Utah Medical Products, Inc. Reports Performance Records for First Quarter 2001

Apr 17, 2001, 01:00 ET from Utah Medical Products, Inc.

    SALT LAKE CITY, April 17 /PRNewswire/ -- Utah Medical Products, Inc.
 (Nasdaq:   UTMD) reports that First Quarter (1Q) 2001 earnings per share (eps)
 increased 43% to $.27, compared to 1Q 2000 eps of $.19.  Eps for the most
 recent four calendar quarters (TTM) were $.98, a company record for four
 consecutive calendar quarters.
     The excellent increase in eps was achieved with a 1% decline, or about
 $99,000, in overall 1Q 2001 sales relative to 1Q 2000.  The slight overall
 sales decline can be explained by an 11% decline in 1Q international sales,
 down $158,000 compared to 1Q 2000.  UTMD believes that the lower international
 revenues in 1Q 2001 relative to 1Q 2000 will be not be indicative of
 international sales results for the year as a whole.
     Because of a favorable product mix, gross profit dollars were 3% higher
 than in 1Q 2000 and resulted in a record quarterly gross profit margin of
 57.3%.  Gross profit margins benefited from the fact that international sales
 of blood pressure monitoring transducers, UTMD's least profitable sales, were
 down $206,000 compared to 1Q 2000.  UTMD's operating profit margin at 33.9%
 was also a record.  Operating profits improved because of lower selling
 expenses and R&D costs compared to 1Q 2000.  UTMD expects to increase its
 selling expenses during the remainder of the year.  The 13% rate of increase
 in net profits was less than the 18% increase in operating profits as a result
 of $64,400 increased 1Q 2001 interest expense associated with the repurchase
 of 1.3 million UTMD shares in 3Q 2000.  UTMD's 1Q 2001 net profit margin was
 21.2%.  The 3Q 2000 Tender Offer substantially reduced outstanding shares,
 which, combined with record 1Q 2001 profitability, resulted in a 43% increase
 in eps relative to 1Q 2000.
     UTMD's EBITDA (earnings before tax and interest expense, plus depreciation
 and amortization) for 1Q 2001 was $2.9 million, compared with $2.6 million in
 1Q 2000.  At 43.6%, EBITDA as a percentage of sales was also a UTMD record for
 a calendar quarter.  TTM EBITDA was $11.4 million.  With continuing strong
 cash flow, UTMD was able to reduce long term debt by $2.4 million during 1Q
 2001.
     According to CEO Kevin Cornwell, "The first quarter of 2001 performance
 was a solid step toward our 2001 $1.10 eps objective publicly projected last
 December.  Eps of $1.10 in 2001 would be a company record for calendar year
 eps and represents 22% growth over 2000.  It also would represent a fourth
 consecutive year at a 20% average annually compounded rate of increase in
 eps."
     In the 2Q, UTMD expects to launch its new on-line participation in the
 Global Healthcare Exchange (GHX), an independent Internet-based company
 created originally by five of the world's largest medical device
 manufacturers.  UTMD was selected by GHX as one of its first supplier
 implementation sites.  GHX is a single-source solution for online purchasing
 of potentially all medical products needed by hospitals using their own
 internal systems, while maintaining individual supplier relationships.  GHX is
 investing significant resources into developing fully integrated e-procurement
 solutions, which link supplier systems directly with hospital systems on a
 customized basis making it possible for buyers to interact in real time with
 UTMD.  UTMD believes that GHX will help offset access limits imposed by
 hospital GPO's, helping UTMD to answer the challenge of gaining and retaining
 access to potential hospital customers.  Through GHX, UTMD's customers will
 have electronic access to pricing, product availability, order tracking and
 all other administrative tasks in the purchasing process.  Eventually, UTMD
 will electronically link sales support, clinical training and third party
 support.
     Investors are cautioned that this press release contains forward looking
 statements and that actual events may differ from those projected.  Risks
 factors that could cause results to differ materially from those projected
 include market acceptance of products, timing of regulatory approval of new
 products, UTMD's ability to efficiently manufacture, market, and sell its
 products, among other factors that have been outlined in UTMD's public
 disclosure filings with the SEC.  The 2001 1Q 10-Q will be filed with the SEC
 by May 15.
     Utah Medical Products, Inc., with particular interest in health care for
 women and their babies, develops, manufactures, assembles and markets a broad
 range of disposable and reusable specialty medical devices designed for better
 health outcomes for patients and their care-providers.  For more information
 about Utah Medical Products, Inc., visit UTMD's website at www.utahmed.com.
 
     First Quarter ended March 31
      (in thousands except
       earnings per share):
                                  Percent Change      1Q 2001       1Q 2000
     Net Sales                         -1.5%          $6,567        $6,666
     Gross Profit                      +2.5%           3,763         3,671
     Operating Income                 +18.4%           2,225         1,878
     Income Before Tax                +14.8%           2,199         1,916
     Net Income                       +13.5%           1,391         1,226
     Earnings Per Share               +43.4%            .272          .189
 
     Shares Outstanding (diluted)                      5,117         6,469
 
 

SOURCE Utah Medical Products, Inc.
    SALT LAKE CITY, April 17 /PRNewswire/ -- Utah Medical Products, Inc.
 (Nasdaq:   UTMD) reports that First Quarter (1Q) 2001 earnings per share (eps)
 increased 43% to $.27, compared to 1Q 2000 eps of $.19.  Eps for the most
 recent four calendar quarters (TTM) were $.98, a company record for four
 consecutive calendar quarters.
     The excellent increase in eps was achieved with a 1% decline, or about
 $99,000, in overall 1Q 2001 sales relative to 1Q 2000.  The slight overall
 sales decline can be explained by an 11% decline in 1Q international sales,
 down $158,000 compared to 1Q 2000.  UTMD believes that the lower international
 revenues in 1Q 2001 relative to 1Q 2000 will be not be indicative of
 international sales results for the year as a whole.
     Because of a favorable product mix, gross profit dollars were 3% higher
 than in 1Q 2000 and resulted in a record quarterly gross profit margin of
 57.3%.  Gross profit margins benefited from the fact that international sales
 of blood pressure monitoring transducers, UTMD's least profitable sales, were
 down $206,000 compared to 1Q 2000.  UTMD's operating profit margin at 33.9%
 was also a record.  Operating profits improved because of lower selling
 expenses and R&D costs compared to 1Q 2000.  UTMD expects to increase its
 selling expenses during the remainder of the year.  The 13% rate of increase
 in net profits was less than the 18% increase in operating profits as a result
 of $64,400 increased 1Q 2001 interest expense associated with the repurchase
 of 1.3 million UTMD shares in 3Q 2000.  UTMD's 1Q 2001 net profit margin was
 21.2%.  The 3Q 2000 Tender Offer substantially reduced outstanding shares,
 which, combined with record 1Q 2001 profitability, resulted in a 43% increase
 in eps relative to 1Q 2000.
     UTMD's EBITDA (earnings before tax and interest expense, plus depreciation
 and amortization) for 1Q 2001 was $2.9 million, compared with $2.6 million in
 1Q 2000.  At 43.6%, EBITDA as a percentage of sales was also a UTMD record for
 a calendar quarter.  TTM EBITDA was $11.4 million.  With continuing strong
 cash flow, UTMD was able to reduce long term debt by $2.4 million during 1Q
 2001.
     According to CEO Kevin Cornwell, "The first quarter of 2001 performance
 was a solid step toward our 2001 $1.10 eps objective publicly projected last
 December.  Eps of $1.10 in 2001 would be a company record for calendar year
 eps and represents 22% growth over 2000.  It also would represent a fourth
 consecutive year at a 20% average annually compounded rate of increase in
 eps."
     In the 2Q, UTMD expects to launch its new on-line participation in the
 Global Healthcare Exchange (GHX), an independent Internet-based company
 created originally by five of the world's largest medical device
 manufacturers.  UTMD was selected by GHX as one of its first supplier
 implementation sites.  GHX is a single-source solution for online purchasing
 of potentially all medical products needed by hospitals using their own
 internal systems, while maintaining individual supplier relationships.  GHX is
 investing significant resources into developing fully integrated e-procurement
 solutions, which link supplier systems directly with hospital systems on a
 customized basis making it possible for buyers to interact in real time with
 UTMD.  UTMD believes that GHX will help offset access limits imposed by
 hospital GPO's, helping UTMD to answer the challenge of gaining and retaining
 access to potential hospital customers.  Through GHX, UTMD's customers will
 have electronic access to pricing, product availability, order tracking and
 all other administrative tasks in the purchasing process.  Eventually, UTMD
 will electronically link sales support, clinical training and third party
 support.
     Investors are cautioned that this press release contains forward looking
 statements and that actual events may differ from those projected.  Risks
 factors that could cause results to differ materially from those projected
 include market acceptance of products, timing of regulatory approval of new
 products, UTMD's ability to efficiently manufacture, market, and sell its
 products, among other factors that have been outlined in UTMD's public
 disclosure filings with the SEC.  The 2001 1Q 10-Q will be filed with the SEC
 by May 15.
     Utah Medical Products, Inc., with particular interest in health care for
 women and their babies, develops, manufactures, assembles and markets a broad
 range of disposable and reusable specialty medical devices designed for better
 health outcomes for patients and their care-providers.  For more information
 about Utah Medical Products, Inc., visit UTMD's website at www.utahmed.com.
 
     First Quarter ended March 31
      (in thousands except
       earnings per share):
                                  Percent Change      1Q 2001       1Q 2000
     Net Sales                         -1.5%          $6,567        $6,666
     Gross Profit                      +2.5%           3,763         3,671
     Operating Income                 +18.4%           2,225         1,878
     Income Before Tax                +14.8%           2,199         1,916
     Net Income                       +13.5%           1,391         1,226
     Earnings Per Share               +43.4%            .272          .189
 
     Shares Outstanding (diluted)                      5,117         6,469
 
 SOURCE  Utah Medical Products, Inc.

RELATED LINKS

http://www.utahmed.com