Financial Performance - Net income for Q3 2024 increased by 40% to $16.4 million, compared to $11.7 million in Q3 2023[1] - Sales for Q3 2024 rose 44% to $145.2 million, up from $100.8 million in the same period last year[1] - Adjusted operating income for Q3 2024 increased by 69% to $27.7 million from $16.4 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 rose 61.4% to $31.2 million from $19.3 million in Q3 2023[4] - Net income (GAAP) for Q3 2024 increased to $16,361,000, compared to $11,694,000 in Q3 2023, representing a growth of 39.3%[13] - Nine-month adjusted net income for 2024 was $47,572,000, compared to $38,358,000 for the same period in 2023, reflecting a growth of 24.0%[13] - Adjusted net income per diluted share for Q3 2024 was $2.39, up 44.8% from $1.65 in Q3 2023[13] Sales and Market Performance - Organic sales growth for Q3 2024 was 9.7%, driven by strong performance in robotic surgery and infection prevention markets[2] - Sales to the medical market surged 52.2% to $132.6 million in Q3 2024, while sales to other markets decreased by 8.2%[3] - Year-to-date sales through September 2024 increased by 20.7% to $360.4 million, compared to $298.6 million in the same period of 2023[3] Cost and Expenses - Gross margin improved to 28.6% in Q3 2024, up from 27.5% in Q3 2023, despite $1.1 million in acquisition-related costs[3] - SG&A expenses (GAAP) for Q3 2024 were $15,789,000, an increase of 26.5% from $12,467,000 in Q3 2023[12] - Acquisition costs for Q3 2024 amounted to $732,000, while for the nine months ended September 30, 2024, they totaled $1,676,000[13] Strategic Initiatives - The company plans to continue executing growth initiatives and integrating recent acquisitions to enhance customer value[2] - The company is expanding operations in the Dominican Republic to support growth and new programs[2] Other Financial Metrics - The company reported a fair value change of contingent consideration of $238,000 for Q3 2024, consistent with the previous year[13] - The weighted average diluted common shares outstanding for Q3 2024 were 7,772,000, compared to 7,709,000 in Q3 2023[13] - The company experienced a significant increase in interest expense, netting $3,475,000 in Q3 2024, compared to $933,000 in Q3 2023[14]

NEWBURYPORT, Mass., Nov. 05, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), an innovative designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging and other highly engineered custom products, today reported that net income increased 40% to $16.4 million in the third quarter of 2024 from $11.7 million in the third quarter of 2023. Sales for the third quarter increased 44% to $145.2 million compared to 2023 third quarter sales of $100.8 million. Net i ...

UFP Industries, Inc. (UFPI) reported tepid results for the third quarter of 2024. Both earnings and net sales missed the Zacks Consensus Estimate and declined year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The quarterly results were affected by softer demand and broad-based pricing pressures. The company is facing trouble managing the ongoing macroeconomic challenges, aligning its overhead with lower demand levels and eliminating unnecessary costs. Although it is und ...

Here's why I'm planning to add to UFP Technologies in October even though it has already soared. UFP Technologies (UFPT 2.60%) is a "designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products." In layman's terms, UFP Technologies works with medical device manufacturers to develop a wide array of single-use, single-patient devices and components used in the medical technology (medtech) industry. Serving the booming $500 bill ...

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 significant role in the medical device supply chain and is a valued outsourcing partner for many leading medical device manufacturers globally [4] - UFP's products include single-use and single-patient devices and components used in various medical applications such as minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants [4] Event Participation - UFP Technologies will present at the Midwest IDEAS Investor Conference on August 28, 2024, at The Gwen in Chicago, IL [1] - The presentation will be led by Jeffrey Bailly, Chairman and CEO, and Ron Lataille, Vice President and Chief Financial Officer, starting at 7:55 AM CT [1] - The presentation will be available via webcast on the conference host's website and UFP's investor relations section [1]

NEWBURYPORT, Mass., July 31, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (NASDAQ:UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $13.6 million or $1.75 per diluted common share outstanding for its second quarter ended June 30, 2024, compared to net income of $11.9 million or $1.55 per diluted common share outstanding for the same quarter in 2023. Sales for the second quarter were $1 ...

NEWBURYPORT, Mass., July 16, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products, today announced the acquisition of Marble Medical. Founded in 1988 and headquartered in Tallahassee, FL, Marble Medical develops and manufactures adhesive based medical components and single-use devices. "Adding Marble Medical's adhesives expertise is a great complement t ...

Core Insights - UFP Technologies, Inc. has announced the acquisition of Welch Fluorocarbon Inc., enhancing its capabilities in the medical device sector [1][4] - Welch Fluorocarbon specializes in thermoformed and heat sealed components for implantable medical devices, which complements UFP's existing product offerings [1][4] - The acquisition is expected to strengthen UFP's position in the medical device supply chain and expand its product development and manufacturing capabilities [3][4] Company Overview - UFP Technologies is a designer and custom manufacturer focused on medical devices, sterile packaging, and highly engineered custom products [4] - The company serves as a key partner to leading medical device manufacturers globally, providing single-use and single-patient devices for various applications [4] Strategic Implications - The acquisition is anticipated to enhance UFP's MedTech portfolio by integrating Welch Fluorocarbon's thin film thermoforming capabilities [4] - UFP's leadership believes that the cultural fit and expertise of Welch Fluorocarbon's team will contribute positively to the combined entity's growth [3][6]

NEWBURYPORT, Mass., July 16, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products, today announced the acquisition of Welch Fluorocarbon Inc. Founded in 1985 and headquartered in Dover, New Hampshire, Welch Fluorocarbon develops and manufactures thermoformed, and heat sealed implantable medical device components utilizing thin, high-performance films. " ...

NEWBURYPORT, Mass., July 08, 2024 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT) an Innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market today announced that Chairman and Chief Executive Officer R. Jeffrey Bailly and Chief Financial Officer Ron Lataille will present and host 1 x 1 meetings at the upcoming CJS Securities 24th Annual New Ideas Summer Conference to be held on July 10, 2024 at the Metropolis Country Club in ...