General

Utah Medical Products, Inc. (UTMD) manufactures and markets a well-established range of specialty medical devices. The Company's Form 10-K Annual Report for the year ended December 31, 2019, provides a detailed description of products, technologies, markets, regulatory issues, business initiatives, resources and business risks, among other details, and should be read in conjunction with this report. Because of the relatively short span of time, results for any given three month period in comparison with a previous three month period may not be indicative of comparative results for the year as a whole. Currency amounts in the report are in thousands, except per share amounts or where otherwise noted.

Currencies in this report are denoted as $ or USD = U.S. Dollars; A$ or AUD = Australia Dollars; £ or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and € or EUR = Euros.

Analysis of Results of Operations





a)Overview



Income statement results in 3Q and 9M 2020 compared to the same periods of 2019
were as follows:



                                  3Q 2020  3Q 2019  change  9M 2020  9M 2019  change
Net Sales                        $ 10,479 $ 12,494 (16.1%) $ 30,168 $ 35,073 (14.0%)
Gross Profit                        6,497    7,379 (12.0%)   18,283   21,652 (15.6%)
Operating Income                    3,588    4,371 (17.9%)    9,428   12,954 (27.2%)
Income Before Tax                   3,588    4,448 (19.3%)    9,553   13,150 (27.4%)
Net Income (NI)                     2,933    3,705 (20.8%)    7,386   10,369 (28.8%)

Earnings per Diluted Share (EPS) 0.803 0.991 (19.0%) 2.008 2.774 (27.6%)

UTMD management believes that the presentation of sequential 2020 quarterly results provides meaningful supplemental information to both management and investors. Keeping in mind that results for any given three month period in comparison with a previous three month period may not be indicative of comparative results for the year as a whole, the following table shows the percent changes in 2020 quarterly results compared to the same periods of time in 2019:

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