Utah Medical Products, Inc
Utah Medical Products is a U.S.-based medical device company that manufactures and markets specialty products used in obstetrics, gynecology, neonatal care, urology, and other clinical settings. Its business also includes OEM components and assemblies sold to other medical device and non-medical device customers, with operations and sales spanning the United States and selected international markets through direct and distributor channels.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueFinished clinical devices used in obstetrics, gynecology, neonatal care, urology and related procedures.
Tubal ligation and female sterilization products sold directly and through distributors.
Custom-manufactured parts, molded components and assemblies sold to other manufacturers.
Pressure sensor and process control transducer configurations for biopharmaceutical applications.
Customers
UTMD sells to end-user clinical facilities, including hospitals and other medical/surgical care settings, as well as to third-party medical/surgical distributors that support those facilities. It also sells OEM products to other medical device companies, biopharmaceutical manufacturers, and some non-medical device customers that need specialized components. The customer mix reflects a business model built around both direct clinical demand and outsourced manufacturing relationships.
Hospitals and end-user medical facilities buy finished devices for direct clinical use and procedural care.
Distributors buy and resell devices to clinical facilities, often providing storage and scheduled delivery.
Other device makers buy components, assemblies and molded parts for incorporation into their own products.
Biopharma customers buy pressure sensor and process control transducer configurations for manufacturing applications.
Selected non-medical customers buy custom components manufactured to specification.
Strategy
UTMD’s strategy centers on defending its core specialty device franchises, expanding selected product lines, and using its manufacturing base more efficiently across U.S. and international operations. It also seeks to add products through development or acquisition while returning excess cash through dividends and share repurchases when attractive opportunities are limited.
The product is a core branded franchise and an important contributor to the company’s clinical device mix.
Direct sales to biopharmaceutical manufacturers can diversify the customer base and use pre-qualified status.
Integrated manufacturing and distribution can lower friction across U.S. and OUS operations.
The company uses excess cash to support shareholder returns and opportunistic growth.
Geography
UTMD sells directly in the United States and also serves Ireland, the UK, France, Canada, Australia and New Zealand through direct and distributor channels. The company also has international manufacturing and intercompany flows, including Filshie device production in Ireland and sales into the U.S. and other overseas markets. Geography matters because the business is exposed to foreign exchange, tariffs, and cross-border distribution economics.
Risks
UTMD faces customer concentration risk in OEM and distributor relationships, along with exposure to tariffs, foreign exchange and cross-border shipment timing. As a medical device manufacturer, it also faces regulatory, product liability, quality, and reimbursement-related risks that can affect demand, pricing and operating execution.
A large OEM customer can materially affect revenue when orders decline or are lost.
Exposure: PendoTECH-related OEM sales
Import duties can increase manufacturing costs and reduce pricing flexibility.
Exposure: U.S. imports from Ireland and other tariffed components
Clinical products require ongoing compliance, quality control and safety performance.
Exposure: Specialty devices and the Filshie Clip System
OUS sales are translated into USD and can be delayed by distributor decisions or currency moves.
Accounting
Judgemental itemsSales are generally fixed before order acceptance and recognized on shipment, so timing can shift between quarters.
Impact: Affects quarterly revenue comparability
OUS sales are reported in USD, so exchange-rate changes can alter reported growth even when local demand is stable.
Impact: Affects reported revenue and operating trends
Filshie devices are manufactured in Ireland and sold intercompany before consolidation.
Impact: Affects gross sales presentation and consolidated expense structure
Import duties on components and devices are included in manufacturing costs.
Impact: Affects cost of goods sold and gross margin
Similar listed companies
Publicly listed companies with a comparable business focus.
UFP Technologies, Inc
UFPT · Surgical & Medical Instruments & Apparatus
UFP Technologies is a U.S.-based contract development and manufacturing company focused on single-use and single-patient medical devices and components.
IR-Med, Inc.
Electromedical & Electrotherapeutic Apparatus
Adagio Medical Holdings, Inc.
ADGM · Surgical & Medical Instruments & Apparatus
iRadimed Corporation
IRMD · Surgical & Medical Instruments & Apparatus
IRADIMED Corp designs and sells MRI-compatible medical devices used inside scanner rooms, centered on infusion pumps, patient vital signs monitoring systems, and related disposables and service.
Teleflex Incorporated
TFX · Surgical & Medical Instruments & Apparatus
Globus Medical, Inc
GMED · Surgical & Medical Instruments & Apparatus
Globus Medical is a U.S.-based medical device company focused on musculoskeletal care, with products used in spine, orthopedic trauma, hip, knee, extremity and neurosurgical procedures.
Last updated: 29/04/2026