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

                                    FORM 10-Q

                  Quarterly Report Under Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



For quarter ended: March 31, 2002                    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, Utah 84047
                              ---------------------
                     Address of principal executive offices


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


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Sections 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
                                               --       --

     The number of shares outstanding of the registrant's common stock as of May
13, 2002: 5,017,000
          ---------


<PAGE>



                           UTAH MEDICAL PRODUCTS, INC.
                           ---------------------------

                               INDEX TO FORM 10-Q
                               ------------------




PART I - FINANCIAL INFORMATION                                              PAGE
                                                                            ----

  Item 1.  Financial Statements

        Consolidated Condensed Balance Sheets as of
        March 31, 2002 and December 31, 2001  .............................  1

        Consolidated Condensed Statements of Income for the
        three months ended March 31, 2002 and March 31, 2001  .............  2

        Consolidated Condensed Statements of Cash Flows for the
        three months ended March 31, 2002 and March 31, 2001  .............  3

        Notes to Consolidated Condensed Financial Statements  .............  4


  Item 2.  Management's Discussion and Analysis of
             Financial Condition and Results of Operations  ...............  6

PART II - OTHER INFORMATION

  Item 6.  Exhibits and Reports on Form 8-K  .............................. 10


SIGNATURES  ............................................................... 10


<PAGE>
                               PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
<CAPTION>

                        UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                        --------------------------------------------
                         CONSOLIDATED CONDENSED BALANCE SHEETS AS OF
                         -------------------------------------------
                            MARCH 31, 2002 AND DECEMBER 31, 2001
                            ------------------------------------
                                       (in thousands)


                                                             (unaudited)          (audited)
ASSETS                                                    MARCH 31, 2002  DECEMBER 31, 2001
------                                                    --------------  -----------------
<S>                                                       <C>             <C>
Current assets:
    Cash                                                        $    110           $    370
    Accounts receivable - net                                      3,687              3,585
    Inventories                                                    3,295              3,248
    Other current assets                                             785                670
                                                                --------           --------
       Total current assets                                        7,877              7,873

Property and equipment - net                                       8,748              8,877

Goodwill                                                           8,533              8,533
Goodwill - accumulated amortization                               (2,288)            (2,288)
                                                                --------           --------
       Goodwill - net                                              6,245              6,245

Other intangible assets                                            2,586              2,586
Other intangible assets - accumulated amortization                (2,029)            (2,009)
                                                                --------           --------
       Other intangible assets - net                                 557                577

       TOTAL                                                    $ 23,427           $ 23,572
                                                                ========           ========

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Current liabilities:
    Accounts payable                                            $    621           $    457
    Accrued expenses                                               2,144              2,017
                                                                --------           --------
       Total current liabilities                                   2,765              2,474

Notes payable                                                        900              2,501

Deferred income taxes                                                302                390
                                                                --------           --------

       Total liabilities                                           3,967              5,365
                                                                --------           --------

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 - March 31, 2002, 5,013 shares
      December 31, 2001, 5,029 shares                                 50                 50
    Cumulative foreign currency translation adjustment            (1,863)            (1,816)
    Retained earnings                                             21,273             19,973
                                                                --------           --------
       Total stockholders' equity                                 19,460             18,207
                                                                --------           --------

       TOTAL                                                    $ 23,427           $ 23,572
                                                                ========           ========
see notes to consolidated condensed financial statements


                                             -1-
</TABLE>

<PAGE>

                  UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                  --------------------------------------------
               CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE
               ---------------------------------------------------
              THREE MONTHS ENDED MARCH 31, 2002 AND MARCH 31, 2001
              ----------------------------------------------------
                    (in thousands, except per share amounts)
                                   (unaudited)

                                                           THREE MONTHS ENDED
                                                                MARCH 31,
                                                         -----------------------
                                                          2002           2001
                                                         -------        -------
NET SALES                                                $ 6,705        $ 6,567

COST OF SALES                                              2,889          2,804
                                                         -------        -------

        Gross Margin                                       3,816          3,763
                                                         -------        -------

EXPENSES:

     Selling, general and administrative                   1,237          1,438
     Research & development                                   58            100
                                                         -------        -------

        Total                                              1,295          1,538
                                                         -------        -------

        Income From Operations                             2,521          2,225

OTHER INCOME (EXPENSE)                                       113            (26)
                                                         -------        -------

        Income Before Income Tax Expense                   2,634          2,199

INCOME TAX EXPENSE                                           922            808
                                                         -------        -------

        Net Income                                       $ 1,712        $ 1,391
                                                         =======        =======

BASIC EARNINGS PER SHARE                                 $  0.34        $  0.28
                                                         =======        =======

DILUTED EARNINGS PER SHARE                               $  0.32        $  0.27
                                                         =======        =======

SHARES OUTSTANDING - BASIC                                 5,022          5,009
                                                         =======        =======

SHARES OUTSTANDING - DILUTED                               5,366          5,117
                                                         =======        =======

see notes to consolidated condensed financial statements

                                       -2-
<PAGE>

                  UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                  --------------------------------------------
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                 -----------------------------------------------
          FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND MARCH 31, 2001
          ------------------------------------------------------------
                           (in thousands - unaudited)


                                                                    MARCH 31,
                                                               ----------------
                                                                 2002     2001
                                                               -------  -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                     $ 1,712  $ 1,391
                                                               -------  -------
Adjustments to reconcile net income to net
  cash provided by operating activities:
     Depreciation and amortization                                 311      501
     Provision for losses on accounts receivable                     2       11
     Deferred income taxes                                        (154)     (87)
     Tax benefit attributable to exercise of stock options          93        0
  Changes in operating assets and liabilities:
        Accounts receivable - trade                                 (2)     231
        Accrued interest and other receivables                    (109)     (85)
        Inventories                                                (55)    (128)
        Prepaid expenses                                           (49)    (138)
        Accounts payable                                           165       13
        Accrued expenses                                           130      362
                                                               -------  -------
           Total adjustments                                       332      680
                                                               -------  -------
           Net cash provided by operating activities             2,044    2,071
                                                               -------  -------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
     Property and equipment                                       (197)     (95)
                                                               -------  -------
           Net cash used in investing activities                  (197)     (95)
                                                               -------  -------

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock                             299       86
Common stock purchased and retired                                (804)       0
Proceeds from note payable                                           0        0
Repayments of note payable                                      (1,601)  (2,400)
                                                               -------  -------
           Net cash used in financing activities                (2,106)  (2,314)
                                                               -------  -------

Effect of exchange rate changes on cash                             (1)      (7)

NET DECREASE IN CASH                                              (260)    (345)

CASH AT BEGINNING OF PERIOD                                        370      414
                                                               -------  -------

CASH AT END OF PERIOD                                          $   110  $    69
                                                               =======  =======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
     Cash paid during the period for income taxes              $   176  $   313
     Cash paid during the period for interest                  $    14  $   160

see notes to consolidated condensed financial statements


                                       -3-




<PAGE>

                           UTAH MEDICAL PRODUCTS, INC.
                           ---------------------------
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
              ----------------------------------------------------
                                   (unaudited)

(1) The unaudited financial statements presented herein have been prepared in
accordance with the instructions to form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes included in the Utah Medical Products, Inc. ("UTMD" or "the
Company") annual report on form 10-K for the year ended December 31, 2001.
Although the accompanying financial statements have not been examined by
independent accountants in accordance with generally accepted auditing
standards, in the opinion of management, such financial statements include all
adjustments (consisting only of normal recurring adjustments) necessary to
summarize fairly the Company's financial position and results of operations.

(2) Inventories at March 31, 2002 and December 31, 2001 (in thousands) consisted
of the following:

                                              March 31,        December 31,
                                                2002               2001
                                            ------------      --------------
                Finished goods                 $    999           $ 1,142
                Work-in-process                   1,012               835
                Raw materials                     1,284             1,271
                                                  -----             -----
                Total                            $3,295            $3,248
                                                 ======            ======

(3) Comprehensive Income. The Company translates the currency of its Ireland
subsidiary which comprises the only element of comprehensive income. Total
comprehensive income for the quarter ending March 31, 2002 was (in thousands)
$1,665.

(4) In July 2001, SFAS No. 141, "Business Combinations" and SFAS No. 142,
"Goodwill and Other Intangible Assets" were issued. SFAS 142 is required to be
applied for fiscal years beginning after December 15, 2001. SFAS 142 addresses
financial accounting and reporting for acquired goodwill and other intangible
assets. It requires, among other things, that companies no longer amortize
goodwill, but instead test goodwill for impairment within six months of adopting
the statement and at least annually thereafter. The Company completed the
required initial goodwill impairment test, based on December 31, 2001
valuations, and determined that the book value of its goodwill associated with
its 1997 and 1998 acquisitions is not impaired. Amortization of the Company's
other intangible assets totaled (in thousands) $21 for the quarter ending March
31, 2002. The estimated aggregate amortization expense for the years ending
2002, 2003, 2004, 2005 and 2006 is (in thousands) $79, $76, $51, $51 and $50,
respectively.

(5)  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," "should," "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,

                                       -4-

<PAGE>



marketing success of UTMD's distribution and sales partners, budgetary
constraints, the timing of regulatory approvals for newly introduced products,
third party reimbursement, and access to U.S. hospital customers, as that access
is increasingly constrained by group purchasing decisions.
     Risk factors, in addition to the risks outlined in the previous paragraph
that may impact the Company's assets and liabilities, as well as cash flows,
include risks inherent to companies manufacturing products used in health care
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.



                                       -5-

<PAGE>



Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

General

      UTMD manufactures and markets a well-established range of specialty
medical devices. The general characteristics of UTMD's business have not
materially changed over the last several reporting periods. The Company's Form
10-K Annual Report for the year ended December 31, 2001 provides a detailed
description of products, technologies, markets, regulatory issues, business
initiatives, resources and business risks, among other details, and should be
read in conjunction with this report. Because of the relatively short span of
time, results for any given three month period in comparison with a previous
three month period may not be indicative of comparative results for the year as
a whole. Dollar amounts in the report are expressed in thousands, except per-
share amounts and where otherwise noted.

Analysis of Results of Operations
   a) Overview
      Driven by higher sales, continued strong gross profit and record operating
profit margins, UTMD concluded its seventeenth consecutive quarter of higher eps
when compared to the same quarter in the prior year. Eps for the most recent
four calendar quarters (LTM) were $1.19.
      Gross profit margins benefitted from a favorable product mix, improved
yields and lower royalties paid to others. Operating profit margins improved
primarily due to lower selling expenses, but also lower R&D expenses, compared
to the prior year's period.
      The sales increase in first quarter (1Q) 2002 was led by a 3% increase in
domestic business activity. With continued strong cash flow, UTMD was able to
continue to substantially reduce its long term debt balance.

   b) Revenues
      Revenue from product sales is generally recognized at the time the product
is shipped and invoiced and collectibility is reasonably assured. The Company
also provides for the estimated cost that may be incurred for product warranties
and unforeseen uncollectible accounts.
      UTMD believes that revenue should be recognized at the time of shipment as
title generally passes to the customer at the time of shipment. This policy
meets the criteria of SAB 101 in that there is persuasive evidence of an
existing contract or arrangement, delivery has occurred, the price is fixed and
determinable and the collectibility is reasonably assured.
      Sales in 1Q 2002 increased $138 from 1Q 2001. Domestic sales increased 3%,
while international sales declined 1%. International sales in 1Q 2001 were
$1,313 compared to $1,331 in 1Q 2000. Of these international sales, 54% were
made in Europe during 1Q 2002, compared to 55% in 1Q 2001. Shipments from UTMD's
Ireland facility were up 7%.

      Revenues by product category:
   1. Worldwide obstetrics product sales decreased 2% and represented 43% of
total sales in 1Q 2002. Obstetrics sales dollars were $2,908 compared to $2,957
in 1Q 2001. Sales of the market-leading IUP catheter, Intran(R) Plus, increased
2%, while vacuum-assisted delivery systems (VADS) sales declined 14%. Domestic
obstetrics sales increased $15, while international obstetrics sales declined
$64.
   2. Worldwide gynecology/ electrosurgery/ urology product sales increased 12%
in 1Q 2002, and represented 20% of total revenues. Gyn/ES/Uro sales dollars were
$1,356 compared to $1,216 in 1Q 2001. Electrosurgery product sales increased 8%,
urology product sales, including Liberty(R) and Pathfinder Plus(TM), increased
25%, and sales of gynecology tools and instruments, including the EndoCurette,
increased 15%. Domestic sales in this category increased 16%, while foreign
sales decreased 4%.
   3. Worldwide neonatal product sales increased 8%, and represented 14% of
total sales. Neonatal product sales were $934 compared to $865 in 1Q 2001.
Strong sales gains were realized by the Nutri-Cath(TM), Dialy-Nate(TM), and
Hemo-Nate(R) products. Domestic neonatal sales increased 10%, while foreign
neonatal sales decreased 13%.
   4. Worldwide blood pressure monitoring and accessories (BPM) sales declined
1%, and represented 22% of total revenues. Sales of BPM and accessories products
were $1,507 compared to $1,529 in 1Q 2001. The primary factor causing the
decline was a 35% decline in domestic OEM Deltran DPT sales. Foreign BPM sales
increased 8%, and domestic BPM sales decreased 13%

                                       -6-

<PAGE>




   c) Gross Profit
      UTMD's gross profit margin (GPM) in 1Q 2002 was 56.9% compared to 57.3% in
1Q 2001. Gross profit margins remained consistent because product mix did not
change significantly. Manufacturing efficiencies continue to be excellent.
      With respect to gross profits in UTMD's sales channels, OEM sales are
sales of UTMD products that are marketed by other companies in conjunction with
their product offerings, and are not sold under UTMD's label. UTMD utilizes "OEM
sales" as a means to help maximize utilization of its capabilities established
to satisfy its "direct sales" business. As a general rule, prices for "OEM
product sales" expressed as a multiple of direct variable manufacturing expenses
are lower than for "direct sales" because in the OEM and international channels,
UTMD's business partners incur the significant expenses of sales and marketing.
Because of UTMD's small size and period-to-period fluctuations in OEM business
activity, allocations of fixed manufacturing overheads cannot be meaningfully
allocated between direct and OEM sales. Therefore, UTMD does not report GPM by
sales channels.
      UTMD targets an average GPM greater than or equal to 55%, which it
believes is necessary to successfully support the significant operating expenses
required in a highly complex and competitive marketplace. Management expects to
achieve its GPM target during the remainder of 2002. Expected favorable
influences include growth in sales volume without a similar increase in
manufacturing overhead expenses, a larger percentage of total sales from higher
margin products and a continued emphasis on reengineering products to reduce
costs. Expected unfavorable influences are continued competitive pressure on
pricing, especially in foreign BPM sales, and higher wage rates. UTMD expects to
retain average GPMs in 2002 consistent with 2001.


   d) Operating Profit
      1Q 2002 operating profits increased 13% to $2,521 from $2,225 in 1Q 2001.
Total operating expenses, including sales and marketing (S&M) expenses, research
and development (R&D) expenses and general and administrative (G&A) expenses,
were $1,295 or 19.3% of sales in 1Q 2002 compared to $1,538 or 23.4% of sales in
1Q 2001. A reduction in the Company's accrual rate for litigation expenses
associated with the patent infringement lawsuit (which received a favorable
verdict in January), and the cessation of amortization of goodwill dictated by
FASB SFAS No. 142, helped reduce G&A expenses. A lull in both S&M and R&D
expenses also coincided in 1Q 2002.
      S&M expenses in 1Q 2002 were $606 or 9.0% of sales compared to $695 or
10.6% of sales in 1Q 2001. Because UTMD sells internationally through third
party distributors, its S&M expenses are predominantly for U.S. business
activity. Looking forward, UTMD expects higher S&M expenses during the remainder
of 2002 due to increased sales activity and new marketing initiatives.
      R&D expenses in 1Q 2002 were $58 or 0.9% of sales compared to $100 or 1.5%
of sales in 1Q 2001. The OptiMicro electrosurgery needles were introduced to the
marketplace in 1Q 2002. Management expects R&D expenses to increase during the
remainder of 2002.
      G&A expenses in 1Q 2002 were $631 or 9.4% of sales compared to $743 or
11.3% of 1Q 2001 sales. G&A expenses include the Company's costs of litigation,
patents, shareholder relations activities and amortization of goodwill (GWA)
associated with acquisitions. Because of the new FASB accounting rules regarding
intangible assets, GWA was zero in 1Q 2002. UTMD anticipates G&A expenses during
the remainder of 2002 will continue to be lower than during 2001.

   e)  Non-operating income (expense)
      Non-operating income in 1Q 2002 was $113, compared to an expense of ($26)
in 1Q 2001 as a result of much lower interest costs on the Company's line of
credit. Interest expense was $146 lower in 1Q 2002 than in 1Q 2001. The average
line of credit balance for 1Q 2002 was $1.7 million compared to $8.8 million in
1Q 2001. The March 31, 2002 line of credit balance was $0.9 million, compared to
$2.5 million three months earlier on December 31, 2001. Royalty income, which
UTMD receives for licensing its technology to other companies, was similar in
both quarters. Interest expenses associated with the line-of-credit were $14 in
1Q 2002 compared to $160 in 1Q 2001.



                                       -7-

<PAGE>



   f) Earnings Before Income Taxes
      1Q 2002 earnings before income taxes (EBT) increased $435, an increase of
20% compared to 1Q 2001. 1Q 2002 EBT were 39.3% of sales compared to 33.5% in 1Q
2001. UTMD was able to increase EBT as a percentage of sales because of
reductions in operating expenses and sharply lower interest expenses. For the
year 2001, UTMD achieved an excellent EBT performance of 35% of sales.
Management expects higher EBT performance during the remainder of 2002 compared
to the same period in 2001.

   g) Net Income and EPS
      UTMD's net income (after taxes) expressed as a percentage of sales was
25.5% for 1Q 2002 compared to 21.2% for 1Q 2001. Net income in dollars was up
23% at $1,712, compared to $1,391 in 1Q 2001. The effective income tax rate in
1Q 2002 was 35.0% compared to 36.8% in 1Q 2001. The reduction in UTMD's
estimated income tax rate was due to two primary factors: actual litigation
costs which exceeded the Company's accrual rate due to the trial in January, and
exercises of employee options. For employee options exercised and sold in less
than one year, the gain realized by the employee is tax deductible to the
Company. UTMD expects the tax deduction benefits from these factors to continue
in 2002, resulting in a lower income tax rate for 2002 compared to 2001.
      Diluted 1Q 2002 EPS increased 17% to $.32 compared to $.27 in 1Q 2001. The
Company's increase in stock price had a retarding effect on eps growth, as a
result of dilution from option exercises and calculation for unexercised options
with an exercise price below the current market value. 1Q 2002 weighted average
number of diluted common shares (the number used to calculate diluted EPS) were
5,366,200 compared to 5,117,200 shares in 1Q 2001. Actual outstanding common
shares as of the end of 1Q 2002 were 5,013,400.

   h) Return on Shareholders' Equity  (ROE)
      Annualized ROE in 1Q 2002 was 36% compared to 43% in 1Q 2001. UTMD's goal
is to consistently achieve ROE in excess of 25%. ROE has averaged about 30% over
the last 14 years. Management expects to exceed 30% ROE for the year 2002.

Liquidity and Capital Resources
   i) Cash flows
      Net cash provided by operating activities, including adjustments for
depreciation and other non-cash operating expenses, along with changes in
working capital, totaled $2,044 in 1Q 2002, compared to $2,071 in 1Q 2001.
      The Company expended $197 during 1Q 2002 for investing activities,
comprised entirely of purchases of property and equipment. During 1Q 2001, the
Company used $95, to purchase property and equipment.
      UTMD received $299 from issuing 38,072 shares of stock upon the exercise
of employee stock options in 1Q 2002, and repurchased 53,500 shares at a cost of
$804. Employee option exercises were at an average price of $7.87 per share. In
1Q 2001, the Company received $86 from option exercises of 12,439 shares and did
not repurchase any shares.
      During 1Q 2002, UTMD made repayments of $1,601 on its note payable while
receiving $0 in proceeds from the note. During 1Q 2001, UTMD made repayments of
$2,400 and received $0 in proceeds from the note.
      Management believes that future income from operations and effective
management of working capital will provide the liquidity needed to finance
growth plans and repay debt. UTMD expects to use cash during the rest of 2002 to
keep facilities, equipment and tooling in good working order, for selective
infusions of technological, marketing or product manufacturing rights to broaden
the Company's product offerings, for continued share repurchases, 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 2002 to eliminate the
line-of-credit balance. The revolving credit line will continue to be used for
liquidity when the timing of acquisitions or repurchases of stock require cash.

   j) Assets and Liabilities
      First quarter 2002 ending total assets were $145 less than at December 31,
2001. Current assets stayed about the same while net property and equipment
declined because depreciation exceeded replacement purchases. Net intangible
assets were essentially unchanged following UTMD's required adoption of FASB
Statement No. 142, under which goodwill and indefinite lived intangible assets
are no longer amortized but are

                                       -8-

<PAGE>



reviewed annually, or more frequently if impairment indicators arise, for
impairment. The goodwill on UTMD's balance sheet is the result of two
acquisitions in 1997 and 1998 which were made in cash at conservative
valuations. UTMD does not expect its goodwill intangible assets to become
impaired in the foreseeable future.
      Cash (and equivalent) balances were $110 at March 31, 2002, compared to
$370 at the end of 2001. UTMD effectively maintains "sweep" cash account
balances that minimize the bank loan balance, except for amounts held to meet
operating requirements in Ireland. Cash may accumulate after eliminating the
line of credit balance in second quarter 2002, in the absence of a new
acquisition or share repurchases.
      Average inventory turns remained excellent at 3.5 times compared to 3.7
times in 1Q 2001. Management expects to achieve its targeted 4.0 average
inventory turns during the remainder of 2002 because sales should increase
without the need for an increase in inventories. Accounts receivable balances
increased 3% during 1Q 2002. Calculated days in receivables at 49 for 1Q 2002
were about the same as for 1Q 2001. Working capital decreased $287 in 1Q 2002
primarily due to modest increases in accounts payable and accrued expenses.
      As of March 31, 2002, due to reduction in the bank loan balance UTMD's
total debt ratio (total liabilities/ total assets) decreased to 17% from 23% as
of December 31, 2001, as UTMD continued to repay debt incurred to finance the
September 2000 Tender Offer repurchase of its shares. Without additional share
repurchases or new acquisitions, UTMD will eliminate its remaining loan balance
in second quarter 2002, yielding a total debt ratio below 15% by the end of the
year.

Other Financial Measures
      EBITDA is a measure of UTMD's ability to generate cash. EBITDA is EBT plus
depreciation and amortization expenses plus interest expenses resulting from
financing activities. 1Q 2002 EBITDA was $2,958, up $97 from $2,861 in 1Q 2001.
As a ratio of sales, EBITDA was 44% in both 1Q 2002 and 2001.
      Please note that EBITDA is not defined or described by Generally Accepted
Accounting Principles. As such, it is not prepared in accordance with GAAP, is
not a measure of liquidity, and is not a measure of operating results. However,
the components of EBITDA are prepared in accordance with GAAP, and UTMD believes
that EBITDA is an important measure of the Company's operating performance and
financial well-being.

   k) Management's Outlook.
     As outlined in its December 31, 2001 10-K report, UTMD's plan for 2002 is
     to
     1) realize improved results from 2001 initiatives to expand sales activity;
     2) continue outstanding operating performance, and set new Company records
     for profitability as a percent of sales;
     3) sustain the patent infringement verdict and recover damages; and
     4) actively look for new acquisitions to build a platform for continued
     growth.

      First quarter 2002 results demonstrate that the Company is on track to
meet its financial objectives.


Item 3. Quantitative and Qualitative Disclosures about Market Risk.

        On January 1, 2002, UTMD converted the functional currency of its Irish
manufacturing operations, including related assets, to the Euro currency,
consistent with conversion of Ireland and many other Western European countries
to the new common Euro currency. The Company's Irish operations were previously
denominated in Irish Pounds. UTMD sells products under agreements denominated in
the Euro and the English Pound. The exchange rate for Euro was 1.1378 per U.S.
Dollar as of March 31, 2002. The Euro and other currencies are subject to
exchange rate fluctuations that are beyond the control of UTMD. The exchange
rate for the Irish Pound was .8988 per U.S. Dollar as of March 31, 2001. UTMD
manages its foreign currency risk without separate hedging transactions by
converting currencies as transactions occur.


                                       -9-

<PAGE>


                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

   a) Exhibits:
      None

   b) Reports on Form 8-K:
      On January 18, 2001, UTMD filed a report on Form 8-K, Item 5, Other
Events, reporting that it received a favorable jury verdict on 1/16/02 in its
patent infringement action against Kendallo LTP, and that UTMD was awarded $20
million in lost profits by the jury.
      On January 30, 2002, UTMD filed a report on Form 8-K, Item 5, Other
Events, providing financial information in addition to its audited income
statement results for 2001 which were announced, by press release, on January
24, 2002.



                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchanges Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                  UTAH MEDICAL PRODUCTS, INC.
                                  ---------------------------
                                  REGISTRANT





Date:    5/13/02                  By:        /s/ Kevin L. Cornwell
      ----------------                ------------------------------------------
                                             Kevin L. Cornwell
                                             CEO




Date:    5/13/02                     By:     /s/ Greg A. LeClaire
      ----------------                ------------------------------------------
                                             Greg A. LeClaire
                                             CFO




                                      -10-