Forbes magazine has ranked Utah Medical Products Inc. and Ballard Medical Products among the "200 Best Small Companies in America" for 1990.

In its Nov. 12 issue, the magazine ranked Ballard 37th and UMP 57th in its annual listing of the top small firms in the United States. Both companies are based in Midvale.Ballard manufactures and markets disposable medical products. Dale H. Ballard is its chief executive officer.

UMP, which manufactures and markets proprietary medical products primarily for critical care and obstetrical use, recently announced a 40 percent increase in third quarter revenues and a 67 percent increase in third quarter earnings compared to the like period last year.

UMP has added a third shift in its manufacturing division and is expanding its physical plant from 34,000 to 85,000 square feet to meet increased demand for its products and to provide for future growth. William Dean Wallace is CEO of the company.

Forbes evaluated more than 4,300 companies nationwide with sales between $1 million and $350 million. The 200 companies that made the Forbes list have been ranked according to their five-year average return on equity.

To qualify for the Forbes "200 Best" list, companies had to meet the following criteria: five-year average annual return on equity greater than 10 percent, minimum five-year annual earnings and sales growth rates of 8 percent, debt no greater than equity and no recent earnings nor stock market reverses.

UMP's five-year average annual return on equity was 21.7 percent with the latest twelve-month period showing a 49 percent return.

Meanwhile, Ballard's five-year average annual return on equity was 25.4 percent and 40.9 percent for the latest 12-month period.