Utah Medical Products, Inc. reported financial results for the first calendar quarter (Q1) of 2025, which were consistent with its previously announced projections for the year. Consolidated sales for Q1 2025 totaled $9.71 million, marking a 14.4% decrease from $11.34 million in the same period of 2024.
The revenue decline was primarily due to a $1.48 million drop in OEM sales to PendoTECH, UTMD's largest biopharma pressure sensor customer, accounting for 91% of the total consolidated sales decrease. However, excluding PendoTECH sales, domestic sales increased by 9% in Q1 2025, driven by a recovery in Neonatal Intensive Care Unit (NICU) device sales.
Net Income for Q1 2025 was $3.04 million, a 23.1% decrease from $3.96 million in Q1 2024, while Earnings Per Share (EPS) decreased by 16.0% to $0.92 from $1.09. The Gross Profit Margin compressed to 57.0% from 59.7%, but Operating Income decreased by a smaller percentage due to a $437,000 reduction in litigation expenses.
The company maintained a strong balance sheet with no debt and $83.3 million in cash and liquid investments at March 31, 2025. UTMD paid $1.02 million in cash dividends ($0.305 per share) and repurchased 54,267 shares for $3.22 million. Management reiterated that most of the projected decline from PendoTECH for the full year 2025 has already been realized in Q1, and expects revenues to be consistent with Q1 levels for the remainder of the year, targeting approximately $18 million in adjusted consolidated EBITDA for 2025.
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