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UFP Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a 44.0% increase in net sales for the quarter, reaching $145.2 million, largely driven by acquisitions and organic growth in the medical market.
Gross profit margin improved to 28.6% from 27.5% in the same quarter of the previous year, attributed to accretive margins from acquisitions and manufacturing efficiencies.
Selling, general, and administrative expenses rose to $15.8 million, reflecting costs from recent acquisitions and increased performance-based compensation.
Net income for the quarter was $16.4 million, up from $11.7 million in the previous year, with the increase supported by higher sales and improved margins.
Cash provided by operating activities was $42.2 million, while cash used in investing activities was $206.3 million, primarily due to acquisitions.
UFP Technologies completed four acquisitions, including Marble Medical, AJR Enterprises, Welch Fluorocarbon, and AQF Medical, which contributed to the sales increase.
The company entered into a $275 million Amended and Restated Credit Agreement, with $212 million outstanding as of September 30, 2024.
The filing also details a contingent consideration liability of $10.0 million related to acquisitions, subject to financial performance thresholds.
UFP Technologies anticipates continued growth through strategic acquisitions and organic sales increases, particularly in the medical market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UFP Technologies Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.