Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 25, 2024 | Jun. 30, 2023 | |
Details | |||
Entity Registrant Name | UTAH MEDICAL PRODUCTS INC | ||
Entity Central Index Key | 0000706698 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | UTMD | ||
Entity Tax Identification Number | 87-0342734 | ||
Entity Common Stock, Shares Outstanding | 3,589,014 | ||
Entity Public Float | $ 313,392,922 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Document Annual 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, $0.01 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | false | ||
Documents Incorporated by Reference | The Company’s definitive proxy statement for the Annual Meeting of Stockholders is incorporated by reference into Part III, Item 10, 11, 12, 13 and 14 of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Haynie & Company | ||
Auditor Location | Salt Lake City, Utah | ||
Auditor Firm ID | 457 |
UTAH MEDICAL PRODUCTS, INC. CON
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 92,868 | $ 75,052 |
Accounts and other receivables, net (note 2) | 3,391 | 5,538 |
Inventories (note 2) | 9,582 | 8,814 |
Prepaid expenses and other current assets | 428 | 515 |
Total current assets | 106,269 | 89,919 |
Property and equipment, net (notes 4 and 10) | 10,551 | 10,224 |
Goodwill | 13,692 | 13,354 |
Other intangible assets (note 2) | $ 54,296 | $ 52,755 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other intangible assets (note 2) | Other intangible assets (note 2) |
Other intangible assets - accumulated amortization | $ (49,350) | $ (42,378) |
Other intangible assets, net (note 2) | 4,946 | 10,377 |
Total assets | 135,458 | 123,874 |
Current liabilities | ||
Accounts payable | 769 | 1,218 |
Accrued expenses (note 2) | $ 3,941 | 4,742 |
Operating Lease, Liability, Current, Statement of Financial Position | Accrued expenses (note 2) | |
Total current liabilities | $ 4,710 | 5,960 |
Long term lease liability | 295 | 341 |
Long term income tax payable (REPAT tax) (note 7) | 698 | 1,256 |
Deferred tax liability - intangible assets | 1,120 | 1,514 |
Deferred income taxes (note 7) | 322 | 549 |
Total liabilities | 7,145 | 9,620 |
Commitments and contingencies (notes 6 and 12) | 0 | 0 |
Stockholders' equity | ||
Common stock, $.01 par value; 50,000 shares authorized, issued 3,630 shares in 2023 and 3,628 shares in 2022 | 36 | 36 |
Accumulated other comprehensive loss | (10,658) | (12,039) |
Additional paid-in capital | 594 | 251 |
Retained earnings | 138,341 | 126,006 |
Total stockholders' equity | 128,313 | 114,254 |
Total liabilities and stockholders' equity | $ 135,458 | $ 123,874 |
UTAH MEDICAL PRODUCTS, INC. C_2
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED BALANCE SHEETS | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000 | 50,000 |
Common Stock, Shares, Issued | 3,630 | 3,628 |
Common Stock, Shares, Outstanding | 3,630 | 3,628 |
UTAH MEDICAL PRODUCTS, INC. C_3
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENTS OF INCOME | |||
Sales, net (notes 1, 3, 9 and 11) | $ 50,224 | $ 52,281 | $ 49,054 |
Cost of goods sold | 20,186 | 20,085 | 18,137 |
Gross profit | 30,038 | 32,196 | 30,917 |
Sales and marketing | 1,685 | 1,507 | 1,414 |
Research and development | 560 | 493 | 526 |
General and administrative | 11,016 | 10,406 | 10,097 |
Operating income | 16,777 | 19,790 | 18,880 |
Dividend and interest income | 3,036 | 661 | 166 |
Royalty income (note 12) | 20 | 20 | 15 |
Other, net | 256 | 188 | 0 |
Income before provision for income taxes | 20,089 | 20,659 | 19,061 |
Provision for income taxes (note 7) | 3,454 | 4,186 | 4,273 |
Net income | $ 16,635 | $ 16,473 | $ 14,788 |
Earnings per common share (basic) (note 1) | $ 4.58 | $ 4.53 | $ 4.05 |
Earnings per common share (diluted) (note 1) | $ 4.57 | $ 4.52 | $ 4.04 |
Other comprehensive income (loss) | |||
Foreign currency translation net of taxes of $0 in all periods | $ 1,381 | $ (2,986) | $ (773) |
Total comprehensive income | $ 18,016 | $ 13,487 | $ 14,015 |
UTAH MEDICAL PRODUCTS, INC. C_4
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENTS OF INCOME - Parenthetical - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENTS OF INCOME | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 |
UTAH MEDICAL PRODUCTS, INC. C_5
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-In Capitol | Comprehensive Income | Retained Earnings | Total |
Equity Balance, value at Dec. 31, 2020 | $ 36 | $ 115 | $ (8,280) | $ 110,951 | $ 102,822 |
Equity Balance, shares at Dec. 31, 2020 | 3,643 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 787 | 0 | 0 | 787 |
Common stock issued upon exercise of employee stock options, shares | 14 | ||||
Common stock received and retired upon exercise of stock options | $ 0 | (227) | 0 | 0 | (227) |
Common stock received and retired upon exercise of stock options, shares | (2) | ||||
Stock option compensation expense | $ 0 | 166 | 0 | 0 | 166 |
Foreign currency translation adjustment | 0 | 0 | (773) | 0 | (773) |
Common stock dividends | 0 | 0 | 0 | (10,425) | (10,425) |
Net income | 0 | 0 | 0 | 14,788 | 14,788 |
Equity Balance, value at Dec. 31, 2021 | $ 36 | 842 | (9,053) | 115,314 | 107,138 |
Equity Balance, shares at Dec. 31, 2021 | 3,655 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 211 | 0 | 0 | 211 |
Common stock issued upon exercise of employee stock options, shares | 4 | ||||
Common stock received and retired upon exercise of stock options | $ 0 | (37) | 0 | 0 | (37) |
Common stock received and retired upon exercise of stock options, shares | (1) | ||||
Stock option compensation expense | $ 0 | 183 | 0 | 0 | 183 |
Common stock purchased and retired | $ 0 | (947) | 0 | (1,548) | (2,495) |
Common stock purchased and retired, shares | (30) | ||||
Foreign currency translation adjustment | $ 0 | 0 | (2,986) | 0 | (2,986) |
Common stock dividends | 0 | 0 | 0 | (4,233) | (4,233) |
Net income | 0 | 0 | 0 | 16,473 | 16,473 |
Equity Balance, value at Dec. 31, 2022 | $ 36 | 252 | (12,039) | 126,006 | 114,255 |
Equity Balance, shares at Dec. 31, 2022 | 3,628 | ||||
Common stock issued upon exercise of employee stock options | $ 0 | 117 | 0 | 0 | 117 |
Common stock issued upon exercise of employee stock options, shares | 2 | ||||
Stock option compensation expense | $ 0 | 225 | 0 | 0 | 225 |
Foreign currency translation adjustment | 0 | 0 | 1,381 | 0 | 1,381 |
Common stock dividends | 0 | 0 | 0 | (4,300) | (4,300) |
Net income | 0 | 0 | 0 | 16,635 | 16,635 |
Equity Balance, value at Dec. 31, 2023 | $ 36 | $ 594 | $ (10,658) | $ 138,341 | $ 128,313 |
Equity Balance, shares at Dec. 31, 2023 | 3,630 |
UTAH MEDICAL PRODUCTS, INC. C_6
UTAH MEDICAL PRODUCTS, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 16,635 | $ 16,473 | $ 14,788 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 623 | 612 | 636 |
Amortization | 5,692 | 6,417 | 6,645 |
Provision for losses on accounts receivable | (33) | 30 | 24 |
Amortization of operating lease assets | 53 | 53 | 3 |
Deferred income taxes | (693) | (401) | (92) |
Stock-based compensation expense | 225 | 183 | 166 |
Tax benefit attributable to exercise of stock options | 12 | 6 | 39 |
Accounts receivable | 2,270 | (511) | (1,088) |
Other receivables | 0 | (14) | (42) |
Inventories | (670) | (2,353) | (485) |
Prepaid expenses and other current assets | 45 | (64) | (81) |
Accounts payable | (456) | 464 | (23) |
Accrued expenses | (1,422) | 252 | 713 |
Net cash provided by operating activities | 22,281 | 21,147 | 21,203 |
Cash flows from investing activities | |||
Property and equipment | (639) | (809) | (552) |
Intangible assets | 0 | (9) | 0 |
Net cash (used in) investing activities | (639) | (818) | (552) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock - options | 117 | 174 | 560 |
Common stock purchased and retired | 0 | (2,495) | 0 |
Dividends paid | (4,282) | (3,163) | (11,465) |
Net cash (used in) financing activities | (4,165) | (5,484) | (10,905) |
Effect of exchange rate changes on cash | 339 | (767) | (362) |
Net increase in cash and cash equivalents | 17,816 | 14,078 | 9,384 |
Cash at beginning of year | 75,052 | 60,974 | 51,590 |
Cash at end of year | 92,868 | 75,052 | 60,974 |
Cash paid during the year for income taxes | 4,827 | 4,970 | 4,617 |
Cash paid during the year for interest | $ 0 | $ 0 | $ 0 |
Trading Arrangements, by Indivi
Trading Arrangements, by Individual | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 1 - Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Organization Utah Medical Products, Inc. with headquarters in Midvale, Utah and its wholly-owned operating subsidiaries, Femcare Limited located in Romsey, Hampshire, England, Femcare Australia Pty Ltd located in Castle Hill, NSW, Australia, Utah Medical Products Canada, Inc. (dba Femcare Canada) located in Mississauga, Ontario, Canada and Utah Medical Products Ltd., which operates a manufacturing facility in Athlone, Ireland, (in the aggregate, the Company) are in the primary business of developing, manufacturing and globally distributing specialized medical devices for the healthcare industry. The Company’s broad range of products includes those used in critical care areas and the labor and delivery departments of hospitals, as well as outpatient clinics and physicians’ offices. Products are sold directly to end-user facilities in the U.S., Ireland, UK, Canada, France and Australia, and through third party distributors in other outside the U.S. (OUS) markets. Domestically, until February 1, 2019, Femcare Ltd had an exclusive U.S. distribution relationship with CooperSurgical, Inc. (CSI) for the Filshie Clip System. UTMD also sells subcontract manufactured components and finished products to over 120 companies in the U.S. for their medical and non-medical products. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although actual results could differ from those estimates, management believes it has considered and disclosed all relevant information in making its estimates that materially affect reported performance and current values. Principles of Consolidation The consolidated financial statements include those of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents For purposes of the consolidated statement of cash flows, the Company considers cash on deposit and short-term investments with original maturities of three months or less to be cash and cash equivalents. Concentration of Credit Risk The primary concentration of credit risk consists of trade receivables. In the normal course of business, the Company provides credit terms to its customers. Accordingly, the Company performs ongoing credit evaluations of its customers and maintains allowances for possible losses which, when realized, have been within the range of management's expectations as reflected by its reserves. The Company's customer base consists of hospitals, medical device distributors, physician practices and others directly related to healthcare providers, as well as other manufacturing companies. Although the Company is affected by the well-being of the global healthcare industry, management does not believe significant trade receivable credit risk exists at December 31, 2023 except under an extreme global financial crisis. The Company maintains its cash in bank deposit accounts in addition to Fidelity Investment money market accounts. The Company has not experienced any losses in such accounts and believes it is not exposed to a significant credit risk on cash and cash equivalent balances. Accounts Receivable Accounts receivable are amounts due on product sales and are unsecured. Accounts receivable are carried at their estimated collectible amounts. Credit is generally extended on a short-term basis; thus, accounts receivable do not bear interest although a late charge may be applied to such receivables that are past the due date. Accounts receivable are periodically evaluated for collectability based on past credit history of customers and current market conditions. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions (see note 2). Inventories Finished products, work-in-process, raw materials and supplies inventories are stated at the lower of cost and net realizable value (NRV) computed on a first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation (see note 2). Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over estimated useful lives as follows: Building and improvements 15 - 40 years Furniture, equipment and tooling 3 - 10 years Long-Lived Assets The Company evaluates its long-lived assets in accordance with Accounting Standards Codification (ASC) 360, “Accounting for the Impairment of Long-Lived Assets.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made. Intangible Assets Costs associated with the acquisition of patents, trademarks, trade names, customer relationships, regulatory approvals & product certifications, license rights and non-compete agreements are capitalized, and are being amortized using the straight-line method over periods ranging from 5 to 20 years. UTMD’s goodwill is tested for impairment annually, in the fourth quarter of each year, in accordance with ASC 350. UTMD also performs impairment tests contemporaneously, if circumstances change that would more than likely reduce the fair value of goodwill below its net book value. If UTMD determines that its goodwill is impaired, a second step is completed to measure the amount of the impairment loss. UTMD does not expect its goodwill to become impaired in the foreseeable future. Estimated future amortization expenses on intangible assets held as of December 31, 2023, using the 2023 year-end 1.2739 USD/GBP and 0.6825 USD/AUD currency exchange rates, is about $1,931 in 2024, $1,931 in 2025, $422 in 2026, $10 in 2027, and $8 in 2028 (see note 2). In 2019, $21,000 in intangible assets were acquired from CSI. This intangible asset was fully amortized in 2023 (see note 15). Stock-Based Compensation At December 31, 2023, the Company has stock-based employee compensation plans, which are described more fully in note 8. The Company accounts for stock compensation under ASC 718, Share-Based Payment Revenue Recognition The Company recognizes revenue at the time of product shipment as UTMD meets its contractual performance obligations to the customer at the time of shipment. Revenue recognized by UTMD is based upon the consideration to which UTMD is entitled from its customers as a result of shipping a physical product, in accordance with the documented arrangements and fixed contracts in which the selling price was fixed prior to the Company’s acceptance of an order. Revenue from service sales, which are immaterial to UTMD, is generally recognized when the service is completed and invoiced. As demonstrated by decades of experience in successful and consistent collections, there is very minor and insignificant uncertainty regarding the collectability of invoiced amounts reasonably within the terms of the Company’s contracts. There are circumstances under which insignificant revenue may be recognized when product is not shipped, which meet the criteria of ASC 606: the Company provides engineering services, for example, design and production of manufacturing tooling that may be used in subsequent UTMD manufacturing of custom components for other companies. This revenue is recognized when UTMD’s performance obligations have been completed according to a fixed contractual agreement. UTMD includes handling fees charged to customers in revenues. Income Taxes The Company accounts for income taxes under ASC 740, “Accounting for Income Taxes,” whereby deferred taxes are computed under the asset and liability method. The Company accounts for deferred taxes under ASC 740, “Accounting for Income Taxes”, which requires that all deferred income taxes are classified as noncurrent in a classified statement of financial position. The TCJA contains a deemed repatriation transition tax (REPAT tax) on accumulated earnings and profits of the Company’s non-U.S. subsidiaries that have not been subject to U.S. tax. The Company has elected to pay its net REPAT tax over eight years. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, in Utah, in the United Kingdom, in Australia, in Ireland and in Canada. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and any related penalties in income taxes. The Company did not recognize any tax-related interest expense or have any tax penalties in 2023, 2022 or 2021. Legal Costs The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of business. The Company maintains a reserve for legal costs which are probable and estimated based on previous experience and known risk. The reserve for legal costs at December 31, 2023 and 2022 was $257 and $204, respectively (see note 2). Earnings per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during each year. The computation of earnings per common share assuming dilution is based on the weighted average number of shares outstanding during the year plus the weighted average common stock equivalents which would arise from the exercise of stock options outstanding using the treasury stock method and the average market price per share during the year. The shares (in thousands) used in the computation of the Company’s basic and diluted earnings per share are reconciled as follows: 2023 2022 2021 Weighted average number of shares outstanding – basic 3,629 3,637 3,647 Dilutive effect of stock options 8 6 13 Weighted average number of shares outstanding, assuming dilution 3,637 3,643 3,660 Presentation of Sales and Similar Taxes Sales tax on revenue-producing transactions is recorded as a liability when the sale occurs. UTMD is not required to withhold sales tax on OUS sales, and at least 90% of domestic 2023 sales were to customers who are tax exempt or who are in jurisdictions where UTMD is not required to withhold sales tax. Translation of Foreign Currencies Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the applicable exchange rates at year-end. Net gains or losses resulting from the translation of the Company’s assets and liabilities are reflected as a separate component of stockholders’ equity. A negative translation impact on stockholders’ equity reflects a current relative U.S. Dollar value higher than at the point in time that assets were actually acquired in a foreign currency. A positive translation impact would result from a U.S. dollar weaker in value than at the point in time foreign assets were acquired. Year-end translation gains or losses of non-functional currency bank account balances, e.g. EUR and AUD balances held by the UK subsidiary, are recognized as non-operating income or expense, as applicable. Income and expense items are translated at the weighted average rate of exchange (based on when transactions actually occurred) during the year. |
Note 2 - Detail of Certain Bala
Note 2 - Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 2 - Detail of Certain Balance Sheet Accounts | Note 2 – Detail of Certain Balance Sheet Accounts December 31, 2023 2022 Accounts and other receivables: $ 3,488 $ 5,720 53 51 (151) (182) $ 3,390 $ 5,589 Inventories: . $ 1,685 $ 1,896 1,503 1,193 6,394 5,725 $ 9,582 $ 8,814 Goodwill: Balance as of January 1 $ 13,354 $ 14,098 338 (744) - - $ 13,692 $ 13,354 Other Identifiable Intangible Assets: $ 2,209 $ 2,198 127 121 9,360 8,887 9,108 8,635 21,000 21,000 Right-of-Use 342 395 12,150 11,519 54,296 52,755 (49,350) (42,378) $ 4,946 $ 10,377 Accrued expenses: $ 327 $ 337 1,294 1,318 257 204 2,063 2,883 $ 3,941 $ 4,742 |
Note 3 - Quarterly Results of O
Note 3 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 3 - Quarterly Results of Operations (Unaudited) | Note 3 – Quarterly Results of Operations (Unaudited) Unaudited Quarterly Data for 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 12,520 $ 12,866 $ 12,505 $ 12,333 Gross Profit 7,843 7,739 7,359 7,098 Net Income 4,214 4,200 3,935 4,287 Earnings Per Common Share (Diluted) 1.16 1.15 1.08 1.18 Unaudited Quarterly Data for 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 12,323 $ 13,428 $ 12,955 $ 13,575 Gross Profit 7,533 8,151 8,186 8,327 Net Income 3,534 4,103 4,280 4,555 Earnings Per Common Share (Diluted) 0.96 1.12 1.18 1.25 Unaudited Quarterly Data for 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 10,964 $ 12,604 $ 12,572 $ 12,914 Gross Profit 6,947 7,785 8,073 8,112 Net Income 3,024 3,426 4,206 4,131 Earnings Per Common Share (Diluted) 0.83 0.94 1.15 1.13 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 4 - Property and Equipment | Note 4 – Property and Equipment Property and equipment consists of the following: December 31, 2023 2022 Land $ 1,638 $ 1,593 Buildings and improvements 13,907 13,601 Furniture, equipment and tooling 17,315 17,068 Construction-in-progress 1,413 906 34,273 33,168 Accumulated depreciation (23,722) (22,944) Property and equipment, net $ 10,551 $ 10,224 Included in the Company’s consolidated balance sheet are the assets of its manufacturing and administrative facilities in Utah, Canada, England, Australia and Ireland. Property and equipment, by geographic area, are as follows: December 31, 2023 U.S. & Canada England & Australia Ireland Total Land $ 621 $ 637 $ 380 $ 1,638 Buildings and improvements 6,584 3,194 4,129 13,907 Furniture, equipment and tooling 15,075 732 1,508 17,315 Construction-in-progress 913 3 497 1,413 23,193 4,566 6,514 34,273 Accumulated depreciation (18,701) (1,464) (3,557) (23,722) Property and equipment, net $ 4,492 $ 3,102 $ 2,957 $ 10,551 December 31, 2022 U.S. & Canada England & Australia Ireland Total Land $ 621 $ 605 $ 367 $ 1,593 Buildings and improvements 6,566 3,043 3,992 13,601 Furniture, equipment and tooling 14,950 693 1,425 17,068 Construction-in-progress 412 - 494 906 22,549 4,341 6,278 33,168 Accumulated depreciation (18,369) (1,229) (3,346) (22,944) Property and equipment, net $ 4,180 $ 3,112 $ 2,932 $ 10,224 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 5 - Long-term Debt | Note 5 – Long-term Debt None in 2022 and 2023. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 6 - Commitments and Contingencies | Note 6 – Commitments and Contingencies Purchase Obligations The Company has obligations to purchase raw materials for use in its manufacturing operations. The Company has the right to make changes in, among other things, purchase quantities, delivery schedules and order acceptance. Product Liability The Company is self-insured for product liability risk. “Product liability” is an insurance industry term for the cost of legal defense and damages awarded to patients allegedly injured as a result of use of a company’s product. The Company maintains a reserve to cover product liability litigation expenses and possible damages consistent with its experience going back decades. Although product liability litigation expenses at $1,660 in 2023, $670 in 2022 and $22 in 2021 were high relative to history, they were not material to overall consolidated financial results. The Company absorbs the costs of clinical training and trouble-shooting in its on-going operating expenses. 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 are immaterial, no warranty reserve was made at December 31, 2023 or December 31, 2022. Litigation The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of a medical device business. Presently, except for Filshie clip lawsuits, there is no litigation or threatened litigation where UTMD is a defendant. The Company expects that the outcome of the Filshie clip litigation will not be material to overall consolidated financial results. The Company applies its accounting policy to accrue legal costs that can be reasonably estimated. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 7 - Income Taxes | Note 7 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences: December 31, 2023 2022 2021 Inventory write-downs and differences due to UNICAP $ 110 $ 103 $ 88 Allowance for doubtful accounts 31 39 31 Accrued liabilities and reserves 90 90 58 Depreciation and amortization (1,673) (2,295) (2,859) Deferred income taxes, net $ (1,442) $ (2,063) $ (2,682) The components of income tax expense are as follows: Years ended December 31, 2023 2022 2021 Current $ 4,075 $ 4,632 $ 3,983 Deferred (621) (446) 290 Total $ 3,454 $ 4,186 $ 4,273 Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows: Years ended December 31, 2023 2022 2021 Federal income tax expense at the statutory rate $ 2,346 $ 2,620 $ 2,520 State income taxes 439 490 448 Foreign income taxes (blended rate) 951 1,129 1,010 R&D tax credits and manufacturing profit deduction (3) (3) (6) Tax-exempt income (195) - - Change in Rate - - 391 Other (84) (50) (90) Total $ 3,454 $ 4,186 $ 4,273 The domestic and foreign components of income before income tax expense were as follows: Years ended December 31, 2023 2022 2021 Domestic $ 11,170 $ 12,475 $ 12,004 Foreign 8,919 8,184 7,057 Total $ 20,089 $ 20,659 $ 19,061 |
Note 8 - Options
Note 8 - Options | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 8 - Options | Note 8 – Options The Company has stock option plans which authorize the grant of stock options to eligible employees, directors and other individuals to purchase up to an aggregate of 285 thousand shares of common stock, of which 84 thousand are outstanding as of December 31, 2023. All options granted under the plans are granted at current market value at the date of grant, and may be exercised between six months and ten years following the date of grant. The plans are intended to advance the interest of the Company by attracting and ensuring retention of competent directors, employees and executive personnel, and to provide incentives to those individuals to devote their utmost efforts to the advancement of stockholder value. Changes in stock options were as follows: Shares Price Range 2023 Granted 19 $ 77.07 - 77.07 Expired or canceled 0.4 77.05 - 77.05 Exercised 2 49.18 - 77.05 Total outstanding at December 31 84 49.18 - 82.60 Total exercisable at December 31 50 49.18 - 82.60 Shares Price Range 2022 Granted 21 $ 82.60 - 82.60 Expired or canceled 2 33.30 - 77.05 Exercised 4 33.30 - 77.05 Total outstanding at December 31 67 33.30 - 77.05 Total exercisable at December 31 40 33.30 - 77.05 Shares Price Range 2021 Granted - $ - - - Expired or canceled 3 74.64 - 77.05 Exercised 14 26.52 - 77.05 Total outstanding at December 31 52 33.30 - 77.05 Total exercisable at December 31 34 33.30 - 77.05 For the years ended December 31, 2023, 2022 and 2021, the Company reduced current income taxes payable by $12, $6 and $39, respectively, for the income tax benefit attributable to sale by optionees of common stock received upon the exercise of stock options. Stock-Based Compensation In 2023, the Company recognized $225 in equity compensation cost, compared to $183 in 2022 and $166 in 2021. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Years ended December 31, 2023 2022 2021 Expected dividend amount per quarter $ 0.3090 $ 0.3050 $ - Expected stock price volatility 31.67% 29.87% - Risk-free interest rate 4.75% 4.09% - Expected life of options 5.6 years 5.7 years - The per share weighted average fair value of options granted during 2023 is $25.09 and in 2022 is $25.34. No options were granted in 2021. All UTMD options vest over a four-year service period. At December 31, 2023 there was $702 total unrecognized compensation expense related to non-vested stock options under the plans. A $225 portion of the cost is expected to be recognized over the next twelve months, and the remaining $477 recognized over the next 4 years. Expected dividend amounts were estimated based on the actual cash dividend rate at the time the options were granted and an estimate of future dividends based on past dividend rate changes as well as management’s expectations of future dividend rates over the expected holding period of the options. Expected volatility is based on UTMD’s historical volatility over recent periods of time and trends in that volatility, giving weight to more recent periods. Risk free interest rates were estimated based on actual U.S. Treasury Securities Interest rates as reported by the Federal Reserve Bank for periods of time equivalent to the holding periods estimated for the options on the dates the options were granted. Expected term of options were estimated based on historical holding periods for similar options previously granted by UTMD to employees and directors. The following table summarizes information about stock options outstanding at December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Actual Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 49.18 - 74.64 23,841 3.18 $ 63.44 23,841 $ 63.44 77.05 - 82.60 60,460 8.22 78.95 24,644 78.21 $ 49.18 - 82.60 84,301 6.79 $ 74.56 48,485 $ 70.95 2023 2022 2021 Intrinsic Value of Stock Options Exercised $ 31 $ 141 $ 591 Intrinsic Value of Stock Options Outstanding $ 814 $ 1,812 $ 1,595 |
Note 9 - Geographic Information
Note 9 - Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 9 - Geographic Information | Note 9 – Geographic Information The Company had sales in the following geographic areas based on the customer’s country of domicile: 2023 2022 2021 United States $ 30,413 $ 34,524 $ 31,758 Europe 8,918 7,214 7,434 Other 10,893 10,543 9,862 |
Note 10 - Geographic Long-Lived
Note 10 - Geographic Long-Lived Assets Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 10 - Geographic Long-Lived Assets Information | Note 10 – Long-lived Assets by Geographic Area The Company’s long-lived assets by geographic area were as follows: 2023 2022 2021 United States $ 11,462 $ 14,875 $ 19,104 England 13,838 15,184 19,339 Ireland 2,963 2,954 2,990 Australia 336 337 392 Canada 589 593 653 |
Note 11 - Revenues By Product C
Note 11 - Revenues By Product Category And Region | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 11 - Revenues By Product Category And Region | Note 11 – Revenues by Product Category and Geographic Region Global revenues by product category: 2023 2022 2021 Obstetrics $ 4,592 $ 4,661 $ 4,675 Gynecology/ Electrosurgery/ Urology 22,300 21,841 21,973 Neonatal 6,863 7,567 6,691 Blood Pressure Monitoring and Accessories 16,469 18,212 15,715 Total: $ 50,224 $ 52,281 $ 49,054 Included in the Global revenues (above) were OUS revenues by product category: 2023 2022 2021 Obstetrics $ 1,041 $ 676 $ 735 Gynecology/ Electrosurgery/ Urology 11,992 11,603 11,053 Neonatal 1,678 1,517 1,347 Blood Pressure Monitoring and Accessories 7,309 6,514 5,260 Total: $ 22,020 $ 20,310 $ 18,395 |
Note 12 - Product Sale and Purc
Note 12 - Product Sale and Purchase Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 12 - Product Sale and Purchase Commitments | Note 12 - Product Sale and Purchase Commitments The Company has had license agreements for the rights to develop and market certain products or technologies owned by unrelated parties. The confidential terms of such agreements are unique and varied, depending on many factors relating to the value and stage of development of the technology licensed. Royalties on future product sales are a normal component of such agreements and are included in the Company’s cost of goods sold on an ongoing basis. In 2023, 2022 and 2021, UTMD received royalties of $20, $20 and $15, respectively, for the use of intellectual property. UTMD had $4,529 in operating lease and purchase commitments as of December 31, 2023. |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 13 - Employee Benefit Plans | Note 13 – Employee Benefit Plans The Company sponsors a contributory 401(k) savings plan for U.S. employees, and contributory retirement plans for Ireland, UK, Australia and Canada employees. The Company’s matching contribution is determined annually by the board of directors. Company contributions were approximately $184, $159 and $165 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 14 - Leases | Note 14 – 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 8 years and on the automobile is 6 months. There are no options to extend or terminate the leases. The parking lot lease contains a provision that requires an adjustment every five years to the lease payment based on the change in the Consumer Price Index. This adjustment occurred in 2021 requiring an increase of $87 to the value of the right-of-use asset and lease liabilities. 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. Operating lease costs for the years ended December 31, 2023, 2022, and 2021 were $65, $64, and $63, respectively. Supplemental balance sheet information related to operating leases was as follows ( in thousands As of December 31, 2023 Operating lease right-of-use assets $342 Operating lease liabilities, current (included in Accrued Expenses) 47 Operating lease liabilities, long-term 295 Total operating lease liabilities $342 Maturities of operating lease liabilities at December 31, 2023 were as follows (in thousands) As of December 31, 2023 2024 $45 2025 41 2026 42 2027 43 2028 44 Thereafter 125 Total lease payments $381 Less: imputed interest (39) Total lease liabilities $342 The following table provides information on the lease terms and discount rates: As of December 31, 2023 Weighted-average remaining lease term (in years) 7.4 years Weighted-average discount rate 3.0% |
Note 15 - CSI Distribution Agre
Note 15 - CSI Distribution Agreement Purchase Disclosure | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 15 - CSI Distribution Agreement Purchase Disclosure | Note 15 – 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, after which CSI no longer had the right to sell the Filshie Clip System and UTMD distributed the Filshie Clip System directly to clinical facilities in the U.S. The $21,000 purchase price represented an identifiable intangible asset which was straight-line amortized and recognized as part of G&A expenses over the 4.75 year remaining life of the prior CSI distribution agreement with Femcare. The agreement became fully amortized in 4th quarter 2023. As part of the agreement, UTMD also purchased the remaining CSI inventory for approximately $2,100. |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 16 - Earnings Per Share | Note 16 – 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 2023. The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share: 2023 2022 2021 Numerator (in thousands) Net income 16,635 16,473 14,788 Denominator Weighted average shares, basic 3,629 3,637 3,647 Dilutive effect of stock options 8 6 13 Diluted shares 3,637 3,643 3,660 Earnings per share, basic 4.58 4.53 4.05 Earnings per share, diluted 4.57 4.52 4.04 |
Note 17 - Recent Accounting Pro
Note 17 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 17 - Recent Accounting Pronouncements | Note 17 – Recent Accounting Pronouncements 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. |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Note 18 - Subsequent Events | Note 18 – Subsequent Events The Company evaluated its December 31, 2023 financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies: Use of Estimates in The Preparation of Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Use of Estimates in The Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although actual results could differ from those estimates, management believes it has considered and disclosed all relevant information in making its estimates that materially affect reported performance and current values. |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include those of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statement of cash flows, the Company considers cash on deposit and short-term investments with original maturities of three months or less to be cash and cash equivalents. |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies: Concentration of Credit Risk (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Concentration of Credit Risk | Concentration of Credit Risk The primary concentration of credit risk consists of trade receivables. In the normal course of business, the Company provides credit terms to its customers. Accordingly, the Company performs ongoing credit evaluations of its customers and maintains allowances for possible losses which, when realized, have been within the range of management's expectations as reflected by its reserves. The Company's customer base consists of hospitals, medical device distributors, physician practices and others directly related to healthcare providers, as well as other manufacturing companies. Although the Company is affected by the well-being of the global healthcare industry, management does not believe significant trade receivable credit risk exists at December 31, 2023 except under an extreme global financial crisis. The Company maintains its cash in bank deposit accounts in addition to Fidelity Investment money market accounts. The Company has not experienced any losses in such accounts and believes it is not exposed to a significant credit risk on cash and cash equivalent balances. |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Accounts Receivable | Accounts Receivable Accounts receivable are amounts due on product sales and are unsecured. Accounts receivable are carried at their estimated collectible amounts. Credit is generally extended on a short-term basis; thus, accounts receivable do not bear interest although a late charge may be applied to such receivables that are past the due date. Accounts receivable are periodically evaluated for collectability based on past credit history of customers and current market conditions. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions (see note 2). |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies: Inventories (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Inventories | Inventories Finished products, work-in-process, raw materials and supplies inventories are stated at the lower of cost and net realizable value (NRV) computed on a first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation (see note 2). |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over estimated useful lives as follows: Building and improvements 15 - 40 years Furniture, equipment and tooling 3 - 10 years |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Long-lived Assets | Long-Lived Assets The Company evaluates its long-lived assets in accordance with Accounting Standards Codification (ASC) 360, “Accounting for the Impairment of Long-Lived Assets.” Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets and is recorded in the period in which the determination was made. |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies: Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Intangible Assets | Intangible Assets Costs associated with the acquisition of patents, trademarks, trade names, customer relationships, regulatory approvals & product certifications, license rights and non-compete agreements are capitalized, and are being amortized using the straight-line method over periods ranging from 5 to 20 years. UTMD’s goodwill is tested for impairment annually, in the fourth quarter of each year, in accordance with ASC 350. UTMD also performs impairment tests contemporaneously, if circumstances change that would more than likely reduce the fair value of goodwill below its net book value. If UTMD determines that its goodwill is impaired, a second step is completed to measure the amount of the impairment loss. UTMD does not expect its goodwill to become impaired in the foreseeable future. Estimated future amortization expenses on intangible assets held as of December 31, 2023, using the 2023 year-end 1.2739 USD/GBP and 0.6825 USD/AUD currency exchange rates, is about $1,931 in 2024, $1,931 in 2025, $422 in 2026, $10 in 2027, and $8 in 2028 (see note 2). In 2019, $21,000 in intangible assets were acquired from CSI. This intangible asset was fully amortized in 2023 (see note 15). |
Note 1 - Summary of Signific_11
Note 1 - Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Stock-based Compensation | Stock-Based Compensation At December 31, 2023, the Company has stock-based employee compensation plans, which are described more fully in note 8. The Company accounts for stock compensation under ASC 718, Share-Based Payment |
Note 1 - Summary of Signific_12
Note 1 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue at the time of product shipment as UTMD meets its contractual performance obligations to the customer at the time of shipment. Revenue recognized by UTMD is based upon the consideration to which UTMD is entitled from its customers as a result of shipping a physical product, in accordance with the documented arrangements and fixed contracts in which the selling price was fixed prior to the Company’s acceptance of an order. Revenue from service sales, which are immaterial to UTMD, is generally recognized when the service is completed and invoiced. As demonstrated by decades of experience in successful and consistent collections, there is very minor and insignificant uncertainty regarding the collectability of invoiced amounts reasonably within the terms of the Company’s contracts. There are circumstances under which insignificant revenue may be recognized when product is not shipped, which meet the criteria of ASC 606: the Company provides engineering services, for example, design and production of manufacturing tooling that may be used in subsequent UTMD manufacturing of custom components for other companies. This revenue is recognized when UTMD’s performance obligations have been completed according to a fixed contractual agreement. UTMD includes handling fees charged to customers in revenues. |
Note 1 - Summary of Signific_13
Note 1 - Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Accounting for Income Taxes,” whereby deferred taxes are computed under the asset and liability method. The Company accounts for deferred taxes under ASC 740, “Accounting for Income Taxes”, which requires that all deferred income taxes are classified as noncurrent in a classified statement of financial position. The TCJA contains a deemed repatriation transition tax (REPAT tax) on accumulated earnings and profits of the Company’s non-U.S. subsidiaries that have not been subject to U.S. tax. The Company has elected to pay its net REPAT tax over eight years. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, in Utah, in the United Kingdom, in Australia, in Ireland and in Canada. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and any related penalties in income taxes. The Company did not recognize any tax-related interest expense or have any tax penalties in 2023, 2022 or 2021. |
Note 1 - Summary of Signific_14
Note 1 - Summary of Significant Accounting Policies: Legal Costs (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Legal Costs | Legal Costs The Company has been involved in lawsuits which are an expected consequence of its operations and in the ordinary course of business. The Company maintains a reserve for legal costs which are probable and estimated based on previous experience and known risk. The reserve for legal costs at December 31, 2023 and 2022 was $257 and $204, respectively (see note 2). |
Note 1 - Summary of Signific_15
Note 1 - Summary of Significant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Earnings Per Share | Earnings per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during each year. The computation of earnings per common share assuming dilution is based on the weighted average number of shares outstanding during the year plus the weighted average common stock equivalents which would arise from the exercise of stock options outstanding using the treasury stock method and the average market price per share during the year. The shares (in thousands) used in the computation of the Company’s basic and diluted earnings per share are reconciled as follows: 2023 2022 2021 Weighted average number of shares outstanding – basic 3,629 3,637 3,647 Dilutive effect of stock options 8 6 13 Weighted average number of shares outstanding, assuming dilution 3,637 3,643 3,660 |
Note 1 - Summary of Signific_16
Note 1 - Summary of Significant Accounting Policies: Presentation of Sales and Similar Taxes (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Presentation of Sales and Similar Taxes | Presentation of Sales and Similar Taxes Sales tax on revenue-producing transactions is recorded as a liability when the sale occurs. UTMD is not required to withhold sales tax on OUS sales, and at least 90% of domestic 2023 sales were to customers who are tax exempt or who are in jurisdictions where UTMD is not required to withhold sales tax. |
Note 1 - Summary of Signific_17
Note 1 - Summary of Significant Accounting Policies: Translation of Foreign Currencies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Policies | |
Translation of Foreign Currencies | Translation of Foreign Currencies Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the applicable exchange rates at year-end. Net gains or losses resulting from the translation of the Company’s assets and liabilities are reflected as a separate component of stockholders’ equity. A negative translation impact on stockholders’ equity reflects a current relative U.S. Dollar value higher than at the point in time that assets were actually acquired in a foreign currency. A positive translation impact would result from a U.S. dollar weaker in value than at the point in time foreign assets were acquired. Year-end translation gains or losses of non-functional currency bank account balances, e.g. EUR and AUD balances held by the UK subsidiary, are recognized as non-operating income or expense, as applicable. Income and expense items are translated at the weighted average rate of exchange (based on when transactions actually occurred) during the year. |
Note 17 - Recent Accounting P_2
Note 17 - Recent Accounting Pronouncements: New Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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. |
Note 1 - Summary of Signific_18
Note 1 - Summary of Significant Accounting Policies: Earnings Per Share: Schedule of Weighted Average Number of Shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Weighted Average Number of Shares | 2023 2022 2021 Weighted average number of shares outstanding – basic 3,629 3,637 3,647 Dilutive effect of stock options 8 6 13 Weighted average number of shares outstanding, assuming dilution 3,637 3,643 3,660 |
Note 2 - Detail of Certain Ba_2
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Accounts and Other Receivables | December 31, 2023 2022 Accounts and other receivables: $ 3,488 $ 5,720 53 51 (151) (182) $ 3,390 $ 5,589 |
Note 2 - Detail of Certain Ba_3
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Inventory, Current (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Inventory, Current | Inventories: . $ 1,685 $ 1,896 1,503 1,193 6,394 5,725 $ 9,582 $ 8,814 |
Note 2 - Detail of Certain Ba_4
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Goodwill | Goodwill: Balance as of January 1 $ 13,354 $ 14,098 338 (744) - - $ 13,692 $ 13,354 |
Note 2 - Detail of Certain Ba_5
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | Other Identifiable Intangible Assets: $ 2,209 $ 2,198 127 121 9,360 8,887 9,108 8,635 21,000 21,000 Right-of-Use 342 395 12,150 11,519 54,296 52,755 (49,350) (42,378) $ 4,946 $ 10,377 |
Note 2 - Detail of Certain Ba_6
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Accrued Expenses | Accrued expenses: $ 327 $ 337 1,294 1,318 257 204 2,063 2,883 $ 3,941 $ 4,742 |
Note 3 - Quarterly Results of_2
Note 3 - Quarterly Results of Operations (Unaudited): Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Quarterly Financial Information | Unaudited Quarterly Data for 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 12,520 $ 12,866 $ 12,505 $ 12,333 Gross Profit 7,843 7,739 7,359 7,098 Net Income 4,214 4,200 3,935 4,287 Earnings Per Common Share (Diluted) 1.16 1.15 1.08 1.18 Unaudited Quarterly Data for 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 12,323 $ 13,428 $ 12,955 $ 13,575 Gross Profit 7,533 8,151 8,186 8,327 Net Income 3,534 4,103 4,280 4,555 Earnings Per Common Share (Diluted) 0.96 1.12 1.18 1.25 Unaudited Quarterly Data for 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Net Sales $ 10,964 $ 12,604 $ 12,572 $ 12,914 Gross Profit 6,947 7,785 8,073 8,112 Net Income 3,024 3,426 4,206 4,131 Earnings Per Common Share (Diluted) 0.83 0.94 1.15 1.13 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Property, Plant and Equipment | December 31, 2023 2022 Land $ 1,638 $ 1,593 Buildings and improvements 13,907 13,601 Furniture, equipment and tooling 17,315 17,068 Construction-in-progress 1,413 906 34,273 33,168 Accumulated depreciation (23,722) (22,944) Property and equipment, net $ 10,551 $ 10,224 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment: Property Plant and Equipment by Location (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Property Plant and Equipment by Location | December 31, 2023 U.S. & Canada England & Australia Ireland Total Land $ 621 $ 637 $ 380 $ 1,638 Buildings and improvements 6,584 3,194 4,129 13,907 Furniture, equipment and tooling 15,075 732 1,508 17,315 Construction-in-progress 913 3 497 1,413 23,193 4,566 6,514 34,273 Accumulated depreciation (18,701) (1,464) (3,557) (23,722) Property and equipment, net $ 4,492 $ 3,102 $ 2,957 $ 10,551 December 31, 2022 U.S. & Canada England & Australia Ireland Total Land $ 621 $ 605 $ 367 $ 1,593 Buildings and improvements 6,566 3,043 3,992 13,601 Furniture, equipment and tooling 14,950 693 1,425 17,068 Construction-in-progress 412 - 494 906 22,549 4,341 6,278 33,168 Accumulated depreciation (18,369) (1,229) (3,346) (22,944) Property and equipment, net $ 4,180 $ 3,112 $ 2,932 $ 10,224 |
Note 7 - Income Taxes_ Schedule
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2023 2022 2021 Inventory write-downs and differences due to UNICAP $ 110 $ 103 $ 88 Allowance for doubtful accounts 31 39 31 Accrued liabilities and reserves 90 90 58 Depreciation and amortization (1,673) (2,295) (2,859) Deferred income taxes, net $ (1,442) $ (2,063) $ (2,682) |
Note 7 - Income Taxes_ Schedu_2
Note 7 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Years ended December 31, 2023 2022 2021 Current $ 4,075 $ 4,632 $ 3,983 Deferred (621) (446) 290 Total $ 3,454 $ 4,186 $ 4,273 |
Note 7 - Income Taxes_ Schedu_3
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Years ended December 31, 2023 2022 2021 Federal income tax expense at the statutory rate $ 2,346 $ 2,620 $ 2,520 State income taxes 439 490 448 Foreign income taxes (blended rate) 951 1,129 1,010 R&D tax credits and manufacturing profit deduction (3) (3) (6) Tax-exempt income (195) - - Change in Rate - - 391 Other (84) (50) (90) Total $ 3,454 $ 4,186 $ 4,273 |
Note 7 - Income Taxes_ Schedu_4
Note 7 - Income Taxes: Schedule of Income before Income Tax, Domestic and Foreign (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Income before Income Tax, Domestic and Foreign | Years ended December 31, 2023 2022 2021 Domestic $ 11,170 $ 12,475 $ 12,004 Foreign 8,919 8,184 7,057 Total $ 20,089 $ 20,659 $ 19,061 |
Note 8 - Options_ Schedule of S
Note 8 - Options: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Shares Price Range 2023 Granted 19 $ 77.07 - 77.07 Expired or canceled 0.4 77.05 - 77.05 Exercised 2 49.18 - 77.05 Total outstanding at December 31 84 49.18 - 82.60 Total exercisable at December 31 50 49.18 - 82.60 Shares Price Range 2022 Granted 21 $ 82.60 - 82.60 Expired or canceled 2 33.30 - 77.05 Exercised 4 33.30 - 77.05 Total outstanding at December 31 67 33.30 - 77.05 Total exercisable at December 31 40 33.30 - 77.05 Shares Price Range 2021 Granted - $ - - - Expired or canceled 3 74.64 - 77.05 Exercised 14 26.52 - 77.05 Total outstanding at December 31 52 33.30 - 77.05 Total exercisable at December 31 34 33.30 - 77.05 |
Note 8 - Options_ Schedule of_2
Note 8 - Options: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Years ended December 31, 2023 2022 2021 Expected dividend amount per quarter $ 0.3090 $ 0.3050 $ - Expected stock price volatility 31.67% 29.87% - Risk-free interest rate 4.75% 4.09% - Expected life of options 5.6 years 5.7 years - |
Note 8 - Options_ Schedule of_3
Note 8 - Options: Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options Outstanding Options Exercisable Range of Exercise Prices Actual Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 49.18 - 74.64 23,841 3.18 $ 63.44 23,841 $ 63.44 77.05 - 82.60 60,460 8.22 78.95 24,644 78.21 $ 49.18 - 82.60 84,301 6.79 $ 74.56 48,485 $ 70.95 |
Note 9 - Geographic Informati_2
Note 9 - Geographic Information: Schedule Of Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule Of Geographic Information | 2023 2022 2021 United States $ 30,413 $ 34,524 $ 31,758 Europe 8,918 7,214 7,434 Other 10,893 10,543 9,862 |
Note 10 - Geographic Long-Liv_2
Note 10 - Geographic Long-Lived Assets Information: Schedule Of Long-Lived Assets By Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule Of Long-Lived Assets By Geographic Area | 2023 2022 2021 United States $ 11,462 $ 14,875 $ 19,104 England 13,838 15,184 19,339 Ireland 2,963 2,954 2,990 Australia 336 337 392 Canada 589 593 653 |
Note 11 - Revenues By Product_2
Note 11 - Revenues By Product Category And Region: Schedule Of Global Revenues By Product Category (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule Of Global Revenues By Product Category | Global revenues by product category: 2023 2022 2021 Obstetrics $ 4,592 $ 4,661 $ 4,675 Gynecology/ Electrosurgery/ Urology 22,300 21,841 21,973 Neonatal 6,863 7,567 6,691 Blood Pressure Monitoring and Accessories 16,469 18,212 15,715 Total: $ 50,224 $ 52,281 $ 49,054 |
Note 11 - Revenues By Product_3
Note 11 - Revenues By Product Category And Region: Schedule Of OUS Revenues By Product Category (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Schedule Of OUS Revenues By Product Category | Included in the Global revenues (above) were OUS revenues by product category: 2023 2022 2021 Obstetrics $ 1,041 $ 676 $ 735 Gynecology/ Electrosurgery/ Urology 11,992 11,603 11,053 Neonatal 1,678 1,517 1,347 Blood Pressure Monitoring and Accessories 7,309 6,514 5,260 Total: $ 22,020 $ 20,310 $ 18,395 |
Note 14 - Leases_ Reconciliatio
Note 14 - Leases: Reconciliation of operating lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Reconciliation of operating lease liabilities | As of December 31, 2023 Operating lease right-of-use assets $342 Operating lease liabilities, current (included in Accrued Expenses) 47 Operating lease liabilities, long-term 295 Total operating lease liabilities $342 |
Note 14 - Leases_ Lessee, Opera
Note 14 - Leases: Lessee, Operating Lease, Liability, to be Paid, Maturity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tables/Schedules | |
Lessee, Operating Lease, Liability, to be Paid, Maturity | Maturities of operating lease liabilities at December 31, 2023 were as follows (in thousands) As of December 31, 2023 2024 $45 2025 41 2026 42 2027 43 2028 44 Thereafter 125 Total lease payments $381 Less: imputed interest (39) Total lease liabilities $342 The following table provides information on the lease terms and discount rates: As of December 31, 2023 Weighted-average remaining lease term (in years) 7.4 years Weighted-average discount rate 3.0% |
Note 16 - Earnings Per Share_ S
Note 16 - Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 2021 Numerator (in thousands) Net income 16,635 16,473 14,788 Denominator Weighted average shares, basic 3,629 3,637 3,647 Dilutive effect of stock options 8 6 13 Diluted shares 3,637 3,643 3,660 Earnings per share, basic 4.58 4.53 4.05 Earnings per share, diluted 4.57 4.52 4.04 |
Note 1 - Summary of Signific_19
Note 1 - Summary of Significant Accounting Policies: Property and Equipment (Details) | Dec. 31, 2023 |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment, Useful Life | 15 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment, Useful Life | 40 years |
Equipment | Minimum | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment, Useful Life | 10 years |
Note 1 - Summary of Signific_20
Note 1 - Summary of Significant Accounting Policies: Intangible Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) | |
Foreign Currency Exchange Rate Translation GBP to USD | 1.2739 | |
Foreign Currency Exchange Rate Translation AUD to USD | 0.6825 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1,931 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,931 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 422 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 10 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8 | |
CooperSurgical Inc | ||
Finite-Lived Intangible Assets Acquired | $ 21,000 | $ 21,000 |
Minimum | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 1 - Summary of Signific_21
Note 1 - Summary of Significant Accounting Policies: Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Share-Based Payment Arrangement, Expense | $ 225 | $ 183 | $ 166 |
Note 1 - Summary of Signific_22
Note 1 - Summary of Significant Accounting Policies: Legal Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Estimated Litigation Liability | $ 257 | $ 204 |
Note 1 - Summary of Signific_23
Note 1 - Summary of Significant Accounting Policies: Earnings Per Share: Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Weighted Average Number of Shares Outstanding, Basic | 3,629 | 3,637 | 3,647 |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 8 | 6 | 13 |
Weighted Average Number of Shares Outstanding, Diluted | 3,637 | 3,643 | 3,660 |
Note 2 - Detail of Certain Ba_7
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 3,488 | $ 5,720 |
Interest Receivable and Other Assets | 53 | 51 |
Accounts Receivable, Allowance for Credit Loss, Current | (151) | (182) |
Accounts and Other Receivables, Net, Current | $ 3,390 | $ 5,589 |
Note 2 - Detail of Certain Ba_8
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Inventory, Current (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Inventory, Finished Goods, Net of Reserves | $ 1,685 | $ 1,896 |
Inventory, Work in Process, Gross | 1,503 | 1,193 |
Inventory, Raw Materials, Gross | 6,394 | 5,725 |
Inventories (note 2) | $ 9,582 | $ 8,814 |
Note 2 - Detail of Certain Ba_9
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||
Balance as of January 1 | $ 13,354 | $ 14,098 |
Effect of foreign exchange | 338 | (744) |
Subtractions as a result of impairment | 0 | 0 |
Total Goodwill as of December 31 | $ 13,692 | $ 13,354 |
Note 2 - Detail of Certain B_10
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Finite-Lived Patents, Gross | $ 2,209 | $ 2,198 |
Finite-Lived Noncompete Agreements, Gross | 127 | 121 |
Finite-Lived Trademarks, Gross | 9,360 | 8,887 |
Finite-Lived Customer Relationships, Gross | 9,108 | 8,635 |
Other Finite-Lived Intangible Assets, Gross | 21,000 | 21,000 |
Right-of-Use Asset | $ 342 | $ 395 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other intangible assets (note 2) | Other intangible assets (note 2) |
Regulatory approvals & product certifications | $ 12,150 | $ 11,519 |
Other intangible assets (note 2) | 54,296 | 52,755 |
Other intangible assets - accumulated amortization | (49,350) | (42,378) |
Finite-Lived Intangible Assets, Net | $ 4,946 | $ 10,377 |
Note 2 - Detail of Certain B_11
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Accrued Income Taxes, Current | $ 327 | $ 337 |
Employee-related Liabilities, Current | 1,294 | 1,318 |
Estimated Litigation Liability, Current | 257 | 204 |
Other | 2,063 | 2,883 |
Accrued expenses (note 2) | $ 3,941 | $ 4,742 |
Note 3 - Quarterly Results of_3
Note 3 - Quarterly Results of Operations (Unaudited): Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||||||||||||||
Net Sales | $ 12,333 | $ 12,505 | $ 12,866 | $ 12,520 | $ 13,575 | $ 12,955 | $ 13,428 | $ 12,323 | $ 12,914 | $ 12,572 | $ 12,604 | $ 10,964 | $ 50,224 | $ 52,281 | $ 49,054 |
Gross Profit | 7,098 | 7,359 | 7,739 | 7,843 | 8,327 | 8,186 | 8,151 | 7,533 | 8,112 | 8,073 | 7,785 | 6,947 | 30,038 | 32,196 | 30,917 |
Net Income | $ 4,287 | $ 3,935 | $ 4,200 | $ 4,214 | $ 4,555 | $ 4,280 | $ 4,103 | $ 3,534 | $ 4,131 | $ 4,206 | $ 3,426 | $ 3,024 | $ 16,635 | $ 16,473 | $ 14,788 |
Earnings Per Share Diluted | $ 1.18 | $ 1.08 | $ 1.15 | $ 1.16 | $ 1.25 | $ 1.18 | $ 1.12 | $ 0.96 | $ 1.13 | $ 1.15 | $ 0.94 | $ 0.83 | $ 4.57 | $ 4.52 | $ 4.04 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment: Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Land | $ 1,638 | $ 1,593 |
Buildings and Improvements, Gross | 13,907 | 13,601 |
Machinery and Equipment, Gross | 17,315 | 17,068 |
Construction in Progress, Gross | 1,413 | 906 |
Property, Plant and Equipment, Gross | 34,273 | 33,168 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (23,722) | (22,944) |
Property and equipment, net (notes 4 and 10) | $ 10,551 | $ 10,224 |
Note 4 - Property and Equipme_5
Note 4 - Property and Equipment: Property Plant and Equipment by Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Land | $ 1,638 | $ 1,593 |
Buildings and Improvements, Gross | 13,907 | 13,601 |
Machinery and Equipment, Gross | 17,315 | 17,068 |
Construction in Progress, Gross | 1,413 | 906 |
Property, Plant and Equipment, Gross | 34,273 | 33,168 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (23,722) | (22,944) |
Property and equipment, net (notes 4 and 10) | 10,551 | 10,224 |
U.S. and Canada | ||
Land | 621 | 621 |
Buildings and Improvements, Gross | 6,584 | 6,566 |
Machinery and Equipment, Gross | 15,075 | 14,950 |
Construction in Progress, Gross | 913 | 412 |
Property, Plant and Equipment, Gross | 23,193 | 22,549 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (18,701) | (18,369) |
Property and equipment, net (notes 4 and 10) | 4,492 | 4,180 |
England and Australia | ||
Land | 637 | 605 |
Buildings and Improvements, Gross | 3,194 | 3,043 |
Machinery and Equipment, Gross | 732 | 693 |
Construction in Progress, Gross | 3 | 0 |
Property, Plant and Equipment, Gross | 4,566 | 4,341 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,464) | (1,229) |
Property and equipment, net (notes 4 and 10) | 3,102 | 3,112 |
IRELAND | ||
Land | 380 | 367 |
Buildings and Improvements, Gross | 4,129 | 3,992 |
Machinery and Equipment, Gross | 1,508 | 1,425 |
Construction in Progress, Gross | 497 | 494 |
Property, Plant and Equipment, Gross | 6,514 | 6,278 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (3,557) | (3,346) |
Property and equipment, net (notes 4 and 10) | $ 2,957 | $ 2,932 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Long-Term Debt | $ 0 | $ 0 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Litigation Expense | $ 1,660,000 | $ 670,000 | $ 22,000 |
Standard and Extended Product Warranty Accrual | $ 0 | $ 0 |
Note 7 - Income Taxes_ Schedu_5
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Details | |||
Deferred Tax Assets, Inventory | $ 110 | $ 103 | $ 88 |
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Accounts Receivable, Allowance for Credit Loss | 31 | 39 | 31 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 90 | 90 | 58 |
Deferred Tax Liabilities Depreciation and Amortization | (1,673) | (2,295) | (2,859) |
Deferred Tax Liabilities, Net | $ (1,442) | $ (2,063) | $ (2,682) |
Note 7 - Income Taxes_ Schedu_6
Note 7 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Current Income Tax Expense (Benefit) | $ 4,075 | $ 4,632 | $ 3,983 |
Deferred Income Tax Expense | (621) | (446) | 290 |
Provision for income taxes (note 7) | $ 3,454 | $ 4,186 | $ 4,273 |
Note 7 - Income Taxes_ Schedu_7
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 2,346 | $ 2,620 | $ 2,520 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 439 | 490 | 448 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 951 | 1,129 | 1,010 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (3) | (3) | (6) |
Interest Income, Securities, Operating, Tax Exempt | (195) | 0 | 0 |
Adjustment To Deferred Tax Liability | 0 | 0 | 391 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (84) | (50) | (90) |
Provision for income taxes (note 7) | $ 3,454 | $ 4,186 | $ 4,273 |
Note 7 - Income Taxes_ Schedu_8
Note 7 - Income Taxes: Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 11,170 | $ 12,475 | $ 12,004 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 8,919 | 8,184 | 7,057 |
Income before provision for income taxes | $ 20,089 | $ 20,659 | $ 19,061 |
Note 8 - Options (Details)
Note 8 - Options (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 285 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 84 | 67 | 52 |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 12,000 | $ 6,000 | $ 39,000 |
Share-Based Payment Arrangement, Expense | $ 225,000 | $ 183,000 | 166,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.09 | $ 25.34 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 702,000 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized To Be Recognized Over The Next Twelve Months | $ 225,000 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized To Be Recognized Over The Next Twelve Months Period For Recognition | 12 months | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized To Be Recognized Over The Next 4 Years | $ 477 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized To Be Recognized Over The Next 4 Years Period For Recognition | 4 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 31,000 | $ 141,000 | 591,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 814,000 | $ 1,812,000 | $ 1,595,000 |
Note 8 - Options_ Schedule of_4
Note 8 - Options: Schedule of Share-based Compensation, Stock Options, Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 19,000 | 21,000 | 0 |
Price Range Per Share Granted | 77.07 - 77.07 | 82.60 - 82.60 | - - - |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period | 400 | 2,000 | 3,000 |
Price Range Per Share Expired | 77.05 - 77.05 | 33.30 - 77.05 | 74.64 - 77.05 |
Price Range Per Share Exercised | 49.18 - 77.05 | 33.30 - 77.05 | 26.52 - 77.05 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 84,000 | 67,000 | 52,000 |
Price Range Per Share Outstanding | 49.18 - 82.60 | 33.30 - 77.05 | 33.30 - 77.05 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 50,000 | 40,000 | 34,000 |
Price Range Per Share Total Exercisable | 49.18 - 82.60 | 33.30 - 77.05 | 33.30 - 77.05 |
Common Stock | |||
Common stock issued upon exercise of employee stock options, shares | 2,000 | 4,000 | 14,000 |
Note 8 - Options_ Schedule of_5
Note 8 - Options: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Details | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0.309 | $ 0.305 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.67% | 29.87% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.75% | 4.09% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 5 years 7 months 6 days | 5 years 8 months 12 days |
Note 8 - Options_ Schedule of_6
Note 8 - Options: Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 49.18 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 82.6 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares | 84,301 |
Weighted Average Remaining Contractual Life (Years) | 6.79 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 74.56 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 48,485 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 70.95 |
Range 1 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 49.18 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 74.64 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares | 23,841 |
Weighted Average Remaining Contractual Life (Years) | 3.18 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 63.44 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 23,841 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 63.44 |
Range 2 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 77.05 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 82.6 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares | 60,460 |
Weighted Average Remaining Contractual Life (Years) | 8.22 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 78.95 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 24,644 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 78.21 |
Note 9 - Geographic Informati_3
Note 9 - Geographic Information: Schedule Of Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Company Sales in the United States | $ 30,413 | $ 34,524 | $ 31,758 |
Company Sales in Europe | 8,918 | 7,214 | 7,434 |
Company Sales Other | $ 10,893 | $ 10,543 | $ 9,862 |
Note 10 - Geographic Long-Liv_3
Note 10 - Geographic Long-Lived Assets Information: Schedule Of Long-Lived Assets By Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Details | |||
Long-lived assets in the United States | $ 11,462 | $ 14,875 | $ 19,104 |
Long-lived assets in England | 13,838 | 15,184 | 19,339 |
Long-lived assets in Ireland | 2,963 | 2,954 | 2,990 |
Long-lived assets in Australia | 336 | 337 | 392 |
Long-lived assets in Canada | $ 589 | $ 593 | $ 653 |
Note 11 - Revenues By Product_4
Note 11 - Revenues By Product Category And Region: Schedule Of Global Revenues By Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales, net (notes 1, 3, 9 and 11) | $ 12,333 | $ 12,505 | $ 12,866 | $ 12,520 | $ 13,575 | $ 12,955 | $ 13,428 | $ 12,323 | $ 12,914 | $ 12,572 | $ 12,604 | $ 10,964 | $ 50,224 | $ 52,281 | $ 49,054 |
Global | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 50,224 | 52,281 | 49,054 | ||||||||||||
Global | Obstetrics | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 4,592 | 4,661 | 4,675 | ||||||||||||
Global | Gynecology/Electrosurgery/Urology | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 22,300 | 21,841 | 21,973 | ||||||||||||
Global | Neonatal | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 6,863 | 7,567 | 6,691 | ||||||||||||
Global | Blood Pressure Monitoring and Accessories | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | $ 16,469 | $ 18,212 | $ 15,715 |
Note 11 - Revenues By Product_5
Note 11 - Revenues By Product Category And Region: Schedule Of OUS Revenues By Product Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales, net (notes 1, 3, 9 and 11) | $ 12,333 | $ 12,505 | $ 12,866 | $ 12,520 | $ 13,575 | $ 12,955 | $ 13,428 | $ 12,323 | $ 12,914 | $ 12,572 | $ 12,604 | $ 10,964 | $ 50,224 | $ 52,281 | $ 49,054 |
OUS | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 22,020 | 20,310 | 18,395 | ||||||||||||
OUS | Obstetrics | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 1,041 | 676 | 735 | ||||||||||||
OUS | Gynecology/Electrosurgery/Urology | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 11,992 | 11,603 | 11,053 | ||||||||||||
OUS | Neonatal | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | 1,678 | 1,517 | 1,347 | ||||||||||||
OUS | Blood Pressure Monitoring and Accessories | |||||||||||||||
Sales, net (notes 1, 3, 9 and 11) | $ 7,309 | $ 6,514 | $ 5,260 |
Note 12 - Product Sale and Pu_2
Note 12 - Product Sale and Purchase Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Royalty income (note 12) | $ 20 | $ 20 | $ 15 |
Contractual Obligation | $ 4,529 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 184 | $ 159 | $ 165 |
Note 14 - Leases (Details)
Note 14 - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | ||||
Lessee Operating Lease for Parking Lot Term of Contract | 8 years | |||
Lessee Operating Lease for Automobile Term of Contract | 6 months | |||
Lessee Operating Lease For Parking Lot Adjustment To Lease Payments Required Every Five Years Based On Change In CPI | $ 87 | |||
Operating Lease, Cost | $ 65 | $ 64 | $ 63 |
Note 14 - Leases_ Reconciliat_2
Note 14 - Leases: Reconciliation of operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Details | ||
Right-of-Use Asset | $ 342 | $ 395 |
Operating Lease, Liability, Current, Statement of Financial Position | Accrued expenses (note 2) | |
Operating Lease, Liability, Current | $ 47 | |
Long term lease liability | 295 | $ 341 |
Operating Lease, Liability | $ 342 |
Note 14 - Leases_ Lessee, Ope_2
Note 14 - Leases: Lessee, Operating Lease, Liability, to be Paid, Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Details | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 45 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 41 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 42 |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 43 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 44 |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 125 |
Lessee, Operating Lease, Liability, to be Paid | 381 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (39) |
Operating Lease, Liability | $ 342 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3% |
Note 15 - CSI Distribution Ag_2
Note 15 - CSI Distribution Agreement Purchase Disclosure (Details) - CooperSurgical Inc $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) | |
Finite-Lived Intangible Assets Acquired | $ 21,000 | $ 21,000 |
Remaining years of exclusive U.S. distribution rights for Femcare's Filshie Clip System | 4.75 |
Note 16 - Earnings Per Share__2
Note 16 - Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Details | |||||||||||||||
Net income | $ 4,287 | $ 3,935 | $ 4,200 | $ 4,214 | $ 4,555 | $ 4,280 | $ 4,103 | $ 3,534 | $ 4,131 | $ 4,206 | $ 3,426 | $ 3,024 | $ 16,635 | $ 16,473 | $ 14,788 |
Weighted average shares, basic | 3,629 | 3,637 | 3,647 | ||||||||||||
Dilutive effect of stock options | 8 | 6 | 13 | ||||||||||||
Diluted shares | 3,637 | 3,643 | 3,660 | ||||||||||||
Earnings per share, basic | $ 4.58 | $ 4.53 | $ 4.05 | ||||||||||||
Earnings Per Share Diluted | $ 1.18 | $ 1.08 | $ 1.15 | $ 1.16 | $ 1.25 | $ 1.18 | $ 1.12 | $ 0.96 | $ 1.13 | $ 1.15 | $ 0.94 | $ 0.83 | $ 4.57 | $ 4.52 | $ 4.04 |