Business
UFP Technologies Announces Record Q1 Results
NEWBURYPORT, Mass., May 06, 2025 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a designer and custom manufacturer of comprehensive solutions
About this update from Ufp Technologies, Inc.
[{"type":"text","content":"NEWBURYPORT, Mass., May 06, 2025 (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 $17.2 million or $2.21 per diluted common share outstanding for its first quarter ended March 31, 2025, compared to net income of $12.7 million or $1.64 per diluted common share outstanding for the first quarter of 2024. Net Sales for the first quarter were $148.1 million compared to 2024 first quarter sales of $105.0 million. Throughout this news release, reference is made to non-GAAP measures including organic sales growth, adjusted operating income, adjusted SG&A, adjusted net income and EPS, and EBITDA and adjusted EBITDA. Please see “Non-GAAP Financial Information” at the end of this news release. “I am very pleased with our first quarter results and continued progress on a number of key strategic fronts,” said R. Jeffrey Bailly, Chairman & CEO. “In Q1, revenue grew 41%, operating income grew 45%, and net income grew 35%. Our MedTech business grew 50%, driven by strong demand in the Safe Patient Handling space. Our Interventional and Surgical, Infection Prevention, Orthopedics, and Advanced Wound Care market segments also recorded strong results, with each growing more than 25%. Our recent acquisitions were solid contributors to this growth. MedTech organic growth was 5.4%, despite a 6% decline in Robotic Surgery sales, which are expected to grow modestly this year following an inventory build by our largest customer in 2024. Overall, organic growth was 2.3%. Our Advanced Components business declined 15% as we continue to focus resources on our fastest-growing MedTech opportunities.” “During the quarter, we executed an agreement with our second-largest customer that provides exclusive manufacturing rights for a significant portion of our Safe Patient Handling business through June 2030,” said Bailly. “To accommodate growing demand in this space, we have roughly doubled the size of our Santiago, Dominican Republic manufacturing operation. We also made important progress in our other Dominican Republic expansion plans. We have committed to a fifth building at our La Romana Robotic Surgery campus and installed and qualified new equipment lines for two robotic surgery programs scheduled to launch in the second half...