UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-K/A
                Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
                                (Amendment No. 1)



For the fiscal year ended December 31, 2000.         Commission File No. 0-11178
                                                                         -------

                           UTAH MEDICAL PRODUCTS, INC.
                           ---------------------------
             (Exact name of registrant as specified in its charter)

                Utah                                          87-0342734
    -------------------------------                       -----------------
    (State or other jurisdiction of                        (I.R.S. Employer
     incorporation or organization)                       Identification No.)

                               7043 South 300 West
                                Midvale, UT 84047
                               -------------------
                    (Address of principal executive offices)


Registrant's telephone number:   (801) 566-1200
                               ------------------


Securities registered pursuant to Section 12(b) of the Act:  None
                                                             ----


Securities registered pursuant to Section 12(g) of the Act:

                               Title of each Class
                         -------------------------------
                          Common Stock, $.01 par value
                         Preferred Stock Purchase Rights

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such reports) and; (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

     Indicate by check mark if disclosure of delinquent  filers pursuant to Item
405 of Regulation  S-K (229.405 of this chapter) is not  contained  herein,  and
will not be  contained,  to the best of  registrant's  knowledge,  in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]

     The aggregate  market value of the voting stock held by  non-affiliates  of
the  registrant  as of  March  9,  2001,  based  on  NASDAQ/NMS  closing  price:
$46,374,000.
-----------

     The number of shares  outstanding  of the  registrant's  common stock as of
March 9, 2001: 5,013,366.
               ---------


                       DOCUMENTS INCORPORATED BY REFERENCE

     List  herein  the  documents  incorporated  by  reference:   The  Company's
definitive   proxy   statement  for  the  Annual  Meeting  of   Shareholders  is
incorporated  by reference  into Part III, Items 10, 11, 12, and 13 of this Form
10-K.


NOTE: This amendment includes amended financial statements to correct the format
of the  Consolidated  Statement  of Cash  Flows  line  item for  "(Recovery  of)
provision for losses on accounts receivable".


<PAGE>



                                    PART II
                                    -------

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

See index to financial statements and financial statement schedule at page F-1.





                                    PART IV.
                                    --------

ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

  (a) The following  documents are filed as part of this report or  incorporated
herein by reference.

  1.  Financial Statements.
      (See Index to Consolidated Financial Statements at page F-1.)

  2.  Supplemental Schedule.
      Financial Statement Schedules are omitted because they are inapplicable or
the required  information is otherwise  included in the  accompanying  Financial
Statements and the notes thereto.

  3.  Exhibits.
<TABLE>
<CAPTION>

                SEC
Exhibit #   Reference #     Title of Document                                           Location
----------  -----------     -----------------                                           ---------
<S>         <C>           <C>                                                           <C>
    1           3           Articles of Restatement of the Articles of                  Incorporated by
                            Incorporation                                               Reference(1)

    2           3           Bylaws                                                      Incorporated by
                                                                                        Reference(1)

    3           4           Rights Agreement dated as of October 28, 1994,              Incorporated by
                            between Utah Medical Products, Inc., and                    Reference(1)
                            Registrar and Transfer Company

    4           4           Designation of Rights, Privileges, and Preferences          Incorporated by
                            of Series "A" Preferred Stock                               Reference(1)

    5          10           Employment Agreement dated December 21, 1992                Incorporated by
                            with Kevin L. Cornwell*                                     Reference(2)

    6          10           Amendment, effective May 15, 1998, to Employment            Incorporated by
                            Agreement dated December 21, 1992 with Kevin L.             Reference(3)
                            Cornwell*

    7          10           Utah Medical Products, Inc., 1986 Incentive                 Incorporated by
                            Stock Option Plan*                                          Reference(2)

    8          10           Utah Medical Products, Inc., 1994 Employee                  Incorporated by
                            Incentive Stock Option Plan*                                Reference(1)

    9          10           Utah Medical Products, Inc., 1993 Directors'                Incorporated by
                            Stock Option Plan                                           Reference(1)

   10          10           Utah Medical Products, Inc., Performance                    Incorporated by
                            Option Plan*                                                Reference(1)

   11          10           Business Loan Agreement, dated April 14, 2000               Incorporated by
                            Between Utah Medical Products, Inc and Key Bank             Reference(4)
                            National Association

   12          21           Subsidiaries of Utah Medical Products, Inc.                 Incorporated by
                                                                                        Reference(5)

   13          23           Consent of Tanner + Co., Company's independent              This Filing
                            auditors for the years ending December 31, 2000,
                            December 31, 1999, and December 31, 1998

* Management  contract or compensatory plan or arrangement  required to be filed
pursuant to Item 14(c).

      (1) Incorporated by reference from the Company's registration statement on
          form S-8 filed with the Commission effective February 10, 1995.

      (2) Incorporated  by reference  from the  Company's  annual report on form
          10-K filed with the Commission for the year ended December 31, 1992.

      (3) Incorporated  by reference  from the  Company's  annual report on form
          10-K filed with the Commission for the year ended December 31, 1998.

      (4) Incorporated by reference from the Company's  quarterly report on form
          10-Q filed with the Commission for the quarter ended March 31, 2000.

      (5) Incorporated  by reference  from the  Company's  annual report on form
          10-K filed with the Commission for the year ended December 31, 1999.

</TABLE>

(b)   Reports on Form 8-K.
      On  January  29,  2001,  UTMD  filed a report on Form 8-K,  Item 5,  Other
Events, providing additional financial information prior the filing of this Form
10-K.
      On  November  17,  2000,  UTMD  filed a report on Form 8-K,  Item 5, Other
Events, reporting its October 31, 2000 balance sheet,  demonstrating that it was
in compliance  with Nasdaq Market  Marketplace  Rule  4450(a)(3)  which requires
issuers to maintain net  tangible  assets of at least $4.0  million.  UTMD's net
tangible assets were $4.3 million at October 31, 2000,  compared to $3.9 million
at September 30, 2000.


<PAGE>



                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned this 4th day of April, 2001.

                             UTAH MEDICAL PRODUCTS, INC.



                          By:  /s/ Kevin L. Cornwell
                             ----------------------------------------
                               Kevin L. Cornwell
                               Chairman and CEO








<PAGE>






UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
December 31, 2000 and 1999
Consolidated Financial Statements



<PAGE>






                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES

                                      Index to Consolidated Financial Statements

--------------------------------------------------------------------------------





                                                                        Page
                                                                        ----

Independent Auditors' Report                                             F-2


Consolidated balance sheet                                               F-3


Consolidated statement of income                                         F-4


Consolidated statement of stockholders' equity                           F-5


Consolidated statement of cash flows                                     F-6


Notes to consolidated financial statements                               F-8





                                      F-1


<PAGE>






                          INDEPENDENT AUDITORS' REPORT







To the Board of Directors and Stockholders
of Utah Medical Products, Inc.


We have audited the consolidated balance sheet of Utah Medical Products, Inc. as
of  December  31,  2000 and 1999,  and the related  consolidated  statements  of
income,  stockholders'  equity,  and cash flows for the years ended December 31,
2000,  1999  and  1998.  These   consolidated   financial   statements  are  the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all  material  respects,  the  financial  position  of Utah  Medical
Products,  Inc.  as of  December  31,  2000 and 1999,  and the  results of their
operations and their cash flows for the years ended December 31, 2000,  1999 and
1998 in conformity with generally accepted accounting principles.





/s/ Tanner + Co.


Salt Lake City, Utah
January 16, 2001


                                      F-2

<PAGE>






                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                                      Consolidated Balance Sheet
                                                                  (In Thousands)

                                                                    December 31,
--------------------------------------------------------------------------------


              Assets                                         2000         1999
              ------                                       ---------    --------

Current assets:
     Cash                                                  $    414    $    647
     Accounts receivable, net (note 2)                        3,979       4,077
     Inventories (note 2)                                     3,005       3,190
     Prepaid expenses and other current assets                  137         165
     Deferred income taxes (note 6)                             529         459
                                                           ---------    --------

                  Total current assets                        8,064       8,538

Property and equipment, net (note 3)                          9,789      11,013

Other assets, net (note 2)                                    7,570       8,205
                                                           ---------    --------

                  Total                                    $ 25,423    $ 27,756
                                                           ---------    --------
--------------------------------------------------------------------------------

              Liabilities and Stockholders' Equity
              ------------------------------------

Current liabilities:
     Accounts payable                                      $    683    $    544
     Accrued expenses (note 2)                                1,963       2,117
                                                           ---------    --------

                  Total current liabilities                   2,646       2,661

Notes payable (note 4)                                       10,000       5,934
Deferred income taxes (note 6)                                  430         372
                                                           ---------    --------

                  Total liabilities                          13,076       8,967
                                                           ---------    --------

Commitments and contingencies (notes 5 and 10)                 --          --

Stockholders' equity:
     Preferred stock $.01 par value; authorized 5,000
       shares; no shares issued or outstanding                 --          --
     Common stock $.01 par value; authorized 50,000
       shares; issued 5,003 shares in 2000 and
       6,453 shares in 1999                                      50          64
     Cumulative foreign currency translation adjustment      (1,559)     (1,250)
     Retained earnings                                       13,856      19,975
                                                           ---------    --------

                  Total stockholders' equity                 12,347      18,789
                                                           ---------    --------

                  Total                                    $ 25,423    $ 27,756
                                                           ---------    --------


See accompanying notes to consolidated financial statements.

                                      F-3


<PAGE>



                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                                Consolidated Statement of Income
                                        (In Thousands, Except Per Share Amounts)

                                                        Years Ended December 31,
--------------------------------------------------------------------------------


                                                   2000        1999       1998
                                                 ---------  ---------  ---------

Net sales (notes 9 and 10)                       $ 27,193   $ 29,444   $ 27,677

Cost of sales (note 10)                            12,068     13,648     13,503
                                                 ---------  ---------  ---------

              Gross margin                         15,125     15,796     14,174

Expenses:
     Selling, general and administrative            6,190      6,795      6,605
     Research and development                         568        719        946
                                                 ---------  ---------  ---------

              Income from operations                8,367      8,282      6,623

Other income (expense):
     Dividend and interest income                      39         34         58
     Royalty income                                   452        529        678
     Interest expense                                (496)      (296)      (310)
     Other, net                                        58         (4)       474
                                                 ---------  ---------  ---------

              Income before income tax expense      8,420      8,545      7,523

Income tax expense (note 6)                        (3,047)    (3,077)    (2,665)
                                                 ---------  ---------  ---------

              Net income                         $  5,373   $  5,468   $  4,858
                                                 ---------  ---------  ---------

Earnings per common share (basic)
  (notes 7 and 8)                                $    .90   $    .76   $    .59
                                                 ---------  ---------  ---------

Earnings per common share (diluted)
  (notes 7 and 8)                                $    .90   $    .76   $    .59
                                                 ---------  ---------  ---------

Other comprehensive income - foreign
  currency translation net of taxes of
  $(109), $(252) and $50                             (200)      (489)        98
                                                 ---------  ---------  ---------

              Total comprehensive income         $  5,173   $  4,979   $  4,956
                                                 ---------  ---------  ---------


See accompanying notes to consolidated financial statements.

                                      F-4


<PAGE>
<TABLE>
<CAPTION>






                                                              UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                                            Consolidated Statement of Stockholders' Equity
                                                                                            (In Thousands)

                                                              Years Ended December 31, 2000, 1999 and 1998
----------------------------------------------------------------------------------------------------------


                                                                       Cumulative
                                                                        Foreign
                                          Common Stock     Additional   Currency
                                      --------------------- Paid-In    Translation   Retained
                                       Shares      Amount   Capital     Adjustment   Earnings     Total
                                      --------------------------------------------------------------------

<S>                                  <C>       <C>          <C>         <C>         <C>         <C>
Balance, January 1, 1998                8,305    $     83    $   --      ($   657)   $ 23,209    $ 22,635

Shares issued upon exercise of
employee stock options for cash             8        --            58        --          --            58

Tax benefit attributable to
appreciation of stock options            --          --             4        --          --             4

Common stock purchased and retired       (267)         (3)        (62)       --        (1,621)     (1,686)

Foreign currency translation             --          --          --           148        --           148
adjustment

Net income                               --          --          --          --         4,858       4,858
                                      --------------------------------------------------------------------

Balance, December 31, 1998              8,046          80        --          (509)     26,446      26,017

Shares issued upon exercise of
employee stock options for cash            13        --            98        --          --            98

Tax benefit attributable to
appreciation of stock options            --          --             5        --          --             5

Common stock purchased and retired     (1,606)        (16)       (103)       --       (11,939)    (12,058)

Foreign currency translation             --          --          --          (741)       --          (741)
adjustment

Net Income                               --          --          --          --         5,468       5,468
                                      --------------------------------------------------------------------

Balance, December 31, 1999              6,453          64        --        (1,250)     19,975      18,789

Shares issued upon exercise of
employee stock options for cash            13        --            85        --          --            85

Tax benefit attributable to
appreciation of stock options            --          --             7        --          --             7

Common stock purchased and retired     (1,463)        (14)        (92)       --       (11,492)    (11,598)

Foreign currency translation
  adjustments                            --          --          --          (309)       --          (309)

Net income                               --          --          --          --         5,373       5,373
                                      --------------------------------------------------------------------

Balance, December 31, 2000              5,003    $     50    $   --      ($ 1,559)   $ 13,856    $ 12,347
                                      --------------------------------------------------------------------



See accompanying notes to consolidated financial statements.

</TABLE>


                                      F-5

<PAGE>
<TABLE>
<CAPTION>



                                        UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                                Consolidated Statement of Cash Flows
                                                                      (In Thousands)

                                                            Years Ended December 31,
-------------------------------------------------------------------------------------

                                                       2000       1999         1998
                                                    --------------------------------
<S>                                                 <C>         <C>         <C>

Cash flows from operating activities:
  Net income                                        $  5,373    $  5,468    $  4,858
  Adjustments to reconcile net income to
    net cash provided by operating activities:
   Depreciation and amortization                       2,191       2,192       2,058
   (Recovery of) provision for losses on accounts
    receivable                                            27         (16)         22

   (Gain) loss on disposal of assets                       1          (1)        438
   Deferred income taxes                                 (13)        (81)         52
   Tax benefit attributable to exercise
     of stock options                                      7           5           5
   (Increase) decrease in:
     Accounts receivable                                  57           1          55
     Accrued interest, grant claims, and other
       receivables                                       (12)        404          68
     Inventories                                         165         903       2,317
     Prepaid expenses and other current assets            27         (14)        (43)
   Increase (decrease) in:
     Accounts payable                                    149          21        (328)
     Accrued expenses                                   (147)        221          45
     Deferred revenue                                   --            (2)        (84)
                                                    --------------------------------
           Net cash provided by
           operating activities                        7,825       9,101       9,463
                                                    --------------------------------

Cash flows from investing activities:
  Capital expenditures for:
   Property and equipment                               (361)       (684)       (480)
   Intangible assets                                    (250)         (2)       (306)
  Proceeds from sale of property and equipment            11           1          12
  Net cash paid in acquisition                          --          --        (4,188)
                                                    --------------------------------
           Net cash used in
           investing activities                         (600)       (685)     (4,962)
                                                    --------------------------------

Cash flows from financing activities:
  Proceeds from issuance of common stock                  85          98          58
  Common stock purchased and retired                 (11,598)    (12,058)     (1,686)
  Increase (decrease) in note payable                  4,066       2,840      (2,470)
                                                    --------------------------------
           Net cash (used in) provided by
           financing activities                       (7,447)     (9,120)     (4,098)
                                                    --------------------------------

Effect of exchange rate changes on cash                  (11)        (16)         13
                                                    --------------------------------

Net (decrease) increase in  cash                        (233)       (720)        416

Cash at beginning of year                                647       1,367         951
                                                    --------------------------------

Cash at end of year                                 $    414    $    647    $  1,367
                                                    --------------------------------

See accompanying notes to consolidated financial statements.


                                      F-6
</TABLE>
<PAGE>






                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                             Consolidated Statement of Cash Flow
                                                                  (In Thousands)
                                                                       Continued
--------------------------------------------------------------------------------


Supplemental disclosures of cash flow information:

                                                                     Years Ended
                                                                    December 31,
                                                 -------------------------------
                                                   2000        1999        1998
                                                 -------------------------------
Cash paid during the year for:

       Income taxes                               $3,308      $2,972      $2,197
                                                 -------------------------------

       Interest                                   $  496      $  296      $  310
                                                 -------------------------------

During the year ended December 31, 1998, the Company purchased assets from Gesco
International,  Inc.  The Company  paid cash,  and  recorded net assets from the
acquisition as follows:

     Inventory                                                          $   635
     Property and equipment                                                  48
     Intangibles                                                          3,505
                                                                        -------

                  Net cash investment                                   $ 4,188
                                                                        --------




See accompanying notes to consolidated financial statements.


                                      F-7
<PAGE>



                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements

                                   Years Ended December 31, 2000, 1999, and 1998

--------------------------------------------------------------------------------
1. Summary of
   Significant
   Accounting
   Policies

               Organization
               Utah Medical  Products,  Inc. and its wholly owned  subsidiaries,
               principally   Utah  Medical   Products  Ltd.,  which  operates  a
               manufacturing  facility in Ireland,  and Columbia  Medical,  Inc.
               (the  Company) are in the  business of  producing  cost-effective
               devices for the health care industry.  The Company's  broad range
               of products  includes  those used in critical  care areas and the
               labor  and  delivery   departments  of  hospitals,   as  well  as
               outpatient clinics and physician's offices.  Products are sold in
               both domestic U.S. and international markets.


               Basis  of  Presentation
               Effective July 1, 1997, the Company  acquired  Columbia  Medical,
               Inc. (Columbia) in a purchase transaction. Operations of Columbia
               have been included in the consolidated  operations since the date
               of purchase.


               Principles of Consolidation
               The  consolidated  financial  statements  include  those  of  the
               Company  and its  subsidiaries.  All  intercompany  accounts  and
               transactions have been eliminated in consolidation.


               Cash and Cash Equivalents
               For purposes of the  consolidated  statement  of cash flows,  the
               Company considers cash on deposit and short-term investments with
               original  maturities  of three months or less to be cash and cash
               equivalents.


               Grant Claims Receivable
               Grant  claims  receivable   consists  of  amounts  due  from  the
               Industrial   Development   Agency  (Ireland)  under  capital  and
               employment grant agreements for the construction and operation of
               the Company's Ireland manufacturing facility.


               Inventories
               Finished  products,   work-in-process,   and  raw  materials  and
               supplies inventories are stated at the lower of cost (computed on
               a first-in, first-out method) or market (see Note 2).


               Property and Equipment
               Property  and  equipment  are  stated at cost.  Depreciation  and
               amortization   are   computed   using   the   straight-line   and
               units-of-production   methods  over  estimated  useful  lives  as
               follows:

                Building and improvements                        30-40 years
                Furniture, equipment, and tooling                 3-10 years



                                      F-8

<PAGE>




                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------

 1. Summary of
    Significant
    Accounting
    Policies
    Continued

               Intangible Assets
               Costs  associated  with the  acquisition of patents,  trademarks,
               goodwill,   license  rights,   and  non-compete   agreements  are
               capitalized  and amortized  using the  straight-line  method over
               periods ranging from 5 to 17 years.


               Income Taxes
               The  Company  accounts  for  income  taxes  under  SFAS No.  109,
               "Accounting  for  Income  Taxes,"  whereby   deferred  taxes  are
               computed under the asset and liability method.


               Earnings per Share
               The  computation  of basic  earnings per common share is based on
               the weighted  average  number of shares  outstanding  during each
               year.

               The computation of diluted  earnings per common share is based on
               the weighted average number of shares outstanding during the year
               plus the common  stock  equivalents  which  would  arise from the
               exercise of stock  options  and  warrants  outstanding  using the
               treasury  stock  method and the  average  market  price per share
               during the year.


               Translation of Foreign Currencies
               Assets and  liabilities of the Company's  foreign  subsidiary are
               translated into U.S. dollars at the applicable  exchange rates at
               year-end.  Income and expense items are translated at the average
               rate of exchange  during the year. Net gains or losses  resulting
               from the translation of the Company's  assets and liabilities are
               reflected as a separate component of stockholders' equity.


               Concentration of Credit Risk
               Financial  instruments which  potentially  subject the Company to
               concentration   of  credit  risk   consist   primarily  of  trade
               receivables.  In the  normal  course  of  business,  the  Company
               provides credit terms to its customers.  Accordingly, the Company
               performs   ongoing  credit   evaluations  of  its  customers  and
               maintains  allowances for possible  losses which,  when realized,
               have been within the range of management's expectations.



                                      F-9
<PAGE>



                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------

 1. Summary of
    Significant
    Accounting
    Policies
    Continued

               The  Company's  customer  base  consists  primarily of healthcare
               providers.  Although  the  Company is  directly  affected  by the
               well-being of the medical  industry,  management does not believe
               significant credit risk exists at December 31, 2000.

               The Company maintains its cash in bank deposit accounts which, at
               times, may exceed federally  insured limits.  The Company has not
               experienced  any losses in such  accounts  and believes it is not
               exposed  to  any  significant   credit  risk  on  cash  and  cash
               equivalents.


               Use of Estimates in the  Preparation of Financial  Statements The
               preparation of financial  statements in conformity with generally
               accepted  accounting   principles  requires  management  to  make
               estimates  and  assumptions  that affect the reported  amounts of
               assets and  liabilities  and disclosure of contingent  assets and
               liabilities  at the  date  of the  financial  statements  and the
               reported  amounts of revenues and expenses  during the  reporting
               period. Actual results could differ from those estimates.


               Reclassifications
               Certain  changes  to the  presentation  of the 1998  consolidated
               financial  statement  have been made to conform with the 2000 and
               1999 presentation.



                                      F-10
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------

 2.Detail of
   Certain
   Balance
   Sheet
   Accounts

                                                               December 31,
                                                      --------------------------
                                                         2000            1999
                                                      --------------------------
Accounts receivable (in thousands):
     Trade receivables                                 $  3,979        $  4,074
     Grant claim receivables                                 42              51
     Accrued interest and other                              38               5
     Less allowance for
       doubtful accounts                                    (80)            (53)
                                                      --------------------------

                                                       $  3,979        $  4,077
                                                      --------------------------


Inventories (in thousands):
     Finished products                                 $    882        $    846
     Work-in-process                                        764             962
     Raw materials                                        1,359           1,382
                                                      --------------------------

                                                       $  3,005        $  3,190
                                                      --------------------------

Other assets (in thousands):
     Goodwill                                          $  8,533        $  8,533
     Patents                                              1,893           1,744
     License rights                                         293             293
     Trademarks                                             224             224
     Non-compete agreements                                 175              75
                                                      --------------------------

                                                         11,118          10,869
     Accumulated amortization                            (3,548)         (2,664)
                                                      --------------------------

                                                       $  7,570        $  8,205
                                                      --------------------------



Accrued expenses (in thousands):
     Payroll and payroll taxes                         $    858        $    956
     Reserve for litigation costs                           662             477
     Other                                                  443             684
                                                      --------------------------

                                                       $  1,963        $  2,117
                                                      --------------------------


                                      F-11
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------

 3. Property
      and
    Equipment

               Property and equipment consists of the following (in thousands):


                                                              December 31,
                                                       -------------------------
                                                          2000           1999
                                                       -------------------------

               Land                                     $    945       $    967
               Buildings and improvements                  7,328          7,549
               Furniture, equipment, and tooling          13,548         13,300
               Construction-in-progress                       54            161
                                                        -----------------------

                                                          21,875         21,977

               Accumulated depreciation and
               amortization                              (12,086)       (10,964)
                                                        -----------------------

                                                        $ 9,789        $ 11,013
                                                        ------------------------


               Included  in the  Company's  consolidated  balance  sheet are the
               assets  of its  manufacturing  facilities  in  Utah,  Oregon  and
               Ireland.  Property and equipment,  by location are as follows (in
               thousands):


                                                   December 31, 2000
                                    --------------------------------------------
                                      Utah        Oregon     Ireland       Total
                                    --------------------------------------------
          Land                      $    621    $   --      $    324    $    945
          Building and improvements    3,827          32       3,469       7,328
          Furniture, equipment,
             and  tooling             11,611       1,262         675      13,548
          Construction-in-progress        54        --          --            54
                                    --------------------------------------------

          Total                       16,113       1,294       4,468      21,875

          Accumulated depreciation
           and amortization         (10,428)       (959)       (699)    (12,086)
                                    --------------------------------------------

          Property and equipment,
            net                     $  5,685    $    335    $  3,769    $  9,789
                                    --------------------------------------------




                                                   December 31, 1999
                                    --------------------------------------------
                                       Utah       Oregon    Ireland      Total
                                    --------------------------------------------

          Land                      $    621    $   --      $    346   $    967
          Building and improvements    3,817          32       3,700      7,549
          Furniture, equipment,       11,309       1,253         738     13,300
            and tooling
          Construction-in-progress       161        --          --          161
                                    --------------------------------------------

          Total                       15,908       1,285       4,784     21,977


          Accumulated depreciation
            and amortization          (9,648)      (717)       (599)   (10,964)
                                    --------------------------------------------

          Property and equipment,
            net                     $  6,260    $    568    $  4,185   $ 11,013
                                    --------------------------------------------




                                      F-12
<PAGE>

                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------


 4.  Notes
   Payable

               The Company has a bank line-of-credit  agreement which allows the
               Company to borrow a maximum  amount (in  thousands) of $14,500 at
               an  interest  rate  equal to either  the  bank's  LIBOR rate plus
               1.45%,  or 1.0% below the bank's prime rate.  The  line-of-credit
               matures  on April 14,  2002,  is  unsecured  and had  outstanding
               balances of (in  thousands)  $10,000  and $5,934 at December  31,
               2000 and 1999, respectively.


 5.Commitments
      and
   Contingencies



               Operating Leases The Company has an operating lease agreement for
               land  adjoining the  Company's  Utah facility for a term of forty
               years  commencing  on September 1, 1991. On September 1, 1996 and
               subsequent to each fifth lease year, the basic rental is adjusted
               for published  changes in a price index.  The Company also leases
               certain  buildings under  noncancelable  operating  leases.  Rent
               expense  charged  to  operations   under  these  operating  lease
               agreements was approximately (in thousands) $98, $103 and $75 for
               the years ended December 31, 2000, 1999 and 1998, respectively.


               Future  minimum  lease   payments   under  the  operating   lease
               obligations   as  of  December  31,  2000  were  as  follows  (in
               thousands):


                Year ending December 31:                         Amount
                -----------------------                         --------

                     2001                                       $     62
                     2002                                             35
                     2003                                             35
                     2004                                             35
                     2005                                             35
                     Thereafter                                      895
                                                                --------

                Total future minimum lease payments             $  1,097
                                                                --------

               Product Liability
               The Company is self-insured for product liability risk.


               Litigation
               The  Company  is  involved  in  lawsuits  which  are an  expected
               consequence  of its  operations  and in the  ordinary  course  of
               business.  The Company believes that pending  litigation will not
               have a materially  adverse  effect on its financial  condition or
               results of operations.


                                      F-13
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------




6. Income Taxes

               Deferred  tax  assets  (liabilities)  consist  of  the  following
               temporary differences (in thousands):


                                                       December 31,
                                         -------------------------------------
                                                 2000                1999
                                         -------------------------------------
                                          Current    Long-  Current    Long-
                                                     term              term
                                         -------------------------------------

       Inventory write-down and unicap   $    153  $     -   $  153  $   -
       Allowance for doubtful accounts         27        -       18      -
       Accrued liabilities and reserves       278        -      250      -
       Other                                   71        -       38      -
                                         -------------------------------------

       Depreciation and amortization         -         (196)     -      (210)
       Earnings from subsidiary              -         (234)     -      (162)
                                         -------------------------------------

       Deferred income taxes, net        $    529     ($430) $  459    ($372)
                                         -------------------------------------




               The   components  of  income  tax  expense  are  as  follows  (in
               thousands):


                                              Years Ended
                                              December 31,
                                 --------------------------------------
                                   2000          1999            1998
                                 --------------------------------------

               Current           $  3,039    $   3,158         $2,613
               Deferred                 8          (81)            52
                                 --------------------------------------

               Total             $  3,047     $  3,077         $2,665
                                 --------------------------------------



               Income tax expense differed from amounts computed by applying the
               statutory   federal   rate  to  pretax   income  as  follows  (in
               thousands):


                                                       Years Ended
                                                       December 31,
                                           -------------------------------------
                                             2000         1999           1998
                                           -------------------------------------

               Federal income tax expense
                at the statutory rate      $  2,863     $  2,905       $   2,558
               State income taxes               436          427            376
               Foreign sales corporation        (79)         (75)           (76)
               Other                           (173)        (180)          (193)
                                           -------------------------------------

               Total                       $  3,047     $  3,077       $  2,665
                                           -------------------------------------



                                      F-14
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------

7.   Stockholders'
        Equity
       Options

               The Company has stock option plans which  authorize  the grant of
               stock  options  to  eligible  employees,   directors,  and  other
               individuals  to purchase up to an aggregate  4,300,000  shares of
               common  stock.  All  options  granted  under  the  plans  may  be
               exercised  between six months and ten years following the date of
               grant.  The plans are  intended  to advance  the  interest of the
               Company  by  attracting  and  ensuring   retention  of  competent
               directors,  employees,  and executive  personnel,  and to provide
               incentives to those individuals to devote their utmost efforts to
               the advancement of the Company.


               Changes in stock options were as follows:


                                                              Price Range
                                              Shares           Per Share
                                           -------------------------------------
            2000
            Granted                               96,200   $   6.63   -  $ 7.75
            Expired or canceled                  107,500       6.50   -   14.25
            Exercised                             12,524       6.50   -    7.75
            Total outstanding at December 31   1,074,833       6.50   -   14.25
            Total exercisable at December 31     821,462       6.50   -   14.25

            1999
            Granted                              267,000   $   6.50   -  $ 7.75
            Expired or canceled                  147,174       6.50   -   14.25
            Exercised                             13,950       6.75   -    7.25
            Total outstanding at December 31   1,098,657       6.50   -   14.25
            Total exercisable at December 31     665,533       6.50   -   14.25

            1998
            Granted                              267,500   $   6.75   -  $ 8.06
            Expired or canceled                  155,067       6.75   -   14.25
            Exercised                              8,000       7.25   -    7.25
            Total outstanding at December 31     992,781       6.75   -   14.25
            Total exercisable at December 31     478,902       6.75   -   14.25


               For the years ended December 31, 2000, 1999 and 1998, the Company
               reduced  current  income taxes payable and  increased  additional
               paid-in  capital by (in thousands)  $7, $5 and $5,  respectively,
               for the income tax benefit attributable to appreciation of common
               stock related to stock options.



                                      F-15
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------



 7.  Stockholders'
       Equity
      Continued

               Stock-Based Compensation
               The  Company  has  adopted  the  disclosure-only   provisions  of
               Statement  of  Financial  Accounting  Standards  (SFAS) No.  123,
               "Accounting  for  Stock-Based  Compensation."   Accordingly,   no
               compensation   cost  has  been   recognized   in  the   financial
               statements.  Had compensation cost for the Company's stock option
               plans been  determined  based on the fair value at the grant date
               for awards  starting in 1995  consistent  with the  provisions of
               SFAS No. 123, the  Company's  net earnings and earnings per share
               would have been reduced to the pro forma amounts  indicated below
               (in thousands, except per share amounts):


                                                        Years Ended
                                                        December 31,
                                              ----------------------------------
                                                 2000       1999        1998
                                              ----------------------------------

               Net income as reported         $   5,373   $   5,468   $   4,858
               Net income pro forma           $   4,970   $   4,888   $   4,382
               Earnings per share assuming
                 dilution as reported         $     .90   $     .76   $     .59
               Earnings per share assuming
                 dilution pro forma           $     .83   $     .68   $     .53


               The fair value of each option  grant is  estimated on the date of
               grant  using the  Black-Scholes  option  pricing  model  with the
               following assumptions:


                                                        Years Ended
                                                        December 31,
                                               ---------------------------------
                                                  2000      1999        1998
                                               ---------------------------------
               Expected dividend yield         $     -   $     -      $      -
               Expected stock price volatility     45.9%       47.5%       49.9%
               Risk-free interest rate
                 (weighted average)                 6.6%        4.7%        5.4%
               Expected life of options        4.5 years   3.5 years   3.8 years
                                               ---------------------------------


         The per-share  weighted  average fair value of options  granted  during
         2000, 1999 and 1998 is $3.09, $2.56 and $3.20, respectively.



                                      F-16
<PAGE>


                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------


 7.  Stockholders'
       Equity
      Continued

               The following table  summarizes  information  about stock options
               outstanding at December 31, 2000:
<TABLE>
<CAPTION>


                       Options Outstanding               Options Exercisable
               ------------------------------------- ----------------------------
                              Weighted
                               Average
                             Remaining   Weighted                    Weighted
   Range of                 Contractual   Average                     Average
   Exercise       Number        Life     Exercise       Number       Exercise
    Prices      Outstanding    (Years)     Price      Exercisable     Price
---------------------------------------------------------------------------------

<S>              <C>           <C>        <C>          <C>           <C>
$6.50 -  8.00     663,208       6.83       $6.95        421,891       $7.02

 9.50 - 14.25     411,625       4.95       11.74        399,571       11.75
---------------------------------------------------------------------------------

$6.50 - 14.25   1,074,833       6.11       $8.79        821,462       $9.32
---------------------------------------------------------------------------------


</TABLE>



8.   Earnings Per
        Share

               Financial accounting standards require companies to present basic
               and  diluted  earnings  per share  (EPS)  along  with  additional
               informational  disclosures.  Information  related  to  EPS  is as
               follows (in thousands, except per share amounts):


                                                           Years Ended
                                                           December 31,
                                                -----------------------------
                                                  2000      1999      1998
                                                -----------------------------
              Basic EPS:
                Net income available to common
                  stockholders                  $ 5,373  $  5,468   $  4,858
                                                -----------------------------

                Weighted average common shares    5,954     7,187      8,269
                                                -----------------------------

                Net income per share            $   .90  $    .76   $    .59
                                                -----------------------------



              Diluted EPS:
                Net income available to common
                  stockholders                  $ 5,373  $  5,468   $  4,858
                                                -----------------------------

                Weighted average common shares    5,978     7,197      8,273
                                                -----------------------------

                Net income per share            $   .90  $    .76   $   .59
                                                -----------------------------


                                    F-17

<PAGE>

                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------
9.   Geographic
       Sales
    Information

               The  Company  had  sales in the  following  geographic  areas (in
               thousands):


                Year                       United States       Other
                                         -----------------------------

                2000                         $21,768          $5,425
                1999                         $23,894          $5,550
                1998                         $22,945          $4,732



10.  Product Sale
     and Purchase
     Commitments

               The Company has license  agreements for the rights to develop and
               market  certain  products owned by unrelated  parties.  Under the
               terms  of  such  agreements,  the  Company  is  required  to  pay
               royalties  ranging  from  1.5% to 5% of  sales,  and in one  case
               certain  payments to the  developer  contingent  upon the product
               achieving certain annual revenue thresholds.


               The Company has license  agreements  with unrelated  companies to
               provide  exclusive and nonexclusive  rights to purchase,  market,
               distribute, or manufacture the Company's products, from which the
               Company receives royalties and license fees.


11. Employee
  Benefit Plan

               The Company has a contributory  401(k) savings plan for employees
               who work 30 hours or more each week, who are at least 21 years of
               age,  and have a minimum of one year of service with the Company.
               The Company's contribution is determined annually by the Board of
               Directors and was  approximately  (in thousands)  $80, $87and $63
               for  the  years  ended   December  31,   2000,   1999  and  1998,
               respectively.


                                      F-18
<PAGE>



                                    UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                                      Notes to Consolidated Financial Statements
                                                                       Continued
--------------------------------------------------------------------------------
12. Fair Value
    of Financial
    Instruments


               None of the Company's financial  instruments are held for trading
               purposes.  The  Company  estimates  that  the  fair  value of all
               financial  instruments  at  December  31,  2000,  does not differ
               materially  from the aggregate  carrying  values of its financial
               instruments  recorded  in the  accompanying  balance  sheet.  The
               estimated fair value amounts have been  determined by the Company
               using available  market  information  and  appropriate  valuation
               methodologies.  Considerable judgement is necessarily required in
               interpreting  market data to develop the estimates of fair value,
               and, accordingly, the estimates are not necessarily indicative of
               the amounts that the Company  could  realize in a current  market
               exchange.


13. Recent
  Accounting
  Pronounce-
    ments

               In June 1999,  the FASB  issued  SFAS No.  137,  "Accounting  for
               Derivative  Instruments and Hedging  Activities-  Deferral of the
               Effective Date of FASB  Statement No. 133." SFAS 133  establishes
               accounting and reporting standards for derivative instruments and
               requires  recognition of all derivatives as assets or liabilities
               in the statement of financial  position and  measurement of those
               instruments  at fair value.  SFAS 133 is now effective for fiscal
               years  beginning  after June 15, 2000. The Company  believes that
               the adoption of SFAS 133 will not have any material effect on the
               financial statements of the Company.



                                      F-19