Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Details | ||
Entity Registrant Name | UTAH MEDICAL PRODUCTS INC | |
Entity Central Index Key | 0000706698 | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | UTMD | |
Entity Tax Identification Number | 87-0342734 | |
Entity Common Stock, Shares Outstanding | 3,640,403 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Amendment Description | to correct time period Extensible Business Reporting Language (XBRL) formatting errors in the Inventories table within Note 3, to the Allocated Share Based Compensation Expense within Note 4, to the purchase price and to the remaining years of life being straight-line amortized on the exclusive U.S. distribution rights for the Filshie Clip System purchased from CooperSurgical, Inc. (CSI) within Note 8 of the Notes to Consolidated Condensed Financial Statements | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-12575 | |
Entity Incorporation, State or Country Code | UT | |
Entity Address, Address Line One | 7043 South 300 West | |
Entity Address, City or Town | Midvale | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84047 | |
City Area Code | 801 | |
Local Phone Number | 566-1200 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Amendment Flag | true | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
UTAH MEDICAL PRODUCTS, INC. CON
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash & investments | $ 46,294 | $ 42,787 |
Accounts & other receivables, net | 4,277 | 4,742 |
Inventories | 6,304 | 6,913 |
Other current assets | 385 | 444 |
Total current assets | 57,260 | 54,886 |
Property and equipment, net | 10,650 | 10,314 |
Operating lease - right of use assets, net | 386 | 414 |
Goodwill | 13,783 | 13,961 |
Other intangible assets | 54,362 | 55,205 |
Other intangible assets - accumulated amortization | (29,369) | (24,993) |
Other intangible assets, net | 24,993 | 30,212 |
Total assets | 107,072 | 109,787 |
Current liabilities: | ||
Accounts payable | 651 | 1,098 |
Accrued expenses | 2,976 | 2,350 |
Total current liabilities | 3,627 | 3,448 |
Deferred tax liability - Femcare IIA | 1,995 | 2,110 |
Other long term liabilities | 2,132 | 2,239 |
Operating lease liability | 346 | 376 |
Deferred income taxes | 557 | 521 |
Total liabilities | 8,657 | 8,694 |
Stockholders' equity: | ||
Preferred stock - $.01 par value; authorized - 5,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock - $.01 par value; authorized - 50,000 shares; issued - September 30, 2020, 3,640 shares and December 31, 2019, 3,722 shares | 36 | 37 |
Accumulated other comprehensive income (loss) | (10,199) | (9,782) |
Additional paid-in capital | 0 | 18 |
Retained earnings | 108,578 | 110,820 |
Total stockholders' equity | 98,415 | 101,093 |
Total liabilities and stockholders' equity | $ 107,072 | $ 109,787 |
UTAH MEDICAL PRODUCTS, INC. C_2
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED BALANCE SHEET - Parenthetical - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 3,640,000 | 3,722,000 |
Common Stock, Shares, Outstanding | 3,640,000 | 3,722,000 |
UTAH MEDICAL PRODUCTS, INC. C_3
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Sales, net | $ 10,479 | $ 12,494 | $ 30,168 | $ 35,073 |
Cost of goods sold | 3,982 | 5,115 | 11,885 | 13,421 |
Gross profit | 6,497 | 7,379 | 18,283 | 21,652 |
Operating expense | ||||
Selling, general and administrative | 2,785 | 2,878 | 8,480 | 8,341 |
Research & development | 125 | 130 | 375 | 357 |
Total operating expenses | 2,910 | 3,008 | 8,855 | 8,698 |
Operating income | 3,587 | 4,371 | 9,428 | 12,954 |
Other income (expense) | 1 | 76 | 125 | 196 |
Income before provision for income taxes | 3,588 | 4,447 | 9,553 | 13,150 |
Provision for income taxes | 655 | 742 | 2,167 | 2,781 |
Net income | $ 2,933 | $ 3,705 | $ 7,386 | $ 10,369 |
Earnings per common share (basic) | $ 0.81 | $ 1 | $ 2.02 | $ 2.79 |
Earnings per common share (diluted) | $ 0.80 | $ 0.99 | $ 2.01 | $ 2.77 |
Shares outstanding - basic | 3,642 | 3,720 | 3,664 | 3,722 |
Shares outstanding - diluted | 3,653 | 3,737 | 3,678 | 3,738 |
Other comprehensive income (loss): | ||||
Foreign currency translation net of taxes of $0 in all periods | $ 1,511 | $ (1,683) | $ (416) | $ (1,200) |
Total comprehensive income | $ 4,444 | $ 2,022 | $ 6,970 | $ 9,169 |
UTAH MEDICAL PRODUCTS, INC. C_4
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENT OF INCOME - Parenthetical - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
UTAH MEDICAL PRODUCTS, INC. C_5
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Comprehensive Income | Retained Earnings | Total |
Equity Balance, value at Dec. 31, 2018 | $ 37 | $ 121 | $ (11,290) | $ 100,123 | $ 88,992 |
Equity Balance, shares at Dec. 31, 2018 | 3,720 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 222 | 0 | 0 | 222 |
Common stock issued upon exercise of employee stock options, shares | 5 | ||||
Stock option compensation expense | $ 0 | 85 | 0 | 0 | 85 |
Common stock purchased and retired | $ 0 | (429) | 0 | 31 | (398) |
Common stock purchased and retired, shares | (5) | ||||
Foreign currency translation adjustment | $ 0 | 0 | (1,200) | 0 | (1,200) |
Common stock dividends | 0 | 0 | 0 | (3,084) | (3,084) |
Net income | 0 | 0 | 0 | 10,369 | 10,369 |
Equity Balance, value at Sep. 30, 2019 | $ 37 | 0 | (12,490) | 107,439 | 94,986 |
Equity Balance, shares at Sep. 30, 2019 | 3,720 | ||||
Equity Balance, value at Jun. 30, 2019 | $ 37 | 0 | (10,807) | 104,682 | 93,912 |
Equity Balance, shares at Jun. 30, 2019 | 3,719 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 52 | 0 | 0 | 52 |
Common stock issued upon exercise of employee stock options, shares | 1 | ||||
Stock option compensation expense | $ 0 | 29 | 0 | 0 | 29 |
Common stock purchased and retired | $ 0 | (81) | 0 | 81 | 0 |
Common stock purchased and retired, shares | 0 | ||||
Foreign currency translation adjustment | $ 0 | 0 | (1,683) | 0 | (1,683) |
Common stock dividends | 0 | 0 | 0 | (1,029) | (1,029) |
Net income | 0 | 0 | 0 | 3,705 | 3,705 |
Equity Balance, value at Sep. 30, 2019 | $ 37 | 0 | (12,490) | 107,439 | 94,986 |
Equity Balance, shares at Sep. 30, 2019 | 3,720 | ||||
Equity Balance, value at Dec. 31, 2019 | $ 37 | 18 | (9,783) | 110,820 | 101,092 |
Equity Balance, shares at Dec. 31, 2019 | 3,722 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 282 | 0 | 0 | 282 |
Common stock issued upon exercise of employee stock options, shares | 6 | ||||
Stock option compensation expense | $ 0 | 121 | 0 | 0 | 121 |
Common stock purchased and retired | $ (1) | (421) | 0 | (6,555) | (6,976) |
Common stock purchased and retired, shares | (87) | ||||
Foreign currency translation adjustment | $ 0 | 0 | (416) | 0 | (416) |
Common stock dividends | 0 | 0 | 0 | (3,074) | (3,074) |
Net income | 0 | 0 | 0 | 7,386 | 7,386 |
Equity Balance, value at Sep. 30, 2020 | $ 36 | 0 | (10,199) | 108,578 | 98,415 |
Equity Balance, shares at Sep. 30, 2020 | 3,640 | ||||
Equity Balance, value at Jun. 30, 2020 | $ 36 | 80 | (11,710) | 106,881 | 95,288 |
Equity Balance, shares at Jun. 30, 2020 | 3,643 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 202 | 0 | 0 | 202 |
Common stock issued upon exercise of employee stock options, shares | 4 | ||||
Stock option compensation expense | $ 0 | 49 | 0 | 0 | 49 |
Common stock purchased and retired | $ 0 | (332) | 0 | (219) | (551) |
Common stock purchased and retired, shares | (7) | ||||
Foreign currency translation adjustment | $ 0 | 0 | 1,511 | 0 | 1,511 |
Common stock dividends | 0 | 0 | 0 | (1,018) | (1,018) |
Net income | 0 | 0 | 0 | 2,933 | 2,933 |
Equity Balance, value at Sep. 30, 2020 | $ 36 | $ 0 | $ (10,199) | $ 108,578 | $ 98,415 |
Equity Balance, shares at Sep. 30, 2020 | 3,640 |
UTAH MEDICAL PRODUCTS, INC. C_6
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED CONDENSED STATEMENT OF CASH FLOW - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,386 | $ 10,369 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 495 | 526 |
Amortization | 4,875 | 4,512 |
Provision for (recovery of) losses on accounts receivable | (4) | (2) |
Amortization of Right of Use Assets | 29 | 29 |
(Gain) loss on disposal of assets | 1 | 0 |
Deferred income taxes | (20) | (398) |
Stock-based compensation expense | 121 | 85 |
Tax benefit attributable to exercise of stock options | 7 | 20 |
Changes in operating assets and liabilities: | ||
Accounts receivable and other receivables | 442 | (1,139) |
Inventories | 757 | (1,449) |
Prepaid expenses and other current assets | 58 | 73 |
Accounts payable | (439) | (188) |
Accrued expenses | 651 | (1,023) |
Total adjustments | 6,973 | 1,046 |
Net cash provided by operating activities | 14,359 | 11,415 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property and equipment | (806) | (252) |
Intangible assets | 0 | (21,000) |
Net cash used in investing activities | (806) | (21,252) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock - options | 282 | 223 |
Common stock purchased and retired | (6,977) | (398) |
Payment of dividends | (3,097) | (3,083) |
Net cash used in financing activities | (9,792) | (3,258) |
Effect of exchange rate changes on cash | (254) | (624) |
Net decrease in cash and cash equivalents | 3,507 | (13,719) |
Cash at beginning of period | 42,787 | 51,112 |
Cash at end of period | 46,294 | 37,393 |
Cash paid during the period for income taxes | 2,153 | 3,957 |
Cash paid during the period for interest | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Basis of Presentation | (1) The unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States. These statements should be read in conjunction with the financial statements and notes included in the Utah Medical Products, Inc. ("UTMD" or "the Company") annual report on Form 10-K for the year ended December 31, 2019. In the opinion of management, the accompanying financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company's financial position and results of operations. Currency amounts are in thousands except per-share amounts and where noted. |
New Accounting Pronouncements a
New Accounting Pronouncements and Changes in Accounting Principles | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
New Accounting Pronouncements and Changes in Accounting Principles | (2) Recent Accounting Standards. The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Inventories | (3) Inventories at September 30, 2020, and December 31, 2019, consisted of the following: September 30, 2020 December 31, 2019 Finished goods $ 1,446 $ 1,708 Work-in-process 1,387 1,022 Raw materials 3,471 4,183 Total $ 6,304 $ 6,913 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Stock-Based Compensation | (4) Stock-Based Compensation. At September 30, 2020, the Company has stock-based employee compensation plans which authorize the grant of stock options to eligible employees and directors. The Company accounts for stock compensation under FASB Accounting Standards Codification (“ASC”) 718, Compensation - Stock Compensation |
Warranty Reserve
Warranty Reserve | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Warranty Reserve | (5) Warranty Reserve. The Company’s published warranty is: “UTMD warrants its products to conform in all material respects to all published product specifications in effect on the date of shipment, and to be free from defects in material and workmanship for a period of thirty (30) days for supplies, or twenty-four (24) months for equipment, from date of shipment. During the warranty period UTMD shall, at its option, replace any products shown to UTMD's reasonable satisfaction to be defective at no expense to the Purchaser or refund the purchase price.” UTMD maintains a warranty reserve to provide for estimated costs which are likely to occur. The amount of this reserve is adjusted, as required, to reflect its actual experience. Based on its analysis of historical warranty claims and its estimate that existing warranty obligations were immaterial, no warranty reserve was made at December 31, 2019, or September 30, 2020. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Revenue Recognition | (6) Global 3Q 2020 revenues (USD) by product category: Domestic Outside US Total Obstetrics $ 1,032 $ 247 $ 1,279 Gynecology/Electrosurgery/Urology 2,847 2,202 5,049 Neonatal 1,151 348 1,499 Blood Pressure Monitoring and Accessories 1,920 732 2,652 Total $ 6,950 $ 3,529 $ 10,479 Global 9M 2020 revenues (USD) by product category: Domestic Outside US Total Obstetrics $ 2,739 $ 612 $ 3,351 Gynecology/Electrosurgery/Urology 7,686 6,945 14,631 Neonatal 3,266 1,169 4,435 Blood Pressure Monitoring and Accessories 5,215 2,536 7,751 Total $ 18,906 $ 11,262 $ 30,168 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Leases | (7) Leases UTMD has operating leases for a portion of its parking lot at its Midvale facility and an automobile at its Ireland facility. The remaining lease term on the parking lot is 11 years and on the automobile it is 16 months. There are no options to extend or terminate the leases. UTMD has no other leases yet to commence. As neither lease contains implicit rates, UTMD’s incremental borrowing rate, based on information available at adoption date, was used to determine the present value of the leases. The components of lease cost were as follows: Three Months Ended September 30, 2020 Operating Lease Cost ( in thousands $15 Right of Use Assets obtained in exchange for new operating lease Obligations $0 Other Information Three Months Ended September 30, 2020 Weighted Average Remaining Lease Term - Operating Leases 11 years Weighted Average Discount Rate – Operating Leases 5.4% Operating lease liabilities/ payments ( in thousands Operating lease payments, 2020 $60 Operating lease payments, 2021 $60 Operating lease payments, 2022 $45 Operating lease payments, 2023 $45 Operating lease payments, 2024 $45 Thereafter $299 Reconciliation of operating lease liabilities/ payments to operating lease liabilities ( in thousands Total operating lease liabilities/ payments $528 Operating lease liabilities – current (included in Accrued Expenses) $40 Operating lease liabilities – long term $346 Present value adjustment $142 Maturities of lease liabilities were as follows: in thousands Maturities of lease liabilities were as follows: ( in thousands Year ending December 31, 2020 $38 2021 $40 2022 $27 2023 $29 2024 $30 Thereafter $248 |
CSI Distribution Agreement Purc
CSI Distribution Agreement Purchase Disclosure | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
CSI Distribution Agreement Purchase Disclosure | (8) Distribution Agreement Purchase. UTMD completed the purchase of exclusive U.S. distribution rights for the Filshie Clip System from CooperSurgical, Inc. (CSI) on February 1, 2019. The $21,000 purchase price represented an identifiable intangible asset which is being straight-line amortized and recognized as part of G&A expenses over a remaining 3.08 year life as of September 30, 2020 of the prior CSI distribution agreement with Femcare. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Earnings Per Share | (9) Earnings Per Share. Basic earnings per share is calculated by dividing net income attributable to the common stockholders of the company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by assuming the exercise of stock options at the closing price of stock at the end of 3 rd The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share: ( in thousands Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Numerator Net income 2,933 3,705 7,386 10,369 Denominator Weighted average shares, basic 3,642 3,720 3,664 3,722 Dilutive effect of stock options 11 17 14 16 Diluted shares 3,653 3,737 3,678 3,738 Earnings per share, basic 0.81 1.00 2.02 2.79 Earnings per share, diluted 0.80 0.99 2.01 2.77 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Subsequent Events | (10) Subsequent Events. |
New Accounting Pronouncements_2
New Accounting Pronouncements and Changes in Accounting Principles: New Accounting Pronouncements, Policy (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Policies | |
New Accounting Pronouncements, Policy | The Company has determined that other recently issued accounting standards will either have no material impact on its consolidated financial position, results of operations or cash flows, or will not apply to its operations. |
Inventories_ Schedule of Invent
Inventories: Schedule of Inventory, Current (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Inventory, Current | September 30, 2020 December 31, 2019 Finished goods $ 1,446 $ 1,708 Work-in-process 1,387 1,022 Raw materials 3,471 4,183 Total $ 6,304 $ 6,913 |
Revenue Recognition_ Schedule O
Revenue Recognition: Schedule Of Revenues By Product Category (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule Of Revenues By Product Category | (6) Global 3Q 2020 revenues (USD) by product category: Domestic Outside US Total Obstetrics $ 1,032 $ 247 $ 1,279 Gynecology/Electrosurgery/Urology 2,847 2,202 5,049 Neonatal 1,151 348 1,499 Blood Pressure Monitoring and Accessories 1,920 732 2,652 Total $ 6,950 $ 3,529 $ 10,479 Global 9M 2020 revenues (USD) by product category: Domestic Outside US Total Obstetrics $ 2,739 $ 612 $ 3,351 Gynecology/Electrosurgery/Urology 7,686 6,945 14,631 Neonatal 3,266 1,169 4,435 Blood Pressure Monitoring and Accessories 5,215 2,536 7,751 Total $ 18,906 $ 11,262 $ 30,168 |
Leases_ Lease, Cost (Tables)
Leases: Lease, Cost (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Lease, Cost | The components of lease cost were as follows: Three Months Ended September 30, 2020 Operating Lease Cost ( in thousands $15 Right of Use Assets obtained in exchange for new operating lease Obligations $0 Other Information Three Months Ended September 30, 2020 Weighted Average Remaining Lease Term - Operating Leases 11 years Weighted Average Discount Rate – Operating Leases 5.4% |
Leases_ Schedule of Future Mini
Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Future Minimum Rental Payments for Operating Leases | Operating lease liabilities/ payments ( in thousands Operating lease payments, 2020 $60 Operating lease payments, 2021 $60 Operating lease payments, 2022 $45 Operating lease payments, 2023 $45 Operating lease payments, 2024 $45 Thereafter $299 |
Leases_ Reconciliation of opera
Leases: Reconciliation of operating lease liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Reconciliation of operating lease liabilities | Reconciliation of operating lease liabilities/ payments to operating lease liabilities ( in thousands Total operating lease liabilities/ payments $528 Operating lease liabilities – current (included in Accrued Expenses) $40 Operating lease liabilities – long term $346 Present value adjustment $142 |
Leases_ Lessee, Operating Lease
Leases: Lessee, Operating Lease, Liability, Maturity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities were as follows: ( in thousands Year ending December 31, 2020 $38 2021 $40 2022 $27 2023 $29 2024 $30 Thereafter $248 |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share: ( in thousands Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Numerator Net income 2,933 3,705 7,386 10,369 Denominator Weighted average shares, basic 3,642 3,720 3,664 3,722 Dilutive effect of stock options 11 17 14 16 Diluted shares 3,653 3,737 3,678 3,738 Earnings per share, basic 0.81 1.00 2.02 2.79 Earnings per share, diluted 0.80 0.99 2.01 2.77 |
Inventories_ Schedule of Inve_2
Inventories: Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Finished goods | $ 1,446 | $ 1,708 |
Work-in-process | 1,387 | 1,022 |
Raw materials | 3,471 | 4,183 |
Total | $ 6,304 | $ 6,913 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Allocated Share-based Compensation Expense | $ 49 | $ 29 | $ 121 | $ 85 |
Warranty Reserve (Details)
Warranty Reserve (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Standard and Extended Product Warranty Accrual | $ 0 | $ 0 |
Revenue Recognition_ Schedule_2
Revenue Recognition: Schedule Of Revenues By Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Sales, net | $ 10,479 | $ 12,494 | $ 30,168 | $ 35,073 |
Obstetrics | ||||
Sales, net | 1,279 | 3,351 | ||
Gynecology/Electrosurgery/Urology | ||||
Sales, net | 5,049 | 14,631 | ||
Neonatal | ||||
Sales, net | 1,499 | 4,435 | ||
Blood Pressure Monitoring and Accessories | ||||
Sales, net | 2,652 | 7,751 | ||
DomesticUsMember | ||||
Sales, net | 6,950 | 18,906 | ||
DomesticUsMember | Obstetrics | ||||
Sales, net | 1,032 | 2,739 | ||
DomesticUsMember | Gynecology/Electrosurgery/Urology | ||||
Sales, net | 2,847 | 7,686 | ||
DomesticUsMember | Neonatal | ||||
Sales, net | 1,151 | 3,266 | ||
DomesticUsMember | Blood Pressure Monitoring and Accessories | ||||
Sales, net | 1,920 | 5,215 | ||
OutsideUsMember | ||||
Sales, net | 3,529 | 11,262 | ||
OutsideUsMember | Obstetrics | ||||
Sales, net | 247 | 612 | ||
OutsideUsMember | Gynecology/Electrosurgery/Urology | ||||
Sales, net | 2,202 | 6,945 | ||
OutsideUsMember | Neonatal | ||||
Sales, net | 348 | 1,169 | ||
OutsideUsMember | Blood Pressure Monitoring and Accessories | ||||
Sales, net | $ 732 | $ 2,536 |
Leases (Details)
Leases (Details) | Sep. 30, 2020 |
Details | |
Lessee Operating Lease for Parking Lot Term of Contract | 11 years |
Lessee Operating Lease for Automobile Term of Contract | 16 months |
Leases_ Lease, Cost (Details)
Leases: Lease, Cost (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Details | |
Operating Lease, Cost | $ 15 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 |
Operating Lease, Weighted Average Remaining Lease Term | 11 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5.40% |
Leases_ Schedule of Future Mi_2
Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Details | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 60 |
Operating Leases, Future Minimum Payments, Due in Two Years | 60 |
Operating Leases, Future Minimum Payments, Due in Three Years | 45 |
Operating Leases, Future Minimum Payments, Due in Four Years | 45 |
Operating Leases, Future Minimum Payments, Due in Five Years | 45 |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 299 |
Leases_ Reconciliation of ope_2
Leases: Reconciliation of operating lease liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Lessee, Operating Lease, Liability, to be Paid | $ 528 | |
Operating Lease, Liability, Current | 40 | |
Operating lease liability | 346 | $ 376 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 142 |
Leases_ Lessee, Operating Lea_2
Leases: Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Details | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 38 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 40 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 27 |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 29 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 30 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | $ 248 |
CSI Distribution Agreement Pu_2
CSI Distribution Agreement Purchase Disclosure (Details) - CooperSurgical Inc $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Sep. 30, 2020 | |
Finite-lived Intangible Assets Acquired | $ 21,000 | |
Remaining years of exclusive U.S. distribution rights for Femcare's Filshie Clip System | 3.08 |
Earnings Per Share_ Schedule _2
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Net income | $ 2,933 | $ 3,705 | $ 7,386 | $ 10,369 |
Weighted average shares, basic | 3,642 | 3,720 | 3,664 | 3,722 |
Dilutive effect of stock options | 11 | 17 | 14 | 16 |
Diluted shares | 3,653 | 3,737 | 3,678 | 3,738 |
Earnings per share, basic | $ 0.81 | $ 1 | $ 2.02 | $ 2.79 |
Earnings per share, diluted | $ 0.80 | $ 0.99 | $ 2.01 | $ 2.77 |