Utah Medical Products Inc., a Midvale-based manufacturer whose disposable medical products are used extensively in the treatment of women and their babies, reported that the net income for the second quarter of its 2012 fiscal year grew 21 percent, although its sales declined slightly for the period.
Net income reached $2.4 million, or 65 cents per share, compared with $1.9 million, or 54 cents per share, in the same quarter of the prior fiscal year.
Sales fell 3.4 percent, a decline the company attributed to the currency-exchange impact of a strong U.S. dollar. "The remaining portion of the decline was due to lower hospital (product) utilization rates," the company said.
For the first six months of 2012, Utah Medical saw its net income rise 56 percent, to $5.2 million, or $1.41 per share. A year ago, the company reported net income of $3.3 million, or 91 cents per share.
Sales for the first half of 2012 were $21.2 million, a 24 percent increase.