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Exam Code: CQIA Practice exam 2022 by team
CQIA Certified Quality Improvement Associate

Computer Delivered – The CQIA examination is a one-part, 110-question, three-and-a-half-hour exam and is offered in English only. Of these questions, 100 are scored and 10 are unscored.Paper and Pencil – The CQIA examination is a one-part, 100-question, three-hour exam and is offered in English only.

Certification from ASQ is considered a mark of quality excellence in many industries. It helps you advance your career, and boosts your organizations bottom line through your mastery of quality skills. Becoming certified as a Quality Improvement Associate confirms your commitment to quality and the positive impact it will have on your organization.

Each certification candidate is required to pass an examination that consists of multiple-choice questions that measure comprehension of the body of knowledge.

A. Terms, Concepts, and Principles 1. Quality definitions Describe and distinguish between the common definitions of quality. (Apply)2. Quality planDefine a quality plan, describe its purpose and objectives to achieve the quality mission or policy. Identify the various functional areas and people having responsibility for contributing to its development. (Understand)3. Quality systemsUnderstand the difference and relationship between quality assurance, quality control, and continuous quality improvement. (Understand)4. Organizational cultureUnderstand how culture influences the success of process improvement efforts such as lean, Six Sigma, ISO 9001, Baldrige, and change management. (Understand)5. Employee involvement and empowermentDefine and distinguish between employee involvement and employee empowerment. Describe the benefits of both concepts. (Understand) 6. Systems and processesDefine and distinguish between a system and a process and describe the interrelationships between them. Describe the components of a system – supplier, input, process, output, customer (SIPOC) – and how these components impact the system as a whole. (Analyze)7. VariationDefine and distinguish between common and special cause variation in relation to quality measures. (Understand)8. StandardizationDescribe how quality systems provide consistency and standardization (e.g. ISO 9001). (Remember)Topics in this body of knowledge (BoK) include subtext explana-tions and the cognitive level at which the questions will be written. This information will provide useful guidance for both the exam Development Committee and the candidate preparing to take the exam. The subtext is not intended to limit the subject matter or be all-inclusive of material that will be covered in the exam. It is meant to clarify the type of content that will be included on the exam. The descriptor in parentheses at the end of each entry refers to the maximum cognitive level at which the Topic will be tested. A complete description of cognitive levels is provided at the end of this document. BODY OF KNOWLEDGECertified Quality Improvement Associate (CQIA)
B. Benefits of Quality Describe how using quality tools, techniques, and concepts can Excellerate processes and deliverables (including products and services), and how each benefit all parts of an organization. Describe what quality means to various stakeholders (e.g., employees, organizations, customers, suppliers, community, and interested parties) and how each can benefit from quality. (Understand)C. Foundations of QualityUnderstand the key concepts and teachings of the foundational quality thought leaders including 1) Walter Shewhart, 2) W. Edwards Deming, 3) Joseph Juran, 4) Kaoru Ishikawa, 5) Philip Crosby, and 6) Armand Feigenbaum. (Understand)II. Team Basics (16 Questions)A. Team Organization 1. Team purpose Describe why teams are an effective way to identify and solve problems, and describe when, where, why, and how teams can be used effectively. (Apply)2. Types of teamsDefine and distinguish between various types of teams: process teams, continuous improvement teams, workgroups, self-managed teams, ad hoc project teams, cross-functional teams, and virtual teams. (Apply)3. Value of teamsExplain how a teams efforts can support an organizations key strategies and effect positive change throughout the organization. (Understand)
B. Roles and Responsibilities Describe the roles and responsibilities of various team stakeholders: (Understand) 1. Sponsor 2. Champion3. Facilitator4. Leader5. Member6. Scribe7. TimekeeperC. Team Formation and Group Dynamics 1. Initiating teams Apply the elements of launching and sustaining a successful team, including establishing a clear purpose and goals, developing ground rules and schedules, gaining support from management, and obtaining commitment from team members. (Apply)2. Selecting team members Describe how to select team members based on knowledge, skill sets, and team logistics, such as an adequate number of members in relation to the size or scope of the project, appropriate representation from affected departments or areas, and diversity. (Apply)3. Team stages Describe the classic stages of team development: forming, storming, norming, performing, and adjourning. (Understand)4. Team conflict Identify the value of team conflict and recognize how to resolve it. Define and describe groupthink and how to overcome it. Determine how good logistics, an agenda, and effective training facilitate team success. (Analyze)
5. Team decision-making Describe and use different decision-making models, such as voting (majority rule, multi-voting) and consensus. Use follow-up techniques to clarify the issue to be decided, to confirm agreement on the decision, and to achieve closure. (Apply)III. Continuous Improvement Techniques (40 Questions)A. Process Improvement 1. Six Sigma concepts and toolsCompare Six Sigma concepts, tools, and techniques. Understand the DMAIC phases: define, measure, analyze, improve, and control. (Understand)2. Lean concepts and toolsCompare lean concepts, tools, and techniques. Understand lean tools used to reduce waste, including set-up and cycle-time reduction, pull systems (kanban), continuous improvement (kaizen), just-in-time (JIT), 5S, value stream mapping, and error-proofing (poka-yoke). (Understand) 3. BenchmarkingDefine benchmarking and describe how it can be used to develop and support best practices. (Understand)4. Incremental and breakthrough improvement Describe and distinguish between these two types of improvements, the steps required for each, and the type of situation in which either type would be expected. (Understand)
B. Improvement Techniques Select and utilize improvement opportunity techniques and/or methodologies: (Apply) 1. Brainstorming2. Plan-do-check-act (PDCA) cycle3. Affinity diagrams4. Cost of poor quality (COPQ)5. Internal audits C. Improvement Tools Select, interpret, and apply the basic improvement tools: (Apply) 1. Flowcharts 2. Histograms 3. Pareto charts4. Scatter diagrams5. Check sheets6. Control charts7. Decision trees D. Root Cause AnalysisUtilize root cause tools such as the 5 Whys and fishbone diagram to implement correction and corrective action. (Apply)E. Risk Management Understand the tools and techniques used to identify and communicate risks, including failure modes and effects analysis (FMEA) and Strengths, weaknesses, opportunities, threats (SWOT). Understand prioritization of activities and projects based on risk. (Understand)IV. provider Relationship (7 Questions)A. provider selectionIdentify the provider selection criteria and approval process. (Remember)B. provider relationshipUnderstand provider relationships, associated challenges, and effects of a diverse supply base. (Understand)C. provider PerformanceIdentify provider performance measures, including quality performance, on-time delivery, and level of service. (Apply)V. Customer Relationship(7 Questions)A. Customer IdentificationDistinguish between internal and external customers. Describe their influence on products, services, and processes. (Understand)B. Voice of the Customer (VOC)1. Data gathering and useDescribe various methods for collecting customer satisfaction feedback, including formal surveys, informal feedback, warranty claims, and focus groups. Understand the importance of using customer satisfaction feedback to drive continuous improvement. (Understand)2. Complaint processDefine and identify a customer complaint. Understand and apply the complaint handling process including documentation, action taken, and providing resolve to the customer. (Apply) 3. Customer needsUnderstand the key elements of quality function deployment (QFD) and how it identifies and prioritizes customer expectations and needs. (Understand)

Certified Quality Improvement Associate
Quality-Assurance Improvement book
Killexams : Quality-Assurance Improvement book - BingNews Search results Killexams : Quality-Assurance Improvement book - BingNews Killexams : Construction Quality Management

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Killexams : Fundamentals of Assurance for Lean Projects

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Killexams : Knowledge, Learning, and Innovation Grants

Teacher Incentives

Rwanda: Pay-for-Performance for Teacher Recruitment and Retention
The Government of Rwanda has established a system of performance contracts for public sector employees that allows for performance-based bonuses averaging 3 percent of salary. The KLI Grant is funding a study that builds on the existing civil service contracts, by introducing a bonus scheme that rewards teachers who score within the top 20 percent of their district on this performance measure with a merit bonus worth 15 percent of their base salary. The research will address two questions that are also relevant to other developing countries: first, whether a pay-for-performance scheme can Excellerate teacher performance and produce student learning gains; and second, how effective are pay-for-performance contracts at attracting skilled and motivated teachers to undersupplied schools, particularly in rural areas? 

China: Assessment of Teaching Practices for Changes in the Classroom
Guangdong Province’s Department of Education has been strengthening its in-service training of teachers to make them more effective in the classroom. The KLI Grant funded a pilot intervention to incentivize teacher-training institutions to strengthen their in-service training programs.  In the pilot, the Classroom Assessment Scoring System (CLASS) was used to conduct classroom observations of 36 teachers and to assess the strengths and weaknesses of their teaching practices. Teachers scored high on classroom organization but lower on emotional support and instructional support. The pilot established a baseline of teaching practices in Guangdong and demonstrated that classroom observations can be used as an outcome measure in results-based financing schemes designed to deliver teacher- training providers incentives to change teacher behavior. The results from the pilot can potentially be used to inform the design of RBF schemes in other contexts aimed at establishing performance-based contracts for teacher training providers.

Understanding Effective Teaching Practices Policy Note | Complete report

India: Improving Teacher Performance through Outcome-Linked Incentives
The Bihar state government is considering designing a teacher performance-pay program to Excellerate service delivery in its schools. The incentive program will be based on a teacher composite score designed by the Indian civil society organization Pratham. The KLI Grant will fund research to test the validity of an existing teacher assessment and composite score system to inform this work, and, if the assessment is found to be valid, design a pilot for this program.

Tanzania: Aligning Teacher Pay with Performance of All Students
In 2015 the Government of Tanzania announced its commitment to using innovative approaches to Excellerate longstanding problems with the quality of, and access to, the country’s education system. The KLI Grant funded a study that examined the impact of issuing bonuses to teachers linked to the learning outcomes of students. The study compared the impact of rewarding teachers for relative and incremental gains in student learning against rewarding them based on the number of students who passed a defined threshold. The evaluation found that both systems raised test scores. The simple teacher incentive scheme that rewarded based on the number of students who achieved specific learning levels improved learning at least as much as the more complex scheme that rewarded teachers based on learning gains. Given the limited administrative capacity in Tanzania and other developing countries to implement complex RBF schemes, the evidence gained from this program suggests that simple incentive schemes that reward learning levels may be suitable for wide-scale implementation, provided that certain critical design features are considered.

Can A Simple Teacher Incentive System Excellerate Learning? Policy Note | Complete report

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School Incentives

Indonesia: Piloting Performance-Based Contracting in Schools in DKI Jakarta
In DKI Jakarta, resource allocation to schools can be inefficient. At the same time, many schools have failed to effectively implement new National Education Standards, which govern such things as student learning, teacher competency, and school facilities. Education officials addressed both problems simultaneously by linking school funding to key performance and competency indicators under the National Education Standards. Under the new performance-based program, all government schools continued to receive the basic grant allocations, but top performing schools received an added per student bonus equivalent to 20 percent of the basic grant. While the performance bonuses led to improved learning at junior secondary schools, mixed results at primary schools show that incentives do not necessarily benefit all schools. These results suggest several potential avenues for improving the results-based program and maximizing positive impact in the future including how to design more flexible grants and incentives that link local budgeting to existing national standards.

Results of Performance-Based School Grants Experiment Policy Note | Complete report
Jakarta: Regional Results-Based Financing Interventions Inspire National Reforms in Indonesia Impact Note

Mozambique: Learning from Performance-Based School Grants
The Ministry of Education has engaged in a far-reaching reform program to upgrade teachers’ knowledge and performance and to strengthen service delivery at the local level. It is seeking to incentivize schools to Excellerate their performance by providing direct financial incentives through a performance-based school grants program, complemented by other interventions aimed at improving local and school management. A school grants scheme is already in place, but has not proved as effective as hoped. The KLI Grant will fund the pilot for a revised program based on lessons learned from the existing scheme. The World Bank team will simultaneously support the development of management tools for mid-level managers, in particular school directors and district officers, to enable them to administer the school grants effectively. This intervention will seek to generate knowledge about how conditional school grants and improved supervision by mid-level managers can help strengthen learning outcomes.

Cameroon: Results-Based Financing for Improved Education Service Delivery
Building on the success of results-based financing in the country’s health sector, the Government of Cameroon is desparate to experiment with the approach as a tool for increasing girls’ enrollment in schools and improving service delivery in two of its most disadvantaged school districts. The KLI Grant will fund a feasibility study and pre-pilot for a performance-based school grants program in the North and Far North. The lessons learned will inform a two-year pilot, which will be scaled up beyond pilot districts if successful.

Cameroon: Can School Grants and Teacher Incentives be Used to Increase School Access and Excellerate Quality? Evidence Note

Democratic Republic of Congo: Impact Evaluation of RBF Approach in South Kivu
The South Kivu provincial government, in partnership with Dutch nonprofit organization Cordaid, has been piloting results-based financing to Excellerate education service delivery. As the end of the pilot approaches, the KLI Grant will fund an impact evaluation to assess whether the approach has generated better education results and whether primary schools receiving conditional subsidies have registered better learning outcomes than those that do not receive such subsidies.

Can Can Incentives to Take Home Textbooks Increase Learning? Policy Note

Indonesia: Using Performance Contracts to Address Weaknesses in Schools
The Jakarta government has been experimenting with different approaches for linking education financing to results. As part of this, it has introduced a performance and equity school grants program that looks at whether merely announcing an incentive is enough to change school behavior and student performance. The government also plans to introduce performance contracts for schools, using national standards to identify areas of weakness at the school level and to develop school-improvement agreements between the school and the district office. The KLI grant will fund the evaluation of both activities and is expected to provide insights into the viability of using incentives to support the take-up of school improvement plans. 

Jakarta: Can Self-Evaluations and Soft Performance Contracts Help Schools Achieve Education Standards? Evidence Note

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Student Incentives

Mozambique: Keeping Rural Girls in School Using Cash, Goods, and Information
In Mozambique, the rate of primary school completion is low, especially in rural areas, where only 14 percent of boys and 8 percent of girls finish upper primary school. The KLI Grant funded research to test the effect of demand-side incentives on school attendance for girls. Specifically, the study compared the impact of providing girls with tokens to buy school-related items such as uniforms and supplies; of providing households with cash; and of providing households with information about their daughters’ attendance rates without any financial or in-kind incentive. The evaluation found that all three interventions significantly increased girls’ school attendance and that providing information alone had a substantial effect on attendance rates. Given that providing information is less costly and complex than making financial transfers, this may be a promising and easily scalable policy option for governments in developing countries that lack the administrative and budgetary capacity to implement a conditional cash transfer program.

Can Information and Incentives Increase School Attendance? Policy Note| Complete Report

Zanzibar: Incentives for Students to Stay–and Succeed–in School

In Zanzibar, almost half the students entering secondary school drop out without graduating, but the Ministry of Education and Vocational Training hopes to reverse this trend. The KLI Grant is enabling the World Bank research team to collaborate with the ministry on how to design performance-based incentive schemes for students to maximize learning impacts and reduce dropouts at the secondary school level. The project will seek to answer questions about whether the use of individual student targets or teams of students working toward a collective goal is likely to be more effective in incentivizing poor-performing students, and how results-based financing can help overcome psychological barriers that might prevent students from responding to performance-based incentives. This research is expected to inform the body of evidence on how financing demand-side incentives can lead to better results.

Zanzibar: Can Goal-setting and Incentives Excellerate Student Performance? Policy Note | Research paper

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Book Chain

Bangladesh: Incentivizing Local Authors to Create Diverse Books
This book creation competition seeks to generate incentives for communities to meet the need for diverse materials in mother tongue languages and align with the Prime Minister’s Access to Information project. This intervention will train local content creators on how to create high-quality supplementary readers in mother tongue languages, which can also be made available for digital distribution on the national memorizing database. The KLI grant will also fund a survey to assess regional and national readiness for a results-based competitive approach to content creation, the implementation of the book challenge, and a cost analysis on the use of results-based financing to support the competitive creation of books. This research is expected to inform the body of evidence on how financing demand-side incentives can lead to better results.

Cambodia: Enhancing Book Distribution Using Track and Trace
Two key challenges to improving supply chains in Cambodia include a lack of transparency in data along the supply chain; and a failure by government, school leaders, and parents to utilize data to inform decision making on,  and to track the delivery and use of, books. This intervention will fund the implementation of a Track and Trace, which is a system that helps identify past and current locations of textbooks and supplemental readers along the book chain. Results-based financing will be used to incentivize the use of this data to relieve bottlenecks along the book chain and promote the timely delivery of books to schools. The lessons learned are expected to inform the design and use of Track and Trace systems in other country contexts and to answer the question of how incentivizing actors along supply chain might Excellerate the timely distribution of textbooks and supplemental readers.

South Africa: National Public-Private Storybook Development Initiative
After evaluating assessments that showed that many South African children aren’t able to read at the appropriate grade level, the government launched a national campaign in 2015 aimed at improving the memorizing abilities of all South African children. To support this initiative, the KLI Grant will fund the creation of a national public-private working group to establish best practice recommendations for the creation of early-grade storybooks, the provision of technical assistance and capacity building to publishers of early grade storybooks, and the distribution of more than 100,000 books to government schools through a pooled procurement process. This intervention seeks to generate evidence on the effectiveness of an RBF intervention that incentives each of the three aforementioned intervention steps, with the goal of benefitting children in Limpopo, Mpumalanga, and Kwa-Zulu Natal provinces. The country’s experience is expected to produce useful lessons on how results-based financing can support the establishment of a public-private partnership for book creation and incentivize the development of pooled procurement among various supply -chain actors.

South Africa: Results-Based Financing and the Book Supply Chain, Motivating Writers and Publishers to Create Quality Storybooks Evidence Note 

Zambia: Evaluating Results-Based Textbook Delivery Systems  
The textbook delivery system in Zambia relies on centralized procurement at the national level followed by the transfer of books to District Education Board Secretaries’ offices at the regional level and final delivery by these offices to schools. This KLI Grant will use results-based financing to evaluate whether stipends tied to the delivery of local language textbooks can Excellerate the delivery process and help ensure that books reach their destinations. The grant will fund the rollout of two randomized, results-based delivery stipends to district offices and private publishers, with the aim of identifying which group would be most effective to target in order to Excellerate textbook delivery and reduce shortfalls at the school level. This project is expected to inform the body of evidence on how financing supply-side incentives can lead to better results and ultimately get the right books to kids in classrooms.

Sierra Leone: Putting Books (and Teachers) to Work for Better Reading
In Sierra Leone, the government, through its national memorizing program, set out to Excellerate memorizing levels in grades 13 by providing memorizing books to every student in the early grades. However, a 2014 study in Sierra Leone showed that book availability does not always lead to use as 87 percent of students at the end of grade two could not read a single word of a short passage. This grant will test four low-cost models for improving the effective use of memorizing books and supplementary teaching materials in the early grades by utilizing results-based financing approaches and leveraging smartphones and tablets. Specifically, the interventions will include incentives for professional coaches, peer-based teacher learning circles, school-based coaching, and classroom observations and will provide evidence on how low-cost teacher support and supervision models might strengthen effective book utilization in the classroom.

Mozambique: Delivering the Right Books on Time to Hard-to-Reach Districts
In Mozambique, heavy rains and other factors often delay book delivery to schools, resulting in a shortage of learning materials for students. The Ministry of Education and Human Development is responsible for procuring books annually and currently uses paper records to track their journey through the education system. The KLI Grant will fund a program that seeks to incentivize districts to get books to schools on a timely basis by linking part of their budget payment to book delivery. The project will also digitize the tracking system for books and train district staff to use the system. This intervention can provide evidence on the effectiveness of combining incentives with digital tracking in strengthening accountability and efficiency in book delivery in a low-income setting.

Nepal: Uniting Schools and Publishers to Bring Books into the Classroom
Nepal’s School Sector Development Plan has suggested all grade 1–3 classrooms have at least 50 grade-appropriate books in their book corners, yet four-fifths of schools fail to meet this standard. This intervention will offer cash and other performance-based incentives to schools and publishers to help classrooms achieve the 50-book standard. A new digital platform will facilitate communications between teachers and publishers and allow policy makers to track school book purchases. This KLI Grant project will test whether technology and conditional payments can unite schools and publishers to achieve a common goal of increasing quality learning materials in the classroom.

Cambodia: Promoting Development and Home memorizing of Supplementary Books

Children in Cambodia generally have low levels of literacy and many do not read at their appropriate grade level. The Government of Cambodia’s Ministry of Education, Youth, and Sports (MOEYS) is pursuing a variety of initiatives to Excellerate literacy, from encouraging book production to encouraging book use. One initiative focuses on developing a culture of memorizing in schools and homes and on promoting positive attitudes about reading. To this end, researchers are testing how incentives might motivate parents to read with their children at home, with various degrees of support. A complementary activity involves conducting a market analysis on demand for educational books. The findings can help inform the design of incentives to Excellerate the production and accessibility of supplemental memorizing materials.

India: Technology-Enabled Transformation of Early-Grade Textbook Supply Chains

India faces a number of challenges in its school textbook supply chain, including with forecasting, storage, distribution, and transportation of books to government school classrooms (Grades 1–5). Problems in these areas lead to an estimated annual loss of US$15 million across the country. The REACH-funded intervention builds and tests a technology-enabled supply chain solution in the Indian state of Nagaland. The intervention seeks to establish clear-cut standard operating procedures and service-level indicators to trigger financing, with the expectation that this will result in behavioral changes and significant savings. Various incentives will target multiple actors within the book chain, including government officials, school principals and school management committees, transportation vendors, and teachers, parents, and student

Rwanda: Developing Local-Language Books for School Readiness

Like many countries, Rwanda faces a lack of memorizing materials for preprimary children. However, somewhat unique to the country are imihigos, performance contracts that all individuals and teams in the country sign and are responsible for fulfilling on an annual basis. Building on this culture of accountability, the proposed intervention explores whether and how results-based financing can be utilized to enhance the production of children’s books by incentivizing publishers to produce books in the official language Kinyarwanda with open licensing for the Global Digital Library. In addition, teachers and librarians who use these books effectively will be rewarded with additional copies and with community recognition.

Niger: Supporting Book Development, Production, and Distribution for Early-Grade Reading

Almost 20 percent of primary schools in Niger have no access to textbooks, while access to readers in any language, but especially local languages, are near nonexistent. The funded activity focuses on using results-based financing to incentivize publishers to produce titles, complete printing, and distribute books directly to schools. Should this approach be effective, it can be scaled up and possibly extended to other Sahelian countries that have similar low-resource contexts.

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Morocco: Support for Performance-Based Contracting to Excellerate Governance
The Government of Morocco is desparate to use performance-based contracts to bring about education system and governance reform. The KLI Grant will support the development and piloting of performance-based contracts among local, regional, and national governments in two regions in Morocco.

Morocco: Supporting the Design of Performance-Based Contracts to Excellerate Results in Education Impact Note

Bangladesh and Nepal: Managing the Middle: Decision-Making within Education BureaucraciesIn many countries, district education officers play a key role in determining whether schools function smoothly and whether they can easily access resources. However, the ways in which district education officers make decisions and how they are evaluated for success is not transparent. The KLI Grant will fund the development of a field-based experiment that aims to better understand how district education officers in three countries make decisions. Using mobile phones and gaming technology, district education officers will be shown hypothetical data on schools and be asked to make resource allocation decisions. The experiment will test assumptions about district education officers in order to generate information on how to better align their decision making with results-based financing principles and to ensure that future results-based interventions targeted at these officers are evidence-based.

Colombia: Using School Information to Excellerate Service Delivery
This KLI Grant is a continuation of the second round grant that supported the development of a results-based monitoring system in Colombia by creating a multidimensional set of indicators focused on education quality. The education quality indicators include teachers and principals; pedagogic and academic; family, school, and community; school climate and well-being; administrative; and infrastructure and equipment. The new system provides a school-level view of these six dimensions of quality by collecting information from the school director, teachers, parents, and students. In this iteration, the system will be piloted in Bogotá, with the aim of transforming three aspects of decision making at the meso-level: targeting of programs, targeted support for school improvement plans, and allocation of resources. Using a results-based financing approach,  school directors who show improvements in the quality dimensions will receive increased funding. The results of this pilot can be used to evaluate the overall effectiveness of an information system organized around dimensions of quality and results-based financing (instead of the traditional outcomes or inputs approach).

Can a Management & Information System Excellerate Education Quality? Policy Note

Dominican Republic: Linking Funds to School District Performance

The Dominican Republic has spent a decade decentralizing the distribution of financial resources and responsibilities to school districts and schools, based on the idea that schools know best what they need. As part of this process, the Ministry of Education is seeking to Excellerate sector management at the meso-level, by linking financial transfers to performance agreements at the district level. The KLI Grant will support the design and implementation of these performance agreements. The lessons learned are expected to inform the design and approach for establishing results-based financing mechanisms and performance based contracts in other decentralized contexts.

India: Utilizing Technology to Strengthen Elementary School Monitoring
In India, the Jharkhand state government has hired a cohort of resource persons as contract staff on fixed numeration to visit schools, mentor teachers, and galvanize local participation through school committees. These individuals often receive limited professional development and their assigned workloads receive little oversight. The KLI Grant will use results-based financing to support the improvement of quality-assurance mechanisms by empowering and incentivizing these resource persons through on-the-job training and by providing them with technological tools to collect real-time data. This intervention is expected to inform the body of evidence on how incentivizing meso-level actors can lead to increased transparency and better results at the school-level.

Peru: Evaluating Performance-Based Career Path Reforms for School Leaders
Improving the quality of the education system has been the focus of ongoing reforms in Peru. One aspect of those reforms has been focused on formulating a performance-based career path and compensation program for managerial-level staff in schools at all levels of basic education. The KLI Grant will fund an impact evaluation to assess the implementation of a 2014 and 2016 system-wide, meso-level change in policy that primarily focused on improving the management and organization of schools. The results of the evaluation can help inform policy making and strengthen the country’s system for appointing school leaders.

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Haiti: Building Capacity for Result-Based Financing Mechanisms in Fragile States
The Government of Haiti has increased primary school enrollment by providing tuition waivers to children from low-income households to enroll in private schools. To enhance the Tuition Waiver Program, the government set a goal to provide financial incentives to schools that Excellerate conditions, instruction, and learning outcomes for poor students, while reducing grade repetition and dropout rates. The activities funded by this grant successfully created a quality- assurance system in Haiti that collects information on five dimensions of learning conditions in schools, provides schools with clear standards to meet, and gives them information about their progress toward reaching these standards. The KLI Grant enabled Haiti to develop the capacity and systems necessary to develop a functioning results-based financing mechanism that informs policy makers, as well as the World Bank and other
 future donors, about how to lay the foundations for results-based financing programs in low-income, fragile states.

Can Preconditions for Results-Based Financing be Established in Fragile States? Policy Note

Niger: Resolving the Indicator Bottleneck for Results-Based Financing
The Government of Niger has access to a great deal of data about its education system and young population. Such data include assessment results, social development indicators, and population census and household survey findings. The Government is interested in using results-based financing mechanisms in its education system, but the available data in their current form don’t provide the meaningful, usable, and reliable indicators needed by policymakers and donors to accurately gauge learning outcomes. The KLI grant is enabling Niger to work with the World Bank to establish a sustainable monitoring and evaluation system that will help ensure access to more accurate and effective indicators and lay the foundation for future results-based financing operations in education in Niger. The country’s experience is expected to produce useful lessons on how to establish a national data system in a resource-constrained environment.

Vietnam: Are School Traits and Teaching Practices Reliable Proxies for Learning Gains?
Vietnam’s Ministry of Education and Training has been improving its teacher performance evaluation system by introducing new curricula and methods of instruction, and developing a comprehensive learning assessment system for its general education program. As the country has a large amount of available data on learning, the KLI Grant funded research to use existing data to identify the underlying factors that affect school quality in Vietnam. Specifically, the grant funded the development of a tool to analyze and predict which variables are the key drivers of student performance in language and math. The experiment revealed that student characteristics (cognitive ability, physical factors, routines and habits, and school trajectory) and teacher characteristics were the most predictive categories of variables in predicting student performance. These findings will help the Government of Vietnam to design and implement results-based financing incentives, teacher evaluation strategies, and other effective interventions. In addition to generating insights about Vietnam’s education reforms, this project established a predictive model that other countries could adapt to evaluate factors that impact learning in various contexts.

Identifying Reliable Predictors of Learning for Results-Based Financing in Education Policy Note

Colombia: Development of a Results-Based Monitoring System
The Colombian government has been taking a results-based approach to education policy making since 2014, using a “synthetic index of education quality” to measure progress for all basic-education schools based on annual, preset targets. However, this index covers a limited number of indicators, and policy makers need more information to make well-informed decisions. The KLI Grant will support the development of a results-based monitoring system that covers multiple dimensions of education quality, with the eventual goal of targeting fiscal transfers to areas that are shown to need improvement. This project is expected to inform the body of evidence on how establishing pre-conditions for results-based financing can lead to stronger incentive systems in countries with nascent data and technology systems.

Republic of Congo: Citizen Voice for Education
Only a small portion of education funds disbursed by the Ministry of Finance reach schools in Congo-Brazzaville, with leakage believed to be a main culprit. The KLI Grant will finance the establishment of an open data system that will allow community members to report on funds arriving at their local school. If the system is effective, it could be used as a blueprint to set up a national results-based financing program to fund schools across the country.

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India: Evaluating Design and Cost Effectiveness of Performance Contracts
India’s National Institute of Open Schooling provides second-chance education for religious and other minority students who have dropped out of school. The KLI Grant will fund research to evaluate the design of performance contracts between the Government of India and service providers, as well as the cost-effectiveness of various levels of monitoring.

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Sat, 05 Mar 2022 12:48:00 -0600 en text/html
Killexams : Open Book Extracts Achieves ISO 9001:2015 Certification

ROXBORO, N.C., July 21, 2022 /PRNewswire/ -- Open Book Extracts (OBX) is proud to announce the achievement of ISO 9001:2015 certification. ISO 9001:2015 is the world's most widely recognized Quality Management System (QMS) standard, based on numerous quality management principles including but not limited to a strong customer focus, the motivation, implication, and commitment of top management, the process approach and continual improvement.

The International Organization for Standardization (ISO) 9001:2015 is an international set of standards originally established in 1987 by the International Organization for Standardization (ISO). It outlines a framework for improving quality and a vocabulary of understanding for any organization looking to provide products and services that consistently meet the requirements and expectations of customers and other relevant interested parties in the most efficient manner possible. Audits are performed by a qualified independent certifying body.

"The OBX culture is built on the commitment, to both our customers and our employees, that we will only deliver the highest quality products and services. Through the ISO 9001:2015 certification, we have validated that the OBX Quality Management System supports this commitment," said Dave Neundorfer, OBX CEO. "Customer satisfaction is at the center of everything we do and this ISO certification reinforces the quality, reliability and robustness of our manufacturing and management system processes."

OBX's products and processes were put through a thorough evaluation process to achieve ISO 9001:2015 certification, including all aspects of Service Delivery, Business Enablement, Infrastructure, Human Resources and Training, Finance and Accounting, and Business Growth. The ISO 9001:2015 certification proves that OBX has a clear, actionable, and diligent approach to the vital components of a successful mission-first organization and is well-positioned for the next round of strategic growth. OBX was recommended for registration to the ISO 9001:2015 standard by registrar QSR on July 14, 2022 and is now awaiting its audit certificate.

"Any company that has been through the certification process knows that achieving ISO 9001:2015 certification is demanding," said Chelsea Pipkin, OBX Vice President of Quality Assurance. "Each individual in our operations must be wholly dedicated to the pursuit of quality and safety. By scrutinizing our enterprise at every level, we assure that our customers are receiving superior customer service and the highest quality products, in the safest possible manner."

The ISO 9001:2015 certification builds on accreditations OBX has recently received, including NSF/455-2 certification from global public health organization NSF International, USDA Organic Certification, and Kosher Certification. Earlier this year, OBX implemented Acumatica's Enterprise Resource Planning (ERP) software to further bring new efficiency and productivity to the company's expanding business, including better workflow, higher profitability, superior customer service, improved inventory turns, and visibility into the entire enterprise.

With a 76,000 sf. research and production facility near Durham, North Carolina, OBX has developed proven methods to efficiently manufacture a broad range of cannabinoids from hemp and natural sources, including CBD, CBN, CBC, CBG, CBGa, CBT, CBDa, CBDv, and THCv. OBX offers concept-to-market formulation and product development and manufacturing services, leveraging leading water soluble technology and unique delivery mechanisms to help its clients bring to market a wide range of finished goods, from core softgels, capsules, and gummies, to orally dissolving tablets, tongue strips, and aerosol sprays.

Using ISO 9001:2015 standard helps ensure that OBX customers receive consistent, high-quality products and services, including:

  • Homogenous, repeatable, and secure internal process execution
  • Creation of a platform for consistency during expansion
  • Improved client delivery services and customer satisfaction

About Open Book Extracts

Headquartered in Roxboro, N.C., Open Book Extracts is an NSF cGMP-certified manufacturer of premium cannabinoid products, aiming to be the industry's true north by delivering premium products, exceptional service, and industry-leading transparency. With control of the entire supply chain, a state-of-the-art extraction and manufacturing campus near North Carolina's Research Triangle, proprietary refinement and conversion methods backed by a growing IP portfolio, and a team of PhD chemists and seasoned business leaders, OBX is the trusted partner for global brands seeking to enter the marketplace. OBX offers concept-to-market formulation and manufacturing services, leveraging a broad portfolio of cannabinoid ingredients, leading water soluble technology and unique delivery mechanisms to help its clients bring to market a wide range of finished goods, from core softgels, capsules, and gummies, to orally dissolving tablets, tongue strips, and aerosol sprays.

Media Contacts:

Media relations - Sheldon Baker, and Nicole Brown,, 914.645.0898

Cision View original content to download multimedia:

SOURCE Open Book Extracts

Thu, 21 Jul 2022 02:38:00 -0500 en text/html
Killexams : Quality standards advisory committee 2 members

Steve is an experienced clinician with a track record of innovation and of thought leadership, particularly in the fields of health information and clinical data science. He is currently director of public health in the London Borough of Hillingdon.

As medical director of Health Dialog, Steve was closely involved in services covering ten million people in the UK and many millions in France, Spain, Australia and the United States. Health Dialog was the largest predictive risk modelling and shared decision making provider in the world.

Steve has worked with many organisations as a consultant including WHO, UNICEF, OECD, the European Observatory on Health Care Systems, the European Insurance Forum, the Albert Schweitzer Foundation, the World Bank, many NHS organisations, Public Health England, Reuters, BMJ, Bupa, AT Kearney, Towers Watson, Methods Analytics, Infinity Health, Elsevier and several overseas governments. He also led the research team for a UK cross-governmental review of the health of the working-aged population. Steve was chairman of the Representative Body of the British Medical Association for several years. Steve is currently chair of the post-traumatic stress disorder guideline development group.

Mon, 31 Jul 2017 02:49:00 -0500 en-GB text/html
Killexams : About SCHARP

Our goal at SCHARP is to create an environment where world-class talent comes to build a world-class organization.

Dedicated to the core values of scientific excellence, innovation, collaboration, community and respect, SCHARP believes we are improved and strengthened by our collective diversity. We respect the contributions of staff, customers, partners, and study participants.

SCHARP is committed to maintaining the highest standard of ethics, integrity and quality in conducting our work in accordance with best practices. We strive to function as a team, grounded in mutual support, caring and inclusiveness. To that end, we have organized employee teams to foster a culture of inclusivity and continual growth and improvement.

Motivated by the goal of creating a high-impact learning environment, SCHARP encourages employees to gain new skills and experiences by taking advantage of conferences, workshops, trainings and other professional development opportunities both on and off campus.

Peter Guarino, Executive Director

As the Executive Director of SCHARP, Dr. Guarino manages overall operations and provides leadership, direction and oversight to SCHARP and SCHARP’s Senior Management Team. Dr. Guarino partners with the Fred Hutch faculty and Statistical and Data Management Center investigators to set SCHARP’s strategic goals to ensure the clinical trials SCHARP supports are managed according to our highest quality standards.

He is committed to maintaining SCHARP’s reputation as a globally recognized statistical and data management center. He is also dedicated to fostering a rewarding and inspiring workplace environment that develops and empowers staff, promotes a healthy work-life balance, and is mission focused.

Dr. Guarino’s past work includes 15 years with the Department of Veterans Affairs Cooperative Studies Program Coordinating Center in West Haven, Connecticut, where he served 5 years as director. He is also an Associate Clinical Professor of Biostatistics at Yale University School of Public Health.

Jason Walton, Managing Director

Jason serves as the operational leader of the organization working in close collaboration with the SCHARP Executive Director, departmental managers and directors, and the Senior Management Team. He provides direction and oversight to strategic planning, protocol and program support, partner engagement and management, project and product management, and process improvement.

He helps build a highly engaged workforce assisting staff to realize their full potential, and the organization to be a world-class statistical and data management center.

Jason brings over 15 years of global health and systems thinking to organizational performance and operational management. 

Gisele Desrochers, Director

Quality Assurance

In her role as the Director of Quality Assurance, Gisele provides leadership, direction and oversight of SCHARP’s quality management systems and quality assurance and regulatory compliance activities in accordance with regulations, guidelines and standards governing the clinical trials industry.

As a member of the Senior Management Team, Gisele works with SCHARP leadership to develop QA department and SCHARP wide strategies, infrastructure, policies, and standards that support SCHARPs vision, mission, and goals.

Gisele is the primary contact for regulatory inspections and third-party client audits, and she is responsible for supporting SCHARP continuous quality improvement activities.  She is committed to the enhancement of her department and the satisfaction of her employees.

Elaine Dinnie, Director

Clinical Coding and Safety

Elaine provides strategic, organizational and operational management, leadership and guidance to SCHARP’s Clinical Coding and Safety Unit, a dedicated team of Clinical Safety Associates and Clinical Coding Specialists. Her role includes providing subject matter expertise in clinical safety and clinical coding, as well as ensuring that the SCHARP Clinical Coding and Safety Unit services meet all regulatory requirements. Elaine is dedicated to fostering and promoting the long-term development of her team.

As a member of SCHARP’s Senior Management Team, Elaine collaborates with the other directors to create and implement an overall organizational vision and strategic direction for SCHARP and helps guide the organization’s clinical safety operations and strategic initiatives. 

Kristine Donaty, Director

Clinical Data Management

Kris provides strategic, organizational and operational management and guidance to SCHARP’s Clinical Data Management Unit, a dedicated team of clinical data managers, coordinators, and electronic data capture (EDC) system programmers.

Kris works to foster and promote the long-term development of the Clinical Data Management Unit in close collaboration with team managers and staffs. She helps ensure that the clinical data management services for SCHARP meet all  protocol and regulatory.

As a member of SCHARP’s Senior Management Team, Kris collaborates with the other directors to create and implement overall organizational vision and strategic direction for SCHARP and helps guide the organization’s clinical data management operations and strategic initiatives. 

Matt Martin, Director

Technology Support Services

Matt manages SCHARP’s Technology Support Services team, who are responsible for software development, system support and operations, and system administration within SCHARP’s information technical infrastructure.

A member of SCHARP’s Senior Management Team, Matt also provides technical leadership and guidance on long-term strategic planning technology roadmap development and day-to-day operational issues. During his tenure at SCHARP, Matt has aligned our IT operations with industry best practices.  

Bhavesha O'Byrne, Director

Lab Data Management

In her role as Director of SCHARP’s Lab Data Management team, Bhavesha provides strategic, organizational and operational leadership and mentorship to a dedicated team of lab data managers, coordinators and program managers. Bhavesha is committed to fostering and promoting the long-term development of her team.

As a member of SCHARP’s Senior Management Team, Bhavesha collaborates with SCHARP and Network leadership to create and implement SCHARP’s overall organizational vision and strategic direction.

Amber Randall, Director

Data Analytics 

In her role as the Director of SCHARP’s Data Analytics Unit, Amber provides strategic, organizational and operational management and oversight for a team of dedicated biostatisticians and statistical research associates.

Amber works to foster and promote the long-term development of the Data Analytics Unit, works closely with the SCHARP Director, Senior Management Team, and Statistical Managers to contribute to the advancement of SCHARP, and Excellerate the operational effectiveness of the unit.

As a member of SCHARP’s Senior Management Team, Amber collaborates with SCHARP leadership to create and implement overall organizational vision and strategic direction for SCHARP.

Opportunities for Growth and Fun

SCHARP has created a high-impact learning environment. Employees gain new skills and experiences by attending trainings and conferences. Onsite, Fred Hutch offers talks and seminars as well as numerous opportunities for staff training and development.

While we take our work seriously, we also take time along the way to enjoy ourselves and build community. We host a variety of events throughout the year, including scientific and social issues talks, rooftop ice cream socials, holiday parties, picnics, happy hours and potluck social hours.

SCHARP Gives Back

SCHARP is committed to having a positive impact in the world, beyond our contribution through work. Our team regularly volunteers and conducts fundraisers to support various HIV/AIDS-related charities, both locally and around the world.

Dzama Community in Malawi

In May 2004 SCHARP staff began providing financial support to the Dzama community in Malawi. Dzama is a village populated with over 100 orphans, many of whom were orphaned because of HIV. These children are in great need of basic assistance such as food, clothing, and school supplies.

SCHARP regularly donates proceeds from our fundraisers to the Dzama community. Our efforts have provided Dzama's residents with everything from a new schoolhouse with solar lighting, to goats, wool blankets, clothing, books, food, seeds, leased land, new pit latrines, and a bore hole for fresh water.

United Way of King County

SCHARP staff regularly volunteer at the United Way of King County’s Day of Caring and the MLK Day of Service events, where we help build a local community where people have homes, students graduate and families are financially stable and honor Dr. Martin Luther King Jr.’s legacy of compassion and service to others.

Tue, 02 Aug 2022 12:00:00 -0500 en text/html
Killexams : Larry D. Alexander's newly released "The Twelve Tribes of Truth" is an engaging philosophical discussion of morality and ethical boundaries

"The Twelve Tribes of Truth" from Christian Faith Publishing author Larry D. Alexander is a reflective examination of the foundation of truth that will encourage growth and careful consideration.

MEADVILLE, Pa., Aug. 2, 2022 /PRNewswire-PRWeb/ -- "The Twelve Tribes of Truth": a potent and enjoyable read with an encouraging tone regarding a significant aspect of life. "The Twelve Tribes of Truth" is the creation of published author, Larry D. Alexander, the owner and president of LD Alexander Enterprises Inc., a sales, marketing, and business development consulting firm. Alexander supports public education and was appointed by the governor of Arkansas to the inaugural board of trustees for the Arkansas School for Mathematics, Sciences and Arts (ASMSA). He graduated from Northeast Mississippi Community College, attended the University of North Alabama, and holds a BS from Mississippi State University, where he majored in marketing and business management.

Alexander shares, "The Twelve Tribes of Truth offers a new way to look at the subject of truth. It includes a solid and unique take on the foundation and character of truth. It presents truth with a clear but colorful personal outlook and is set to a backdrop of life lessons.

"The Twelve Tribes of Truth is the type of book enjoyed by a thinking person. It contains philosophical eye-openers, self-improvement considerations, spiritual connections, and life lessons. It is filled with slight humor and personal testimonies. It makes you ask questions about what truths you need to face in your own life and how you will deal with them. There is not my truth, your truth, their truth, or our truth. There is just the truth.

"This book is for readers who like a read that makes you think, cause a moment of reflection, and offers a good, light, easy but serious read.

"You will become drawn in as each of The Twelve Tribes of Truth is introduced. Reflect as you explore, and come to see how they define the truth.

"The Twelve Tribes of Truth speaks to you in a likable personal voice and share great meaningful and useful stories. The Twelve Tribes of Truth—truth as it really is!"

Published by Christian Faith Publishing, Larry D. Alexander's new book will challenge and encourage as readers reflect on each compelling point.

Alexander's reflective discussion brings a fresh and welcome voice to the inspirational genre.

Consumers can purchase "The Twelve Tribes of Truth" at traditional brick & mortar bookstores, or online at, Apple iTunes store, or Barnes and Noble.

For additional information or inquiries about "The Twelve Tribes of Truth," contact the Christian Faith Publishing media department at 866-554-0919.

Media Contact

Christian Faith Publishing Media Department, Christian Faith Publishing, 8665540919,

SOURCE Christian Faith Publishing

© 2022 Benzinga does not provide investment advice. All rights reserved.

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Mon, 01 Aug 2022 16:11:00 -0500 text/html
Killexams : Prudential Financial (PRU) Q2 2022 Earnings Call Transcript No result found, try new keyword!Q2 2022 Earnings Call Aug 03, 2022, 11:00 a.m. ET Ladies and gentlemen, thank you for standing by, and welcome to Prudential's quarterly earnings conference call. [Operator instructions] As a reminder ... Wed, 03 Aug 2022 10:00:40 -0500 en-us text/html Killexams : Market Movers: Intertek falls as results miss expectations

Intertek Group PLC (LSE:ITRK) shares fell 1.6% to 4,393 after the testing and assurance services specialist posted first half results below market forecasts.

Broker Shore Capital said revenue growth of 13% was below forecast reflecting a lower than expected forex benefit while margins were also weaker than anticipated.

It commented “Clearly, an inflationary cost environment, China lock-down and competition in pandemic recovery are biting.”

Adjusted pre-tax profit of £204mln was up 9% against the first half of last year but some way below Shore’s £234mln forecast.

Shore Capital added “We see challenges stiffening in some respect in H2 driven by lower global consumer demand and continuing geopolitical tensions.”

“No doubt there will be opportunities too, but our immediate concern is over cost inflation pressures on the technical staff base and competitive forces from clients on margins visibility is clouded in our opinion.”

“Caution is required, and we will therefore reduce our margin assumptions.”

IMI advances as analysts warm to first half numbers

IMI PLC (LSE:IMI) shares motored ahead by 4.41% to 1,349p after reporting 9% growth in first half operating profit to £160mln with broker JP Morgan (JPM) pointing out this was above its expectations.

JPM commented “Organic sales growth has continued to be solid and the strategic progress is increasingly visible in the numbers.”

“The print is about as good as could be hoped in what will remain an uncertain macro.”

Sales and EBITDA were both ahead of JPM’s forecasts with all three divisions seeing margins up year on year.

Forecasts going forward are likely to be held as management reiterated EPS guidance of 100p, JPM said.

JPM maintained its 2,000p December 2023 price target, and its outperform rating.

Investec was also upbeat after the release commenting that “positive changes continue to progress, driven by management actions.”

“The strategy, involving sharpening commerciality and even divesting businesses, is bearing fruit in shareholder returns.”

“ Underlying demand is improving, and there is now greater visibility in the medium-term margin targets, which provide a positive future returns profile.”

“Overall, IMI is competitive in its markets, management continues to drive improvement initiatives, and this should result in a higher quality business.”

Bank of America and Peel Hunt also reiterated buy ratings on IMI. (LSE:MONY) slips as Liberum cuts rating after good run (LSE:MONY) Group PLC fell back today after its latest good run with analysts at Liberum downgrading the stock to hold from buy.

The broker pointed that since upgrading the stock to buy on July 5th it had rallied by around 20%.

Shares in the group slipped 2% in a strong market to 205.50p.

Liberum suggested the group could still attract a potential suitor.

Ormonde Mining Spanish sale sends shares higher

Ormonde Mining was a winner on the AIM-All Share market after it announced the sale of its stake in the La Zarza Copper-Gold Project in Spain for EUR2.3mln cash to La Zarza Mineria Metalica.

Shares powered ahead by 26.09% to 0.73p reflecting a better than hoped for sale price.

The sale price is at a premium to the book value of EUR2.0mln with the company receiving EUR 800,000 on completion of the sale with the balance to be paid in three equal payments of EUR 500,000 on the first, second and third anniversaries of completion.

Brendan McMorrow, Chief Executive Officer, commented:

"This is an important milestone for Ormonde in positioning the Company to execute new opportunities which leverage our financial strength and have the prospect of generating value for shareholders in the medium term.”

“To reach a Sale agreement to release value from these assets at a premium to the book value is an excellent outcome for the Company and its shareholders. It places the Company on a stronger financial footing to acquire new projects in line with Ormonde's strategy to generate shareholder value by leveraging its balance sheet and resources."

Fri, 29 Jul 2022 01:15:00 -0500 en text/html
Killexams : UTMD Reports Financial Performance for Second Calendar Quarter and First Half 2022

SALT LAKE CITY, UT - ( NewMediaWire ) - July 26, 2022 - UTMD achieved second calendar quarter (2Q) and first half (1H) 2022 financial results better than those anticipated in its beginning of year projections.

Currencies in this release are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; £ or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and € or EUR = Euros. Currency amounts throughout this report are in thousands, except per share amounts and where noted. 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.

Overview of Results

In brief, UTMD was able to adjust to the challenges of rapidly rising variable costs in the 1H of 2022. The following is an income statement summary comparison of 2Q and 1H 2022 with 2Q and 1H 2021 according to U.S. Generally Accepted Accounting Principles (US GAAP):

                                                                      2Q                                 1H
                                                             (April – June)                 (January-June)

Revenues (Sales): +     7% +     9%
Gross Profit (GP): +     5% +     6%
Operating Income (OI): +     6%  +   11% 
Income Before Tax (EBT):
Net Income (NI):
+     8% 
+   20%
+   12% 
+   18%
Earnings Per Share (EPS): +   20% +   18%

The above comparisons of GP and OI indicate costs rising faster than revenues in 1H 2022. The expansion in EBT was due to better non-operating income. The high expansion in NI and EPS was due to comparison after a one-time negative income tax provision adjustment in the prior year as a result of a long-term tax rate change enacted in the UK in June 2021.

For clarity, the above comparisons of NI and EPS according to US GAAP were affected by a long term deferred tax liability (DTL) adjustment on the balance of Femcare identifiable intangible assets (IIA) in 2Q 2021. As stockholders may remember, the DTL was initiated as part of the 2011 acquisition of Femcare because the expense from amortizing Femcare IIA, most of which is occurring over a fifteen-year time span from the acquisition date, is not tax-deductible in the UK. According to US GAAP, the future tax impact of a change in DTL must be recognized in the quarter in which a tax law change is enacted. In 2Q 2021, a $390 increase in DTL over the remaining five years of amortization occurred because in June 2021, UK parliament ratified an increase of the UK corporate income tax rate from 19% to 25% beginning on April 1, 2023, which affects the deferred taxes for IIA to be amortized after April 1, 2023, until fully amortized as of March 2026.

UTMD management believes that the presentation of results excluding the unfavorable deferred tax liability adjustment to its 2Q and 1H 2021 income tax provisions provide meaningful supplemental information to both management and investors that is more clearly indicative of UTMD’s year-to-prior-year operating result comparisons. The non-US GAAP exclusion only affects Net Income and Earnings Per Share.

Excluding the 2Q 2021 deferred tax liability increase and resulting “one-time” tax provision increase in 2Q 2021 due to the UK income tax rate change, the resulting year-to-year period comparisons of non-US GAAP NI and EPS changes are consistent with that of EBT:

                                               2Q                          1H
                                          (April – June)      (January-June)

NI (non-US GAAP): +  8%     +  12%
  EPS (non-US GAAP): +  8%     +  12%

Sales in all product categories, except for domestic U.S. sales of the Filshie Clip System, were up in 2Q and 1H 2022 compared to the same periods in 2021. Sales invoiced in foreign currencies, which represented 29% of total consolidated sales (when expressed in USD) during 2Q 2022, and 26% during 1H 2022, were hindered by a stronger USD. USD sales in 2Q 2022 were approximately 3% lower, and 2% lower for the 1H, to that which would have resulted using the same foreign currency exchange (FX) rates as in the prior year’s same periods (“constant currency” sales).

Profit margins in 2Q and 1H 2022 compared to 2Q and 1H 2021 follow:

Note:  The Net Income Margin is NI divided by sales.

In 2Q and 1H 2022, the dilution in GP Margin from variable costs rising more than sales was mitigated in the OI Margin as a result of better absorption of fixed IIA amortization expense and a reduction of foreign currency operating expenses in USD terms due to the stronger USD. The improvement in Net Income and EPS was greater than the growth in sales primarily as a result of the additional benefit of higher non-operating income. Please see the income statements on the last page of this report.

UTMD’s June 30, 2022 Balance Sheet continued strong, with no debt. Ending Cash and Investments were $66.2 million on June 30, 2022 compared to $61.0 million on December 31, 2021. The June 30, 2022 cash balance resulted after paying $1.1 million in cash dividends to stockholders and repurchasing $2.5 million in UTMD stock during 2Q 2022. During the last twelve months (TTM) since June 30, 2021, UTMD has returned $12,943 to stockholders in the form of cash dividends and UTMD share repurchases.

Foreign currency exchange (FX) rates for Balance Sheet purposes are the applicable rates at the end of each reporting period. The FX rates from the applicable foreign currency to USD for assets and liabilities at the end of 2Q 2022 compared to the end of calendar year 2021 and the end of 2Q 2021 were

  6-30-22 12-31-21 Change 6-30-21 Change
GBP 1.21601 1.35358 (10.2%) 1.38065 (11.9%)
EUR 1.04657 1.13765 (  8.0%) 1.18514 (11.7%)
AUD 0.69042 0.72678 (  5.0%) 0.74952 (  7.9%)
CAD 0.77691 0.79016 (  1.7%) 0.80619 (  3.6%)

Revenues (sales) -2Q 2022

Total consolidated 2Q 2022 UTMD worldwide (WW) sales were $824 (+6.5%) higher than in 2Q 2021. Without the negative impact of a stronger USD in converting foreign currency sales, WW constant currency sales were $1,280 higher (+10.2%) than in 2Q 2021, which was the second highest sales quarter of 2021. “Constant currency” sales means exchanging foreign currency sales into USD-denominated sales at the same FX rate as was in the previous period of time being compared.

Overall 2Q 2022 U.S. domestic sales were 2.4% lower and outside the U.S. (OUS) sales were 22.2% higher, despite an FX rate $456 (10.6%) negative impact on sales invoiced in foreign currencies. In other words, 2Q 2022 constant currency OUS sales were 32.2% higher than in 2Q 2021. In 2021, U.S. domestic sales recovered from the COVID-19 pandemic faster than OUS sales. In 2022, it appears that OUS sales are catching up with the U.S. recovery.

Domestic U.S. sales in 2Q 2022 were $7,829 compared to $8,023 in 2Q 2021. Domestic sales are invoiced in USD and not subject to FX rate fluctuations. The components of domestic sales include 1) “direct non-Filshie device sales” of UTMD’s medical devices to user facilities (and med/surg stocking distributors for hospitals), 2) “OEM sales” of components and other products manufactured by UTMD for other medical device and non-medical device companies, and 3) “domestic Filshie device sales”. UTMD separates domestic Filshie device sales from other medical device sales direct to medical facilities because UTMD is simply a distributor for Femcare in the U.S. Direct non-Filshie device sales, representing 51% of total domestic sales, were $266 (+7.1%) higher in 2Q 2022 than in 2Q 2021. Domestic OEM sales, representing 34% of total domestic sales, were $16 (0.6%) lower. Domestic Filshie device sales, representing 15% of total domestic sales, were $444 (27.9%) lower in 2Q 2022 compared to 2Q 2021.

OUS sales in 2Q 2022 were $5,599 compared to $4,581 in 2Q 2021. The increase in USD-denominated OUS sales is understated in constant currency terms. The stronger USD subtracted $456 from 2Q 2022 OUS sales invoiced in GBP, EUR, AUD and CAD currencies. FX rates for income statement purposes are transaction-weighted averages. The average FX rates from the applicable foreign currency to USD during 2Q 2022 and 2Q 2021 for revenue purposes follow:

                                                          2Q 2022           2Q 2021      Change
                                    GBP                 1.2525            1.3986        (10.4%)
                                    EUR                 1.0571            1.2043        (12.2%)
                                    AUD                 0.7178            0.7696        ( 6.7%)
                                    CAD                 0.7847            0.8119        ( 3.4%)

The weighted average unfavorable impact on 2Q 2022 foreign currency OUS sales was 10.6%. In constant currency terms, foreign currency sales in 2Q 2022 were 32.2% higher than in 2Q 2021. The portion of OUS sales invoiced in foreign currencies in USD terms were 29% of total consolidated 2Q 2022 sales compared to 27% in 2Q 2021.

OUS sales invoiced in foreign currencies are due to direct end-user sales in Ireland, the UK, France, Canada, Australia and New Zealand, and to shipments to OUS distributors of products manufactured by UTMD subsidiaries in Ireland and the UK. Export sales from the U.S. to OUS distributors are invoiced in USD. Direct to end-user OUS 2Q 2022 sales in USD terms (including the negative impact of FX rate differences) were 11% lower in Ireland with the EUR FX rate down 12%, 1% lower in Canada with the CAD FX rate down 3%, about the same in the UK with the GBP FX rate down 10%, 23% lower in Australia/New Zealand with the AUD FX rate down 7%, and 15% higher in France with the EUR FX rate down 12%. Sales to OUS distributors were 41% higher in 2Q 2022 than in 2Q 2021.

Sales -1H 2022

Total consolidated 1H 2022 UTMD WW sales were $2,184 (+9.3%) higher than in 1H 2021. Constant currency sales were $2,792 (+11.8%) higher. U.S. domestic sales were 6.8% higher and OUS sales were 13.4% higher in 1H 2022 compared to 1H 2021. In constant currency terms, 1H 2022 OUS sales were up 20.4%.

Domestic U.S. sales in 1H 2022 were $15,813 compared to $14,805 in 1H 2021. Direct non-Filshie device sales, representing 51% of total domestic sales, were $859 (+12.0%) higher in 1H 2022 than in 1H 2021, led by an increase in domestic neonatal device sales. OEM sales, representing 34% of total domestic sales, were $767 (+16.7%) higher. Domestic Filshie device sales, representing 15% of total domestic sales, were $618 (20.1%) lower in 1H 2022 compared to 1H 2021.

OUS sales in 1H 2022 were $9,938 compared to $8,762 in 1H 2021. The increase in USD-denominated OUS sales is understated in constant currency terms. The stronger USD subtracted $608 from 1H 2022 OUS sales invoiced in GBP, EUR, AUD and CAD currencies. The transaction-weighted average FX rates from the applicable foreign currency to USD during 1H 2022 and 1H 2021 for revenue purposes follow:

                                                           1H 2022          1H 2021    Change
                                    GBP                 1.2886            1.3908      (  7.3%)
                                    EUR                 1.0852            1.2037      (  9.8%)
                                    AUD                 0.7206            0.7711      (  6.6%)
                                    CAD                 0.7866            0.8009     (  1.8%)

The weighted-average FX rate negative impact on 1H 2022 foreign currency OUS sales was 8.3%. In constant currency terms, foreign currency sales in 1H 2022 were 20.4% higher than in 1H 2021. The portion of OUS sales invoiced in foreign currencies in USD terms were 26% of total consolidated 1H 2022 sales compared to 27% in 1H 2021. Direct to end-user OUS 1H 2022 sales in real USD terms were 5% higher in Ireland with a 10% lower EUR, 8% lower in Canada with a 2% lower CAD, 3% lower in France with a 10% lower EUR, 23% higher in the UK with a 7% lower GBP, and 28% lower in Australia/New Zealand with a 7% lower AUD. Sales to OUS distributors were 24% higher in 1H 2022 than in 1H 2021.

Gross Profit (GP)

GP results from subtracting the costs of production, manufacturing engineering, depreciation of equipment, maintenance and repairs, quality assurance including regulatory compliance, and purchasing including freight for receiving materials from suppliers. As expected, despite dilution of fixed overhead costs from higher sales, the 2Q and 1H significant inflationary increases in UTMD’s variable manufacturing costs squeezed UTMD’s GP Margin (GPM). UTMD’s 2Q 2022 GP was $365 (+4.7%) higher than in 2Q 2021. UTMD’s 1H 2022 GP was $951 (+6.5%) higher than in 1H 2021. Although revenue was up more than GP in both 1Q and 1H periods, the resulting lower GPMs remained consistent with UTMD’s long term profitability goals. Incremental direct labor costs increased significantly as a result of competition for a limited number of people currently seeking work, and the Company’s efforts to help mitigate the negative impact of inflation on its long-term employees. UTMD also experienced double-digit percentage cost increases in raw materials costs. Incoming freight costs to receive raw materials doubled. The growing administrative burden of compliance with regulatory requirements, particularly OUS, continued to pressure UTMD’s GPM. Although managing the rapid rise in variable manufacturing costs will apparently continue to be a significant challenge for the rest of 2022, the 1H 2022 GPM helps confirm that UTMD is likely to be able to successfully manage it.

Operating Income (OI)

OI results from subtracting Operating Expenses (OE) from GP. After subtracting OE from higher 2Q and 1H 2022 GP, OI in 2Q 2022 was $5,057 compared to $4,765 in 2Q 2021, an increase of 6.1%, representing a healthy OI Margin (OI as a percentage of sales) of 37.7%. OI in 1H 2022 was $9,579 compared to $8,652 in 1H 2021, an increase of 10.7%, representing an OI margin of 37.2%. The increase in OI was almost the same as the increase in sales despite a lower GPM and higher litigation expenses (included in G&A OE) because of two offsetting factors; 1) better absorption of fixed IIA amortization expenses (i.e. a lower percentage of sales for relatively fixed non-cash expenses), and 2) a reduction in USD-denominated foreign currency OE of foreign subsidiaries as a result of a stronger USD (i.e. lower FX rates for the EUR, GBP, AUD and CAD expenses).

OE are comprised of Sales and Marketing (S&M) expenses, General and Administrative (G&A) expenses and Product Development (R&D) expenses. The following table summarizes OE in 2Q and 1H 2022 compared to the same periods in 2021 by OE category:

OE Category 2Q 2022 % of sales 2Q 2021 % of sales 1H 2022 % of sales 1H 2021 % of sales
S&M: $ 357   2.7 $ 364   2.9 $ 693   2.7 $ 748   3.2
G&A: 2,602 19.3 2,528 20.1 5,153 20.0 5,073 21.5
R&D:    135   1.0   128   1.0    258   1.0   259   1.1
Total OE: 3,094 23.0 3,020 24.0 6,104 23.7 6,080 25.8

A stronger USD helped decrease foreign currency OE when converted to USD by $100 in 2Q 2022 and $135 in 1H 2022. The following table summarizes “constant currency” OE in 2Q and 1H 2022 compared to the same periods in 2021 by OE category:

OE Category 2Q 2022 const FX   2Q 2021   1H 2022 const FX   1H 2021
S&M: $ 366   $ 364   $ 707   $ 748
G&A: 2,693   2,528   5,274   5,073
R&D:    135     128      258     259
Total OE: 3,194   3,020   6,239   6,080

OUS OE when converted to USD were decreased 10% in 2Q 2022 and 7% in 1H 22 by the FX rate change. Constant currency 2Q 2022 OE were 6% higher than in 2Q 2021, and 3% higher in 1H 2022 than in 1H 2021. In other words, the FX rate change which decreased foreign OE in USD terms almost offset the higher G&A expenses in the U.S.

A segmentation of USD-denominated G&A expenses by subsidiary location follows. Note that over 60% of G&A expenses were non-cash expenses from the amortization of IIA associated with the Filshie Clip System:

G&A Exp Category 2Q 2022 % of sales 2Q 2021 % of sales 1H 2022 % of sales 1H 2021 % of sales
IIA Amort- UK: $ 498  3.7 $ 556   4.4 $1,030   4.0 $1,106   4.7
IIA Amort– CSI:
Other– UK:
U.S. Litigation
Other– US:
Total G&A:








OUS G&A expenses were $804 in 2Q 2022 compared to $871 in 2Q 2021. OUS G&A expenses were $1,634 in 1H 2022 compared to $1,750 in 1H 2021. The table below identifies “constant currency” OUS G&A expenses for 2Q and 1H 2022 compared to the same periods in 2021:

G&A Exp Category 2Q 2022 const FX   2Q 2021   1H 2022 const FX   1H 2021
IIA Amort- UK: $ 556   $ 556   $1,106   $1,106
Other– UK:
Total G&A:



Period to period product development (R&D) expenses varied slightly depending on specific project costs. Since almost all R&D is being carried out in the U.S., there was negligible FX rate impact.

Income Before Tax (EBT)

EBT results from subtracting net non‑operating expense (NOE) or adding net non-operating income (NOI) from or to, as applicable, OI. Consolidated 2Q 2022 EBT was $5,199 (38.7% of sales) compared to $4,825 (38.3% of sales) in 2Q 2021. Consolidated 1H 2022 EBT was $9,729 (37.8% of sales) compared to $8,723 (37.0% of sales) in 1H 2021.

NOE/NOI includes the combination of 1) expenses from loan interest and bank fees; 2) expenses or income from losses or gains from remeasuring the value of EUR cash bank balances in the UK, and GBP cash balances in Ireland, in USD terms on June 30, 2022; and 3) income from rent of underutilized property, investment income and royalties received from licensing the Company’s technology. Negative NOE is NOI. Net NOI in 2Q 2022 was $142 compared to $60 net NOI in 2Q 2021. Net NOI in 1H 2022 was $150 compared to $71 net NOI in 1H 2021. With higher cash balances and higher interest rates in 2022 compared to 2021, UTMD received more interest income. UTMD Ireland realized $17 more NOI in 2Q 2022 than in 2Q 2021, and $69 more NOI in 1H 2022 than in 1H 2021, from renting underutilized facility space.

EBITDA is a non-US GAAP metric that measures profitability performance without factoring in effects of financing, accounting decisions regarding non-cash expenses, capital expenditures or tax environments. Management believes that this operating performance metric provides meaningful supplemental information to both management and investors and confirms UTMD’s ongoing excellent financial operating performance, as well as its ability to sustain performance during a challenging economic time.

Excluding the noncash effects of depreciation, amortization of intangible assets and stock option expense, 2Q 2022 consolidated EBT excluding the remeasured bank balance currency gain or loss (“adjusted consolidated EBITDA”) was $7,005 (+4.6%) compared to $6,695 in 2Q 2021. Adjusted consolidated EBITDA at $13,376 in 1H 2022 was 7.3% higher compared to $12,471 in 1H 2021. Adjusted consolidated TTM EBITDA was $27,435 as of June 30, 2022.

UTMD’s adjusted consolidated EBITDA as a percentage of sales (EBITDA margin) was 52.2% in 2Q 2022 compared to 53.1% in 2Q 2021. UTMD’s EBITDA margin was 51.9% in 1H 2022 compared to 52.9% in 1H 2021. The lower 2022 EBITDA margins reflect the 2022 GPM squeeze. Nevertheless, management believes that current EBITDA margins demonstrate continued outstanding operating performance.

UTMD’s non-US GAAP adjusted consolidated EBITDA is the sum of the elements in the following table, each element of which is a US GAAP number:

  2Q 2022 2Q 2021 1H 2022 1H 2021
EBT $ 5,199 $4,825 $ 9,729 $8,723
Depreciation Expense 153 162 302 326
Femcare IIA Amortization Expense 498 556 1,030 1,106
CSI IIA Amortization Expense 1,105 1,105 2,211 2,211
Other Non-Cash Amortization Expense 8 10 16 18
Stock Option Compensation Expense
Interest Expense
Remeasured Foreign Currency Balances          2 (4) 5 5
UTMD non-US GAAP EBITDA: $7,005 $6,695 $13,376 $12,471


All UTMD income statement measures from GP through EBT, including non-US GAAP adjusted consolidated EBITDA, for both 2022 and 2021 time periods were unaffected by the 2Q 2021 enacted change in the UK corporate income rate.

Net Income (NI)

NI in 2Q 2022 of $4,103 (30.6% of sales) was 19.7% higher than the US GAAP NI of $3,426 (27.2% of sales) in 2Q 2021. Excluding the “one-time” income tax provision increase recognized in 2Q 2021 as a result of a future UK tax rate increase and resulting DTL adjustment, diluted NI in 2Q 2022 was $4,103 (30.6% of sales) compared to non-US GAAP NI of $3,817 (30.3% of sales) in 2Q 2021, a 7.7% increase, which is consistent with the increase in EBT per US GAAP.

As a reminder, in 2Q 2021, because the UK reset its corporate tax rate from 19% to 25% beginning with 2Q 2023, it caused UTMD to have to book an additional $390 in its 2Q 2021 income tax provision that represents the additional tax which would be paid in the UK over the remaining IIA amortization life of the 2011 Femcare acquisition. Excluding the $390 DTL increase in 2Q 2021 which reduced NI by that same amount, 2Q 2021 non-US GAAP NI was $3,817 (30.3% of sales) compared to 2Q 2021 US GAAP NI of $3,427 (27.2% of sales). Excluding the same tax provision increase in 1H 2021 due to the DTL adjustment, non-US GAAP 1H 2021 NI was $6,840 (29.0% of sales), compared to US GAAP 1H 2021 NI of $6,450 (27.4% of sales).

The average consolidated income tax provisions (as a % of the same period EBT) per US GAAP in 2Q 2022 and 2Q 2021 were 21.1% and 29.0% respectively, and were 21.5% and 26.1% in 1H 2022 and 1H 2021 respectively. As the tax rates for 2Q and 1H 2021 are not directly related to EBT generated in the same periods, UTMD provides the following tax rates excluding the 2Q 2021 $390 tax provision adjustment: The resulting non-GAAP income tax provision rates were 21.1% and 20.9% for 2Q 2022 and 2Q 2021 respectively, and were 21.5% and 21.6% for 1H 2022 and 1H 2021 respectively.

The consolidated income tax provision rate varies as the mix in taxable income among U.S. and foreign subsidiaries with differing income tax rates differs from period to period. The basic corporate income tax rates in each of the sovereignties were the same as in the prior year.

Earnings per share (EPS)

Diluted EPS in 2Q 2022 were $1.124 compared to US GAAP diluted EPS of $0.937 in 2Q 2021, a 19.9% increase. Excluding the “one-time” income tax provision increase recognized in 2Q 2021 as a result of a future UK tax rate increase and a DTL adjustment, diluted EPS in 2Q 2022 were $1.124 compared to non-US GAAP diluted EPS of $1.044 in 2Q 2021, a 7.7% increase, consistent with the increase in EBT per US GAAP.

Diluted EPS in 1H 2022 were $2.088 compared to US GAAP diluted EPS of $1.765 in 1H 2021, an 18.3% increase. Excluding the “one-time” income tax provision increase recognized in 2Q 2021 as a result of a future UK tax rate increase and a DTL adjustment, diluted EPS in 1H 2022 were $2.088 compared to non-US GAAP diluted EPS of $1.871 in 1H 2021, an 11.6% increase, also consistent with the increase in EBT per US GAAP.

Diluted shares were 3,650,242 in 2Q 2022 compared to 3,655,319 in 2Q 2021. Diluted shares were 3,657,864 in 1H 2022 compared to 3,655,514 in 1H 2021. The lower diluted shares in 2Q 2022 were the result of shares repurchased during 2Q 2022 offset by employee options exercised, and a lower dilution factor for unexercised options. The number of shares added as a dilution factor in 2Q 2022 was 7,375 compared to 9,526 in 2Q 2021. The number of shares added as a dilution factor in 1H 2022 was 9,069 compared to 10,569 in 1H 2021.

The number of shares used for calculating EPS was higher than ending shares because of a time-weighted calculation of average outstanding shares plus dilution from unexercised employee and director options. Outstanding shares at the end of 2Q 2022 were 3,624,932 compared to 3,654,737 at the end of calendar year 2021. The difference was due to 300 shares added from employee option exercises during 1H 2022, offset by 30,105 shares repurchased in the open market and retired during 2Q 2022. For comparison, outstanding shares were 3,645,798 at the end of 2Q 2021. The total number of outstanding unexercised employee and outside director options at June 30, 2022 was 50,408 at an average exercise price of $69.07, including shares awarded but not yet vested. This compares to 63,874 unexercised option shares at the end of 2Q 2021 at an average exercise price of $68.38/ share, including shares awarded but not vested. No options were awarded in 2021 and to date in 2022.

UTMD paid $1,060 ($0.290/share) in dividends to stockholders in 2Q 2022 compared to $1,039 ($0.285/ share) paid in 2Q 2021. The dividends paid to stockholders during 2Q 2022 were 26% of NI. UTMD paid $1,060 ($0.290/share) in dividends to stockholders in 1H 2022 compared to $2,077 ($0.285/ share) paid in 1H 2021. The 1H 2022 dividend total excludes a dividend normally paid in January. A special dividend of $7,309 ($2.00/share) was paid in December 2021 in lieu of January 2022.

In 2Q 2022, UTMD repurchased 30,105 of its shares for $2,495, an average cost of $82.88/ share. No UTMD shares were repurchased in 2021. The Company retains the strong desire and financial ability for repurchasing its shares at a price it believes is attractive for remaining stockholders. UTMD’s closing share price at the end of 2Q 2022 was $85.90, down 4.4% from the closing price of $89.86 at the end of 1Q 2022, and down 14.1% from the closing price of $100.00 at the end of 2021. The closing share price one year ago at the end of 2Q 2021 was $85.04.

Balance Sheet.

At June 30, 2022 compared to the end of 2021, UTMD’s cash and investments increased $5,249 to $66,224 primarily as a result of 1H 2022 NP of $7,638 less $3,555 use of cash for dividends to stockholders and UTMD share repurchases. At June 30, 2022, net Intangible Assets decreased to 22.9% of total consolidated assets from 27.2% on December 31, 2021 due in part to a stronger USD which lowers the USD value of Femcare’s GBP IIA. UTMD’s still strong 17.8 current ratio at June 30, 2022 was lower than the 19.5 current ratio at December 31, 2021 as a result of $636 higher accrued liabilities. The average age of trade receivables was 33 days from date of invoice at June 30, 2022 compared to 36 days at December 31, 2021 based on the most latest calendar quarter of sales. Average inventory turns declined slightly to 2.9 in 2Q 2022 compared to 3.0 for the last quarter of 2021 due to increasing safety stocks of raw material.

Financial ratios as of June 30, 2022 which may be of interest to stockholders follow:

1)        Current Ratio = 17.8

2)        Days in Trade Receivables (based on 2Q 2022 sales activity) = 33

3)        Average Inventory Turns (based on 2Q 2022 CGS) = 2.9

4)        2022 YTD ROE (before dividends) = 14%

Investors are cautioned that this press release contains forward looking statements and that real events may differ from those projected. Risk factors that could cause results to differ materially from those projected include global economic conditions, market acceptance of products, regulatory approvals of products, regulatory intervention in current operations, government intervention in healthcare in general, tax reforms, the Company’s ability to efficiently manufacture, market and sell products, cybersecurity and foreign currency exchange rates, among other factors that have been and will be outlined in UTMD’s public disclosure filings with the SEC.

Utah Medical Products, Inc., with particular interest in health care for women and their babies, develops, manufactures and markets a broad range of disposable and reusable specialty medical devices recognized by clinicians in over one hundred countries around the world as the standard for obtaining optimal long term outcomes for their patients. For more information about Utah Medical Products, Inc., visit UTMD’s website at

Utah Medical Products, Inc.
INCOME STATEMENT, Second Quarter (three months ended June 30)
(in thousands except earnings per share):

  2Q 2022 2Q 2021 Percent Change
Net Sales $ 13,428 $ 12,604   6.5%
Gross Profit 8,151 7,785   4.7%
Operating Income 5,057 4,765   6.1%
Income Before Tax 5,199 4,825   7.7%
Net Income before DTL adjust
Net Income (US GAAP)
EPS before DTL adjustment
Earnings Per Share (US GAAP)
$ 1.124
$ 1.044
$ .937
Shares Outstanding (diluted) 3,650 3,655  

INCOME STATEMENT, First Half (six months ended June 30)
(in thousands except earnings per share):

  1H 2022 1H 2021    Percent Change
Net Sales $ 25,752 $ 23,568   9.3%
Gross Profit 15,683 14,732   6.5%
Operating Income 9,579 8,652 10.7%
Income Before Tax 9,729 8,723 11.5%
Net Income before DTL adjust
Net Income (US GAAP)
EPS before DTL adjustment
$ 2.088
$ 2.088
$ 1.871
$ 1.765
Shares Outstanding (diluted) 3,658 3,656  

(in thousands)

JUN 30, 2022
MAR 31, 2022
DEC 31, 2021
JUN 30, 2021
   Cash & Investments $66,224 $65,873 $60,974 $59,506
   Accounts & Other Receivables, Net 4,938 5,720 5,132 4,606
   Inventories 7,338 7,367 6,596 6,118
   Other Current Assets 453 520 456 357
     Total Current Assets 78,953 79,480 73,158 70,587
Property & Equipment, Net 10,591 10,997 11,066 11,168
Intangible Assets, Net 26,605 29,326 31,412 35,039
        Total Assets $116,149 $119,803 $115,636 $116,794
Liabilities & Stockholders’ Equity        
Accounts Payable 818 1,454 761 1,186
REPAT Tax Payable 220 220 220 245 
Other Accrued Liabilities 3,401 4,424 2,765 3,000
   Total Current Liabilities   $4,439   $6,098   $3,746   $4,431
Deferred Tax Liability – Intangible Assets 1,707 1,946 2,104 2,355
Long Term Lease Liability 
Long Term REPAT Tax Payable
Deferred Revenue and Income Taxes 489 534 577 486
Stockholders’ Equity 107,471 109,168 107,138 107,365
       Total Liabilities & Stockholders’ Equity $116,149 $119,803 $115,636 $116,794

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