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UTAH MEDICAL PRODUCTS , INC . G 7043 South 300 West Midvale , Utah 84047 Telephone : 801-566-1200 FAX : 801-566-7305 Nasdaq Symbol : UTMD www.utahmed.com PRESS RELEASE Utah Medical Products , Inc. Reports Financial Performance for First Quarter 2021 April 22 , 2021 Contact : Crystal Rios ( 801 ) 566-1200 Salt Lake City , Utah - Because of the aberration in results which began in March 2020 due to the impact of restrictions on " nonessential " medical procedures , Utah Medical Products , Inc. ( Nasdaq : UTMD ) will report 2021 quarterly income statement results compared to the same periods in both 2020 and 2019. Please see the income statement on the last page . Currencies in this release are denoted as $ or USD = U.S. Dollars ; AUD = Australia Dollars ; £ or GBP = UK Pound Sterling ; C $ or CAD = Canadian Dollars ; and € or EUR = Euros . Currency amounts throughout this report are in thousands , except per share amounts and where noted . Summary of results . Despite very weak demand for UTMD's devices in January 2021 due to renewed lockdowns after steady improvements in medical device demand during 2020 after the second calendar quarter ( 2Q ) , first calendar quarter ( 1Q ) 2021 sales , gross profits and operating profits were all higher for the full quarter compared to 1Q 2020. Stockholders will remember that in 1Q 2020 , the impact of restrictions imposed due to the corona virus pandemic began in March . Because the negative impact on UTMD was at its worst in 2Q 2020 , UTMD expects substantially better comparative results for 2Q 2021. The following is a summary comparison of 1Q 2021 with 1Q 2020 income statement measures : Revenues ( Sales ) : Gross Profit ( GP ) : Operating Income ( OI ) : Income Before Tax ( EBT ) : Net Income ( NI ) : Earnings Per Share ( EPS ) : + 1 % + 2 % + 1 % ( 2 % ) ( 4 % ) ( 2 % ) Sales invoiced in foreign currencies were helped by a weaker USD . Despite the higher OI , 1Q 2021 EBT was lower as a result of much less non - operating income , i.e. less interest received on UTMD's cash reserves . The NI change was lowered further by a higher estimated consolidated income tax provision rate , due to a greater share of EBT coming in higher - taxed sovereignties such as the U.S. On the other hand , EPS was helped by UTMD share repurchases during 2020 . Profit margins in 1Q 2021 compared to 1Q 2020 follow : Gross Profit Margin ( GP / sales ) : 1Q 2021 ( JAN - MAR ) 63.4 % 1Q 2020 ( JAN - MAR ) 62.7 %