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

                                    FORM 10-K
                Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                  For the fiscal year ended December 31, 1999.

                     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  10,  2000,  based  on  NASDAQ/NMS closing price:
$47,500,000.
        ---

     The  number  of  shares  outstanding of the registrant's common stock as of
March  10,  2000:  6,442,011.
                   ---------


     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.




     PART  I.
     -------

ITEM  I  -  BUSINESS.
     Utah Medical Products, Inc. ("UTMD" or "the Company") is in the business of
producing  cost-effective  devices  for  the  healthcare  industry  which  are
predominantly  proprietary, disposable and for hospital use.  Success depends on
1)  recognizing  needs  of  clinicians  and  patients,  2)  rapidly designing or
acquiring  economical  solutions  which  gain  regulatory  approval, 3) reliably
producing  products that meet those clinical needs, and then 4) selling through:

a) UTMD's   own   direct   channels  into  markets  where the Company enjoys an
   established  reputation  and  has  a critical  mass  of  sales  and  support
   resources, or
b) establishing   relationships   with  other  medical companies that have the
   proper resources to effectively introduce and support the Company's products.

     UTMD's success in rapidly producing solutions comes from its proven ability
to  integrate  a number of engineering and technical disciplines in electronics,
software,  mechanical  packaging,  instrumentation,  optics and materials.   The
resulting  proprietary  products  represent significant incremental improvements
over  existing  clinical  techniques.  UTMD's experience is that, in the case of
labor-saving  devices,  the  improvement  in  cost-effectiveness  of  clinical
procedures  also  leads  to an improvement in overall healthcare including lower
risk  of  complications.  UTMD  markets a broad range of medical devices used in
the critical care areas, especially the neonatal intensive care unit (NICU), and
the  labor  and delivery (L&D) department in hospitals, as well as products sold
to  outpatient  clinics  and  physician's  offices.

     The  opportunity  to  apply  solutions  to recognized needs results from an
excellent  core  of practicing clinicians who feed ideas to the Company, and key
employees  who  are both clinical applications savvy and development engineering
adept.

     UTMD's  products are sold in the U.S. domestic market primarily through the
Company's  own  direct  sales  representatives  but  also  through  independent
manufacturers'  representatives, specialty distributors and other medical device
companies.  Internationally,  products  are  sold  through  other medical device
companies  and  through independent medical products distributors.  UTMD now has
representation  in all major global markets with approximately 100 international
distributors.

     Negative  factors  that  may  adversely  impact  future performance include
managed  care  reforms  or  hospital  group  buying  decisions  that  may  limit
physicians'  ability  to  choose  certain  products  or procedures, new products
introduced by other companies that displace UTMD's products, regulatory approval
delays,  changes  in the Company's relationships with its distribution partners,
and  loss  of  key  personnel.

     UTMD was formed as a Utah corporation in 1978.  UTMD publicly raised equity
capital  one  time in 1982.  In 1995, Utah Medical Products Ltd., a wholly-owned
subsidiary  located  in  Ireland,  was  formed  to  establish  an  international
manufacturing  capability. In 1997, UTMD purchased Columbia Medical, Inc. (CMI),
a  Redmond,  Oregon  company  specializing  in  manufacturing  and  marketing
vacuum-assisted  obstetrical  delivery systems.  In July, 1998 UTMD acquired the
neonatal  product  line  of  Gesco  International,  a  subsidiary of Bard Access
Systems and C.R. Bard, Inc.  On March 8, 2000, UTMD returned to the Nasdaq Stock
Market  after  trading  on  the  New York Stock Exchange for about 3 years.  The
Company  was  previously listed on Nasdaq for 14 years.  The Company's corporate
offices  are  located  at  7043  South  300  West, Midvale, Utah 84047 USA.  The
corporate  telephone  number is (801) 566-1200.  European operations are located
at  Garrycastle  Industrial  Estate,  Athlone,  County  Westmeath, Ireland.  The
telephone  number  in Ireland is (902) 73932.  CMI's mailing address is P.O. Box
1530,  Redmond,  Oregon  97756.  The  phone  number in Oregon is (541) 548-7738.

PRODUCTS
--------

Labor  and  Delivery/  Obstetrics:
---------------------------------
Fetal  Monitoring  Accessories.


     About  60%  of  births are considered "higher risk" due to lack of prenatal
care,  among  other  factors.  In  many  of  these  births,  labor  may  become
complicated  and  does  not  progress  normally.  The  obstetrician  must assess
progression  of  labor  to  be  able  to  intervene  with drug therapy, infuse a
solution  to  augment  amniotic  fluid,  or  ultimately  if necessary, perform a
Caesarean  section  procedure,  and  be  prepared  for  complications  following
childbirth.  UTMD  markets disposable electrodes, catheters and accessories, but
not the monitors, the electronic capital equipment that process the signals.  In
addition  to  products  already offered, UTMD intends to continue to investigate
and  introduce  tools  that  enhance fetal monitoring techniques, a core area of
product  development.

     To  assist  the  physician  in assessing fetal well-being, changes in fetal
heart  rate  (FHR) in conjunction with trends in intrauterine pressure are often
electronically  monitored.  UTMD's  intrauterine pressure (IUP) catheter product
line  provides  for  clinician choices from a traditional fluid-filled system to
INTRAN  PLUS,  the  most  widely  accepted  sensor-tipped  system.  In addition,
adjunct  FHR  electrodes, leg plates, belly bands and chart paper are offered by
UTMD  to  complete a package of fetal monitoring supplies.  UTMD's IUP catheters
include:

-     IUP-075  and  UTMD's  other  custom  fluid-filled  catheter kits utilize a
saline-filled  catheter that is placed within the uterine cavity, connected to a
separate  external  reusable  or  disposable  transducer.  This product package,
utilizing  double  lumen  catheters,  was  the  traditional mode of intrauterine
monitoring prior to the introduction of INTRAN.  An intrauterine pressure change
is  transmitted  through  the  fluid column to the external pressure transducer.

-     Introduced  in  1987,  INTRAN was the first intrauterine pressure catheter
that  placed  the  pressure  transducer at the source within the uterine cavity.
This  design  eliminated  the  complicated  setup  of  fluid-filled  systems and
provided more accurate pressure waveforms.  INTRAN I was discontinued in 1995 in
favor  of the more widely preferred INTRAN PLUS, also covered by UTMD's original
INTRAN  patent.

-     INTRAN PLUS was introduced in 1991.  The INTRAN PLUS catheter combines the
transducer tip concept of INTRAN I with a refined tip design, a zero switch that
allows  the  clinician  to  verify the reference of the monitor, and a dedicated
amnio  lumen  which  provides immediate access to the amniotic fluid environment
which  may  be  essential  in  the  diagnosis  and intervention of certain fetal
conditions.  In 1996, an enhancement which allows physicians to observe amniotic
fluid  in  a  closed  system was added to INTRAN PLUS.  In 1997, UTMD introduced
several  variations  to  address  user  preferences  in tip size and zero switch
location.

Vacuum-Assisted  Delivery  Tools.
     UTMD's 1997 purchase of CMI included the patented soft silicone bell-shaped
birthing  cups  and  patented hand-held vacuum pumps which UTMD believes are the
safest  products  available  for  use  in  vacuum-assisted operative deliveries.
Operative  vaginal  deliveries  provide  knowledgeable  physicians  with  an
alternative to C-section intervention.  Although there are risks associated with
operative  vaginal  deliveries  which  represent  about 15% of all U.S. hospital
births,  the  procedures  are generally regarded as safer for the mother, and at
least  as  safe  for  the  fetus, as abdominal (cesarean) delivery in comparable
clinical  situations.  In  operative  vaginal  deliveries,  either  forceps or a
vacuum-assisted  extraction  system  are used to deliver a baby.  UTMD estimates
that  the preferred vacuum-assisted delivery approach is used for about 8-10% of
all  U.S.  births,  and  will  continue  to improve on its share versus forceps.
UTMD's  patented  bell-shaped  soft  silicone  TENDER  TOUCH  cups  enjoy  a low
reported complication rate compared to other vacuum cup designs, as evidenced by
the  FDA  Medical Device Reporting System.  UTMD's patented soft silicone cup is
unique  in  the  industry.

     In  May  1998,  the  FDA  issued  an  advisory which warned of increases in
reported  injuries  in  the  use of VADS.  The advisory appears to have caused a
slow-down  in  usage  as hospitals evaluated their protocols.  UTMD responded by
providing additional written instructions for use to all its users, and offering
assistance  in  training.  In  September  1998,  The  American  College  of
Obstetricians  and Gynecologists issued a formal Committee Opinion that strongly
recommended  continued  use  of  VADS,  when  used  by  appropriately  trained
physicians.

Other  Obstetrical  Tools


     MUC-X is a meconium aspiration device used immediately after birth to clear
neonatal  respiratory  passages  and  reduce  exposure  to potential infections.
AROM-COT'  is  a  patented  finger cover, designed to rupture maternal membranes
with  less  patient  pain  and  anxiety.  CORDGUARD  is a patented product which
unifies  the  multiple  steps  of  clamping  the  neonate's  cord  close  to the
umbilicus,  severing  the  cord  without splattering blood, drawing a clean cord
blood  sample,  and  assisting  in  the  removal  of  the placenta.  CORDGUARD's
sharpless,  closed  system  reduces the risk of exposure to potentially infected
blood,  and  consequently reduces the high cost of exposure treatment under OSHA
and CDC guidelines.  In addition, CORDGUARD facilitates obtaining neonatal blood
that  is  otherwise  hard  to  obtain safely and cleanly.  The UMBILICUP' System
allows larger volume umbilical cord blood collection without the use of needles.

Neonatal  Intensive  Care:
-------------------------
DISPOSA-HOOD'
     The  DISPOSA-HOOD  is  an  infant  oxygen  hood that is used in the NICU to
administer  oxygen  to  neonates while maintaining a neutral thermal environment
critical  to  proper  physiologic  responses.  The Disposa-Hood, placed over the
infant's head, incorporates a round diffusor connection specifically designed to
disperse  the  incoming  gases along the inner surfaces of the hood, rather than
allowing  them  to  blow  directly on the infant's head.  The design allows more
precise  FIO2  (fractional  inspired  oxygen) control, minimizes convective heat
loss  from  the  head  and provides optimum flows for elimination of CO2 (carbon
dioxide)  by  ventilation.  Because  it  is  a disposable product, it allows for
excellent  visualization  of  the  underdeveloped  infant  and  prevents
cross-contamination.

DELTRAN  PLUS
     UTMD's  patented  DELTRAN  blood  pressure monitoring system, the source of
over  $100  million  in  past  UTMD sales to Baxter over the nine year period of
1988-1996,  has  been  adapted specifically for use in the NICU.  The new closed
system  reduces  the  risk  of  infection and avoids the loss of scarce neonatal
blood  volume.  The  system  features excellent visualization of clearing volume
and  one-handed  use.

GESCO
     In  the  third  quarter of 1998, UTMD acquired the neonatal product line of
Gesco  International,  a  subsidiary  of Bard Access Systems and C.R. Bard, Inc.
Gesco,  best  known  for  its  innovative  silicone  catheters,  gained an early
reputation as a company which focused on the special developmental needs of tiny
critically-ill  babies.

     A  class  of  catheters  called  umbilical  vessel  catheters  (UVC's)  are
specially  designed  for  administering vital medications and fluids immediately
following  birth  through  the  infant's umbilical vessel into the inferior vena
cava.  Because  of  the  neonate's  small size and lack of vascular development,
there  is  no  better  access  to  vital  organs.  The catheters are also called
umbilical  artery catheters (UAC's) when placed in one of the umbilical arteries
to measure blood pressure or monitor metabolic processes through blood analysis.
In  developing  its  UMBILI-CATH  product line, Gesco pioneered the use of soft,
biocompatible  silicone  catheters,  helping  to reduce the number of insertions
required  as  well as other complications associated with invasive applications.
In  1999,  UTMD  expanded  the UVC product line to include catheters made from a
patented  thermosensitive  polyurethane  (Tecoflex ) version that offers many of
the  flexibility  and  biocompatibility  advantages of silicone after insertion,
with  the  greater  rigidity  of  polyurethane preferred by many clinical during
insertion.  UTMD  is  presently  the  only medical device company offering these
material  selection  options  to  clinicians.

    Gesco was attentive to product features that were distinct to neonates, e.g.
in  the case of invasive catheters, the introducer, the soft rounded distal tip,
mode of securing to patient after insertion to avoid migration, luer locking hub
with  minimal  dead  space,  number  of lumens, catheter radiopaque striping for
visualization,  variations  in  catheter  lengths  and  diameters  and  special
packaging.  In  1999,  UTMD  made a number of changes to these features to bring
the  Gesco  products  up to date relative to current neonatal nurse practitioner
preferences.  In addition, Gesco provides a convenient catheterization procedure
tray  of  implements  and  supplies necessary to place UVC catheters, as well as
perform  other  similar  procedures.

     The  soft, biocompatible silicone catheter concept had important advantages
in  other  applications including peripherally inserted central venous catheters
(PICC  lines),  enteral  feeding  tubes,  urinary  drainage catheters, and chest
drainage  tubes.  Gesco developed all of these neonatal products under the names
PER-Q-CATH  , NUTRI-CATH', URI-CATH' and THORA-CATH', respectively.  In 1999, in
order  to  keep  pace  with  the  trend of caring for smaller babies, UTMD added
smaller  diameter versions of its Uri-Cath and Nutri-Cath products.  UTMD has an
exclusive  distribution  agreement with Bard for the only Gesco neonatal product
which  was  not  purchased  by  UTMD,  the  PER-Q-CATH  PICC.

     Other  Gesco  specialty  products  acquired  by  UTMD  include a disposable
peritoneal  dialysis set that is a pre-assembled, sterile, closed system, called
DIALY-NATE';  a patented silicone oral protection device used to prevent palatal
soft  tissue  injury  by  orotracheal  tubes,  called  PALA-NATE';  and a lumbar
puncture  kit  used  for obtaining spinal fluid samples, called MYELO-NATE'.  In
1999,  a tiny needle version with a special bevel was added to the product line.

     Gesco's first patented product, HEMO-NATE , is a disposable filter designed
to  remove microaggregates from stored blood prior to transfusion into a neonate
where  any  deficiency can have an overwhelmingly negative impact on a neonate's
chances for survival, given an under-developed vasculature and small total blood
volume.

     In  2000, UTMD will continue to improve and augment its Gesco, Disposa-Hood
and  Deltran  products, allowing it to retain the most complete armamentarium of
NICU  speciality  products  of  any  company in the medical device industry.  In
addition  to  products  already offered, UTMD intends to continue to investigate
and introduce tools that enhance developmental care of critically-ill infants, a
core  area  of  product  development.

Gynecology  /Urology  /Electrosurgery:
-------------------------------------
LETZ  System
     The  LETZ  System is comprised of electrosurgical equipment, electrodes and
supplies  used to treat cervical intraepithelial neoplasia (CIN) and other lower
genital  tract  lesions  related to human papilloma virus (HPV) infections.  The
electrosurgical  excision  procedure  with  hemostasis  has widely replaced cold
knife  scalpel,  laser  and  cryotherapy  procedural  approaches  because  it is
economical, safe, effective, quick and easy to perform, has fewer potential side
effects,  and requires little physician training.  Most importantly, in contrast
to  laser  and cryotherapy (freezing of tissue), LETZ provides a tissue specimen
for  a pathological assessment.  The LETZ procedure may be performed using local
anesthesia in a physician's office, eliminating the time and expense of hospital
or  surgical center admittance.  UTMD's system includes patented disposable loop
electrodes,  the  patented  FINESSE  electrosurgical  generator,  and  other
miscellaneous  components.  The  FINESSE  electrosurgical  generator is the only
generator  on  the market that contains an integral smoke evacuator, required to
filter smoke and vapors which contain potentially hazardous particulate material
produced  during  electrosurgery.  The  disposable loop electrode used to excise
the  tissue  specimen  is  a  pencil-like  tube  with  a thin tungsten wire loop
attached.  The  loop  is  available in varying sizes and includes a Safe-T-Gauge
that  can  be positioned so the physician can accurately colposcopically monitor
the  amount  of  tissue  being  excised.

FINESSE  Generator;  Specialty  Loop,  Ball,  and  Needle  Electrodes; FILTRESSE
Evacuator;  Other  Specialty  Electrodes;  Other  Supplies and Gynecologic Tools
     UTMD  has  FDA  clearance  to  market its electrosurgical system in general
surgery  applications, including dermatology.  FILTRESSE, a stand-alone surgical
smoke  filtration system which combines high filtration efficiency, low cost and
convenient  use was introduced in 1997.  UTMD continues to develop and introduce
specialty  tools for specific electrosurgical procedures.   In 1998, the Company
introduced  a  special conization electrode for deep endocervical disease called
C-LETZ, now patented, designed to limit the removal of healthy tissue that might
compromise  adequate  cervical  function.  Other  tools  include  disposable
electrosurgical  pens,  dispersive  pads,  speculums,  retractors,  and forceps.

EPITOME
     A  patented  electrosurgical  scalpel which delivers precise performance in
incision  and  excision  was introduced in 1996.  An independent study concludes
that  the Epitome  scalpel provides a significant improvement over older devices
in  wound  healing and patient comfort.  Epitome allows a rapid incision without
countertraction,  yielding  limited  morbidity,  less  post-surgical  pain  and
cosmetically  superior results.   Where minimization of thermal tissue injury is
desired,  Epitome  offers  significant  advantages  while  achieving  desired
hemostasis.  A  patented  bendable  version  of  EPITOME  with  a smaller active
electrode  was  introduced  in early 1998.  Designed to significantly reduce the
chance of tissue burns due to inadvertent electrode contact and where a smaller,
bent  scalpel  tip is needed, the bendable EPITOME is of particular value, e.g.,
to  thoracic  surgeons in harvesting the internal mammary artery during coronary
artery  bypass  surgery,  as  well  as to otolaryngologists for tonsillectomies.
Marketing  UTMD's  group  of specialty electrosurgery products requires multiple
sales  call points and extensive clinical training and familiarization time with
users,  among  other  challenges,  resulting in UTMD's projection of a continued
slow  adoption  growth  rate.

LIBERTY  System
     LIBERTY,  a  device for the conservative treatment and effective control of
urinary  incontinence  in  women, was released for marketing by the FDA in 1995.
LIBERTY  consists  of  a  battery  operated  electrical  stimulation unit and an
intravaginal  electrode  probe.  This physiotherapy technique, which can be done
in  the  privacy of the home, involves passive strengthening of the periurethral
muscles.  Pulsed,  low  voltage,  high frequency current is applied primarily to
the  pudendal  neuromuscular tissue causing the pelvic area muscles to contract,
leading  to  better  muscle  tone.  Because  electrical stimulation has no known
adverse  side  effects,  Liberty  provides women suffering from mild to moderate
incontinence  an  effective,  lower  cost  and  lower  risk  alternative to more
traumatic treatments such as surgery and drug therapy.  In 1999, UTMD's sales of
Liberty  were  up  20% compared to the prior year as more patients learned about
the  device  and  decided  to  try  it.  UTMD  believes  that  Liberty  is  the
easiest-to-use, most cost effective incontinence treatment available that yields
a  therapeutic  effect,  not  just  a  cover-up.

PATHFINDER  PLUS'
     As  part  of  Columbia  Medical  Inc., UM acquired an endoscopic irrigation
device  that  allows  a  surgeon  to  precisely irrigate with the same hand that
controls  the  endoscope,  eliminating  the  need  for  a  separate assistant to
irrigate  without  visualization.  UTMD  is  marketing  the  device  through
independent  manufacturers'  representatives  who  sell  to  urologists.

Tools  for  Gynecologic  Laparoscopy
     LUMIN  is  a  patented  tool  developed  by  UTMD  for  reliably and safely
manipulating  the  uterus in gynecological laparoscopic procedures.  The product
was  released  for  marketing  by the FDA in 1995.  LUMIN combines the strength,
range  of motion and versatility of the higher end reusable instruments with the
lower  cost  and  cleanliness of the cheaper disposable instruments presently on
the  market,  while at the same time reducing the number of tools needed to move
and  secure  the uterus.  A number of the tools listed above in other categories
are  also  useful  in  laparoscopic  procedures.

Blood  Pressure  Monitoring:
---------------------------
DELTRAN  Disposable  Pressure  Transducer
     In  pressure  monitoring,  a  transducer  is  used to convert physiological
(mechanical)  pressure into an electrical signal that is displayed on electronic
monitoring  equipment.  UTMD  developed,  patented  and  is now distributing its
disposable  transducer  as  a stand-alone product, and as a component in sterile
blood  pressure monitoring kits through direct representatives and other medical
companies  in  the  U.S.,  as well as independent distributors and other medical
companies  internationally.

     Although  other  large  medical  companies  manufacture disposable pressure
transducers  ("DPTs")  under  rights to UTMD's technology, the Company  believes
that  the  Deltran  DPT  which  it  developed  remains  the standard in terms of
reliability  and  ease of use.  UTMD has an automated assembly line which allows
UTMD  to  effectively  compete  with  the  largest  suppliers  on  the  basis of
consistent  quality  with  low manufacturing costs.  Introduced in 1998, DELTRAN
PLUS  may  provide  the  easiest to use and most secure method of blood sampling
currently  available.

Pressure  Monitoring  Accessories  and  Components
     Components included in blood pressure monitoring kit configurations include
flush  devices,  stopcocks,  fluid  administration  sets, caps, pressure tubing,
interface  cables and organizers.  The Company sells similar components designed
for  other  medical companies which incorporate UTMD's proprietary technologies.
DELTA-CAL'  is  a  calibration  device  used  to  check proper functioning of an
arterial  pressure  system.  In  addition,  UTMD sells plastic molded parts on a
subcontract  basis  to  a  number  of  medical  and non-medical companies.  UTMD
believes  that  this practice helps better utilize its investment in fixed plant
and  equipment.

MARKETING
---------


     UTMD  competes  in  the  marketplace  on  the  basis  of  its  proprietary
value-added  technologies and cost effective solutions.  Its future success will
depend  upon its ability to innovate and introduce new products into specialized
market niches consistent with cost control pressures under a changing healthcare
environment.  Speed  is  a  critical  success  factor in that future performance
depends  on  UTMD's  ability  to  innovate,  develop, test and commercialize new
products  faster  than  other medical device companies who possess significantly
more  resources  than UTMD.  With new products that are unique, the Company must
be  prepared for providing independent clinical evidence of efficacy, as well as
extensive  user  training  and  support.

     Although  the  market  potential  for each of UTMD's individual products is
generally  small  because  of the Company's niche orientation, in the aggregate,
the  sales  potential  for  all  of UTMD's products exceeds $1 billion annually.
Enhancing  its  reputation  for  providing solutions to hospital areas which are
considered  separate  and  highly  special  is critical to the implementation of
UTMD's  strategy.  UTMD  has  been able to differentiate itself independent from
the  commodity  contract  pressures  dominating  other hospital medical products
suppliers  for  four reasons.  First, because of the relatively high sensitivity
for  quality  care  in  the  specialty areas of the NICU and L&D, UTMD can often
communicate  directly  with  clinical decision-makers rather than administrative
gatekeepers.  Second,  because  of  the  relatively  low  total  dollar  volume
associated  with UTMD's products compared to products used in other areas in the
hospital,  UTMD can often slip under the fallout rate accepted in contracts with
the  large  hospital  commodities  suppliers.  Third, UTMD retains a significant
number  of unique product features based on its patented portfolio.  Last, there
is a significant amount of goodwill associated over the years with product names
manufactured  by Utah Medical Products, Columbia Medical and Gesco, all now part
of  UTMD,  among knowledgeable clinicians that gives momentum to their continued
use.

DISTRIBUTION
------------

     Another  important  success  factor  in  a changing healthcare industry  is
"access"  to  customers.  In  particular, the U.S. hospital supplier environment
has  been  consolidating  as  a result of group purchasing decisions and product
bundling  by  large suppliers with diverse product lines. The number of channels
and  length of time required in evaluating new products for use in hospitals has
grown  dramatically  in  recent years.  As a potential negative factor to future
performance,  as  UTMD introduces new products, it may find itself excluded from
certain  customers  because  of  the existence of supply agreements unrelated to
safety  and  efficacy  of products.  UTMD may also be unable to establish viable
relationships with other medical companies who have the access to users but lack
an  interest  in  a  different  approach.

     Historically,  UTMD  has  sold  its  products, especially those relating to
critical  care,  through independent distributors and other medical companies in
both  domestic  and international markets.  However, since 1991, the Company has
developed  a  more  focused  direct sales organization in the United States with
specialized distributors and its own directly employed sales force.  The network
of  direct representatives and specialty distributors is employed to concentrate
on  select  market applications for UTMD products and to provide proper customer
training  and  support.  In March 2000, the U.S. direct sales force consisted of
territory  representatives  and  sales  managers.  Through  the  use of clinical
education  programs,  the  direct  sales  force  positions  UTMD  to gain market
leadership  with solutions to clinical problems.  Through its relationships with
physicians,  UTMD  is  diversifying  its  product applications in obstetrics and
gynecological  procedures  which  are  trending  toward  outpatient  clinics and
physician  offices.  Five  years  ago,  independent  distributors  in  the  U.S.
represented  more than half of UTMD's direct domestic Ob/Gyn business.  In 2000,
UTMD expects that U.S. distributors will represent less than 10% of its domestic
business.

     The Company also sells products into commodity markets, or for applications
which  do  not  generate  enough  business  to  justify a direct selling effort,
directly  to other medical companies.  Additionally, the Company sells component
parts  to  medical  companies  for  use  in their product lines.  This effort is
simply  an  optimal  utilization  of  manufacturing resources that are otherwise
needed  for  UTMD's primary business, and does not compete with or dilute UTMD's
distribution  and  marketing  programs.

     Internationally,  the  Company sells its products through about 80 regional
distributors  and  through  about  20  OEMs  (other  medical  manufacturers).

RESEARCH  AND  NEW  PRODUCT  DEVELOPMENT
----------------------------------------


     New  product  development  is  a  key  to  UTMD's  growth  plans.  Product
development  takes  three  fundamental  forms,  which  are  interrelated:  1)
improvements,  enhancements  and extensions of current product lines in response
to  clinical  needs  or  clinician requests,  2) invention of devices that allow
significantly different methods of performing medical procedures, representing a
quantum  improvement  in  safety,  efficacy  and/or  cost  of  care,  and  3)
acquisitions  of  products  from  others.

     During  1999,  in  addition to the amortization of goodwill expense of $569
(in  thousands),  or  1.9%  of  sales,  associated  with the acquisitions of new
product  lines  in  1997  and  1998,  the Company spent $719 on internal product
development  activities,  or  2.4%  of sales, a combined total of 4.4% of sales.
New product development expenses and amortization of goodwill expenses were $946
and  $433,  respectively  in  1998  (combined  5.0% of sales) and $958 and $148,
respectively in 1997 (4.6% of sales).  Amortization of goodwill expenses and R&D
expenses  combined  are  expected  to  continue in the range of 4-5% of sales in
2000.  Internal R&D will be limited more by the Company's ability to process new
ideas,  as  well  as  organize  and integrate the speciality skills necessary to
develop  innovative  products,  than by the availability of funds or new product
ideas.

     UTMD's  current product development projects are in four areas of focus: 1)
obstetrics/  fetal  monitoring,  2)  neonatal  intensive  care,  3)  female
incontinence  management,  and  4) specialized procedures for the assessment and
treatment  of cervical/uterine disease.  UTMD has filed, had issued, or acquired
23  patents  in  the  last  five  years.

     Because  of  UTMD's  reputation  as  a  successful innovator, its financial
strength  and  its established clinician user base, it enjoys a substantial flow
of  new  product  ideas.  Internal  development,  joint  development,  product
acquisitions,  and  licensing arrangements are all included as viable options in
the  investigation  of  opportunities.  Only a small percentage of ideas survive
feasibility screening.  For internal development purposes, projects are assigned
to  a  project  manager  who  assembles  an  interdisciplinary, cross-functional
development  team.  The  team's  objective  is  to  have  a  clinically  proven,
manufacturable,  and  FDA  released  product  ready  for marketing by a specific
date.  Approximately  twelve  projects on the average, depending on the level of
resources  required,  are  underway at UTMD at any given time.  More than 50% of
assigned  projects  do not succeed in attaining a product which meets all of the
Company's  criteria.  In  particular,  this  includes  a  product that is highly
reliable,  easy to use, cost-effective, safe, useful and differentiated from the
competition.

     Once a product is developed, tooled, fully tested and cleared for marketing
by  the  FDA,  there  remains a reasonable probability it cannot be successfully
marketed  for  any  number of reasons, not the least of which is being beaten to
the market by a competitor with a better solution, or not having access to users
because  of  limitations  in  marketing  and  distribution  resources.

EMPLOYEES
---------

     At  December  31,  1999,  the  Company  had  268 employees, 20 of which are
located  in  Oregon,  and  33  in Ireland.  The Company's continued success will
depend  to  a  large  extent  upon  its ability to retain skilled employees.  No
assurances  can be given that the Company will be able to retain or attract such
employees  in  the  future,  although  management  is  committed to providing an
attractive environment in which creative and high achieving people want to work.

     To  the  best of the Company's knowledge, none of the Company's officers or
directors  is  bound  by  restrictive  covenants from prior employers that limit
their ability to contribute to UTMD's programs.  All professional employees sign
a confidentiality and non-compete agreement as a condition of employment, and as
consideration  for  receipt  of  stock  option  awards  and participation in the
management  bonus  program.  None  of  the Company's employees is represented by
labor  unions  or other collective bargaining groups.  All employees participate
in  performance-based  bonus  programs.

PATENTS  AND  TECHNOLOGY  LICENSES
----------------------------------

     The  Company owns or exclusively licenses forty-three unexpired patents and
patents  pending, and is the licensee of certain other technology.  There can be
no  assurance,  however, that patents will be issued with respect to the pending
applications  or  that  the  issued  patents  can  be  successfully  defended.


     The  ability  of  the  Company  to achieve critical mass in the marketplace
depends in large part on the protection afforded by its patents.  In cases where
competitors  introduce  products  that  may  infringe  on UTMD's technology, the
Company has an obligation to its shareholders to defend its intangible property.
Although  the  cost  of  patent  litigation  reduces  the  Company's  current
performance,  a  successful defense of a core market franchise as represented by
INTRAN,  for  example,  may  potentially  represent  many orders of magnitude of
return  in  shareholder  value.  In  addition,  UTMD's  practice of aggressively
pursuing those who infringe its patents tends to discourage others from unfairly
using  UTMD's  innovations.  Patent  infringement lawsuits are currently pending
against two companies which UTMD believes have infringed certain INTRAN patents.

     As  a  matter of policy, UTMD has acquired and will continue to acquire the
use  of  technology from third parties that can be synergistically combined with
UTMD  proprietary  product  ideas.  During  1999,  royalty  expenses  were  (in
thousands)  $118.  Royalties  are  included  in  cost  of  goods  sold.

     Also  as  a  matter  of policy, UTMD licenses its proprietary technology to
others  in  circumstances  where licensing does not directly compete with UTMD's
own  marketing  initiatives.  During  1999,  the Company received (in thousands)
$529  in  royalty  income, compared to $678 in 1998, and $732 in 1997.  In 1998,
UTMD  recorded  an  additional $447 in net other non-operating income associated
with  unusual  payments,  subject to a confidentiality agreement, for use of its
technology.  The non-operating income has been a material portion of UTMD's past
earnings,  and  therefore  future  improved  performance  also  depends  on  the
performance  of  other  companies  who  license  UTMD's  technology.

GOVERNMENT  REGULATION
----------------------

     The  Company's  products are subject to regulation by  the U.S. Food & Drug
Administration  ("FDA"),  as  well as other regulatory bodies globally.  The FDA
has  authority to regulate the marketing, manufacturing, labeling, packaging and
distribution  of  medical  products in the U.S.  In addition, requirements exist
under  other  federal  laws and under state, local and foreign statutes that may
apply  to  the  manufacturing  and  marketing  of  the  Company's  products.

     All  manufacturers  of  medical devices must register with the FDA and list
all medical devices produced by them.  The listing must be updated annually.  In
addition,  prior  to  commercial  distribution  of  devices  for  human  use,  a
manufacturer  must file a notice with the FDA, setting forth certain information
regarding the safety and efficacy of the device that is acceptable in content to
the  FDA.

     Devices  which  are  classified  in Class I are subject only to the general
controls  concerning  adulteration,  misbranding,  good manufacturing practices,
record keeping and reporting requirements.  Devices classified in Class II must,
in  addition,  comply  with  performance  standards promulgated by the FDA.  The
Company  believes  all  of its present products are Class I or Class II products
and  that  the  Company  is  in  full compliance with all applicable performance
standards  as  well  as  FDA  quality  standards,  record keeping and reporting.

     In  1994,  UTMD  received certification of its quality system under the ISO
9001/EN  46001  standards  ("ISO"  stands  for  "International  Organization  of
Standardization").  EN  46001  is  the  European Community's effort to harmonize
different  national  regulatory  requirements  for  the  development,  sale, and
manufacture  of  medical  products.  Because  the ISO standards are in perpetual
modification,  UTMD  remains  on  a  continuous  periodic  audit schedule by its
independent  notified  body in order to stay abreast of international regulatory
standards.  In early 1997, UTMD received ISO 9001/EN 46001 certification for its
Ireland  facility.  UTMD  has received formal product certification allowing the
use  of  the  CE  Mark  (demonstrates  proof  of  compliance  with  the European
Community's  product  standards)  for  essentially  all  of  its  products.

SOURCES  AND  AVAILABILITY  OF  RAW  MATERIALS
----------------------------------------------

     Most of the components which the Company purchases from various vendors are
readily  available  from  a  number  of  sources.  Alternate sourcing of various
components  is continually underway.  Vendors are qualified by Corporate Quality
Assurance.  The  Company  has a vendor quality monitoring program that routinely
checks  all  incoming  material.


EXPORTS
-------

     Revenues  from foreign customers in 1999 were (in thousands) $5,550 (19% of
total  sales),  as  compared  to $4,732 (17% of total sales) in 1998, and $5,219
(21%  of  total  sales) in 1997.  Blood pressure monitoring products represented
77%  of  international  sales  in 1999, compared to 79% in 1998 and 84% in 1997.
Ob/Gyn  and  neonatal  product  foreign  sales  were $1,290 in 1999, compared to
$1,002  in  1998  and  $799  in  1997.

     UTMD sees the international marketplace as one of the important elements of
its  growth  strategy.   UTMD  is  keenly  aware that not only are international
markets  different  from the U.S. market, but also that each country has its own
set  of driving influences that affects the dynamics of the nature of care given
and  medical devices used.  In 1996, UTMD completed a new manufacturing facility
in  Athlone,  Ireland.  The  facility  offers  a number of advantages: 1) from a
marketing  point of view, faster response to European Union customers, including
a  better  understanding  of  customized  needs,  less  costly  distribution and
duty-free  access  to  over  350 million patients; 2) from a regulatory point of
view,  faster  new  product introductions; and  3) from a manufacturing point of
view,  reduced  dependence  on  one manufacturing site and increased capacity at
existing  U.S.  facilities.

BACKLOG
-------

     As  a  marketer  of  primarily  disposable  products,  the nature of UTMD's
business  necessitates  being  very responsive to customer orders and delivering
products  quickly.  Thus  an  objective  of  UTMD  is  to minimize its shippable
backlog.  Backlog  shippable  in  less  than  60  days as of January 1, 2000 was
approximately  $0.6  million  compared  to  $0.6  million as of January 1, 1999.

SEASONAL  ASPECTS
-----------------

     The  Company's  business  is  generally  not  affected by seasonal factors,
although  historically  1Q  has  been  lowest and 3Q has been highest in demand.

PRODUCT  LIABILITY  RISK  MANAGEMENT
------------------------------------

     No  product  liability  lawsuits  involving  a significant injury have been
filed  against the Company for any of its products in the past eight years.  The
risk  of  product  liability  lawsuits  is  a negative factor in UTMD's business
because  UTMD's  products  are  frequently  used  in inherently life threatening
situations  to  help  physicians achieve a more positive outcome than what might
otherwise  be  the  case.  Although  UTMD's  products  are proven to be safe and
efficacious  over millions of uses, positive outcomes cannot always occur in the
situations where UTMD's products are needed.  In litigious cultures (such as the
U.S.) which are often driven by attorneys looking for contingency fee windfalls,
patients  may  look  at  manufacturers of excellent medical products as possible
scapegoats.  In  any  lawsuit  against  a  company where an individual plaintiff
suffers a permanent physical injury, a small probability of a large award always
exists  whether  or  not a causal relationship exists.  UTMD is self-insured for
product  liability risk and reserves funds against its current performance on an
ongoing  basis  to  provide for its future defense should any lawsuits be filed.
The  strength of UTMD's balance sheet may be an inducement for some attorneys to
file  a  claim  against  UTMD.

FORWARD  LOOKING  INFORMATION
-----------------------------

     This  report  contains  certain  forward-looking statements and information
relating  to  the Company that are based on the beliefs of management as well as
assumptions  made  by, and information currently available to, management.  When
used in this document, the words "anticipate," "believe," "project," "estimate,"
"expect," "intend" and similar expressions, as they relate to the Company or its
management,  are  intended  to  identify  forward-looking  statements.  Such
statements  reflect the current view of the Company respecting future events and
are  subject  to  certain  risks,  uncertainties, and assumptions, including the
risks and uncertainties noted throughout the document.  Although the Company has
attempted  to  identify important factors that could cause the actual results to
differ  materially,  there may be other factors that cause the forward statement
not  to  come  true  as anticipated, believed, projected, expected, or intended.
Should  one  or  more  of  these  risks  or uncertainties materialize, or should
underlying  assumptions  prove  incorrect,  actual results may differ materially
from  those  described  herein  as  anticipated, believed, projected, estimated,
expected,  or  intended.

     General  risk  factors  that  may impact the Company's revenues include the
market  acceptance  of  competitive  products,  obsolescence  caused  by  new
technologies,  the  possible  introduction  by  competitors of new products that
claim  to  have  many  of the advantages of UTMD's products at lower prices, the
timing  and  market  acceptance  of UTMD's own new product introductions, UTMD's
ability  to  efficiently  manufacture its products, including the reliability of
suppliers,  success in gaining access to important global distribution channels,
budgetary  constraints,  the timing of regulatory approvals for newly introduced
products,  and  third  party  reimbursement.

     Risk  factors,  in addition to the risks outlined in the previous paragraph
and  elsewhere  in  this  report  that  may  impact  the  Company's  assets  and
liabilities,  as  well  as  cash  flows,  include  risks  inherent  to companies
manufacturing  products  used  in healthcare including claims resulting from the
improper  use  of  devices  and  other  product liability claims, defense of the
Company's  intellectual  property,  productive  use  of  assets  in  generating
revenues,  management  of working capital including inventory levels required to
meet  delivery  commitments at a minimum cost, and timely collection of accounts
receivable.

     Additional  risk  factors  that may affect non-operating income include the
continuing viability of the Company's technology license agreements, actual cash
and investment balances, asset dispositions, and acquisition activities that may
require  external  funding.

ITEM  2  -  PROPERTIES

Office  and  Manufacturing  Facilities.
     The  Company's  current  operations  are  located in an 100,000 square foot
facility  in  Midvale,  Utah,  a  suburb of Salt Lake City, a 20,000 square foot
facility  in  Redmond,  Oregon,  and  a  77,000 square foot facility in Athlone,
Ireland.  UTMD  owns  its  property and facilities in Utah and Ireland, with the
exception  of  a long-term lease on one section of its Midvale parking lot.  The
Oregon  facilities  are leased.  The Ireland facility operates as a wholly-owned
subsidiary  under  the  name  Utah  Medical  Products  Ltd.

     UTMD  is  a  vertically-integrated  manufacturing  company.  Capabilities
include a machine shop for mold-making and building assembly tools and fixtures;
plastics-forming  including  thermoplastic  forming,  injection  molding  and
extrusion;  sensor production; assembly of mechanical, electrical and electronic
components;  testing;  and  advanced  packaging  in  clean  room  conditions.
Facilities  also  include  an  R&D  lab,  communications and information systems
networked  real  time  internationally,  and  administrative  offices.

ITEM  3  -  LEGAL  PROCEEDINGS

     The Company may be a party from time to time in ordinary routine litigation
incidental  to  its  business.  The  outcomes  of  lawsuits  which are currently
pending  are  not  projected  to  have  a  materially  adverse  effect on UTMD's
financial  condition  or  results  of  operations.

ITEM  4.  -  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

     No  matter  was  submitted  to  a  vote  of  security  holders  through the
solicitation  of  proxies  or  otherwise during the fourth quarter of the fiscal
year  covered  by  this  report.







                  [Remainder of Page Intentionally Left Blank]

     PART  II.
     --------

ITEM  5  -  MARKET  FOR  THE  REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.

Market  Information.
     UTMD's  common stock began trading on the Nasdaq Stock Market (symbol:UTMD)
on March 8, 2000.  Between December 26, 1996 and March 7, 2000, it traded on the
New  York Stock Exchange (symbol: UM).  It previously traded on the Nasdaq, also
under  the  UTMD  symbol.  The following table sets forth the high and low sales
price  information  as  reported  by  NYSE  for  the  periods  indicated:

<TABLE>
<CAPTION>


                    1999               1998
                High     Low      High      Low
             --------  -------  --------  -------
<S>          <C>       <C>      <C>       <C>
1st Quarter  $  7 1/4  $  5   $    8 1/4  $   6 1/2
2nd Quarter     7         5 3/4    8          6 3/4
3rd Quarter     8         6 3/4    7          5
4th Quarter     7         6        7 1/4      5
</TABLE>


Stockholders.
     The approximate number of beneficial stockholders of UTMD's common stock as
of  March  10,  2000  was  5,200.

Dividends.
     The  Company  does not currently intend to pay cash dividends on its common
stock  in the foreseeable future.  It is the present intention of the Company to
use earnings to finance future growth, for selective infusions of technological,
marketing  or  product  manufacturing  rights  to  broaden the Company's product
offerings,  and  for  continued  share  repurchases  when the price of the stock
remains  extremely  undervalued.




                  [Remainder of Page Intentionally Left Blank]

ITEM  6  -  SELECTED  FINANCIAL  DATA.
     (in  thousands,  except  per  share  data)

<TABLE>
<CAPTION>


                                 Year Ended December 31
                                 ----------------------


                                   1999        1998       1997         1996       1995
                            -----------  ----------  ----------  -----------  ----------
<S>                         <C>          <C>         <C>         <C>          <C>
Net Sales. . . . . . . . .  $    29,444  $   27,677  $   24,272  $    38,673  $   42,038

Net Income . . . . . . . .        5,468       4,858       4,322        8,754       8,354

Diluted Earnings Per Share          .76         .59         .51          .93         .83

Total Assets . . . . . . .       27,756      31,968      31,459       28,916      33,330

Long-term Debt . . . . . .        5,934       3,098       5,571         None         None

Cash Dividends
Per Common Share . . .        . .  None        None        None         None         None

</TABLE>


<TABLE>
<CAPTION>


                                    Quarterly Data for 1999
                                    -----------------------


                               First Quarter   Second Quarter   Third Quarter   Fourth Quarter
                              --------------  ---------------  --------------  ---------------
<S>                           <C>             <C>              <C>             <C>
Net Sales. . . . . . . . . .  $        7,018  $         7,320  $        7,568  $         7,539

Gross Profit . . . . . . . .           3,687            3,870           4,104            4,135

Net Income . . . . . . . . .           1,200            1,349           1,487            1,433

Earnings Per Share - Diluted             .15              .18             .22              .22
</TABLE>

<TABLE>
<CAPTION>


                                    Quarterly Data for 1998
                                    -----------------------


                               First Quarter   Second Quarter   Third Quarter   Fourth Quarter
                              --------------  ---------------  --------------  ---------------
<S>                           <C>             <C>              <C>             <C>
Net Sales. . . . . . . . . .  $        6,375  $         6,786  $        7,150  $         7,366

Gross Profit . . . . . . . .           3,188            3,420           3,720            3,846

Net Income . . . . . . . . .           1,159            1,127           1,290            1,282

Earnings Per Share - Diluted             .14              .14             .16              .16
</TABLE>


ITEM  7  -  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL CONDITION AND
RESULTS  OF  OPERATIONS.

The following comments should be read in conjunction with accompanying financial
statements.  Dollar amounts are in thousands, except per-share amounts and where
noted.

Productivity  of  Assets  and  Working  Capital.
     a)  Assets.  Total  UTMD  asset  turns  (ratio  of  sales  to total assets)
         ------
improved  again  in  1999  because  sales  increased  while average total assets
decreased  from  the  prior  year.  Year-ending  total assets were lower because
current  assets  declined  as a result of significantly reducing levels of cash,
inventory and receivables; net fixed assets declined as a result of depreciation
which  exceeded  replacement;  and  net  intangible  assets  declined  because
amortization  of  goodwill  and intellectual property exceeded new acquisitions.
1999  year-end  net  intangible assets represent 30% of total assets.  Excluding
the  possibility  of  new  intangible assets from 2000 acquisitions, total asset
productivity  should  continue to improve in 2000 because sales are projected to
grow  while  working  capital  remains about the same and net property plant and
equipment  (PP&E)  assets  decline  as  depreciation  exceeds  the  rate  of new
purchases.

     1999 net (after accumulated depreciation) PP&E in Utah and Oregon decreased
$0.6  million, while in Ireland decreased $0.9 million.  Consolidated PP&E asset
turns  improved  to  2.7 based on year-ending balances.  Productivity of PP&E in
2000  should  continue to increase since sales are expected to increase, and net
PP&E  decrease, as consolidated new capital expenditures are expected to be less
than  one-half  of  2000  depreciation.

     Inventory  turns  increased  in  1999 due to higher sales together with 21%
lower  inventory at year-end.  Lower inventory balances resulted from UTMD using
inventories  previously obtained in its 1998 Gesco acquisition and continuing to
improve  its  MRP  processes.  Management  expects  to  be  able  to achieve its
objective  of  4.0  inventory  turns  in  2000  because sales should continue to
increase  without  the  need  for  a  similar increase in inventories.  The 1999
year-ending accounts receivable (A/R) balances declined 10% despite higher sales
activity  for the year.  Calculated days in receivables improved to 49, based on
4Q  1999 shipments' activity.  Aged A/R over 90 days from invoice date decreased
to about 3% of total accounts receivable at year end from 9% at the end of 1998.
The  decrease  in  the  older receivables balance is due mainly to resolving the
delinquency  of  one  distributor  in  the  Far  East.

     The  working capital decline of  $2.3 million in 1999 was the result of the
significant  reduction  in  current  assets  coupled  with  a modest increase in
current  liabilities  associated  with  higher  business activity.   Through its
excellent  profitability, UTMD expects to internally finance any working capital
growth  that  is  needed  to  support  growth  in  2000  sales  activity.

     b)  Liabilities.  At  the end of 1999, UTMD's total debt ratio increased to
         -----------
32%  of  total  assets  from  19%  at  the end of 1998.   In addition to current
liabilities  associated  with  current production and sales activity, UTMD has a
few  lease  obligations (see note 5, page F-13) and an unsecured line-of-credit.
The  balance  of  the revolving line-of-credit increased by $2.8 million in 1999
because UTMD used its financing facility to aggressively retire about 20% of its
outstanding  shares  at  a  total  cost  of  $12.1  million.  In 2000, if no new
significant  acquisitions  or  repurchases  of  shares  are  made, the remaining
revolving  line-of-credit  balance  can  be  eliminated.

Results  of  Operations.
     a)  Revenues.  Annual  consolidated  revenues  were  up  6%  in  1999.
         --------

     UTMD  divides  its sales channels in the U.S. into "direct sales" which are
sales  to  end  user  customers  through  UTMD's direct sales force, independent
commissioned  sales  reps, and specialty distributors, and "OEM sales" which are
sales  to  other medical device companies where products are resold as part of a
component  of  a  kit or a repackaged stand-alone product.  In 1999, U.S. direct
sales  represented  74% of global consolidated sales compared to 74% in 1998 and
68%  in  1997.  In  the  U.S.  only,  direct sales represented 91% of 1999 sales
compared  to  89% in 1998 and 86% in 1997.  As a percentage of total U.S. sales,
OEM sales represented 9% of 1999 sales, compared to 11% in 1998 and 14% in 1997.
U.S.  OEM  sales  excluding  sales  to  Baxter  declined  3%  in  1999.


     Foreign sales in 1999 were 19% of global consolidated sales compared to 17%
in  1998  and  21%  in  1997.  Foreign  sales of blood pressure monitoring (BPM)
products  were  up  14%  relative  to  the  prior  year.

     Ob/Gyn  and neonatal product sales were 23% of 1999 foreign sales, compared
to  21%  in 1998 and 15% in 1997.  Foreign sales of Ob/Gyn and neonatal products
increased  29%,  and  totaled $1.3 million for 1999.  Ireland operations shipped
61%  of  foreign  sales  in  1999,  compared  to  62%  in  1998 and 39% in 1997.

     UTMD  divides  its sales into four product-line categories:  1) obstetrics,
comprised  of  labor  and  delivery  management  tools  for monitoring fetal and
maternal  well-being,  for improving clinician safety and for ease in performing
delivery  procedures;  2)  gynecology/electrosurgery/urology, comprised of tools
for  gynecological  office/clinician  practices,  including  LETZ,  endometrial
sampling,  diagnostic  laparoscopy, and other MIS procedures; specialty excision
and  incision  tools;  conservative  urinary  incontinence  therapy devices; and
urology  tools;  3)  neonatal, comprised of devices for gaining vascular access,
administering vital fluids, maintaining a neutral thermal environment, and other
specialized  tools  used  in  the  care  of critically-ill infants; and 4) blood
pressure  monitoring/accessories/other,  comprised  of  specialized  tools  for
invasively  monitoring  blood  pressure  on  a  continuous  basis  with pressure
transducer systems, along with products sold on an OEM basis to other companies.
In  these four categories, UTMD's primary revenue contributors generally enjoy a
dominant market share and typically have important product features protected by
patents.

     Sales  in  the  obstetrics  product  category  decreased  5%  in  1999  and
represented 47% of total sales.  Obstetrics sales were $13,926 in 1999, compared
to  $14,635 in 1998 and $11,823 in 1997.  Direct sales of the market-leading IUP
catheter,  Intran  Plus, declined 3% under active competition from cheaper, less
clinically-effective products.  Sales of vacuum-assisted delivery systems (VADS)
decreased  14%  in  1999,  due  apparently  to  a decline in utilization by U.S.
hospitals.  UTMD  believes  that using VADS remains the trained physician's best
choice  in  most operative deliveries, and will increase educational programs in
2000.

     Gynecology/  electrosurgery/  urology  product  sales  grew 7% in 1999, and
represented  15%  of  total  revenues.  Gyn/ES/Uro  sales  were  $4,454 in 1999,
compared  to $4,174 in 1998 and $3,859 in 1997.  Several products contributed to
sales  growth,  including  Epitome , Liberty , Pathfinder', and C-LETZ contoured
electrodes.  UTMD  looks  to  continue  to  develop  and  market  specialized
electrosurgical electrodes and other urological devices in 2000.  Marketing this
group  of  products  requires  multiple sales call points and extensive clinical
training  and familiarization time with users, among other challenges, resulting
in  continued  low  adoption  growth  rates.

     Neonatal  sales  include  the  neonatal product line of Gesco International
acquired  in  July  1998.  Compared  to 1998, UTMD's 1999 neonatal product sales
grew  100%.  Neonatal  product  sales were $3,807 in 1999, compared to $1,899 in
1998 and $708 in 1997.  UTMD expects the neonatal product line to continue to be
a  significant  contributor  to  its  growth  in  2000.

     BPM  and  accessories sales represented 25% of consolidated 1999 sales, the
same  portion  as  the  prior  year.  Sales of BPM products in 1999 were $7,258,
compared  to $6,970 in 1998 and $7,882 in 1997.  Although a mature product line,
UTMD  continues  to  enjoy a stable and significant demand for its well-regarded
BPM  products,  particularly  overseas.

     b)  Gross  profits.  The  average  gross  profit  margin (GPM), the surplus
         --------------
remaining  after  subtracting costs of manufacturing products from net revenues,
in  1999  was  53.6% compared to 51.2% in 1998 and 51.9% in 1997.  Gross margins
improved  successively each quarter in 1999, led by product design improvements,
better  materials  management  and better utilization of overhead costs. Looking
forward  to  2000,  offsetting influences are expected to result in GPM of about
54%.  Expected  favorable  influences  include  continued growth in sales volume
without  a  similar  increase in overhead expenses, a larger percentage of total
sales  from  higher  margin  products  and a continued emphasis on reengineering
products  to  reduce costs.  Unfavorable influences are expected to be continued
competitive  pressure  on  pricing  and  higher  wage rates for employees.  UTMD
management  believes  that  consistently  achieving  an average GPM above 50% is
necessary  to successfully support the significant sales and marketing, research
and development, and administrative expenses associated with a growth company in
a  highly  complex  and  competitive  marketplace.


     c)  Operating  Profit.  Operating profit, or income from operations, is the
         -----------------
surplus  remaining  after  subtracting  operating  expenses  from gross profits.
Operating  expenses  are  subdivided  into  sales,  general  and  administrative
expenses  (SG&A)  and  research  and  development  expenses (R&D).  UTMD further
divides  SG&A  into the two categories of sales and marketing expenses (S&M) and
general  and  administrative expenses (G&A).  Despite only a 6% increase in 1999
total  sales, operating profits increased 25% to $8,282 from $6,623 in 1998, and
$5,559  in  1997.  Total operating expenses were 25.5% of sales in 1999 compared
to  27.3%  of  sales  in  1998,  and  29.0% in 1997, demonstrating the operating
leverage  achievable  when  sales  continue  to  grow.

     SG&A  expenses  in  1999  decreased to 23.1% of revenues from 23.9% of 1998
revenues,  although  in  dollar terms SG&A expenses increased to $6.8 million in
1999  from  $6.6  million  in  1998.  The G&A expenses portion increased to $3.0
million  in  1999  from  $2.7  million  in  1998, due to increased expenses from
amortization  of  goodwill (GWA) associated with the mid-1998 Gesco acquisition.
GWA  in  1999  was  $569  compared  to  $433 in 1998, and $148 in 1997.  Looking
forward, GWA in 2000 will also be $569, without additional acquisitions in 2000.
Since the result of the acquisitions were additional new marketable products for
UTMD,  the  GWA  expenses  can be regarded as surrogate R&D expenses captured in
G&A.

     S&M  expenses  are  the  costs of promoting, selling and providing customer
support of UTMD's products.  Although sales and GPMs improve when sales are made
through  directly  employed  sales  representatives  in  lieu  of  independent
distributors  or  OEM  customers,  S&M operating expenses increase as an offset.
Global  sales in 1999 increased 6% while S&M expenses declined 3%, improving the
productivity  of  S&M resources.  The majority of UTMD's S&M expenses pertain to
the  U.S.  "direct sales" portion of its business.  In 2000, UTMD's S&M expenses
to  sales ratio is expected to remain consistent with the previous year.  At the
end  of  1999, UTMD terminated an exclusive third party distributor relationship
for  the  states of Hawaii and Alaska, representing 1% of domestic direct sales.

     R&D  expenses in 1999 were 2.4% of sales compared to 3.4% of sales in 1998,
and  3.9%  in  1997.  The  mid-year termination of internal efforts committed to
UTMD's  novel  fetal  pH  monitoring  project was responsible for the decline in
spending.  Other 1999 projects included the continuing development of the Fowler
Endocurette,  enhancements  to the Gesco neonatal product line, and improvements
to UTMD's established products.  The improvements in materials and configuration
of  components  was evident in UTMD's improved GPMs.   At UTMD R&D resources are
kept  involved in the support of manufacturing processes, as UTMD finds it makes
long-term  sense  to  keep  its  most  technical  people  involved with products
throughout  their life cycles.    In 2000, UTMD's R&D expenses to sales ratio is
expected  to  remain  consistent  with  1999.

     d)  Non-operating  income.  Non-operating  income  includes  primarily
         ---------------------
royalties from licensing UTMD's technology to other companies, but also interest
and  capital gains from investing the Company's cash offset by interest expenses
and bank fees on the revolving line-of-credit, and gains or losses from the sale
of  assets.  Non-operating income in 1999 was $263, compared to $900 in 1998 and
$1,216  in  1997.  There were unusual payments received in 1998 and 1997 for the
use  of  UTMD's  pressure  monitoring  technology,  which  are  subject  to  a
confidentiality  agreement, which were nonrecurring in 1999.  Royalties received
in  1999  were  $149  less  than  in  the prior year.  In 1997, there was also a
one-time  $200 gain from the sale of a small real estate property no longer used
by  the  Company.  Interest  expenses  and  bank  fees  associated  with  the
line-of-credit  were  $307  in 1999, $318 in 1998 and $255 in 1997.  Assuming no
change  in  current  interest  rates  and  no  new  borrowing  to  finance  an
extraordinary  capital requirement, 2000 net non-operating income is expected to
be  about  $300.  Royalties received vary from period to period depending on the
desire  and/or  success of other companies in selling products licensed by UTMD,
and  the  remaining  life  of  the  patents.

     Earnings  before income taxes (EBT) result from adding UTMD's non-operating
income  to its operating profits.  1999 EBT, as a percentage of sales, was 29.0%
compared  to  27.2%  and  27.9%  in  1998  and 1997, respectively.  These profit
margins are extremely high when compared with UTMD's peers in the medical device
industry,  or  other industries.  The resulting profit dollars are equivalent to
profits  generated  by well-performing companies with twice or more the sales of
UTMD.  EBT  in  1999 were up 14% relative to 1998 even though sales were up only
6%  and  non-operating  income  was  down  71%, because operating income in 1999
increased  25%.  UTMD  expects that it can continue its excellent overall profit
performance  in  2000.


     e)  Net Income, EPS and ROE.  Net income is EBT minus income taxes.  UTMD's
         -----------------------
net  income expressed as a percentage of sales ranks in the top tier of all U.S.
publicly-traded  companies  at  19%,  18%  and  18%  for  1999,  1998  and 1997,
respectively.  Net  income  in  1999  was  up 13%.  After income taxes, 1999 net
income  was  $5,468,  compared  to  $4,858  in  1998  and  $4,322  in 1997.  The
effective  income tax rate in 1999 was 36.0% compared to 35.4% in 1998 and 36.2%
in  1997.  Year  to year fluctuations in the tax rate have resulted from  1) the
use  of  a  foreign  sales  corporation,  2)  differing  balances  in tax-exempt
investments,  3)  amount  of  exercised  employee  options which result in a tax
benefit  to  the Company,  4) differences in distribution of state income taxes,
5)  differences  in  profitability of the Ireland subsidiary which is taxed at a
10%  rate  on manufactured products,  6) changes in the amount of non-deductible
goodwill  expense  resulting  from an acquisition, and  7) other factors such as
R&D  tax  credits  and  actual  litigation  costs  versus accrued expenses.  The
amortization  of  goodwill  associated  with  the  1997  Columbia  Medical, Inc.
acquisition  is  not  tax  deductible.

     Earnings  per  share (EPS) is net income divided by the number of shares of
stock  outstanding  (diluted to take effect for stock options awarded which have
exercise  prices  below the current market value).  Diluted 1999 EPS were up 29%
to  $.76  compared  to  $.59  in  1998,  and $.51 in 1997.  1999-ending weighted
average  number  of  diluted common shares (the number used to calculate diluted
EPS)  were  7,197  compared  to  8,273  and  8,495  shares  in  1998  and  1997,
respectively.  Actual  outstanding  common  shares  as of December 31, 1999 were
6,453.   Future EPS can be increased by investing current net income to increase
future  net  profits  through expanded product offerings and profitable business
operations, or by repurchasing stock, thereby reducing the number of outstanding
shares.  UTMD  believes  that  shareholder  value  is  improved  primarily  by
consistently  increasing  EPS.

     Return  on shareholders' equity (ROE) is the portion of net income retained
by  UTMD  to  internally  finance  its  growth,  divided  by average accumulated
shareholders'  equity  during  the  period.  This  ratio determines how fast the
Company  can  afford to grow without adding external financing that would dilute
shareholder  interests.  For  example,  a  20%  ROE will financially support 20%
growth  in  revenues.  In  UTMD's  opinion, achieving growth in revenues and EPS
without  diluting  shareholder  interests maximizes shareholders' value.  ROE in
1999  was  24%,  and  has  averaged  30%  for  the  last  thirteen  years.

Cash  Flows  and  Capital  Resources.
     a)  Cash  flows.  EBITDA  (EBT,  adjusted  for  non-cash  depreciation  and
         -----------
amortization  expenses,  asset  dispositions, and interest expense and bank fees
associated  with  the  line-of-credit)  is  a  good measure of UTMD's ability to
generate  cash.  1999  EBITDA  was  $11.0 million,  or as a ratio of sales, 38%.
EBITDA  has averaged 36% of sales over the last five years.  The extraordinarily
strong  cash  generation  performance  resulted  from a combination of excellent
operating  earnings, a substantial non-cash charge to earnings from amortization
of  goodwill  and receipt of payments for the use of UTMD's technology.  Because
of  EBITDA  performance  in  1999, UTMD was able to purchase $0.7 million in new
property and equipment to maintain its facilities, equipment and tooling in good
working  order  and  repurchase  $12.1 million worth or about 20% of its shares,
while only increasing its bank revolving line-of-credit balance by $2.8 million.

     Cash  (and equivalent) balances were $0.7 million at the end of 1999.  UTMD
effectively  maintains  zero-balance "sweep" cash account balances that minimize
the  line-of-credit  balance,  except  for  amounts  held  to  meet  operating
requirements  in Ireland and separate physical reserves set aside for litigation
expenses  and  other  contractual  commitments  where  cash  has been committed.

     Net  cash  provided  by  operating  activities,  including  adjustments for
depreciation  and  other  non-cash  operating  expenses,  along  with changes in
working  capital,  totaled $9,101 in 1999, compared to $9,463 in 1998 and $4,978
in  1997.

     Financing activities in 1999 provided additional cash of $2,840 through the
bank  line-of-credit.  A  total of 1,606,375 shares of stock were repurchased at
an  average cost, including commissions, of $7.51/ share, using $12,058 in cash.
UTMD  received  $98  in  cash  from  the  sale of 13,950 shares of stock through
employee  option  exercises  at  an  average  price  of  $7.00  per  share.


     Management  believes  that  future  income  from  operations  and effective
management  of  working  capital  will  provide  the liquidity needed to finance
growth  plans.  Planned  2000 capital expenditures, expected to be consistent in
magnitude with 1999, will keep facilities, equipment and tooling in good working
order.  In  addition to the capital expenditures, UTMD plans to use cash in 2000
for  selective  infusions  of  technological, marketing or product manufacturing
rights  to  broaden  the  Company's  product  offerings,  for  continued  share
repurchases  when  the price of the stock remains extremely undervalued, and, if
available  for  a  reasonable  price, acquisitions that strategically fit UTMD's
business  and  are  accretive  to  performance.  UTMD  plans to use any cash not
needed  for  the  above  pursuits  during  the  remainder  of 2000 to reduce the
line-of-credit  balance.  However, the revolving credit line will continue to be
used  for  liquidity  when  the  timing  of acquisitions or repurchases of stock
require  a  large  amount  of  cash  in  a  short  period  of  time.

Management's  Outlook.
     Internally  generated  cash  flow directly impacts shareholder value to the
extent  it  can  be  used  to accelerate growth in the business, fund attractive
acquisitions,  or  be  returned  to  investors  through  dividends  or  share
repurchases.  Therefore, most financial analysts agree that a company's value is
not based on historical sales or earnings but rather the certainty of its future
cash  flow.  History  should  be  interesting  to investors where it can provide
insight  into  what  might  happen  in  the  future.

     In  1999, UTMD again demonstrated a high cash flow performance by achieving
EBITDA  in  excess of 37% of sales.  In 1998 and 1997, EBITDA was 36% and 35% of
sales,  respectively.  Over  the last three-year period, UTMD's cash flow funded
three significant achievements: a net (after option exercises) repurchase of 2.4
million  of  its  shares  at  an  average  cost  of  $8.03  per  share including
commissions  and  other  repurchase  costs; two significant acquisitions costing
$11.5  million  which accounted for 22% of total sales in 1999; and R&D spending
of  $2.6  million  or  about  3%  of  sales.

     In  2000,  management  expects to be able to extend UTMD's excellent EBITDA
performance  for another year.  In a competitive marketplace, UTMD has built and
continued to successfully defend a dominant market franchise in the most special
areas  of  hospitals  caring  for  mothers and their babies, with innovative and
highly  effective  products.

     UTMD's  direct  U.S. sales team continues to evolve into a key resource for
achieving  UTMD's  objectives  to  help  clarify  clinician  needs, responsively
provide  excellent  solutions  for  those  needs,  and assure timely support for
clinical  customers' use of UTMD's solutions.  To be successful in its programs,
UTMD  must  provide  clinicians with the information they need to make important
judgments  about  using certain products in obtaining optimal clinical outcomes,
which  include  minimizing  risk  of  complications.  UTMD  must also be able to
provide support for physicians to explain those needs to hospital administrators
who  are  primarily  focused  on  reducing  current  operating  costs.

     Where UTMD has a proprietary advantage, it must actively defend its patents
from  infringers  and  continue  to  develop new products representing a quantum
improvement  in care.  UTMD remains encouraged that the federal judicial process
will  allow  a  favorable  resolution  of  its  two  ongoing  Intran IUPC patent
infringement  lawsuits.  The  substantial legal costs of the litigation continue
to  be  absorbed  in  G&A  expenses.

     The  Company's  gynecology  practice  tools are intended to leverage UTMD's
reputation  with  physicians  outside the hospital.  The niche markets for which
UTMD's  gynecology /urology /electrosurgery products are targeted have proven to
require  many  and  varied  marketing initiatives.  They require individual user
training  together  with evidence of improved outcomes.  Sales of newer products
are  growing  slowly  and  consistently.  UTMD  will  continue  to  patiently
investigate  economic  ways  to  increase  the  rate  of  adoption  of its newer
products.

     Internationally,  where  UTMD  must  depend  on  the  knowledge,  focus,
relationships  and  energy of independent distributors, management will continue
to  closely  monitor  performance  and  actively  recruit  needed  new  business
partners.  In  2000,  UTMD  expects its Ireland subsidiary, which shipped 61% of
all  foreign  sales  in  1999, to continue its important contribution to overall
performance.


     In  1999,  UTMD  implemented a Y2K plan to identify and solve potential Y2K
problems.  UTMD experienced no material adverse consequences from the "Year 2000
(Y2K)  Problem," having taken all appropriate actions to be prepared.  The costs
associated  with  the  efforts  were  absorbed in 1999 and earlier results.  The
Company  has  determined  that  all  of the products it sells are Y2K compliant.
None  of  UTMD's  products  use  or  process  dates  in  any  form.

     UTMD's  1999  ending  share price of $6.75 was 8.8 times earnings per share
(eps)  of  76  ,  which  were  up 29%.  In other words, UTMD's year-end price to
earnings  ratio  (PER) was 8.8.  The 29% trailing twelve months (TTM) eps growth
rate  is  more  than  three times the year-end PER expressed as a percent.  As a
value indicator, the ratio of 1999 return on average shareholder equity (ROE) to
PER  equals 2.7 times, the highest in UTMD's history.  For reference, the end of
1995  ROE/PER  ratio  was equal 1.3 times and TTM eps growth rate of 21% in 1995
was  less  than  one times the year-ending PER.  (UTMD's 1995 ending share price
was  24  times  eps of 82 .)  These ratio comparisons suggest that from either a
"growth"  or  a  "value" perspective, UM's stock may represent an uncommon "buy"
opportunity.

Accounting  Policy  Changes
     In  June  1999,  the  Financial  Accounting  Standards  Board (FASB) issued
Statement  of  Financial  Accounting  Standards  (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.  UTMD believes that the adoption of SFAS 133 will
not  have  a  material  effect  on  the  financial  statements  of  the Company.

ITEM  7A  -  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK.

The  Company  has  manufacturing  operations,  including  assets,  in  Ireland
denominated  in Irish Pounds, and sells products under agreements denominated in
various  Western  European currencies.  The Irish Pound and other currencies are
subject  to exchange rate fluctuations that are beyond the control of UTMD.  The
exchange rate for the Irish Pounds was .7828, .6720 and .6981 per U.S. Dollar as
of December 31, 1999, 1998 and 1997, respectively.  Please see Note 1, page F-9.

     UTMD  manages  its  foreign  currency  risk  without  separate  hedging
transactions  by  converting  currencies  as  transactions  occur.

ITEM  8  -  FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA.

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

ITEM  9  -  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL  DISCLOSURE.

None.

     PART  III.
     ---------

ITEM  10  -  DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT.

The  information from the definitive proxy statement of the registrant under the
caption,  "PROPOSAL  NO.  1.  ELECTION  OF  DIRECTORS:  General," "Directors and
Nominees,"  "Executive  Officers,"  and  "Compliance  with  Exchange  Act
Requirements,"  is  incorporated  herein  by  reference, expressly excluding the
material  set forth under the subcaptions "Report of the Compensation and Option
Committee"  and  "Stock  Performance  Chart."

ITEM  11  -  EXECUTIVE  COMPENSATION.

The  information from the definitive proxy statement of the registrant under the
caption,  "PROPOSAL  NO.  1.  ELECTION  OF  DIRECTORS:  Executive Compensation,"
"Compensation  and  Option  Committee  Interlocks  and  Insider  Participation,"
"Employment  Agreements,  Termination of Employment, and Change in Control," and
"Director's  Compensation"  is  incorporated  herein  by  reference,  expressly
excluding  the  material  set  forth  under  the  subcaptions  "Report  of  the
Compensation  and  Option  Committee"  and  "Stock  Performance  Chart."

ITEM  12  -  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL OWNERS AND MANAGEMENT.

The  information from the definitive proxy statement of the registrant under the
caption,  "PROPOSAL  NO.  1.  ELECTION  OF  DIRECTORS:  Security  Ownership  of
Management  and  Certain  Persons"  is  incorporated  herein  by  reference.

ITEM  13  -  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS.

None.



                  [Remainder of Page Intentionally Left Blank]

     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         Incorporated  by
                                   Preferences 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(4)
                                   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          Revolving  Loan Agreement, dated April 4, 1997     Incorporated  by
                                   Between Utah Medical Products, Inc and First       Reference(3)
                                   Security  Bank,  N.A.

12                     10          Modification Agreement, effective October 15,      Incorporated  by
                                   1998 between Utah Medical Products, Inc. and       Reference(4)
                                   First  Security  Bank,  N.A.

13                     10          Modification  Agreement, effective as of           Incorporated  by
                                   June 4, 1999 between Utah Medical Products,        Reference(5)
                                   Inc. and First  Security  Bank,  N.A.

14                     21          Subsidiaries of Utah Medical Products, Inc.        This Filing

15                     23          Consent of Tanner + Co.,Company's  independent     This Filing
                                   auditors for the years ending December 31, 1999,
                                   December  31,  1998,  and  December  31,  1997

16                     27          Financial  Data  Schedule                          This Filing

<FN>

*  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,  1997.

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

(5)     Incorporated  by  reference  from  the  Company's  issuer  tender  offer
statement  on  schedule  13E-4  (Amendment  No.  1)  dated  June  25,  1999.

</TABLE>

     (b)  Reports  on  Form  8-K.
None

     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  24th  day  of  March,  2000.

     UTAH  MEDICAL  PRODUCTS,  INC.



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



     By:/s/  Kevin  L.  Cornwell
        ---------------------------------
        Kevin  L.  Cornwell
        Secretary  and  CFO


     Pursuant  to  the requirements of the Securities Exchange Act of 1934, this
report  has  been  signed  below  by  the  following  persons  on  behalf of the
registrant  and  in  the  capacities  indicated on this 24th day of March, 2000.




     By:/s/  Stephen  W.  Bennett
        ----------------------------------
        Stephen  W.  Bennett,  Director



     By:/s/  Kevin  L.  Cornwell
        ---------------------------------
        Kevin  L.  Cornwell,  Director



     By:/s/  Ernst  G.  Hoyer
        ------------------------------
        Ernst  G.  Hoyer,  Director



     By:/s/  Barbara  A.  Payne
        --------------------------------
        Barbara  A.  Payne,  Director



     By:/s/  Paul  O.  Richins
        -------------------------------
        Paul  O.  Richins,  Director




  UTAH  MEDICAL  PRODUCTS,  INC.  AND  SUBSIDIARIES
        DECEMBER  31,  1999  AND  1998
     CONSOLIDATED  FINANCIAL  STATEMENTS



     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



                          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,  1999  and  1998,  and  the related consolidated statements of
income,  stockholders'  equity,  and cash flows for the years ended December 31,
1999,  1998  and  1997.  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,  1999  and 1998, and the results of their
operations  and their cash flows for the years ended December 31, 1999, 1998 and
1997  in  conformity  with  generally  accepted  accounting  principles.



/s/     Tanner  &  Co.



Salt  Lake  City,  Utah
January  14,  2000

                                                                             F-2




                       CONSOLIDATED BALANCE SHEET
                             (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                        DECEMBER  31,
ASSETS                                                 1999      1998
---------------------------------------------------  --------  --------
<S>                                                  <C>       <C>
Current assets:
---------------------------------------------------
Cash. . . . . . . . . . . . . . . . . . . . . . . .  $   647   $ 1,367
---------------------------------------------------  --------  --------
Accounts receivable, net (note 2) . . . . . . . . .    4,077     4,531
---------------------------------------------------  --------  --------
Inventories (note 2). . . . . . . . . . . . . . . .    3,190     4,048
---------------------------------------------------  --------  --------
Prepaid expenses and other current assets . . . . .      165       151
---------------------------------------------------  --------  --------
Deferred income taxes (note 6). . . . . . . . . . .      459       446
---------------------------------------------------  --------  --------


Total current assets. . . . . . . . . . . . . . . .    8,538    10,543
---------------------------------------------------  --------  --------


Property and equipment, net (note 3). . . . . . . .   11,013    12,489
---------------------------------------------------  --------  --------


Other assets, net (note 2). . . . . . . . . . . . .    8,205     8,936
---------------------------------------------------  --------  --------


Total . . . . . . . . . . . . . . . . . . . . . . .  $27,756   $31,968
---------------------------------------------------  --------  --------


LIABILITIES AND STOCKHOLDERS' EQUITY
---------------------------------------------------
Current liabilities:
---------------------------------------------------
Accounts payable. . . . . . . . . . . . . . . . . .  $   544   $   525
---------------------------------------------------  --------  --------
Accrued expenses (note 2) . . . . . . . . . . . . .    2,117     1,886
---------------------------------------------------  --------  --------
Deferred revenue. . . . . . . . . . . . . . . . . .        -         2
---------------------------------------------------  --------  --------


Total current liabilities . . . . . . . . . . . . .    2,661     2,413
---------------------------------------------------  --------  --------


Notes payable (note 4). . . . . . . . . . . . . . .    5,934     3,098
---------------------------------------------------  --------  --------
Deferred income taxes (note 6). . . . . . . . . . .      372       440
---------------------------------------------------  --------  --------


Total liabilities . . . . . . . . . . . . . . . . .    8,967     5,951
---------------------------------------------------  --------  --------


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 6,453 shares in 1999 and
  8,046 shares in 1998. . . . . . . . . . . . . . .       64        80
---------------------------------------------------  --------  --------
Cumulative foreign currency translation adjustment.   (1,250)     (509)
---------------------------------------------------  --------  --------
Retained earnings . . . . . . . . . . . . . . . . .   19,975    26,446
---------------------------------------------------  --------  --------


Total stockholders' equity. . . . . . . . . . . . .   18,789    26,017
---------------------------------------------------  --------  --------


Total . . . . . . . . . . . . . . . . . . . . . . .  $27,756   $31,968
---------------------------------------------------  --------  --------
</TABLE>
See  accompanying  notes  to  consolidated  financial  statements.

                                                                             F-3





                   CONSOLIDATED STATEMENT OF INCOME
               (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
                                          YEARS  ENDED  DECEMBER  31,
<S>                                      <C>       <C>       <C>
                                            1999      1998      1997
                                         --------  --------  --------


Net sales (notes 9 and 10). . . . . . .  $29,444   $27,677   $24,272
---------------------------------------  --------  --------  --------


Cost of sales (note 10) . . . . . . . .   13,648    13,503    11,666
---------------------------------------  --------  --------  --------


Gross margin. . . . . . . . . . . . . .   15,796    14,174    12,606
---------------------------------------  --------  --------  --------


Expenses:
---------------------------------------
Selling, general, and administrative. .    6,795     6,605     6,089
---------------------------------------  --------  --------  --------
Research and development. . . . . . . .      719       946       958
---------------------------------------  --------  --------  --------


Income from operations. . . . . . . . .    8,282     6,623     5,559
---------------------------------------  --------  --------  --------


Other income (expense):
---------------------------------------
Dividend and interest income. . . . . .       34        58        85
---------------------------------------  --------  --------  --------
Royalty income. . . . . . . . . . . . .      529       678       732
---------------------------------------  --------  --------  --------
Interest expense. . . . . . . . . . . .     (296)     (310)     (250)
---------------------------------------  --------  --------  --------
Other, net. . . . . . . . . . . . . . .       (4)      474       649
---------------------------------------  --------  --------  --------


Income before income tax expense. . . .    8,545     7,523     6,775
---------------------------------------  --------  --------  --------


Income tax expense (note 6) . . . . . .   (3,077)   (2,665)   (2,453)
---------------------------------------  --------  --------  --------


Net income. . . . . . . . . . . . . . .  $ 5,468   $ 4,858   $ 4,322
---------------------------------------  --------  --------  --------


Earnings per common share (basic)
  (notes 7 and 8) . . . . . . . . . . .  $   .76   $   .59   $   .51
---------------------------------------  --------  --------  --------


Earnings per common share (diluted)
  (notes 7 and 8) . . . . . . . . . . .  $   .76   $   .59   $   .51
---------------------------------------  --------  --------  --------


Other comprehensive income - foreign
  currency translation net of taxes of
  $(252), $50 and $(297). . . . . . . .     (489)       98      (577)
---------------------------------------  --------  --------  --------


Total comprehensive income. . . . . . .  $ 4,979   $ 4,956   $ 3,745
---------------------------------------  --------  --------  --------

</TABLE>
See  accompanying  notes  to  consolidated  financial  statements.

                                                                             F-4

                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>


                                                   YEARS  ENDED  DECEMBER  31,  1999,  1998  AND  1997
                                                                         Gain on      Cumulati
                                                                        Investment       ve
                                                              Addition   Available     Foreign
                                                                al       for-Sale      Currency
                                            Common Stock      Paid In     Net Of      Translation   Retained
                                            -------------     --------  ----------    -----------   ---------
                                          SHARES    AMOUNT    CAPITAL       TAX       ADJUSTMENT    EARNINGS     TOTAL
                                          -------  --------  ---------  -----------  ------------  ----------  ---------
<S>                                       <C>      <C>       <C>        <C>          <C>           <C>         <C>

Balance, January 1, 1997 . . . . . . . .   8,786   $    88   $      -   $       59   $       217   $  24,019   $ 24,383


Shares issued upon exercise
  of employee stock options for cash . .      29         -        227            -             -           -        227

Change in unrealized gain
   on investments available-for-sale                                           (59)                                 (59)

Tax benefit attributable to
 appreciation of stock options . . . . .       -         -         27                          -           -         27

Common stock purchased and
   retired . . . . . . . . . . . . . . .    (510)       (5)      (254)                         -      (5,132)    (5,391)

Foreign currency translation
   adjustment. . . . . . . . . . . . . .       -         -          -            -          (874)          -       (874)

Net income . . . . . . . . . . . . . . .       -         -          -            -             -       4,322      4,322

Balance, December 31, 1997 . . . . . . .   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
    adjustment . . . . . . . . . . . . .       -         -          -            -           148           -        148

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
   adjustment. . . . . . . . . . . . . .       -         -          -            -          (741)          -       (741)

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

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

</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.

                                                                             F-5





                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>


                                                     YEARS  ENDED  DECEMBER  31,
                                                      1999       1998      1997
                                                    ---------  --------  --------
<S>                                                 <C>        <C>       <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
--------------------------------------------------
  Net income . . . . . . . . . . . . . . . . . . .  $  5,468   $ 4,858   $ 4,322
--------------------------------------------------  ---------  --------  --------
  Adjustments to reconcile net income to
    net cash provided by operating activities:
--------------------------------------------------
Depreciation and amortization. . . . . . . . . . .     2,192     2,058     1,515
--------------------------------------------------  ---------  --------  --------
(Recovery of) provision for losses on accounts
   receivable. . . . . . . . . . . . . . . . . . .       (16)       22       (35)
--------------------------------------------------  ---------  --------  --------
(Gain) loss on disposal of assets. . . . . . . . .        (1)      438      (278)
--------------------------------------------------  ---------  --------  --------
Deferred income taxes. . . . . . . . . . . . . . .       (81)       52       195
--------------------------------------------------  ---------  --------  --------
Tax benefit attributable to exercise
  of stock options . . . . . . . . . . . . . . . .         5         5        27
--------------------------------------------------  ---------  --------  --------
(Increase) decrease in:
--------------------------------------------------
  Accounts receivable. . . . . . . . . . . . . . .         1        55       514
--------------------------------------------------  ---------  --------  --------
  Accrued interest, grant claims, and other
  receivables. . . . . . . . . . . . . . . . . . .       404        68       562
--------------------------------------------------  ---------  --------  --------
                                                         903     2,317      (268)
                                                    ---------  --------  --------
  Prepaid expenses and other current assets. . . .       (14)      (43)       11
--------------------------------------------------  ---------  --------  --------
Increase (decrease) in:
--------------------------------------------------
  Accounts payable . . . . . . . . . . . . . . . .        21      (328)   (1,010)
--------------------------------------------------  ---------  --------  --------
  Accrued expenses . . . . . . . . . . . . . . . .       221        45      (441)
--------------------------------------------------  ---------  --------  --------
  Deferred revenue . . . . . . . . . . . . . . . .        (2)      (84)     (136)
--------------------------------------------------  ---------  --------  --------
    Net cash provided by
    operating activities . . . . . . . . . . . . .     9,101     9,463     4,978
--------------------------------------------------  ---------  --------  --------


CASH FLOWS FROM INVESTING ACTIVITIES:
--------------------------------------------------
  Capital expenditures for:
--------------------------------------------------
Property and equipment . . . . . . . . . . . . . .      (684)     (480)   (1,134)
--------------------------------------------------  ---------  --------  --------
Intangible assets. . . . . . . . . . . . . . . . .        (2)     (306)     (454)
--------------------------------------------------  ---------  --------  --------
  Purchases of investments . . . . . . . . . . . .         -         -      (112)
--------------------------------------------------  ---------  --------  --------
  Proceeds from sale and maturities of investments         -         -     1,577
--------------------------------------------------  ---------  --------  --------
  Proceeds from sale of property and equipment . .         1        12         9
--------------------------------------------------  ---------  --------  --------
  Net cash paid in acquisition . . . . . . . . . .         -    (4,188)   (7,300)
--------------------------------------------------  ---------  --------  --------
    Net cash used in
    investing activities . . . . . . . . . . . . .      (685)   (4,962)   (7,414)
--------------------------------------------------  ---------  --------  --------


CASH FLOWS FROM FINANCING ACTIVITIES:
--------------------------------------------------
  Proceeds from issuance of common stock . . . . .        98        58       227
--------------------------------------------------  ---------  --------  --------
  Common stock purchased and retired . . . . . . .   (12,058)   (1,686)   (5,391)
--------------------------------------------------  ---------  --------  --------
  Increase (decrease) in note payable. . . . . . .     2,840    (2,470)    5,563
--------------------------------------------------  ---------  --------  --------
Net cash (used in) provided by
financing activities . . . . . . . . . . . . . . .    (9,120)   (4,098)      399
--------------------------------------------------  ---------  --------  --------


Effect of exchange rate changes on cash. . . . . .       (16)       13       (51)
--------------------------------------------------  ---------  --------  --------


Net (decrease) increase in  cash . . . . . . . . .      (720)      416    (2,088)
--------------------------------------------------  ---------  --------  --------


Cash at beginning of year. . . . . . . . . . . . .     1,367       951     3,039
--------------------------------------------------  ---------  --------  --------


Cash at end of year. . . . . . . . . . . . . . . .  $    647   $ 1,367   $   951
--------------------------------------------------  ---------  --------  --------
</TABLE>

See  accompanying  notes  to  consolidated  financial  statements.

                                                                             F-6



<TABLE>
<CAPTION>


SUPPLEMENTAL  DISCLOSURES  OF  CASH  FLOW  INFORMATION:

                                       YEARS ENDED
                                       DECEMBER  31,
                                       -------------

                                   1999    1998    1997
                                  ------  ------  ------
<S>                               <C>     <C>     <C>
  Cash paid during the year for:
--------------------------------

Income taxes . . . . . . . . . .  $2,972  $2,197  $2,307
--------------------------------  ------  ------  ------

Interest . . . . . . . . . . . .  $  296  $  310  $  250
--------------------------------  ------  ------  ------

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


During  the  year  ended  December  31,  1997:

-     The  Company  sold  property  in  exchange  for  a  receivable  of  $340.

-     The  Company  purchased  all  of  the outstanding common stock of Columbia
Medical,  Inc.  (Columbia) in a purchase transaction.  The Company paid cash for
the  common  stock  and  recorded  net  assets  from the acquisition as follows:


Cash. . . . . . . . . . . .                       $  860
---------------------------                       -------
Accounts receivable . . .                       .    478
---------------------------                       -------
Inventory . . . . . . . . .                          805
---------------------------                       -------
Prepaids and other. . . . .                           27
---------------------------                       -------
Deferred income taxes . . .                           28
---------------------------                       -------
Property and equipment, net                        1,062
---------------------------                       -------
Intangibles . . . . . . . .                        5,225
---------------------------                       -------
Accounts payable. . . . . .                          (94)
---------------------------                       -------
Accrued expenses. . . . . .                         (231)
---------------------------                       -------


Total cash paid . . . . . .                        8,160
---------------------------                       -------
Less cash received. . . . .                         (860)
---------------------------                       -------


Net cash investment . . . .                       $7,300
---------------------------                       -------
</TABLE>

                                                                             F-7



        UTAH MEDICAL PRODUCTS, INC.  AND SUBSIDIARIES
         Notes to Consolidated Financial Statements
        Years Ended December 31, 1999, 1998 and 1997

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 healthcare 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).

                                                                             F-8

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


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.

DEFERRED  REVENUE
          Amounts  received  in  advance  from customers for the sale of product
rights  and  price  reductions are recognized as revenue as the related products
are  sold  considering  the  future  marketability  of  the  products.

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.

                                                                             F-9



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.

          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,  1999.

          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 and 1997 consolidated
financial  statements  have  been  made  to  conform with the 1999 presentation.

                                                                            F-10


 2.  DETAIL OF   CERTAIN   BALANCE   SHEET   ACCOUNTS

<TABLE>
<CAPTION>
                                                                   DECEMBER 31,
                                                                  --------------
                                                                  1999      1998
                                                                  -----    -----
<S>                                                             <C>       <C>
Accounts  receivable  (in  thousands):
--------------------------------------
Trade receivables                                                $4,074   $4,134
Grant claim receivables                                              51       49
Accrued interest and other                                            5      416
  Less  allowance  for
  doubtful  accounts                                                (53)     (68)
                                                                 ------   ------
                                                                 $4,077   $4,531
                                                                 ======   ======

Inventories  (in  thousands):
-----------------------------
Finished products                                                  $846   $1,041
Work-in-process                                                     962      771
Raw materials                                                     1,382    2,236
                                                                 ------   ------
                                                                 $3,190   $4,048
                                                                 ======   ======


Other  assets  (in  thousands):
-------------------------------
Goodwill                                                        $8,533    $8,533
Patents                                                          1,744     1,743
License rights                                                     293       293
Trademarks                                                         224       223
Non-compete agreements                                              75        75
                                                                 10,869   10,867
                                                                 ======   ======
Accumulated amortization                                         (2,664)  (1,931)
                                                                 ======   ======

                                                                 $8,205   $8,936
                                                                 ======   ======


Accrued  expenses  (in  thousands):
-----------------------------------
Payroll and payroll taxes                                          $956     $847
Reserve for litigation costs                                        477      542
Other                                                               684      497
                                                                 ------   ------

                                                                 $2,117   $1,886
                                                                 ======   ======
</TABLE>

                                                                            F-11

3.  PROPERTY  AND   EQUIPMENT


<TABLE>
<CAPTION>

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

                                                 DECEMBER 31,
                                                 ------------
                                                 1999       1998
                                                ------     -------
<S>                                           <C>        <C>
Land                                              $967      $1,024
Buildings and improvements                       7,549       7,998
Furniture, equipment, and tooling               13,300      13,018
Construction-in-progress                           161         164
                                               -------     -------
                                                21,977      22,204

Accumulated depreciation and amortization      (10,964)     (9,715)
                                               --------     -------
                                               $11,013     $12,489
                                               =======     ========
</TABLE>

         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):


<TABLE>
<CAPTION>
                                                      DECEMBER 31, 1999
                                                      -----------------
                                            UTAH     OREGON     IRELAND      TOTAL
                                           -----     ------     -------     -------
<S>                                      <C>       <C>        <C>          <C>
Land                                         $621     $   -        $346        $967
Building and improvements                   3,817         32      3,700       7,549
Furniture, equipment, and tooling          11,309      1,253        738      13,300
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
                                          =======      ======    ======     =======
</TABLE>

                                                                            F-12


<TABLE>
<CAPTION>
                                                       DECEMBER 31, 1998
                                                       -----------------
                                           UTAH     OREGON     IRELAND      TOTAL
                                           ----     ------     -------     -------
<S>                                      <C>       <C>        <C>          <C>
Land                                        $621     $   -        $403      $1,024
Building and improvements                  3,656        32       4,310       7,998
Furniture,  equipment,  and
  tooling                                 11,090     1,092         836      13,018
Construction-in-progress                     157         7          -          164
                                          ------    ------     -------     -------

Total                                     15,524     1,131       5,549      22,204

Accumulated  depreciation
  and  amortization                       (8,817)     (397)       (501)     (9,715)
                                          ------    ------     -------     -------

Property  and  equipment,
  net                                     $6,707      $734       $5,048     $12,489
                                         =======     ======      ======     =======
</TABLE>



4.  NOTES   PAYABLE

          The  Company  has  a  bank  line-of-credit  agreement which allows the
Company to borrow a maximum amount (in thousands) of $12,500 at an interest rate
equal  to  the bank's LIBOR rate plus 1.45%, or .8% below the bank's prime rate.
The  line-of-credit  matures  on  March  25,  2001,  is  unsecured  and  had  an
outstanding balance of (in thousands) $5,934 and $3,093 at December 31, 1999 and
1998,  respectively.

          In  addition,  at  December  31,  1998  the  Company had certain other
long-term  obligations  which  required  monthly  payments  and  were secured by
equipment.  The  balance  at  December  31,  1998  was  (in  thousands)  $5.



5.  COMMITMENTS AND CONTINGENCIES

OPERATING  LEASES

         The  Company  has  an operating lease agreement for land adjoining  the
Company's U.S.  facilities  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)  $103,  $116  and $75 for the years ended December
31, 1999, 1998 and 1997,  respectively.

                                                                            F-13


<TABLE>
<CAPTION>
         Future   minimum   lease   payments   under   the   operating  lease
obligations  as  of  December  31,  1999  were  as  follows  (in  thousands):

YEAR ENDING
 DECEMBER 31:         AMOUNT
----------------      -------
<S>                  <C>
     2000                  $61
     2001                   35
     2002                   35
     2003                   35
     2004                   35
   Thereafter              930
                        -------

 Total future
minimum lease payments  $1,131
                       =======
</TABLE>


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.


6.  INCOME TAXES

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


<TABLE>
<CAPTION>
                                                    YEARS  ENDED
                                                     DECEMBER 31,
                                             ---------------------------
                                           1999                    1998
                                          -----                   ------
                                   CURRENT    LONG-TERM     CURRENT     LONG-TERM
                                   -------    ---------     -------     ---------
<S>                              <C>         <C>           <C>         <C>
Inventory write-down and unicap       $153      $    -          $95     $      -
Allowance for doubtful accounts         18           -           26            -
Accrued liabilities and reserves       250           -          278            -
Other                                   38           -           47            -
                                    ------      -------        -----       ------
Depreciation and amortization            -        (210)           -         (246)
Earnings from subsidiary                 -        (162)           -         (194)
                                    ------      -------        -----       ------
Deferred income taxes, net            $459       $(372)         $446       $(440)
                                    ======       ======        =====       ======
</TABLE>

                                                                            F-14



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

<TABLE>
<CAPTION>
                     YEARS ENDED
                    DECEMBER  31,
             -------------------------
             1999       1998       1997
            -----      -----      -----
<S>        <C>        <C>        <C>
Current     $3,158     $2,613     $2,285
Deferred       (81)        52        168
--------     ------    ------     ------

Total       $3,077     $2,665     $2,453
========    ======     ======     ======
</TABLE>

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

<TABLE>
<CAPTION>
                                               YEARS ENDED
                                               DECEMBER  31,
                                         ------------------------
                                        1999       1998       1997
                                        ----       ----       ----
<S>                                  <C>        <C>        <C>
Federal  income  tax  expense  at
  the  statutory  rate                 $2,905     $2,558     $2,303
State income taxes                        427        376        309
Foreign sales corporation                 (75)       (76)       (85)
Other                                    (180)      (193)       (74)
                                         -----      -----      -----

Total                                  $3,077     $2,665     $2,453
                                       ======     ======     ======
</TABLE>



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 4,700,000 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.

                                                                            F-15


<TABLE>
<CAPTION>

Changes  in  stock  options  were  as  follows:

                                                           PRICE RANGE
                                     SHARES                 PER  SHARE
                                     -------            -------------------
<S>                                 <C>               <C>
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

1997
----
Granted                                 454,700              $6.75 - $11.50
Expired or canceled                     229,452               6.75 - 14.25
Exercised                                29,500               7.25 - 10.00
Total outstanding at December 31        888,348               6.75 - 14.25
Total exercisable at December 31        355,971               7.25 - 14.25
</TABLE>


          For  the  years  ended  December  31, 1999, 1998 and 1997, the Company
reduced current income taxes payable and increased additional paid-in capital by
(in  thousands)  $5,  $5  and  $27,  respectively,  for  the  income tax benefit
attributable  to  appreciation  of  common  stock  related  to  stock  options.


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):

                                                                            F-16


<TABLE>
<CAPTION>
                                             YEARS ENDED
                                             -----------
                                            DECEMBER 31,
                                            ------------
                                      1999       1998         1997
                                     ------     -------      -------
<S>                               <C>          <C>         <C>
Net income as reported               $5,468       $4,858      $4,322
Net income pro forma                 $4,888       $4,382      $3,933
Earnings  per  share  assuming
  dilution  as  reported               $.76         $.59        $.51
Earnings  per  share  assuming
  dilution  pro  forma                 $.68         $.53        $.46
</TABLE>


          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:

<TABLE>
<CAPTION>
                                             YEARS ENDED
                                             -----------
                                            DECEMBER 31,
                                            ------------
                                      1999       1998           1997
                                     ------     -------        -------
<S>                               <C>          <C>           <C>
Expected dividend yield             $  -        $     -         $    -
Expected stock price volatility     47.5%          49.9%          47.6%
Risk-free  interest  rate
  (weighted  average)                4.7%           5.4%           6.3%
Expected life of options             3.5 years      3.8 years      3.8 years
                                  ============   ============   ============

</TABLE>

          The  per-share  weighted  average fair value of options granted during
1999,  1998  and  1997  is  $2.56,  $3.20  and  $4.10,  respectively.

          The  following  table  summarizes  information  about  stock  options
outstanding  at  December  31,  1999:



<TABLE>
<CAPTION>
                             OPTIONS OUTSTANDING                OPTIONS EXERCISABLE
                   --------------------------------------   -------------------------------
                                   Remaining     Weighted                         Weighted
  Range Of                        Contractual    Average                          Average
   Exercise           Number         Life       Exercise      Number             Exercisable
    Prices         Outstanding      (Years)      Price       Exercisable            Price
---------------    -------------  ------------   -------     -----------        ----------
<S>               <C>            <C>            <C>         <C>               <C>
$ 6.50 -  8.00         663,363         7.61        $6.97         307,235            $7.10
  9.50 - 14.25         435,294         5.98        11.72         358,893            11.59
---------------     ----------     --------     --------        ---------       ---------

$ 6.50 - 14.25       1,098,657         6.97        $8.85         666,128            $9.52
---------------      ---------         ----        -----         -------            -----

</TABLE>
                                                                            F-17

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):

<TABLE>
<CAPTION>

                                             YEARS ENDED  DECEMBER  31,
                                        ------------------------------------
                                           1999         1998          1997
                                         -------      --------      ---------
<S>                                   <C>           <C>           <C>
BASIC  EPS:

Net  income  available  to  common
    stockholders                          $5,468        $4,858         $4,322

Weighted average common shares             7,187         8,269          8,444

Net income per share                        $.76          $.59           $.51
                                        ========        ======         =======

DILUTED  EPS:

Net  income  available  to  common
    stockholders                          $5,468        $4,858         $4,322

Weighted average common shares             7,197         8,273          8,495

Net income per share                        $.76          $.59           $.51
                                        ========        ======         =======

</TABLE>



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

9.  GEOGRAPHIC   SALES   INFORMATION

<TABLE>
<CAPTION>
    YEAR     UNITED STATES     OTHER
    ----     -------------     -----
<S>        <C>              <C>
  1999           $23,894       $5,550
  1998           $22,945       $4,732
  1997           $19,053       $5,219
</TABLE>

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.

                                                                            F-18


          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)  $87,  $63  and  $54  for the years ended December 31, 1999, 1998 and
1997,  respectively.

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, 1999, 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  PRONOUNCEMENTS

          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

<TABLE>
<CAPTION>
                                      EXHIBIT INDEX
                                      -------------


                 SEC
Exhibit  #    Reference  #          Title  of  Document                       How  Filed
----------    ------------     --------------------------------               ----------
<S>           <C>           <C>                                           <C>
   14            21        Subsidiaries of Utah Medical Products, Inc.     Filed in Electronic
                                                                                 Format

   15            23        Consent of Tanner + Co., Company's              Filed in Electronic
                           independent  auditors  for  the  years  ending        Format
                           December  31,  1999,  December  31,  1998
                           and  December  31,  1997

   16            27        Financial  Data  Schedule                       Filed in Electronic
                                                                                 Format
</TABLE>