{"id":753699,"date":"2023-05-02T10:36:16","date_gmt":"2023-05-02T14:36:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-technologies-announces-record-q1-2023-results\/"},"modified":"2023-05-02T10:36:16","modified_gmt":"2023-05-02T14:36:16","slug":"ufp-technologies-announces-record-q1-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-technologies-announces-record-q1-2023-results\/","title":{"rendered":"UFP Technologies Announces Record Q1 2023 Results"},"content":{"rendered":"
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NEWBURYPORT, Mass., May 02, 2023 (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 $9.7 million or $1.27 per diluted common share outstanding for its first quarter ended March 31, 2023, compared to net income of $4.9\u00a0million or $0.64 per diluted common share outstanding for the first quarter of 2022. Net Sales for the first quarter were $97.8 million compared to 2022 first quarter sales of $71.2 million.<\/p>\n

\u201cI am extremely pleased with our Q1 results, as sales grew 37.2% and EPS nearly doubled,\u201d said R. Jeffrey Bailly, Chairman & CEO. \u201cOur MedTech business once again led the way. It grew 59.5% in Q1, driven by 112% growth in robotic surgery. With our powerful combination of precision molded components, great supply chain partners, and highly efficient low-cost manufacturing in the Dominican Republic, we are increasing our customer value and market share in this fast-growing segment. Other markets, including interventional and surgical, orthopedic, and infection prevention, are also growing rapidly as elective procedures continue to rebound.\u201d<\/p>\n

\u201cThe improvement in our bottom-line results, driven by a 530-basis-point increase in gross margins to 29.4% from 24.1% in Q1 2022, was even more substantial,\u201d Bailly said. \u201cMany key challenges of 2022, including the limited availability and high cost of raw materials and direct labor, and the integration of three acquisitions and a greenfield plant start-up, have become less pressing. We are also benefitting from improved operating efficiency and price adjustments that followed our raw material and labor cost increases. All of these factors are helping us to realize higher margins.\u201d<\/p>\n

\u201cIt is also important to note we achieved these results after absorbing a $2.85 million charge for increased contingent consideration related to our DAS acquisition,\u201d Bailly said. \u201cThis reflects the growing likelihood their outstanding performance will earn them their final contingent payments. Absent that charge, operating income increased 147%. Looking ahead, I believe our recent investments will continue to bring additional synergies and increase the value we can deliver to customers. This, combined with our strong balance sheet and exciting pipeline of new internal and external growth opportunities, positions us well to continue growing our business and leaves us very bullish about our future.\u201d<\/p>\n

\n Financial Highlights:<\/u>\n <\/p>\n