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UTMD Reports Financial Performance For Fourth Quarter And Year 2012

SALT LAKE CITY, Jan. 31, 2013 (GLOBE NEWSWIRE) -- In the fourth calendar quarter (4Q) 2012 and year of 2012, Utah Medical Products, Inc.'s (Nasdaq:UTMD) changes in financial results compared to the same time period in the prior calendar year were as follows:
  4Q  (October – December) Year (January – December)
Sales: (1%) +10%
Gross Profit: +2% +13%
Operating Income: +23% +28%
Net Income: +22% +37%
Earnings Per Share: +19% +35%

Earnings per share for the 2012 calendar year were $2.74.  Excluding the noncash effects of depreciation, amortization of intangible assets and non-cash stock option expense and asset impairment expense, 2012 consolidated earnings before taxes plus interest expense were $18,703. Currency amounts throughout this report are in thousands, except per share amounts and where noted.

Profitability measures compared to the same time periods in the prior calendar year were as follows:
  4Q12 4Q11 2012 2011
Gross Profit Margin (GPM): 61.2% 59.7% 60.9% 59.2%
Operating Profit Margin (OPM): 36.3% 29.4% 36.6% 31.3%
Net Profit Margin (NPM): 23.0% 18.8% 24.5% 19.6%

According to CEO Kevin Cornwell,

"UTMD obviously had an outstanding financial year in 2012 in a difficult economic environment for medical device companies, particularly in the U.S. After acquiring Femcare Holdings Limited in March 2011, UTMD was able to achieve profit margins more typical of its long term historical performance by realizing operating synergies from the combination of the entities. In 2013, UTMD will have the additional burden of the Obamacare medical device excise tax, which will be 2.3% of finished medical device sales in the U.S. If the excise tax were applied to 2012 revenues, it would have reduced net profits by about $210, reducing eps 6 cents per share. By achieving additional operating efficiencies, obtaining the benefit of a further lowered corporate income tax rate in the UK and continuing to focus our resources in more growth-oriented environments outside the U.S. where the tax is not applicable, UTMD hopes to mitigate the negative impact of the new tax on shareholder value in 2013.

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