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Dec 31, 2021
Utah Medical Q4 2021 Earnings Report
Demonstrated continuing performance improvement despite challenges related to the corona virus pandemic.
Key Takeaways
Utah Medical Products, Inc. reported a strong fourth quarter and year-end 2021, demonstrating a remarkable recovery compared to 2020. The company exceeded its objective to fully recover back to its 2019 financial performance, with consolidated sales up across all product categories for the year. Profit margins have returned to levels more consistent with longer-term management expectations, and the balance sheet continued to strengthen.
Total consolidated 4Q 2021 UTMD worldwide sales were $903 (+7.5%) higher than in 4Q 2020.
Domestic U.S. sales in 4Q 2021 were $8,105 compared to $6,960 in 4Q 2020.
Net Income in 4Q 2021 was 21.1% higher than in 4Q 2020.
The company paid $8,349 in dividends to stockholders in 4Q 2021 compared to $1,018 paid in 4Q 2020.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management projects adjusted consolidated EBITDA for year 2022 is more likely to be $30 million.
Positive Outlook
- Projected enterprise value would be $511 million or about $139.00/share with 3.68 million diluted shares.
- The company retains the strong desire and financial ability for repurchasing its shares at a price it believes is attractive for remaining stockholders.
- Achieving substantially higher revenues with an expanded GPM while keeping operating expenses about the same obviously had an extremely positive effect on this key profitability metric.
- The company's balance sheet continued to strengthen.
- Profit margins in 2021 have returned to levels more consistent with longer term management expectations.
Challenges Ahead
- Managing variable manufacturing costs will continue to be a significant challenge in 2022.
- The growing administrative burden of compliance with regulatory requirements, particularly OUS, continues to pressure UTMD’s GPM.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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