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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ufp Technologies Inc | NASDAQ:UFPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
9.61 | 3.89% | 256.64 | 197.98 | 260.00 | 257.55 | 247.66 | 248.91 | 44,151 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
_______________________________
(Exact name of registrant as specified in its charter)
_______________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
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(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On February 21, 2024, UFP Technologies, Inc. issued a press release announcing its fourth quarter and year-end financial results for the year ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.
Limitation on Incorporation by Reference. The information furnished in this Item 2.02, including the press release attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
(d) Exhibits
Exhibit Number | Description | |
99.1 | Press Release dated February 21, 2024. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UFP Technologies, Inc. | ||
Date: February 26, 2024 | By: | /s/ Ronald J. Lataille |
Ronald J. Lataille | ||
Chief Financial Officer and Senior Vice President | ||
EXHIBIT 99.1
UFP Technologies Announces Record 2023 Results
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.
For its fourth quarter ended December 31, 2023, the Company reported net income of $11.6 million or $1.51 per diluted common share outstanding, compared to $8.5 million or $1.10 per diluted common share outstanding in the same period of 2022. Sales for the fourth quarter 2023 were $101.5 million, 11.2% higher than 2022 fourth quarter sales of $91.2 million.
“I am very pleased with our fourth quarter and full year 2023 results,” said R. Jeffrey Bailly, Chairman & CEO. “Sales for the quarter and the year grew 11.2% and 13.1%, respectively. Organic growth for the year was even stronger at 15.7% and adjusted net income per diluted share for the fourth quarter and full year grew by an impressive 33.0% and 41.0%, respectively.”
“We continue to make great progress strengthening our platform and further integrating our three most recent acquisitions,” Bailly added. “We’ve captured synergies by sharing best practices, moving business to best-fit manufacturing locations, and standardizing systems for information technology, quality, and safety. We have also increased our production capacity significantly, adding new clean rooms in Ireland, Costa Rica, and most notably the Dominican Republic. In that location, our investments in infrastructure, equipment, and talent have increased our capacity to service robotic surgery customers by 70%. During this process, we added 450 new associates, primarily direct labor and technical resources.”
“Our revenue growth was strong despite some softening in demand in the latter part of the year due to excess inventory held by some of our customers,” Bailly said. “However, they are indicating that the rightsizing of inventory will be short-term in nature and releases will return to normal levels in the near future. Given our growing pipeline of new opportunities, ample capacity for internal growth, and a strong balance sheet with available capital for new acquisitions, we remain very bullish about our future.”
Financial Highlights:
About UFP Technologies, Inc.
UFP Technologies is an innovative designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products. UFP is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The Company’s single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants.
Consolidated Condensed Statements of Income (in thousands, except per share data) (unaudited) | |||||||||||||||||
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net sales | $ | 101,498 | $ | 91,237 | $ | 400,072 | $ | 353,792 | |||||||||
Cost of sales | 75,369 | 67,957 | 287,847 | 263,532 | |||||||||||||
Gross profit | 26,129 | 23,280 | 112,225 | 90,260 | |||||||||||||
Selling, general and administrative expenses | 13,118 | 11,888 | 50,889 | 45,796 | |||||||||||||
Acquisition Costs | - | - | - | 1,027 | |||||||||||||
Change in fair value of contingent consideration | 238 | 489 | 3,527 | 9,837 | |||||||||||||
Gain on sale of Molded Fiber | - | (29 | ) | - | (15,651 | ) | |||||||||||
Loss (gain) on disposal of fixed assets | 37 | 56 | 145 | (6,149 | ) | ||||||||||||
Operating income | 12,736 | 10,876 | 57,664 | 55,400 | |||||||||||||
Interest expense, net | (755 | ) | (872 | ) | (3,645 | ) | (2,763 | ) | |||||||||
Other (expense) income | (89 | ) | (233 | ) | (117 | ) | 81 | ||||||||||
Income before income tax expense | 11,892 | 9,771 | 53,902 | 52,718 | |||||||||||||
Income tax expense | 285 | 1,309 | 8,978 | 10,929 | |||||||||||||
Net income | $ | 11,607 | $ | 8,462 | $ | 44,924 | $ | 41,789 | |||||||||
Net income per share outstanding | $ | 1.52 | $ | 1.12 | $ | 5.89 | $ | 5.52 | |||||||||
Net income per diluted share outstanding | $ | 1.51 | $ | 1.10 | $ | 5.83 | $ | 5.45 | |||||||||
Weighted average shares outstanding | 7,639 | 7,580 | 7,624 | 7,564 | |||||||||||||
Weighted average diluted shares outstanding | 7,712 | 7,689 | 7,701 | 7,663 | |||||||||||||
Consolidated Condensed Balance Sheets (in thousands) (unaudited) | ||||||
December 31, 2023 | December 31, 2022 | |||||
Assets: | ||||||
Cash and cash equivalents | 5,263 | $ | 4,451 | |||
Receivables, net | 64,449 | 55,117 | ||||
Inventories | 70,191 | 53,536 | ||||
Other current assets | 4,730 | 3,242 | ||||
Net property, plant, and equipment | 62,137 | 58,072 | ||||
Goodwill | 113,263 | 113,028 | ||||
Intangible assets, net | 64,116 | 68,361 | ||||
Other assets | 19,987 | 22,385 | ||||
Total assets | $ | 404,136 | $ | 378,192 | ||
Liabilities and equity: | ||||||
Accounts payable | 22,286 | 19,961 | ||||
Current portion of long-term debt | 4,000 | 4,000 | ||||
Other current liabilities | 31,923 | 32,000 | ||||
Long-term debt, less current portion | 28,000 | 51,000 | ||||
Other liabilities | 31,836 | 33,686 | ||||
Total liabilities | 118,045 | 140,647 | ||||
Total equity | 286,091 | 237,545 | ||||
Total liabilities and stockholders' equity | $ | 404,136 | $ | 378,192 | ||
Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Such statements include, but are not limited to, statements about the Company’s future financial or operating performance; the continuing operation of the Company’s locations, the maintenance of its facilities and the sufficiency of the Company’s supply chain, inventory, liquidity and capital resources, including increased costs in connection with such efforts; statements about the Company’s acquisition strategies and opportunities and the Company’s growth potential and strategies for growth; statements about the integration and performance of recent acquisitions; statements about the Company’s ability to realize the benefits expected from our recently completed acquisitions, including any related synergies; statements about customer expectations regarding inventory levels; expectations regarding customer demand; and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, its sales, earnings or earnings per share growth rates, or available capital for acquisitions. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company's general ability to execute its business plans; industry conditions, including fluctuations in supply, demand, and prices for the Company's products and services; risks relating to customer concentration; risks relating to the Company’s ability to achieve anticipated benefits of recent acquisitions and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company's filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC's website at www.sec.gov. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which any such statement is based. Forward-looking statements are also subject to the risks and other issues described above under “Use of Non-GAAP Financial Information,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release.
Non-GAAP Financial Information
This news release includes non-generally accepted accounting principles (“GAAP”) performance measures. Management considers Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income per diluted shares outstanding, EBITDA and Adjusted EBITDA, non-GAAP measures. The Company uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company’s historical operating results. The Company’s management believes these non-GAAP measures are useful in evaluating the Company’s operating performance and are similar measures reported by publicly listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. By providing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company's definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry.
Table 1: Adjusted Operating Income Reconciliation (in thousands) | |||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Operating income (GAAP) | $ | 12,736 | $ | 10,876 | $ | 57,664 | $ | 55,400 | |||||||||
Adjustments: | |||||||||||||||||
Acquisition Costs | - | - | - | 1,027 | |||||||||||||
Change in fair value of contingent consideration | 238 | 489 | 3,527 | 9,837 | |||||||||||||
Gain on sale of Molded Fiber | - | (29 | ) | - | (15,651 | ) | |||||||||||
Loss (gain) on disposal of fixed assets | 37 | 56 | 145 | (6,149 | ) | ||||||||||||
Adjusted operating income (Non-GAAP) | $ | 13,011 | $ | 11,392 | $ | 61,336 | $ | 44,464 | |||||||||
Table 2: Adjusted Net Income and Diluted Common Share Outstanding Reconciliation (in thousands, except per share data) | |||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income (GAAP) | $ | 11,607 | $ | 8,462 | $ | 44,924 | $ | 41,789 | |||||||||
Adjustments (net of taxes): | |||||||||||||||||
Acquisition Costs | - | - | - | 763 | |||||||||||||
Change in fair value of contingent consideration | 177 | 363 | 2,621 | 7,309 | |||||||||||||
Gain on sale of Molded Fiber | - | (22 | ) | - | (11,629 | ) | |||||||||||
Loss (gain) on disposal of fixed assets | 27 | 42 | 108 | (4,569 | ) | ||||||||||||
Adjusted net income (Non-GAAP) | $ | 11,811 | $ | 8,845 | $ | 47,653 | $ | 33,663 | |||||||||
Adjusted Net Income per diluted share outstanding (Non-GAAP) | $ | 1.53 | $ | 1.15 | $ | 6.19 | $ | 4.39 | |||||||||
Weighted average diluted common shares outstanding | 7,712 | 7,689 | 7,701 | 7,663 | |||||||||||||
Table 3: EBITDA and Adjusted EBITDA Reconciliation (in thousands) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income (GAAP) | $ | 11,607 | $ | 8,462 | $ | 44,924 | $ | 41,789 | |||||||||
Income tax expense | 285 | 1,309 | 8,978 | 10,929 | |||||||||||||
Interest expense, net | 755 | 872 | 3,645 | 2,763 | |||||||||||||
Depreciation | 1,862 | 1,632 | 7,004 | 7,505 | |||||||||||||
Amortization of intangible assets | 1,098 | 1,117 | 4,403 | 4,380 | |||||||||||||
EBITDA (Non-GAAP) | $ | 15,607 | $ | 13,392 | $ | 68,954 | $ | 67,366 | |||||||||
Adjustments: | |||||||||||||||||
Share based compensation | 1,191 | 838 | 4,641 | 3,208 | |||||||||||||
Acquisition Costs | - | - | - | 1,027 | |||||||||||||
Change in fair value of contingent consideration | 238 | 489 | 3,527 | 9,837 | |||||||||||||
Gain on sale of Molded Fiber | - | (29 | ) | - | (15,651 | ) | |||||||||||
Loss (gain) on disposal of fixed assets | 37 | 56 | 145 | (6,149 | ) | ||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 17,073 | $ | 14,746 | $ | 77,267 | $ | 59,638 | |||||||||
Contact: Ron Lataille
978-234-0926, rlataille@ufpt.com
Cover |
Feb. 21, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 21, 2024 |
Entity File Number | 001-12648 |
Entity Registrant Name | UFP Technologies, Inc. |
Entity Central Index Key | 0000914156 |
Entity Tax Identification Number | 04-2314970 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 100 Hale Street |
Entity Address, City or Town | Newburyport |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 01950-3504 |
City Area Code | 978 |
Local Phone Number | 352-2200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | UFPT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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