Utah Medical Products (UTMD) Q3 2025 earnings summary

Executive summary

• Net sales for 3Q 2025 were $9.8M, down 1.9% year-over-year; 9M 2025 sales were $29.5M, down 7.2% year-over-year, mainly due to OUS distributor order cancellations and lower OEM sales.

• Net income for 3Q 2025 was $2.6M (down 26.2% year-over-year); 9M 2025 net income was $8.7M (down 20.5% year-over-year).

• Diluted EPS for 3Q 2025 was $0.82 (down 19.9% year-over-year); 9M 2025 EPS was $2.68 (down 13.5% year-over-year), with share repurchases offsetting some EPS decline.

• Domestic U.S. sales grew modestly, but OUS sales fell sharply due to distributor issues and weaker economic conditions.

• Global trade uncertainty, including order cancellations and delays from two major OUS distributors, resulted in lost revenues and increased bad debt reserves.

Financial highlights

• Operating income for 3Q 2025 was $2.6M (down 21.9% year-over-year); 9M 2025 operating income was $9.0M (down 16.0%).

• Adjusted consolidated EBITDA for 3Q 2025 was $4.2M (down 15.9% year-over-year); 9M 2025 adjusted EBITDA was $13.5M (down 12.7% year-over-year), with a margin of 45.8%.

• Cash and investments at September 30, 2025, were $84.3M, up $1.3M from year-end 2024.

• Net cash provided by operating activities in 9M 2025 was $11.2M, down from $11.9M in 9M 2024.

• Dividends paid in 9M 2025 totaled $3.0M; share repurchases totaled $7.4M for 130,984 shares (3.9% of year-end 2024 shares).

Outlook and guidance

• Full-year 2025 revenues are expected to be 6–7% lower than 2024, with EPS projected in the $3.40–3.50 range.

• Management expects continued strong cash generation and plans to maintain dividends and opportunistic share repurchases.

• Adjusted consolidated EBITDA for 2025 is projected to be $17–18 million.