Utah Medical Products, Inc. concluded 2024 with a year of contraction, reporting full-year revenues of $40.903 million, an 18.6% decrease from $50.224 million in 2023. Net Income for the full year was 17% lower, and Earnings Per Share (EPS) declined by 13% to $3.96 compared to $4.58 in 2023. For the fourth quarter (Q4) 2024, revenues were $9.157 million, a 25.8% decrease from $12.333 million in Q4 2023, with Q4 EPS falling 27% to $0.86.
The significant revenue decline in 2024 was primarily driven by a $5.9 million (64% of total decline) drop in OEM sales to PendoTECH, a $2.1 million (22% of total decline) decrease in OUS distributor sales including $1.6 million from the China distributor, and a $1.5 million (16% of total decline) reduction in worldwide Filshie Clip System sales. Despite these challenges, the company maintained its Gross Profit Margin at 59.0% for the year, compared to 59.8% in 2023, by reducing manufacturing personnel and closing a production shift.
Operating Income Margin remained stable at 33.2% for 2024, benefiting from the full amortization of a $3.684 million identifiable intangible asset in 2023, which offset higher litigation expenses. The company's balance sheet remained strong with no debt, and cash and investments totaled $83.0 million at year-end 2024, after deploying $19.968 million for share repurchases and $4.260 million for stockholder dividends during the year.
Looking ahead to 2025, UTMD anticipates total worldwide consolidated revenues will likely be lower again, in the low to mid-single percentage digits relative to 2024. PendoTECH sales are expected to be about $2.0 million lower, while orders from the China distributor for blood pressure monitoring kits are projected to be slightly higher. The company also expects OUS Filshie device sales and other U.S. domestic direct device sales to be higher in 2025.
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