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<SEC-DOCUMENT>0001096906-03-000543.txt : 20031021
<SEC-HEADER>0001096906-03-000543.hdr.sgml : 20031021
<ACCEPTANCE-DATETIME>20031021130647
ACCESSION NUMBER:		0001096906-03-000543
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031021
ITEM INFORMATION:		
FILED AS OF DATE:		20031021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UTAH MEDICAL PRODUCTS INC
		CENTRAL INDEX KEY:			0000706698
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				870342734
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12575
		FILM NUMBER:		03949357

	BUSINESS ADDRESS:	
		STREET 1:		7043 S 300 WEST
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047
		BUSINESS PHONE:		8015661200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>utmd8koct2003.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



       Date of Report (date of earliest event reported): October 21, 2003


                           Commission File No. 0-11178
                                               -------


                           UTAH MEDICAL PRODUCTS, INC.
                           ---------------------------
             (Exact name of Registrant as specified in its charter)


                      UTAH                                87-0342734
         -------------------------------             ------------------
         (State or other jurisdiction of              (I.R.S. Employer
         incorporation or organization)              Identification No.)


                               7043 South 300 West
                               Midvale, Utah 84047
                              ---------------------
                     Address of principal executive offices


Registrant's telephone number:              (801) 566-1200
                                            --------------





<PAGE>

- --------------------------------------------------------------------------------

             ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

- --------------------------------------------------------------------------------



Attached hereto as Exhibit 99.1 and incorporated by reference herein is
financial information for Utah Medical Products, Inc. for the quarter ended
September 30, 2003 and forward- looking statements relating to the fourth
quarter of 2003 and beyond as presented in a press release dated October 21,
2003. The information in this report shall be deemed incorporated by reference
into any registration statement hertofore or hereafter filed under the
Securities Act of 1933, as amended, except to the extent that such information
is superseded by information as of a subsequent date that is included in or
incorporated by reference into such registration statement. The information in
this report shall not be treated as filed for purposes of the Securities
Exchange Act of 1934, as amended.


- --------------------------------------------------------------------------------

                                   SIGNATURES

- --------------------------------------------------------------------------------



     Pursuant to the requirements of the Securities Exchanges Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                     UTAH MEDICAL PRODUCTS, INC.
                                     ---------------------------
                                     REGISTRANT



Date:         10/21/03               By:  /s/ Kevin L. Cornwell
      ------------------------          ----------------------------
                                        Kevin L. Cornwell
                                        CEO


- --------------------------------------------------------------------------------

                                  EXHIBIT INDEX

Index
Number         Description
- ------         -----------

99.1           Financial information for Utah Medical Products, Inc. for the
               quarter ended September 30, 2003 and forward-looking statements
               relating to the fourth quarter of 2003 and beyond as presented in
               a press release dated October 21, 2003.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>utmd8koct2003ex99-1.txt
<TEXT>


                                  EXHIBIT 99.1

Salt Lake City, Utah - Utah Medical Products, Inc. (Nasdaq:UTMD) reports
unaudited results for Third Quarter (3Q) 2003 that meet the provisions of
Generally Accepted Accounting Principles.

3Q earnings per share (eps) increased 6% to $.38, compared to 3Q 2002 eps of
$.36, concluding UTMD's twenty-third consecutive quarter of higher eps when
compared to the same quarter in the prior year. Eps for the first nine months
(9YTD) of 2003 were $1.13 compared to 9YTD 2002 eps of $1.01, a 12% increase in
year-to-date eps. Eps for the most recent four calendar quarters (LTM) were
$1.48.

In the 3Q 2003, UTMD achieved the following profit margins for a calendar
quarter:
   Gross Profit Margin (gross profits/ sales):           58.9%
   Operating Profit Margin (operating profits/ sales): 39.9%  (record)
   Net Profit Margin (profit after taxes/ sales):        27.5%  (record)

Except for eps, the other measures of income statement performance were down
slightly compared to 3Q 2002, which was UTMD's strongest quarter in 2002. Sales,
gross profits, operating profits and net income were down 3%, 2%, 3% and 1%
respectively. 9YTD 2003 sales were about the same as 9YTD 2002, while 9YTD gross
profits, operating profits and net income were up 2%, 3% and 2%, respectively.

According to CEO Kevin Cornwell, "UTMD's third quarter sales activity was less
than expected, particularly international sales, which were down 11% compared to
the third quarter of 2002. This is a break in our upward momentum of first half
2003 during which time international sales grew 12%. Although the company
continues to control costs and demonstrate very solid operating performance, the
weaker than expected third quarter sales makes it more likely than not that we
will end the year a little short of our $1.55 eps target. UTMD remains
optimistic about its longer term sales growth prospects."

UTMD's earnings before interest, income tax expenses and non-cash
depreciation/amortization expenses (EBITDA), were $3,048,000 and $9,187,000 in
3Q and 9YTD 2003, compared to $3,167,000 and $9,172,000 in 3Q and 9YTD 2002,
respectively. LTM EBITDA were $12,220,000. LTM EBITDA were 45% of sales.

Because positive cash flow exceeded expectations, UTMD did eliminate its bank
debt in the 3Q 2003. Investors may find a comparison of the 9-30-03 balance
sheet with the balance sheet one year ago on 9-30-02, just prior to the tender
offer repurchase of 503,000 shares for $8.6 million, instructive. Financial
ratios as of September 30, 2003 which may be of interest to investors include
UTMD's
   1) Current Ratio = 4.7
   2) Days in Receivables (based on 3Q sales activity) = 42
   3) Average Inventory Turns (based on 3Q CGS) = 3.0
   4) Year-to-Date ROE = 39%


<PAGE>



These ratios meet or exceed management targets except for inventory turns.

Investors are cautioned that this press release contains forward looking
statements and that actual results may differ from those projected. Risk factors
that could cause results to differ materially from those projected include GPOs
limiting market access to potential customers, clinical acceptance of new and/or
competitive products, timing of regulatory approval of new products, UTMD's
ability to efficiently manufacture, market, and sell its products, among other
factors that have been outlined in UTMD's public disclosure filings with the
SEC. The 10-Q for the third quarter will be filed with the SEC by November 14,
and will be available for direct access on the Internet for shareholders by
linking through UTMD's website www.utahmed.com.

Utah Medical Products, Inc., with particular interest in healthcare for women
and their babies, develops, manufactures, assembles and markets a broad range of
disposable and reusable specialty medical devices designed for better health
outcomes for patients and their care- providers.



<PAGE>



                           Utah Medical Products, Inc.

INCOME STATEMENTS (unaudited)
(in thousands except earnings per share)

Third Quarter ended September 30
                                    Percent Change      3Q 2003        3Q 2002
                                    --------------      -------        -------
Net Sales                                 (3%)           $6,761        $7,005
Gross Profit                              (2%)            3,979         4,079
Operating Income                          (3%)            2,696         2,775
Income Before Tax                         (3%)            2,803         2,888
Net Income                                (1%)            1,861         1,883
Diluted Earnings Per Share                +6%              .378          .358
Shares Outstanding (diluted)                              4,920         5,261


Nine Months ended September 30
                                    Percent Change    9YTD 2003      9YTD 2002
                                    --------------    ---------      ---------

Net Sales                                   -           $20,478       $20,510
Gross Profit                              +2%            11,990        11,812
Operating Income                          +3%             8,120         7,898
Income Before Tax                         +2%             8,393         8,250
Net Income                                +2%             5,486         5,380
Diluted Earnings Per Share               +12%             1.127         1.009
Shares Outstanding (diluted)                              4,870         5,331


<TABLE>
<CAPTION>

BALANCE SHEETS
(in thousands)
                                                (unaudited)       (unaudited)           (audited)       (unaudited)
                                              SEP 30, 2003       JUN 30, 2003        DEC 31, 2002      SEP 30, 2002
                                              ------------       ------------        ------------      ------------
<S>                                           <C>                <C>                 <C>               <C>
Assets
         Accounts Receivable, net                 $  3,705          $   3,387           $   3,093         $   3,390
         Inventories                                 3,657              3,862               3,478             3,098
         Other Current Assets/ Cash                  1,738              1,145               1,186             2,437
                                                     -----              -----               -----             -----
    Total Current Assets                             9,100              8,394               7,757             8,925
  Property and Equipment - net                       8,781              8,927               8,890             8,755
  Intangible Assets - net                            6,750              6,701               6,740             6,759
                                                     -----              -----               -----             -----
Total Assets                                      $ 24,631           $ 24,022            $ 23,387          $ 24,439

Liabilities and Stockholders' Equity
  Total Current Liabilities                      $   1,934          $   1,850           $   2,319         $   2,068
  Note Payable                                         -                1,867               4,956               -
  Deferred Income Taxes                                383                383                 390               201
  Stockholders' Equity                              22,314             19,922              15,722            22,170
                                                    ------             ------              ------            ------
Total Liabilities and Stockholders' Equity        $ 24,631           $ 24,022            $ 23,387          $ 24,439

</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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