UTMD // Utah Medical Products Inc.

Health Care • Medical/Dental Instruments

$66.80 ▼ -2.04 (-2.96%)

MKT CAP: $212.7M • VOL: 32.6K

52W L $54 52W H $77

PIOTROSKI

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UTMD // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

UTMD // Utah Medical Products Inc.

GROSS MARGIN

57.1%

OP MARGIN

29.6%

ROIC %

26.9%

MKT CAP

$212.7M

UPSTREAM INPUTS ──► UTMD OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
UTMD ★	Utah Medical Products Inc.	$66.80	$212.7M	57.1%	29.6%	26.9%	10.8x	-5.8%	SUBJECT ISSUER
LLY	Eli Lilly and Company	$1,373.70	$1.29T	83.6%	40.2%	32.4%	36.4x	+45.5%	UTMD VS LLY <GO>
JNJ	Johnson & Johnson	$275.20	$662.49B	67.9%	34.7%	25.5%	18.5x	+6.0%	UTMD VS JNJ <GO>
ABBV	AbbVie Inc.	$290.79	$513.86B	70.2%	24.6%	29.0%	33.3x	+8.6%	UTMD VS ABBV <GO>
UNH	UnitedHealth Group Incorporated	$410.91	$368.83B	88.6%	4.8%	11.5%	16.4x	+6.5%	UTMD VS UNH <GO>
MRK	Merck & Company Inc.	$146.33	$361.02B	74.8%	34.3%	20.7%	15.3x	+1.3%	UTMD VS MRK <GO>