UTAH MEDICAL PRODUCTS INC Segments Disclosure
Note 17 – Segment Information
The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated gross profit margin, operating margin, and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions such as the allocation of budget between cost of sales, sales and marketing, research and development, and general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31, | ||||
2024 |
| 2023 |
| 2022 | |
Revenues | 40,903 |
| 50,224 |
| 52,281 |
Less: |
|
|
|
|
|
Standard cost of sales | 13,406 |
| 17,400 |
| 16,939 |
Other cost of sales | 3,353 |
| 2,786 |
| 3,146 |
Gross Profit | 24,143 |
| 30,038 |
| 32,196 |
Gross Profit Margin | 59.0% |
| 59.8% |
| 61.6% |
|
|
|
|
|
|
Sales & Marketing | 1,901 |
| 1,685 |
| 1,507 |
Research & Development | 813 |
| 560 |
| 493 |
Litigation Fees | 2,139 |
| 1,660 |
| 670 |
Amortization | 2,030 |
| 5,661 |
| 6,386 |
Other General & Administrative | 3,666 |
| 3,695 |
| 3,350 |
Operating Income | 13,594 |
| 16,777 |
| 19,790 |
Operating Income Margin | 33.2% |
| 33.4% |
| 37.9% |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
Interest income | 3,367 |
| 3,036 |
| 661 |
Other income (expense) | (159) |
| 276 |
| 209 |
Income before income taxes | 16,802 |
| 20,089 |
| 20,659 |
Provision for income taxes | 2,928 |
| 3,454 |
| 4,186 |
Net Income | 13,874 |
| 16,635 |
| 16,473 |
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.