UTMD · CIK 0000706698
What Utah Medical Products, Inc. told the SEC could break it.
Utah Medical Products' flagged risks are specific and concrete. Two revenue streams worth about $2.5 million in 2025 — OEM pressure-sensor sales to PendoTECH and blood-pressure-monitoring kits to its China distributor — are expected to drop to zero in 2026, a concentrated loss it only uncertainly plans to replace. It also imports its proprietary Filshie devices into the U.S. from its Ireland subsidiary, where a new 15% U.S. tariff acts as an excise tax (which it plans to partly offset by shifting some production to Ireland); and in a few cases it relies on sole-source component suppliers, mitigated by maintaining safety stock to cover qualifying a new source.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Loss of PendoTECH OEM and China-distributor BP-kit revenuemedium
Two specific OEM/distributor revenue streams — OEM pressure-sensor sales to PendoTECH and blood-pressure-monitoring kits to its China distributor — totaling ~$2.5M in 2025 are expected to go to zero in 2026, a concentrated revenue loss UTMD plans only uncertainly to replace.
“OEM sales to PendoTECH and blood pressure monitoring kits to China are expected to be zero, compared to $2.5 million in 2025.”
SEC filing →As of 2026
Regulatory & policy
- 15% U.S. tariff on Filshie devices imported from Ireland subsidiarymedium
UTMD imports proprietary Filshie devices into the U.S. from its Ireland manufacturing subsidiary, now subject to a 15% U.S. tariff functioning as an excise tax; UTMD plans to shift some production to Ireland to offset via lower U.S. income taxes.
“UTMD imports proprietary Filshie devices for distribution in the U.S. from its Ireland manufacturing subsidiary, which are now subject to a 15% tariff that is simply a separate U.S. government excise tax on UTMD.”
SEC filing →As of 2026
Sole-source dependency
- Sole-source components (mitigated by safety stock)low
In a few cases UTMD relies on a sole-source supplier for components, mitigated by maintaining (or contracting suppliers to maintain) excess safety stock covering the time to qualify a new source.
“In the few cases where the Company has a sole source, it either maintains or has agreement with the supplier to maintain excess safety stocks that would cover the time required to develop and qualify a new source.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
PendoTECH
“decrease in OEM sales of biopharma pressure sensors and accessories to PendoTECH, reducing Ireland OUS sales $429 and U.S. OEM sales $1,866”
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