UTMD FY2023 EPS up 1% on interest income; revenue down 4%, litigation costs rise

UTAH MEDICAL PRODUCTS INC

2023-FY EPS reported $4.57 revenue$50,224,000

Full year revenue $50.2M (-4% YoY); EPS $4.574 (+1.2%) as lower operating income offset by higher interest income.
Q4 revenue $12.3M (-9%); net income $4.3M (-6%); gross margin fell to 57.6% from 61.3%.
Operating income down 15% due to $2.9M biopharma OEM decline and $1.66M litigation costs vs $0.67M in 2022.
Cash & investments rose to $92.9M; quarterly dividend increased to $0.30/share starting Jan 2024.
Management expects further GP margin dilution in 2024 as biopharma sales projected to decline significantly.

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