UFP Technologies(UFPT) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $17.2 million, a 35.4% increase from $12.7 million in Q1 2024, with diluted earnings per share rising to $2.21 from $1.64[2][10] - Net sales for Q1 2025 reached $148.1 million, up 41.1% from $105.0 million in Q1 2024, with medical market sales increasing by 50.4% to $135.4 million[4][10] - Operating income for Q1 2025 increased by 45.2% to $23.1 million, compared to $15.9 million in Q1 2024, with adjusted operating income rising 49.5% to $25.8 million[4][10] - Adjusted EBITDA for Q1 2025 increased by 45.9% to $30.2 million from $20.7 million in Q1 2024[10] - Operating income (GAAP) for Q1 2025 was $23,126 thousand, up from $15,924 thousand in Q1 2024, representing a 45.5% increase[20] - Adjusted operating income (Non-GAAP) increased to $25,813 thousand in Q1 2025 from $17,270 thousand in Q1 2024, a growth of 49.5%[20] - Net income (GAAP) rose to $17,184 thousand in Q1 2025, compared to $12,693 thousand in Q1 2024, reflecting a 35.2% increase[24] - Adjusted net income (Non-GAAP) for Q1 2025 was $19,206 thousand, up from $13,706 thousand in Q1 2024, marking a 40.0% increase[24] - Adjusted net income per diluted share outstanding (Non-GAAP) increased to $2.47 in Q1 2025 from $1.77 in Q1 2024, a rise of 39.3%[24] - EBITDA (Non-GAAP) for Q1 2025 was $27,724 thousand, compared to $18,964 thousand in Q1 2024, indicating a 46.2% increase[27] - Adjusted EBITDA (Non-GAAP) reached $30,236 thousand in Q1 2025, up from $20,724 thousand in Q1 2024, representing a 45.8% growth[27] Expenses and Efficiency - Selling, general, and administrative expenses (SG&A) rose 34.6% to $18.7 million, but as a percentage of sales, SG&A decreased to 12.6% from 13.2%[4] - SG&A (GAAP) expenses increased to $18,725 thousand in Q1 2025 from $13,912 thousand in Q1 2024, a rise of 34.5%[22] - Adjusted SG&A (Non-GAAP) as a percentage of sales decreased to 11.0% in Q1 2025 from 12.2% in Q1 2024, showing improved efficiency[22] Business Developments - The company has secured exclusive manufacturing rights for a significant portion of its Safe Patient Handling business through June 2030, necessitating an expansion of its manufacturing operations in the Dominican Republic[3] - The company is actively pursuing acquisition opportunities, having recently completed a small acquisition that enhances manufacturing capacity and talent[3] - The company has committed to a fifth building at its La Romana Robotic Surgery campus, with new equipment lines for two robotic surgery programs set to launch in the second half of the year[3] Assets - Total assets increased to $642.6 million as of March 31, 2025, compared to $629.0 million at the end of 2024[11] Sales Growth - Organic sales growth for Q1 2025 was 2.3%, despite a 15% decline in the Advanced Components business and a 6% decline in Robotic Surgery sales[3][4] Share Information - Weighted average diluted common shares outstanding slightly increased to 7,776 thousand in Q1 2025 from 7,737 thousand in Q1 2024[24]