trotz einer Erhöhung der Barmittel um 0,95 USD/ ausstehender Aktie und einer Erhöhung des Eigenkapitals um 0,68 USD/ im Quartal teilen. Der Schlusskurs der Aktie im 2. Quartal 2021 stieg gegenüber dem Schlusskurs von 84,30 USD Ende 2020 um weniger als 1 %. Der Schlusskurs der Aktie am Ende des (für UTMD) schrecklichen 2. Quartals 2020 betrug 88,62 USD.

Bilanz.

Am 30. Juni 2021 stiegen die Barmittel und Investitionen von UTMD im Vergleich zum Ende des Jahres 2020 um 7,9 Millionen US-Dollar auf 59,5 Millionen US-Dollar, hauptsächlich aufgrund des betrieblichen EBITDA abzüglich einer Bardividende von 2,1 Millionen US-Dollar an die Aktionäre sowie einiger Veränderungen des Betriebskapitals, einschließlich Erhöhungen bei beiden Forderungen aus der höheren Vertriebstätigkeit und kurzfristige Verbindlichkeiten aus der höheren Produktionstätigkeit. Am 30. Juni 2021 verringerten sich die immateriellen Nettovermögenswerte von 34,1 % am 31. Dezember 2020 auf 30,0 % des konsolidierten Gesamtvermögens, trotz eines schwächeren USD, der den USD-Wert des GBP IIA von Femcare erhöht. Das aktuelle Verhältnis von 15,9 von UTMD zum 30. Juni 2021 lag nahe dem aktuellen Verhältnis von 16,4 zum 31. Dezember 2020, trotz 17% höherer kurzfristiger Verbindlichkeiten aufgrund höherer aufgelaufener Ertragsteuern und höherer Verbindlichkeiten aus Lieferungen und Leistungen. Das Durchschnittsalter der Forderungen aus Lieferungen und Leistungen betrug 33 Tage ab Rechnungsdatum zum 30. Juni 2021 gegenüber 31 Tagen zum 31. Dezember 2020. Der durchschnittliche Lagerumschlag verbesserte sich im 2. Quartal 2021 auf 3,0 gegenüber 2,5 im Jahr 2020.

Für Aktionäre von Interesse sein könnten folgende Finanzkennzahlen zum 30. Juni 2021:

1) Stromverhältnis = 15,9

2) Tage in Forderungen aus Lieferungen und Leistungen (basierend auf Verkaufsaktivitäten im 2. Quartal 2021) = 33

3) Durchschnittlicher Lagerumschlag (basierend auf CGS für das 2. Quartal 2021) = 3,0

4) 2021 YTD ROE (vor Dividenden) = 13%

Anleger werden darauf hingewiesen, dass diese Pressemitteilung zukunftsgerichtete Aussagen enthält und dass die tatsächlichen Ereignisse von den prognostizierten abweichen können. Zu den Risikofaktoren, die dazu führen können, dass die Ergebnisse wesentlich von den prognostizierten abweichen, gehören globale Wirtschaftsbedingungen, Marktakzeptanz von Produkten, behördliche Zulassungen von Produkten, behördliche Eingriffe in den laufenden Betrieb, staatliche Eingriffe in das Gesundheitswesen im Allgemeinen, Steuerreformen, die Fähigkeit des Unternehmens zur effizienten Herstellung, Produkte zu vermarkten und zu verkaufen, Cybersicherheit und Wechselkurse, neben anderen Faktoren, die in den öffentlichen Offenlegungsanträgen von UTMD bei der SEC beschrieben wurden und werden.

Utah Medical Products, Inc., mit besonderem Interesse an der Gesundheitsversorgung von Frauen und ihren Babys, entwickelt, produziert und vermarktet eine breite Palette von Einweg- und wiederverwendbaren Spezialmedizinprodukten, die von Klinikern in über hundert Ländern der Welt als Standard für die Erlangung von optimale Langzeitergebnisse für ihre Patienten. Weitere Informationen über Utah Medical Products, Inc. finden Sie auf der Website von UTMD unter www.utahmed.com.

Utah Medical Products, Inc.

GEWINN- UND VERLUSTRECHNUNG, zweites Quartal (drei Monate bis 30. Juni)

(in Tausend außer Ergebnis je Aktie):

2. Quartal 2021

2. Quartal 2020

Prozentänderung

2. Quartal 2019

Net sales

12.604 $

8.787 $

43,4%

11.846 $

Gross income

7.785

4.950

57,3%

7.500

Operating profit

4.765

1.977

141,0%

4.481

Einkommen vor Steuern

4.825

1.977

144,0%

4.565

Nettoeinkommen vor DTL-Anpassung

3.817

1.537

148,3%

3.525

Nettoeinkommen (US-GAAP)

3.426

1.313

161,0%

3.525

EPS vor DTL-Anpassung

1.044 $

$ .420

148,5 %

0,944 $

Gewinn je Aktie (US-GAAP)

0,937 $

0,359 $

161,3%

0,944 $

Ausstehende Aktien (verwässert)

3.655

3.659

3.735

GEWINN- UND VERLUSTRECHNUNG, 1. Halbjahr (sechs Monate bis 30. Juni)

(in Tausend außer Ergebnis je Aktie):

1H 2021

1H 2020

Prozentänderung

1H 2019

Net sales

$ 23.568

19.689 $

19,7%

22.579 $

Gross income

14.732

11.786

25,0%

14.273

Operating profit

8.652

5.840

48,2%

8.582

Einkommen vor Steuern

8.723

5.965

46,2%

8.702

Nettoeinkommen vor DTL-Anpassung

6.840

4.677

46,3%

6.664

Nettoeinkommen (US-GAAP)

6.450

4.452

44,9%

6.664

EPS vor DTL-Anpassung

$ 1.871

$ 1.268

47,6%

1,783 $

Gewinn je Aktie (US-GAAP)

$ 1.765

1.207 $

46,2%

1,783 $

Ausstehende Aktien (verwässert)

3.656

3.690

3.737

BILANZ

(in Tausenden)

(unchecked)

30. JUNI 2021

(unchecked)

31. MÄRZ 2021

(geprüft)

31. DEZ 2020

(unchecked)

30. JUNI 2020

Vermögenswerte

Bargeld & Investitionen

$59.506

$56.033

$51.590

$42.352

Konten und sonstige Forderungen, netto

4.606

4.157

4,104

3.792

Stocks

6.118

5.975

6.222

6.580

Sonstiges Umlaufvermögen

357

451

346

393

Gesamten Umlaufvermögens

70.587

66.616

62.262

53,117

Sachanlagen, Netto

11.168

11.087

11.326

10.812

Immaterielle Vermögenswerte, netto

35.039

36.685

38.157

39,616

Gesamtvermögen

$116.794

$114.388

$111,745

$103.545

Verbindlichkeiten & Eigenkapital

Abbrechnungsverbindlichkeiten

1.186

840

788

560

REPAT Steuerzahler

245

79

79

79

Sonstige Rückstellungen

3.000

3.648

2.924

2,604

Summe kurzfristige Verbindlichkeiten

4.431 $

4.567 $

$3.791 $

$3,243

Deferred Tax Liability – Intangible Assets

2,355

2,068

2,151

2,135

Long Term Lease Liability

Long Term REPAT Tax Payable

322

1,835

329

1,995

335

1,995

356

1,995

Deferred Revenue and Income Taxes

486

546

651

528

Stockholders’ Equity

107,365

104,883

102,822

95,288

Total Liabilities & Stockholders’ Equity

$116,794

$114,388

$111,745

$103,545

Contact: Crystal Rios (801) 566-1200

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