犹他医疗产品 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessmentof the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant period pursuantto §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed byreference to the price at which the common equity was last sold, or the average bid and asked price of such commonequity, as of the last business day of the registrant’s most recently completed second fiscal quarter.As of June 30, 2025,the aggregate market value of the voting and nonvoting common equity held by non-affiliates of the registrant was$168,203,211. Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latestpracticable date. As of March 26, 2026, common shares outstanding are3,185,025. INDEX TO FORM 10-K PART IIItem 5Market for Registrant’s Common Equity, Related Stockholder Mattersand Issuer Purchases of Equity Securities20Item 6Reserved20Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 7AQuantitative and Qualitative Disclosures About Market Risk36Item 8Financial Statements and Supplementary Data37Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure62Item 9AControls and Procedures62Item 9BOther Information62Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections62 Item 10Directors, Executive Officers and Corporate Governance63Item 11Executive Compensation63Item 12Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters63Item 13Certain Relationships and Related Transactions, and Director Independence63Item 14Principal Accounting Fees and Services64 Item 15Exhibits, Financial Statement Schedules65Item 16Form 10-K Summary66 ITEM 1 –BUSINESS Currency amounts throughout this report are in thousands except per-share amounts and where noted. Utah Medical Products, Inc. (“UTMD” or “the Company”) is in the business of producing high quality cost-effective medical devices that are predominantly differentiated by safety and improved patient outcomes.Throughout this report, “UTMD” or “the Company” refers jointly to Utah Medical Products, Inc. and all of itscorporate subsidiaries. Success depends on 1) recognizing and responding to needs of clinicians and patients,2) rapidly designing or acquiring economical solutions that gain premarketing regulatory concurrence, 3)reliably producing devices that meet those clinical needs, and then 4) selling through UTMD's