UFP Technologies Announces Record 2024 Results

Core Insights - UFP Technologies, Inc. reported a significant increase in net income for 2024, reaching $59.0 million, which is 31.3% higher than the previous year [1] - The company's adjusted net income also saw a substantial rise of 32.5%, totaling$ 67.6 million for 2024 [1] - Net sales for 2024 were reported at $504.4 million, marking a 26.1% increase compared to$ 400.1 million in 2023 [1] Financial Performance - For Q4 2024, net income was $16.4 million, a 41.1% increase from$ 11.6 million in Q4 2023 [2] - Adjusted net income for Q4 2024 grew by 51.6% to $19.2 million [2] - Sales for Q4 2024 reached$ 144.1 million, up 41.9% from $101.5 million in the same quarter of 2023 [2][4] Growth Metrics - Organic growth for Q4 and the full year was reported at 6.7% and 8.5%, respectively [3] - MedTech sales for Q4 increased by 48.6% to$ 132.7 million, while sales to other markets decreased by 7.0% [4] - Full-year MedTech sales rose by 30.2% to $450.8 million, with sales to other markets remaining stable at$ 53.7 million [4] Profitability - Gross margin for Q4 improved to 29.2%, up from 25.7% in Q4 2023, while the full-year gross margin increased to 29.1% from 28.1% [4] - Adjusted operating income for Q4 surged by 84.0% to $26.0 million, and for the full year, it increased by 40.4% to$ 92.3 million [4] Strategic Developments - The company is expanding operations in the Dominican Republic to meet increased demand and support growth in its Robotic Surgery business [3] - UFP Technologies is actively pursuing acquisitions to strengthen its platform and enhance customer value [3] - The company anticipates launching two major programs in the second half of 2025, supported by a growing pipeline of new business opportunities [3]