Utah Medical Products (UTMD) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $9.95M, down 4.3% year-over-year; 1H 2025 revenue was $19.66M, down 9.6%, mainly due to lower PendoTECH sales.

• Gross profit margin contracted to 56.2% in Q2 2025 from 60.1% in Q2 2024, with Ireland operations most impacted.

• Net income for Q2 2025 was $3.05M (30.6% margin), down 11.7% year-over-year; 1H 2025 net income was $6.09M, down 17.8%.

• Diluted EPS for Q2 2025 was $0.94, down 4.0%; 1H 2025 EPS was $1.86, down 10.3%, supported by share repurchases.

• Cash and investments were $82.2M as of June 30, 2025, with no debt.

Financial highlights

• Q2 2025 operating income was $3.20M (32.1% margin), down 7.1% year-over-year; 1H 2025 operating income was $6.35M, down 13.3%.

• Adjusted EBITDA for Q2 2025 was $4.67M (46.9% margin); 1H 2025 adjusted EBITDA was $9.32M (47.4% margin).

• Net cash from operating activities in 1H 2025 was $7.34M, down from $8.04M in 1H 2024.

• 1H 2025 dividends paid totaled $2.02M; 119,255 shares repurchased for $6.71M at an average price of $56.26.

• Return on equity (ROE) annualized for 1H 2025 was 10%, compared to 12% in 1H 2024.

Outlook and guidance

• 2025 full-year sales expected to be $2M lower than 2024, mainly due to continued lower PendoTECH demand.

• EBITDA target for 2025 remains $17–$18M, with performance to date supporting this goal.

• Potential delays in shipments to China due to tariff uncertainty could further reduce 2025 revenue by up to 2%.

• Focus remains on leveraging multinational operations, defending core products, and seeking accretive acquisitions.