Utah Medical Products, Inc. reported its second calendar quarter (Q2) and first half (1H) 2025 financial results, which were consistent with overall beginning-of-year projections. GAAP revenue for Q2 2025 was $9.95 million, a 4.3% decrease compared to the prior year, largely affected by the anticipated drop in sales to its biggest biopharma equipment customer, PendoTECH.
Diluted earnings per share (GAAP) for Q2 came in at $0.94, with net income (GAAP) falling to $3.05 million. PendoTECH's reduction in orders represented 71% of the Q2 2025 sales decline and 86% of the 1H 2025 sales decline. Domestic direct sales increased year over year, with other direct device sales 10% higher and Filshie Clip System sales in the U.S. 8% higher than in Q2 2024.
International sales declined 11.6% in 1H 2025 compared to 1H 2024, with direct sales from subsidiaries in Ireland, Canada, and Australia experiencing double-digit percentage drops. The GAAP gross profit margin contracted by nearly 400 basis points year over year to 56.2%, primarily due to unfavorable product mix and lower production volumes at Irish manufacturing sites, along with higher raw material costs.
Operating costs were reduced by $416,000 versus the prior year quarter, mainly through $355,000 lower litigation expenses and decreased research and development spending. The company's balance sheet remained strong with $82.2 million in cash and investments and no debt. UTMD returned $1.0 million to shareholders through dividends ($0.305 per share) and repurchased 119,255 shares for $6.7 million in 1H 2025.
Management reaffirmed that year-to-date performance matches projections and expects an additional $200,000 reduction in PendoTECH-related revenue in the second half of 2025 compared to the same period in 2024. The company reaffirmed its target for annual non-GAAP EBITDA of $17–$18 million for 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.