UTAH MEDICAL PRODUCTS Business Summary

Utah Medical Products Inc (UTMD) is a specialized medical device manufacturer that develops, produces, and markets a diverse portfolio of proprietary disposable and reusable products primarily for women and their babies. The company generates revenue through three main channels: direct sales to clinical end-user facilities, sales to domestic and international medical distributors, and original equipment manufacturer (OEM) services for other healthcare firms. Its operations are organized into five core business segments: Gynecology/Electrosurgery/Urology (its largest revenue driver), Neonatal Care, Blood Pressure Monitoring (anchored by the Deltran Plus system), Labor and Delivery, and the Filshie Clip System for permanent female contraception. UTMD competes directly with larger diversified medical technology firms such as CooperSurgical, Teleflex, and Lemaitre Vascular, as well as niche players like Encision. Within this landscape, UTMD maintains a high-margin, cash-rich market position by focusing on specialized clinical niches where its vertically integrated manufacturing and established brand reputation provide a significant competitive moat. Originally incorporated in 1978 by James Young, Ralph Walker, and Reed Chidester, the company is currently led by Kevin L. Cornwell, who has served as Chairman, CEO, President, and Secretary since 1992. Cornwell is a foundational figure in the company’s history, overseeing its transition into a highly profitable, dividend-paying entity with a fortress balance sheet. The executive team includes Brian L. Koopman, who serves as Principal Financial Officer and Controller, and Marcena H. Clawson, the Vice President of Corporate Sales. The board of directors was recently strengthened by the appointments of former outside legal counsel Kevin C. Timken in late 2025 and former global sales manager Carrie Leigh in late 2024. UTMD features high institutional ownership, with major stakes held by Brandes Investment Partners, Renaissance Technologies, and BlackRock, while CEO Kevin Cornwell remains a significant insider shareholder, owning approximately 35% of the company’s outstanding stock.