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Sep 30, 2023
Utah Medical Q3 2023 Earnings Report
Financial performance decreased due to decline in biopharmaceutical OEM sales.
Key Takeaways
Utah Medical Products reported a decrease in revenue and net income compared to the same quarter last year. Worldwide consolidated sales were down by 3.5%, and net income decreased by 8.1%. The decline was primarily attributed to lower biopharmaceutical OEM sales. However, OUS sales increased by 20.8%.
Worldwide consolidated sales decreased by 3.5% compared to Q3 2022.
Net income decreased by 8.1% compared to Q3 2022.
OUS sales increased by 20.8% compared to Q3 2022.
Domestic OEM sales decreased by 33.4% due to lower U.S. biopharmaceutical OEM sales.
Forward Guidance
Management expects that WW biopharmaceutical OEM sales to its largest customer will be about $3 million lower in 2023 than in 2022, representing about 17% of 2023 total consolidated sales compared to 22% in 2022. This projection is consistent with management’s beginning of year 2023 sales estimates, and suggests a net total annual 2023 consolidated sales decline of about $2 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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