"We are very excited to add AJR Enterprises' capabilities to our patient surfaces portfolio," said R. Jeffrey Bailly, chairman and CEO of UFP Technologies. "Patient surfaces and transfer devices are a growing market due in part to government guidelines and legislation around safe patient handling. AJR's 'cut and sew' manufacturing services and specialty fabrics expertise align very well with our strategy to bring more value to our customers through expanded capabilities and locations." "Combined with our th ...

Company Overview - UFP Technologies is a designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products [4] - The company plays a crucial role in the medical device supply chain and serves as a valued outsourcing partner to many leading medical device manufacturers globally [4] - UFP's products include single-use and single-patient devices and components utilized in various medical applications such as minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants [4] Conference Participation - UFP Technologies will present at the East Coast IDEAS Investor Conference on June 12, 2024, at 4:10 PM ET [1] - The presentation will be available via webcast on the conference host's website and UFP's investor relations section [1] - The IDEAS Conferences aim to provide independent venues for quality companies to showcase their investment merits to investment professionals [2] Conference Sponsorship - The IDEAS Investor Conferences are sponsored by a collective of firms managing over $200 billion in assets [2] - Notable sponsors include 1102 Partners, Allianz Global Investors, Ariel Investments, and several others [2]

UFP Technologies, Inc. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-12648 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 2024 (Exact name of registrant as specified in its charter) Delaware 04-2314970 | | | on whic ...

EXHIBIT 99.1 About UFP Technologies, Inc. UFP Technologies Announces Record Q1 Results NEWBURYPORT, Mass., May 01, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a designer and custom manufacturer of comprehensive solutions primarily for the medical market, today reported net income of $12.7 million or $1.64 per diluted common share outstanding for its first quarter ended March 31, 2024, compared to net income of $9.7 million or $1.27 per diluted common share outstanding for the first quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-12648 UFP Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 04-2314970 (State or oth ...

NEWBURYPORT, Mass., Feb. 21, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a designer and custom manufacturer of engineered solutions primarily for the medical market, today reported net income of $44.9 million or $5.83 per diluted common share outstanding for its year ended December 31, 2023, compared to net income of $41.8 million or $5.45 per diluted common share outstanding for 2022. Net sales for 2023 were $400.1 million, 13.1% higher than 2022 sales of $353.8 million. EXHIBIT 99.1 UF ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents UFP Technologies, Inc.'s unaudited condensed consolidated financial statements as of September 30, 2023, and for the periods then ended [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $399.8 million by September 30, 2023, with liabilities decreasing and equity growing Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $140,467 | $116,346 | | **Total Assets** | **$399,810** | **$378,192** | | **Total Current Liabilities** | $56,588 | $55,961 | | Long-term debt | $39,000 | $51,000 | | **Total Liabilities** | **$127,427** | **$140,647** | | **Total Stockholders' Equity** | **$272,383** | **$237,545** | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Net sales increased for both Q3 and nine-month periods; Q3 net income decreased due to a prior-year gain, while nine-month net income remained stable Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $100,784 | $96,970 | $298,575 | $262,555 | | **Gross Profit** | $27,750 | $25,523 | $86,096 | $66,980 | | **Operating Income** | $15,045 | $25,965 | $44,928 | $44,525 | | **Net Income** | $11,694 | $19,540 | $33,316 | $33,327 | | **Diluted EPS** | $1.52 | $2.56 | $4.33 | $4.37 | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity increased to $272.4 million by September 30, 2023, primarily driven by net income for the nine-month period - Stockholders' equity grew by **$34.8 million** in the first nine months of 2023, mainly due to retained earnings from net income[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $28.6 million in cash for the nine months ended September 30, 2023, a significant improvement year-over-year Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $28,633 | $(144) | | Net cash (used in) provided by investing activities | $(7,732) | $4,255 | | Net cash used in financing activities | $(18,780) | $(5,171) | | **Net increase (decrease) in cash** | **$1,925** | **$(1,180)** | [Notes to Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes explain accounting policies, revenue recognition, acquisitions, and other key financial statement items - In July 2022, the company sold its Molded Fiber business for approximately **$31.5 million**, resulting in a net gain of **$15.7 million**[23](index=23&type=chunk) - The company operates as a single segment, with one major customer accounting for **30.3%** of Q3 2023 consolidated revenues and **24.7%** for the nine-month period[63](index=63&type=chunk)[64](index=64&type=chunk) Net Sales by Market (Nine Months Ended Sep 30, in thousands) | Market | 2023 Net Sales | % of Total | 2022 Net Sales | % of Total | | :--- | :--- | :--- | :--- | :--- | | Medical | $257,092 | 86.1% | $208,464 | 79.4% | | Aerospace & Defense | $12,828 | 4.3% | $11,097 | 4.2% | | Automotive | $12,821 | 4.3% | $13,383 | 5.1% | | Industrial / Other | $15,834 | 5.3% | $29,611 | 11.3% | | **Total Net Sales** | **$298,575** | **100.0%** | **$262,555** | **100.0%** | - As of September 30, 2023, the company had **$43 million** in borrowings outstanding under its credit agreement, with an interest rate of approximately **6.6%**[74](index=74&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting increased nine-month net sales, improved gross margin, and liquidity [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Nine-month net sales increased 13.7% to $298.6 million, driven by the Medical market, and gross margin improved to 28.8% - Nine-month net sales increased **13.7%** to **$298.6 million**, driven by a **16.9%** increase in organic sales[83](index=83&type=chunk) - Gross margin for the nine-month period improved to **28.8%** from **25.5%** year-over-year, attributed to operating efficiencies and a higher margin business mix[83](index=83&type=chunk)[87](index=87&type=chunk) - SG&A expenses for the nine-month period increased **11.4%** to **$37.8 million**, but decreased as a percentage of sales to **12.7%** from **12.9%**[89](index=89&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) The company funds operations through internal cash and credit facilities, reporting $28.6 million in operating cash flow - Net cash provided by operations for the nine-month period was **$28.6 million**, a significant improvement from the prior year[100](index=100&type=chunk) - The company has a **$130 million** credit facility, comprising a **$40 million** term loan and a **$90 million** revolving credit facility, maturing in December 2026[104](index=104&type=chunk)[105](index=105&type=chunk) - Management believes existing resources are sufficient to fund requirements for the next twelve months, including planned capital expenditures for growth and efficiency[110](index=110&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported compared to the 2022 Annual Report on Form 10-K disclosures - No material changes in market risks were reported compared to the 2022 Form 10-K[116](index=116&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[117](index=117&type=chunk) - No material changes in internal control over financial reporting occurred during the last fiscal quarter[118](index=118&type=chunk) [PART II - OTHER INFORMATION](index=27&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings, with ongoing matters considered ordinary course of business - The company is not involved in any material legal proceedings[119](index=119&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the 2022 Annual Report on Form 10-K disclosures - No material changes from the risk factors disclosed in the 2022 Form 10-K have been reported[121](index=121&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[122](index=122&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL documents - Exhibits filed include CEO/CFO certifications (31.1, 31.2), Section 906 certifications (32.1), and various Inline XBRL files[123](index=123&type=chunk) [Signatures](index=29&type=section&id=Signatures) - The report was signed on November 9, 2023, by R. Jeffrey Bailly (CEO) and Ronald J. Lataille (CFO)[128](index=128&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-12648 UFP Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 04-2314970 (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-12648 UFP Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 04-2314970 (State or oth ...

Financial Performance - Net sales increased by 71.5% to $353.8 million for the year ended December 31, 2022, from $206.3 million in 2021, driven by a 116.0% increase in sales to the Medical market and an organic sales increase of approximately 24.0%[95][98]. - Gross margin improved to 25.5% for the year ended December 31, 2022, up from 24.8% in 2021, despite a 5.5% increase in material and labor costs[95][99]. - Operating income and net income for the year ended December 31, 2022, increased by 161.1% and 163.1%, respectively, despite challenges such as raw material and labor shortages[95]. Expenses and Costs - Selling, General, and Administrative Expenses (SG&A) rose approximately 55.3% to $45.8 million for the year ended December 31, 2022, but decreased as a percentage of sales to 12.9% from 14.3% in 2021[100]. - The Company incurred approximately $1.0 million in acquisition-related costs for the year ended December 31, 2022[102]. - The fair value of contingent consideration liabilities recognized at December 31, 2022, totaled approximately $14.6 million, with an expense of approximately $9.8 million recorded for the year[103]. - Net interest expense increased to approximately $2.8 million for the year ended December 31, 2022, primarily due to interest on funds drawn for acquisitions[106]. Cash Flow and Investments - Net cash provided by operations for the year ended December 31, 2022, was approximately $17.7 million, driven by net income of approximately $41.8 million[118]. - Net cash provided by investing activities was approximately $1.3 million, primarily from the sale of Molded Fiber and the Georgetown manufacturing facility[120]. - Net cash used for financing activities was approximately $25.9 million, primarily due to payments on the revolving line of credit of approximately $60 million and principal payments of long-term debt of approximately $4 million[121]. - The Company generated cash of approximately $17.7 million from operations during the year ended December 31, 2022, but future cash generation cannot be guaranteed[131]. Debt and Financing - As of December 31, 2022, the Company had approximately $55 million in borrowings outstanding under the Second Amended and Restated Credit Agreement, with an applicable interest rate of approximately 5.2%[125]. - The Second Amended and Restated Credit Agreement matures on December 21, 2026, and includes a secured term loan of $40 million and a revolving credit facility of up to $90 million[123]. - Future maturities of long-term debt total approximately $55 million, with $4 million due in 2023 and $24 million due in 2026[127]. - The Company uses interest-rate-related derivative instruments to manage exposure to changes in interest rates on variable-rate debt instruments[128]. - The Company is subject to a minimum fixed-charge coverage financial covenant and a maximum total funded debt to EBITDA financial covenant under the Second Amended and Restated Credit Agreement[124]. Future Plans - The Company plans to continue adding capacity to enhance operating efficiencies in its manufacturing plants throughout fiscal 2023[132]. - The Company anticipates that future business expansion will be financed through existing resources, cash flow from operations, and the revolving credit facility[133]. - At December 31, 2022, the Company had approximately $9.4 million available for future repurchases of its common stock under the stock repurchase program[134]. Asset Sales - The Company sold Molded Fiber Technology for approximately $31.5 million, resulting in a net gain of approximately $15.7 million recorded in 2022[104].