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what it is
Utah Medical makes hospital devices for newborn care, labor, and women’s health.
how it gets paid
Last year Utah Medical Prods made $41M in revenue.
why it's growing
Diluted EPS fell to ~$3.48 from ~$3.96 in FY2024 (~−12%); gross margin stayed elevated near 57% while operating income and margins compressed with the smaller revenue base.
what just happened
Q4 2025 diluted EPS was about $0.80 (down ~6% vs Q4 2024 in the headline tables); full-year diluted EPS ~$3.48.
At a glance
B+ balance sheet — decent shape, but not bulletproof
80/100 earnings predictability — you can trust these numbers
~17.9x trailing p/e on FY2025 diluted EPS ~$3.48
2.0% dividend yield — cash in your pocket every quarter
11.8% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
Utah Medical makes hospital devices for newborn care, labor, and women’s health.
Hospitals use UTMD’s gear in NICU and delivery rooms, where a bad tool gets expensive fast. Balance-sheet debt has historically been minimal; FY2025 operating margin landed near 30% on ~$38.5M revenue—strong, but down with the revenue line (see 10-K).
How they make money
$41M
annual revenue · their business grew +346.7% last year
total revenue
$38.5M
−5.8%
The products that matter
permanent female sterilization
Filshie Clip System
key exception inside weaker international demand
Management singled this out as the exception while international demand for other devices declined about 8%. In plain English: one product held up better than the rest of the overseas catalog.
relative bright spot
critical care and delivery devices
Neonatal & Labor Devices
~60% gross margin business
These products serve NICU and labor-and-delivery settings inside a business that still posts roughly 60% gross margin. Good gross margin is the appeal. Falling operating margin is the warning.
margin core
domestic hospital channel
U.S. Domestic Portfolio
$21.9M · +3.0%
The U.S. side generated $21.9M and grew 3.0%. That is not fast, but it is better than the international half of the business going backward.
53.4% of sales
Key numbers
~29.6%
FY op. margin
FY2025 operating income ~$11.4M on ~$38.5M revenue in third-party 10-K summaries—verify the exact GAAP line in the filing.
$0M
long-term debt
Debt is zero, so the company is not handing bondholders a cut of the cash.
2.0%
dividend yield
You get a small cash payout while waiting for the stock to do the rest.
17.6x
trailing p/e
You are paying 17.6 times trailing earnings, which is not cheap for a company growing slowly.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 80 / 100
- long-term debt $0M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UTMD right now.
source: institutional data · return history unavailable
What just happened
FY / Q4 2025
FY2025 revenue ~$38.5M; diluted EPS ~$3.48. Q4 diluted EPS ~$0.80.
Management cited a collapse in PendoTECH OEM revenue, a canceled China distributor order, and softer international Filshie sales as the main FY2025 headwinds—none of that matches the old “200% quarterly growth” fiction.
$38.5M
FY2025 revenue
$3.48
FY diluted EPS
~57%
FY gross margin
the number that mattered
Margins stayed respectable while revenue slipped—if OEM and international lines do not stabilize, EPS follows revenue down even with a clean balance sheet.
P0: UTMD FY2025 & Q4 results (Jan 29, 2026) — BioSpace (Access Newswire) · utahmed.com press
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What could go wrong
the #1 risk is operating margin erosion in a $41M niche device business.
med
Operating margin is moving the wrong way
FY2025 operating margin compressed toward the high-20% range as revenue declined—cross-check the exact YoY change in the 10-K operating-income table.
On ~$38.5M of revenue, each point of operating margin is only ~$0.4M—small dollars, but the trend matters for a sub-$50M sales base.
med
International demand is nearly half the story
International sales were $19.1M, or 46.6% of the total shown here, and demand outside the U.S. for non-Filshie devices declined about 8%.
If that weakness persists, one of the company's two main revenue engines keeps shrinking while the domestic side has to do all the lifting.
med
Small medtech companies do not absorb lawsuits gracefully
Product liability is a real risk whenever you sell medical devices used in sensitive clinical settings. UTMD has no long-term debt, which helps, but legal costs still hit a small company harder than a giant one.
The clean balance sheet is a cushion, not immunity. One bad case can pressure cash, management focus, and investor confidence at the same time.
Three risks matter most here. The main one is simple: if margins keep slipping while international sales contract, the stock stops looking cheap and starts looking correctly priced.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
Operating margin direction
30.1% is still strong. Another step down from here would tell you the problem is not temporary.
sales mix
International demand stabilization
International sales are $19.1M, or 46.6% of revenue shown here. You want that 8% decline to stop getting worse.
calendar
Next earnings report
Estimated for April 27, 2026. The number that matters is not just EPS. It is whether revenue and operating margin both hold up.
capital return
Dividend continuity
The yield is 2.0%. If profits stay under pressure, even a modest dividend becomes a signal about management confidence.
Analyst rankings
earnings predictability
80 / 100
in human-speak, the business usually behaves the way the past says it should. That is useful when you are underwriting a niche manufacturer.
risk rank
4
This is a below-average safety signal. The debt-free balance sheet helps, but small revenue base and margin pressure keep it from looking defensive.
source: institutional data
Institutional activity
institutional ownership data for UTMD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$62
current price
n/a
target midpoint · n/a from current
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