General
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Analysis of Results of Operations
a)Overview Income statement results in 3Q and 9M 2020 compared to the same periods of 2019 were as follows: 3Q 2020 3Q 2019 change 9M 2020 9M 2019 change Net Sales$ 10,479 $ 12,494 (16.1%)$ 30,168 $ 35,073 (14.0%) Gross Profit 6,497 7,379 (12.0%) 18,283 21,652 (15.6%) Operating Income 3,588 4,371 (17.9%) 9,428 12,954 (27.2%) Income Before Tax 3,588 4,448 (19.3%) 9,553 13,150 (27.4%) Net Income (NI) 2,933 3,705 (20.8%) 7,386 10,369 (28.8%)
Earnings per Diluted Share (EPS) 0.803 0.991 (19.0%) 2.008 2.774 (27.6%)
UTMD management believes that the presentation of sequential 2020 quarterly results provides meaningful supplemental information to both management and investors. Keeping in mind that 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, the following table shows the percent changes in 2020 quarterly results compared to the same periods of time in 2019:
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