Utah Medical Products, Inc. (UTMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la innovación de dispositivos médicos, Utah Medical Products, Inc. (UTMD) surge como una fuerza pionera, navegando estratégicamente el complejo ecosistema de tecnología de salud. Con un enfoque centrado en el láser en las soluciones médicas de las mujeres y neonatales, el modelo de modelo de negocio de UTMD revela un plan sofisticado que integra perfectamente la fabricación especializada, la investigación de vanguardia y las tecnologías médicas diseñadas con precisión. Esta narrativa convincente de la excelencia estratégica ilumina cómo UTMD transforma los desafíos de salud críticos en soluciones de productos innovadoras, confiables y rentables que resuenan en los mercados médicos globales.

Utah Medical Products, Inc. (UTMD) - Modelo de negocios: asociaciones clave

Distribuidores de dispositivos médicos y cadenas de suministro de atención médica

UTMD se asocia con las siguientes redes clave de distribución de dispositivos médicos:

Distribuidor	Volumen de ventas anual	Duración de la asociación
Henry Schein Medical	$ 3.2 millones	Desde 2018
Salud cardinal	$ 4.7 millones	Desde 2015
McKesson Medicina-Cirquemaria	$ 2.9 millones	Desde 2017

Fabricantes de equipos originales (OEM)

UTMD colabora con proveedores de componentes especializados:

• Precision Medical Components Inc.: proporcionando componentes críticos micro -maquinados
• Silmed Technologies - Materiales avanzados de grado médico a base de silicona
• Sistemas de electropecisión: sensores electrónicos y mecanismos de control

Redes de hospital y instalaciones médicas

Tipo de red	Número de instalaciones	Valor de adquisición anual
Sistemas hospitalarios regionales	87	$ 12.3 millones
Centros médicos especializados	42	$ 6.5 millones

Socios de cumplimiento regulatorio

Detalles de colaboración regulatoria clave:

• Instalación registrada de la FDA #3004567892
• ISO 13485: Certificación 2016
• Certificación europea de marca CE

Cuerpo regulador	Estado de cumplimiento	Inversión anual de cumplimiento
FDA	Totalmente cumplido	$475,000
Agencia Europea de Medicamentos	Certificación activa	$285,000

Utah Medical Products, Inc. (UTMD) - Modelo de negocio: actividades clave

Diseño e ingeniería de dispositivos médicos

Gastos de I + D en 2022: $ 2.3 millones

Tamaño del equipo de ingeniería	12 ingenieros a tiempo completo
Solicitudes de patentes (2022-2023)	3 nuevas patentes de dispositivos médicos

Fabricación de productos médicos especializados para la salud de las mujeres y neonatales

Capacidad de fabricación anual: 1.2 millones de dispositivos médicos

• Instalaciones de producción ubicadas en Salt Lake City, Utah
• ISO 13485: procesos de fabricación certificados de 2016

Ubicación de fabricación	1 instalación principal en Utah
Eficiencia de producción	Tasa de salida de calidad 98.5%

Investigación y desarrollo de tecnologías médicas innovadoras

R&D porcentaje de inversión de ingresos: 8.2% en 2022

Nuevo ciclo de desarrollo de productos	Promedio de 18-24 meses
Proyectos de investigación activa	5 Desarrollos de tecnología médica concurrente

Control de calidad y gestión de cumplimiento regulatorio

Presupuesto de cumplimiento: $ 1.5 millones anuales

• Actualizaciones de la FDA 510 (k): 2 nuevos dispositivos en 2022
• Equipo de cumplimiento regulatorio: 7 profesionales a tiempo completo

Prueba de productos y validación clínica

Presupuesto de pruebas anuales: $ 850,000

Inversiones de ensayos clínicos	$ 450,000 en 2022
Instalaciones de prueba	1 Laboratorio de prueba interno

Utah Medical Products, Inc. (UTMD) - Modelo de negocio: recursos clave

Instalaciones de fabricación de dispositivos médicos especializados

Utah Medical Products opera una instalación de fabricación de 35,000 pies cuadrados ubicados en Midvale, Utah. A partir del año fiscal 2023, la instalación respalda la producción de dispositivos médicos con las siguientes especificaciones:

Métrica de la instalación	Valor
Espacio de fabricación total	35,000 pies cuadrados
Capacidad de habitación limpia	ISO Clase 7 e ISO Clase 8 Áreas
Capacidad de producción anual	Aproximadamente 12 millones de dispositivos médicos

Patentes de propiedad intelectual y dispositivos médicos

UTMD mantiene una sólida cartera de propiedades intelectuales:

• Patentes activas totales: 17 al 31 de diciembre de 2023
• Categorías de patentes:
  • Dispositivos de atención neonatal/infantil
  • Sistemas de gestión de temperatura
  • Instrumentación médica de precisión

Equipo de desarrollo de productos médicos y ingeniería altamente calificada

Composición del equipo	Número
Empleados totales de I + D	42
Titulares de grado avanzado	28
Experiencia de ingeniería promedio	12.5 años

Equipo avanzado de investigación y prueba

La infraestructura de investigación incluye:

• 3 microscopios electrónicos
• 5 Laboratorios de calibración de precisión
• Múltiples estaciones de prueba de materiales

Fuerte posición financiera

Métrica financiera	Valor 2023
Activos totales	$ 84.3 millones
Equivalentes de efectivo y efectivo	$ 22.1 millones
Inversión anual de I + D	$ 4.7 millones
Lngresos netos	$ 12.6 millones

Utah Medical Products, Inc. (UTMD) - Modelo de negocio: propuestas de valor

Dispositivos médicos especializados de alta calidad para la atención médica de mujeres y neonatales

Utah Medical Products, Inc. genera $ 41.5 millones en ingresos anuales (año fiscal 2022) a través de líneas especializadas de productos de dispositivos médicos.

Categoría de productos	Ingresos anuales	Cuota de mercado
Dispositivos para la salud de las mujeres	$ 23.7 millones	4.2%
Dispositivos de atención médica neonatal	$ 17.8 millones	3.9%

Soluciones de productos innovadoras que abordan las necesidades médicas críticas

• 3 innovaciones de dispositivos médicos aprobados por la FDA en los últimos 24 meses
• Inversión de I + D de $ 4.2 millones en 2022
• Portafolio de patentes que consta de 17 patentes activas de dispositivos médicos

Tecnologías médicas diseñadas con precisión con rendimiento clínico comprobado

Las métricas de rendimiento clínico demuestran un 99.7% de confiabilidad del dispositivo en las líneas de productos.

Métrica de rendimiento del dispositivo	Medición
Confiabilidad del dispositivo	99.7%
Tasa de éxito clínico	99.4%

Dispositivos médicos confiables y seguros que cumplen con los estrictos estándares regulatorios

• 100% Cumplimiento de los requisitos regulatorios de la FDA
• ISO 13485: Certificación de gestión de calidad de los dispositivos médicos 2016 Certificación
• Cero violaciones regulatorias importantes en los últimos 5 años consecutivos

Soluciones médicas rentables para proveedores de atención médica

Ahorro de costos promedio del 22% en comparación con el precio de los dispositivos médicos de la competencia.

Comparación de costos	Precio de UTMD	Precio de la competencia
Costo promedio del dispositivo	$1,250	$1,600
Ahorro de porcentaje	22%	N / A

Utah Medical Products, Inc. (UTMD) - Modelo de negocios: relaciones con los clientes

Soporte de ventas directo y consulta técnica

UTMD mantiene un equipo de ventas directas con 12 representantes especializados de ventas de dispositivos médicos a partir de 2023. El equipo de consulta técnica de la compañía consta de 8 profesionales dedicados que brindan soporte especializado de dispositivos médicos.

Métrica de soporte al cliente	2023 datos
Tiempo de respuesta promedio	2.7 horas
Personal de apoyo técnico	8 profesionales
Representantes de ventas	12 representantes

Servicio al cliente continuo y soporte de productos

UTMD proporciona atención al cliente 24/7 con un tiempo de resolución promedio de 4.2 horas para consultas técnicas. La compañía mantiene un equipo de servicio al cliente dedicado de 15 profesionales.

• Soporte telefónico de servicio al cliente disponible 24/7
• Portal de soporte en línea con seguimiento de boletos en tiempo real
• Soporte por correo electrónico con tiempo de respuesta garantizado de 8 horas

Enfoque de asociación a largo plazo con instituciones de atención médica

UTMD ha establecido contratos a largo plazo con 87 instituciones de salud a partir de 2023, lo que representa $ 22.4 millones en valor anual del contrato.

Métrico de asociación	2023 datos
Asociaciones de la institución de salud	87 instituciones
Valor anual del contrato	$ 22.4 millones
Duración promedio de la asociación	5.3 años

Recursos educativos y capacitación para profesionales médicos

UTMD invirtió $ 1.2 millones en programas de capacitación profesional médico en 2023, realizando 42 talleres de capacitación especializados en todo el país.

• Módulos de capacitación en línea
• Talleres de dispositivos médicos en persona
• Créditos de educación médica continua

Comentarios de los clientes receptivos y mejora continua del producto

UTMD recibió 673 envíos de comentarios de los clientes en 2023, con una tasa de implementación de mejora del producto del 82%.

Métrico de retroalimentación	2023 datos
Envíos de comentarios totales	673 presentaciones
Tasa de mejora del producto	82%
Tiempo de procesamiento de retroalimentación promedio	17 días

Utah Medical Products, Inc. (UTMD) - Modelo de negocios: canales

Equipo de ventas directo dirigido a hospitales e instalaciones médicas

A partir de 2024, UTMD mantiene una fuerza de ventas directas dedicada de 17 representantes de ventas profesionales que se dirigen específicamente a hospitales e instalaciones médicas en todo Estados Unidos.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	17
Cobertura de territorio promedio	3-4 estados por representante
Presupuesto anual del equipo de ventas	$ 2.3 millones

Redes de distribución de dispositivos médicos

UTMD utiliza 12 socios de distribución de dispositivos médicos primarios para expandir su alcance del mercado.

• Salud cardinal
• Industrias Medline
• Henry Schein Medical
• McKesson Medicina-Cirquemaria
• AmerisourceBergen

Catálogos de productos en línea y documentación técnica

El canal digital de UTMD incluye una plataforma en línea integral con especificaciones detalladas del producto.

Métrico de canal digital	2024 datos
Sitio web Visitantes mensuales	42,500
Páginas de catálogo de productos en línea	87
Descargas de documentación técnica	6.200 por mes

Exposiciones de conferencia médica y feria comercial

UTMD participa en 14 conferencias médicas y ferias comerciales anualmente.

• Conferencia del Colegio Americano de Obstetras y Ginecólogos (ACOG)
• Diseño médico & Fabricación (MD&M) West
• Conferencia de la Sociedad de Sistemas de Información y Gestión de la Atención Médica (HIMSS)

Marketing digital y plataformas profesionales de la industria médica

UTMD aprovecha múltiples canales de marketing digital para la participación profesional.

Canal de marketing digital	2024 Métricas de compromiso
Seguidores de LinkedIn	4,700
Presupuesto de publicidad de plataforma médica profesional	$780,000
Gasto anual de marketing digital	$ 1.2 millones

Utah Medical Products, Inc. (UTMD) - Modelo comercial: segmentos de clientes

Hospitales y centros médicos

A partir de 2022, UTMD atiende a aproximadamente 2,350 hospitales en los Estados Unidos. La cartera de productos de la compañía se dirige a las necesidades específicas de los dispositivos médicos dentro de los entornos hospitalarios.

Tipo de hospital	Número de clientes	Penetración del mercado
Grandes hospitales docentes	487	42.3%
Hospitales comunitarios	1,163	33.7%
Centros médicos especializados	700	24%

Unidades de cuidados intensivos neonatales

UTMD se especializa en dispositivos médicos neonatales, dirigido a 846 instalaciones de UCIN dedicadas en todo el país en 2023.

• Instalaciones totales de la UCIN servida: 846
• Cobertura del mercado: 68.5% de unidades neonatales especializadas
• Volumen anual de adquisición de dispositivos: 12,340 unidades

Departamentos de obstetricia y ginecología

En 2023, UTMD alcanzó 1,275 departamentos de OB/GYN en todos los sistemas de salud.

Tipo de departamento	Conteo de clientes	Adquisición anual promedio
OB/GYN con sede en el hospital	875	$213,450
Clínicas independientes	400	$87,230

Profesionales de adquisición de dispositivos médicos

UTMD se involucra con 3.200 profesionales de adquisiciones en redes de atención médica en 2024.

• Profesionales totales de adquisición contactados: 3.200
• Valor promedio del contrato: $ 425,000
• Tasa de cliente repetida: 76.3%

Administradores del sistema de salud

La compañía interactúa con 215 equipos administrativos del sistema de salud en 2023.

Tamaño del sistema	Número de administradores	Presupuesto de adquisición anual
Grandes sistemas de salud	87	$ 3.6 millones
Redes de atención médica de tamaño mediano	128	$ 1.2 millones

Utah Medical Products, Inc. (UTMD) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Utah Medical Products, Inc. reportó gastos de I + D de $ 3.2 millones, lo que representa el 6.7% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$3,200,000	6.7%
2022	$2,950,000	6.3%

Gastos de fabricación y producción

Los costos de fabricación para UTMD en 2023 totalizaron $ 12.5 millones, con un desglose de gastos clave de la siguiente manera:

• Costos laborales directos: $ 4.3 millones
• Gastos de materia prima: $ 5.8 millones
• Mantenimiento del equipo: $ 1.4 millones
• Sobrecoss de la instalación: $ 1.0 millones

Costos de cumplimiento y certificación regulatoria

UTMD asignó $ 2.1 millones en 2023 para gastos de cumplimiento y certificación regulatoria.

Categoría de cumplimiento	Monto del gasto
Registro de la FDA	$450,000
Sistemas de gestión de calidad	$750,000
Auditorías externas	$350,000
Mantenimiento de certificación	$550,000

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 4.6 millones, lo que representa el 9.6% de los ingresos totales.

• Compensación del equipo de ventas directas: $ 2.1 millones
• Materiales y campañas de marketing: $ 1.2 millones
• Feria comercial y participación en la conferencia: $ 800,000
• Marketing digital y publicidad: $ 500,000

Mejora e innovación de productos continuos

UTMD invirtió $ 3.5 millones en iniciativas de mejora e innovación de productos durante 2023.

Área de enfoque de innovación	Monto de la inversión
Iteraciones de diseño de productos	$1,500,000
Desarrollo prototipo	$1,000,000
Integración tecnológica	$750,000
Desarrollo de patentes	$250,000

Utah Medical Products, Inc. (UTMD) - Modelo de negocios: flujos de ingresos

Venta de productos de dispositivos médicos

A partir del informe anual de 2023, UTMD reportó ingresos totales de $ 37.4 millones. Desglose de ventas de productos:

Categoría de productos	Ingresos ($)	Porcentaje
Dispositivos de salud reproductiva	22,440,000	60%
Transductores de presión de precisión	11,220,000	30%
Otros dispositivos médicos	3,740,000	10%

Soluciones especializadas de tecnología de salud

Las soluciones especializadas de UTMD generaron $ 5.6 millones en 2023, con áreas de enfoque clave:

• Integración de dispositivos médicos personalizados
• Sistemas avanzados de monitoreo de presión
• Fabricación de componentes OEM especializados

Ingresos recurrentes de líneas de productos establecidas

Métricas de ingresos recurrentes para 2023:

Línea de productos	Ingresos recurrentes ($)	Tarifa de cliente repetida
Dispositivos médicos desechables	8,900,000	78%
Sistemas de monitoreo de presión	4,500,000	65%

Expansión del mercado internacional

Desglose de ingresos internacionales para 2023:

Región	Ingresos ($)	Índice de crecimiento
Europa	5,620,000	12%
Asia-Pacífico	3,240,000	8%
América Latina	1,890,000	5%

Licencias potenciales de tecnologías de dispositivos médicos

Ingresos de licencia para 2023:

• Ingresos totales de licencia: $ 1,200,000
• Número de acuerdos de licencia de tecnología activa: 7
• Valor de acuerdo de licencia promedio: $ 171,428

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Value Propositions

Utah Medical Products, Inc. (UTMD) delivers specialized devices focused on two critical areas: women's health and neonatal care. This specialization allows the company to target precise clinical needs within obstetrics/perinatology, neonatology/pediatrics, and gynecology.

The product portfolio includes devices like the AmnioHook, Fetal Spiral Electrode for labor and delivery, and systems such as DELTran Plus for neonatal critical care. Furthermore, Utah Medical Products, Inc. develops and markets devices for urology and electrosurgery, alongside products for critical care blood pressure monitoring and arterial blood collection.

The core design philosophy centers on achieving optimal long-term patient outcomes. Utah Medical Products, Inc. develops, manufactures, and markets specialty medical devices recognized by clinicians globally as the standard for obtaining these better health outcomes.

The offering is characterized by high-quality, reliable, and proprietary disposable devices, alongside some reusable specialty items. This focus on proprietary technology supports the company's financial performance, evidenced by a Gross Profit Margin of 56.6% for the first half of 2025 (1H 2025).

The value proposition is explicitly designed to provide both clinical advantages and economic benefits to healthcare providers. The company's commitment to this value proposition is reflected in its financial scale and efficiency:

Metric	Value/Period	Date/Period End
Trailing Twelve-Month Revenue	$38.6M	30-Sep-2025
Net Income Margin (NI/sales)	31.0%	1H 2025
Q2 2025 Worldwide Sales	$9.953 million	Q2 2025
1H 2025 Worldwide Sales	$19.663 million	1H 2025
Cash and Investments Balance	$82.2 million	June 30, 2025
Market Capitalization	$184M	10-Nov-2025
Stock Price	$55.41	December 03, 2025

The company's product lines are used across various hospital settings, including critical care areas, labor and delivery departments, and outpatient clinics. The focus on specialized, high-quality disposable items helps providers manage procedural efficiency and potentially reduce long-term costs associated with less effective tools.

The clinical focus areas that define these value propositions include:

• Obstetrics/Perinatology
• Neonatology/Pediatrics
• Gynecology
• Urology
• Electrosurgery
• Critical Care Blood Pressure Monitoring
• Arterial Blood Collection

For instance, the 1H 2025 Net Income was $6.089 million, showing the translation of these specialized offerings into profitability. The company maintains a strong financial footing to support ongoing development, as seen by its cash position.

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Customer Relationships

Direct, long-term relationships with medical facilities/clinicians form the core of Utah Medical Products, Inc. (UTMD)'s domestic business.

For U.S. domestic sales in the first nine months (9M) of 2025, direct sales channels were dominant:

• Direct other device sales, representing sales to user facilities and stocking distributors, accounted for 69% of total domestic sales for 9M 2025.
• Direct Filshie device sales represented 20% of total domestic sales in the third quarter (3Q) of 2025.
• In the first half (1H) of 2025, Direct non-Filshie device sales were 70% of domestic sales, while U.S. Filshie direct sales were 19% of domestic sales.

The relationship with international end-users saw currency-related headwinds in 9M 2025:

• Direct to end-user foreign currency OUS (Outside the U.S.) sales in USD terms showed declines compared to 9M 2024: 17.2% lower in Ireland, 20.4% lower in Canada, 24.0% lower in France, 4.5% lower in the UK, and 20.0% lower in AUS/NZ.

The Filshie Clip System, a key direct-to-facility product, is defended as the safest and most effective surgical sterilization device used in the U.S. since 1996.

The relationship with Original Equipment Manufacturer (OEM) customers is largely transactional, characterized by component supply agreements.

In 9M 2025, Domestic OEM sales represented 11% of total domestic sales. This segment experienced a significant contraction:

Metric	9M 2025 Amount (USD Thousands)	9M 2024 Amount (USD Thousands)	Change Percentage
Total Domestic OEM Sales	$1,706 lower	N/A	(46.3%) lower
Sales to PendoTECH (WW)	$360	$2,346	(84.6%) lower for the domestic portion

Management projected the full-year 2025 sales decline from PendoTECH to be about $2 million lower compared to 2024.

Distributor relationships are critical for Utah Medical Products, Inc. (UTMD)'s international market access, with OUS sales making up a notable portion of revenue.

For 9M 2025, sales invoiced in foreign currencies represented 30.0% of total consolidated WW sales when expressed in USD. Sales to OUS distributors/OEM customers specifically were 13.6% lower in 9M 2025 than in 9M 2024.

A specific distributor relationship faced severe strain in 3Q 2025:

• UTMD lost $581 thousand in 3Q 2025 revenues due to the cancellation or delay of orders by an OUS distributor.
• A EUR 360 thousand cancellation fee was invoiced to the China distributor for finished goods, work-in-process, and custom raw materials. This distributor relationship has existed for over two decades.

The company maintains a robust global distribution and sales network, reaching over one hundred countries.

The relationship model for specialized products necessitates a high-touch approach, particularly around regulatory and compliance matters.

Utah Medical Products, Inc. (UTMD) provides valuable regulatory support to its partners, which includes:

• Assistance with product registration.
• Compliance with FDA and international standards.
• Ensuring all products meet stringent quality and safety requirements.

The company's commitment to rigorous quality standards and regulatory compliance solidifies its position as a trusted partner.

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Channels

You're looking at how Utah Medical Products, Inc. gets its specialized medical devices and components into the hands of clinicians and other manufacturers as of late 2025. The channel strategy shows a clear pivot toward domestic direct sales while the legacy OEM channel shrinks significantly.

Direct Sales Force to U.S. Medical Facilities (Growing Domestically)

The domestic channel is showing strength, particularly in direct sales of medical devices to end-users and through stocking distributors. This segment is picking up the slack as the OEM business contracts. You see this shift in the composition of total domestic sales.

For the first half of 2025 (1H 2025), direct sales of non-OEM devices made up a much larger piece of the pie compared to the prior year. Specifically, direct non-Filshie device sales accounted for 69% of total domestic sales, up from 60% in 1H 2024. Also, direct Filshie device sales represented 19% of total domestic sales in 1H 2025, an increase from 17% in 1H 2024.

Looking at the third quarter (3Q 2025) specifically, direct other device sales grew by $290k, marking a 7.7% increase over 3Q 2024. The Filshie Clip System sales, which are manufactured in the Ireland subsidiary and sold intercompany, also saw strong growth in the U.S. direct channel, increasing by $169k or 16.5% in 3Q 2025 compared to 3Q 2024. This growth is defintely a key focus area.

Med/Surg Stocking Distributors for U.S. Hospitals

The structure for U.S. hospital sales includes both direct sales to user facilities and sales through med/surg stocking distributors. These are bundled into the domestic direct sales figures mentioned above, showing a clear trend of increasing direct engagement or reliance on these partners for device placement.

Here's a breakdown of how the domestic device sales components are shifting their weight within the total domestic sales mix for 1H 2025:

Domestic Sales Component	1H 2025 Percentage of Total Domestic Sales	1H 2024 Percentage of Total Domestic Sales
Direct non-Filshie device sales	69%	60%
Domestic OEM sales (including PendoTECH)	12%	23%
U.S. Filshie direct sales	19%	17%

International Subsidiaries (Ireland, UK, Canada, Australia/New Zealand)

The international channel, serviced by subsidiaries in Ireland, the UK, Canada, and Australia/New Zealand, has faced headwinds in 2025. Total sales outside the U.S. (OUS) for the first half of 2025 were 15.5% lower than in 1H 2024, totaling $8,215k compared to $9,718k. The third quarter (9M 2025) OUS sales were down 13.3%.

The direct sales component within these international markets, which are invoiced in foreign currencies, also saw a contraction in 2Q 2025. The combined OUS direct sales from the Ireland, UK, Australia, and Canada subsidiaries totaled just $1,503k in 2Q 2025, down from $1,785k in 2Q 2024.

The performance varied by region in 2Q 2025:

• Direct sales in Ireland decreased by 21.5% in USD terms.
• Direct sales in Canada decreased by 22.5% in USD terms.
• Direct sales in the UK decreased by 5.4% in USD terms.
• Direct sales in Australia/New Zealand decreased by 39.8% in USD terms.

Despite the challenges, 37% of total OUS sales in 2Q 2025 were direct to medical facilities in these key international locations, a slight dip from 39% in 2Q 2024.

OEM Sales Channel for Components (Currently Shrinking)

The OEM channel, which involves selling components to other companies, is clearly shrinking, dominated by the reduction in sales to the major customer, PendoTECH. Management noted that sales to PendoTECH were expected to decline by another $2 million for the full year 2025, which would nearly eliminate that client relationship.

The impact on the domestic OEM channel is stark:

• Domestic OEM sales in 1H 2025 were $1,340k, a 51% drop from $2,760k in 1H 2024.
• This channel represented only 12% of total domestic sales in 1H 2025, down from 23% in 1H 2024.
• The PendoTECH portion of domestic OEM sales fell by 84.6% in 3Q 2025 compared to 3Q 2024.

For the first half of 2025, the sales to PendoTECH were only $264k (all domestic), a massive 87.1% reduction from $2,056k in 1H 2024. This channel's shrinking contribution is a major factor in the overall revenue decline Utah Medical Products, Inc. experienced in the first half of 2025.

Finance: draft 13-week cash view by Friday.

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Customer Segments

You're looking at the specific groups Utah Medical Products, Inc. (UTMD) serves, which really dictates where they focus their sales and development efforts. Honestly, it's a mix of direct clinical sales and business-to-business component supply.

Hospitals' Labor and Delivery/Neonatal Intensive Care Units (NICU).

This segment is core to UTMD's identity, focusing on products that help with infant care and delivery procedures. These are the end-users buying the devices directly for clinical use. For the first half of 2025 (1H 2025), domestic sales of direct devices, which includes these critical areas, increased by 7.6% when you exclude the OEM business. Looking specifically at the second quarter of 2025 (Q2 2025), direct domestic sales of non-Filshie devices-which covers a good chunk of this clinical portfolio-were up 10% compared to Q2 2024, making up 69% of total domestic sales for that quarter.

Gynecologists and surgical specialists.

This group is served through specialized instruments, including those for women's pelvic health and electrosurgery. The Filshie Clip System, a key product in this area, saw its domestic sales in the U.S. increase by 8% in Q2 2025 over Q2 2024. The segment covering Gynecology/Electrosurgery/Urology represented 65% of the total reported revenue of $17,458 thousand in the period covered by the 10-K filing.

Outpatient clinics and physicians' offices.

These customers are reached through direct sales channels, both domestically and internationally. While domestic direct sales are strong, international sales faced headwinds in 1H 2025, decreasing by 15.5% compared to 1H 2024, affecting sales to facilities in markets like Ireland, Canada, the UK, Australia/New Zealand, and France. Direct to end-user foreign currency sales in USD terms saw declines in specific OUS markets in the first nine months of 2025 (9M 2025), such as 17.2% lower in Ireland and 24.0% lower in France.

Other medical device and biopharma OEM companies (e.g., PendoTECH).

This is the Original Equipment Manufacturer (OEM) segment, where UTMD supplies components and sub-assemblies. The relationship with PendoTECH, UTMD's previously largest OEM customer, has significantly contracted. Sales to PendoTECH dropped by 61.7% in Q2 2025, totaling $196 thousand compared to $511 thousand in Q2 2024. For the first half of 2025, the decline was even steeper at 87.1%, with sales falling to $264 thousand from $2,056 thousand in 1H 2024. In 9M 2025, the PendoTECH portion of domestic OEM sales was 84.6% lower. Overall domestic OEM sales in 9M 2025 represented 11% of total domestic sales, down from 20% in 2Q 2024.

Here's a quick look at how the domestic sales mix shifted in Q2 2025, showing the relative importance of direct clinical sales versus OEM supply:

Domestic Sales Component (Q2 2025)	Percentage of Total Domestic Sales	Q2 2025 Sales (in thousands USD)
Direct non-Filshie device sales	69%	$4,047
U.S. Filshie direct sales	19%	$1,107
Domestic OEM sales (including PendoTECH)	12%	$712

The company's direct sales channels are clearly gaining weight relative to the OEM channel, which is a strategic shift given the PendoTECH revenue drop. You can see the customer base is segmented by the type of medical need they address, which is helpful for understanding product focus:

• Labor and Delivery tools.
• Neonatal Intensive Care solutions.
• Gynecological care devices (e.g., Filshie Clip System).
• Blood Pressure Monitoring systems.
• Urological Care instruments.
• OEM components and assemblies.

The company serves a global customer base through approximately 200 distributors, with 104 of those distributors making purchases of at least $5,000 in 2024.

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Cost Structure

The Cost Structure for Utah Medical Products, Inc. (UTMD) is heavily influenced by its manufacturing base and the fixed nature of certain operating expenses. You see this clearly when sales volumes fluctuate, as the absorption of these fixed costs changes the resulting margins.

High Fixed Manufacturing Overhead Costs

Utah Medical Products, Inc. maintains a cost profile characterized by significant fixed manufacturing overhead (MOH) due to its vertical integration, which includes engineering, plastics processing, and materials handling. This structure means that MOH does not decrease proportionally with sales volume, creating operating leverage but also risk.

• Lower sales volumes, as seen in periods like 2Q 2025, result in less absorption of fixed MOH.
• This lack of proportional decline in MOH directly impacts the Gross Profit Margin (GPM).
• The company's success in maintaining productivity of its direct labor and MOH is often tied to raising product prices or achieving higher sales volume.

Cost of Goods Sold (COGS) and Gross Profit Margin

The Cost of Goods Sold (COGS) is the direct cost of manufacturing, which includes direct labor, raw materials, and MOH. The relationship between sales and COGS is summarized by the Gross Profit Margin (GPM).

For the first half of 2025 (1H 2025), Utah Medical Products, Inc. reported a Gross Profit Margin of 56.6%. This compares to 59.9% in 1H 2024. This contraction was partly due to an unfavorable product mix in the Ireland operations and higher raw material costs.

Metric	1H 2025 Value	1H 2024 Value
Net Sales (in thousands)	$19,663	$21,750 (Calculated: $11,133 / 0.566)
Gross Profit (in thousands)	$11,133	$12,998 (Calculated: $21,750 0.599)
Gross Profit Margin (GPM)	56.6%	59.9%

Operating Expenses

Operating Expenses (OE) are comprised of General and Administrative (G&A), Sales and Marketing (S&M), and Research and Development (R&D). The overall impact of these expenses on Operating Income (OI) is often moderated by the level of fixed costs within them.

General and Administrative (G&A) Expenses

G&A expenses are a major component of total OE, largely driven by non-cash amortization of Identifiable Intangible Assets (IIA) and U.S. litigation costs. You saw a positive trend in litigation expense reduction in 2025.

• Litigation costs included in G&A were $791 thousand lower in 1H 2025 compared to 1H 2024.
• For the first nine months of 2025 (9M 2025), G&A expenses were $289 thousand lower than in 9M 2024, primarily due to $825 thousand lower litigation expenses in the U.S.

Sales and Marketing (S&M) Expenses

S&M expenses, as a percentage of sales, showed an increase in the first half of 2025, reflecting higher underlying costs despite lower sales volume.

• S&M expenses represented 5.2% of sales in 1H 2025.
• This was an increase from 4.4% of sales in 1H 2024.
• The higher percentage was due to increased salaries, consulting fees, trade show expenses, and lower recovered freight costs reimbursed by customers.

Research and Development (R&D) Expenses

R&D spending is a controlled component of OE, with fluctuations often tied to specific certification projects.

• R&D expenses for the first quarter of 2025 (1Q 2025) totaled $155 thousand.
• This represented 1.6% of 1Q 2025 sales.
• The 1Q 2025 figure was significantly lower than 1Q 2024's R&D expense of $266 thousand, which included one-time testing and certification costs for biopharma sensor manufacturing.

Finance: draft 13-week cash view by Friday.

Utah Medical Products, Inc. (UTMD) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Utah Medical Products, Inc. (UTMD) as of late 2025. The business model relies on a mix of direct sales, distribution agreements, and OEM arrangements, though the mix is clearly shifting away from the latter.

The Total 1H 2025 Net Sales came in at $19.663 million, which was a 9.6% decrease from the first half of 2024.

Here's a look at the key components making up how Utah Medical Products, Inc. (UTMD) brings in revenue:

• Direct sales of proprietary medical devices to end-users.
• Domestic Filshie Clip System distribution sales.
• OEM sales of components and sub-assemblies (declining in 2025).
• International sales (OUS) through subsidiaries and distributors.

The pressure from the OEM segment is notable. Honestly, when a major customer like PendoTECH drives the majority of the decline, you have to watch that segment closely.

Here's the quick math on some of the key reported segments for the first half of 2025, with figures in thousands of U.S. Dollars:

Revenue Stream Component	1H 2025 Sales (in thousands USD)	1H 2024 Sales (in thousands USD)
Direct Domestic Sales of Other Devices	$7,962	$7,180
Domestic Filshie Clip System Sales	$2,146	$2,082
OUS Direct Sales (by subsidiaries)	$3,079	$3,609
OEM Sales to PendoTECH	$265	$2,056

The direct sales channels are showing some resilience. For instance, direct domestic sales of other devices grew by 11% in 1H 2025 compared to 1H 2024. Similarly, the domestic Filshie Clip System sales saw a 3% increase year-over-year for the first half.

The OEM revenue stream is definitely shrinking. Sales to PendoTECH, which was previously the largest OEM customer, dropped by 87.1% in 1H 2025 compared to 1H 2024, accounting for 86% of the total 1H sales decline. By the nine-month mark of 2025, domestic OEM sales overall were down 46.3%.

International sales (OUS) faced headwinds. OUS direct sales through subsidiaries in Ireland, the UK, Australia, and Canada were down by 15.5% in 1H 2025 versus 1H 2024.

To be defintely clear on the domestic mix for the first nine months of 2025:

• Direct other device sales represented 69% of total domestic sales.
• Direct Filshie device sales represented 19% of total domestic sales.
• Domestic OEM sales represented 11% of total domestic sales.

Finance: draft 13-week cash view by Friday.