Utah Medical Products Inc., the Midvale-based manufacturer and marketer of medical products used primarily in the critical care areas of hospitals, has had 12 consecutive quarters of record sales and earnings.

President Wm. Dean Wallace said revenues for the fourth quarter of 1988 increased 76 percent from $2.2 million to $4 million compared to the same period a year ago. Net income also increased to $423,308 from $222,816 in 1987, a 90 percent boost.Earnings per share increased to six cents from three cents in the same period a year ago. Per-share results for the last quarter were based on an average of 7.57 million shares, compared to 6.96 million shares a year earlier.

Sales in 1988 increased 72 percent to $13 million from $7.5 million. Net earnings were $1.4 million, more than double the $680,550 of the previous year, bringing earnings per share to 19 cents, an increase from the 10 cents of the prior year.