UFP Technologies (UFPT) Appoints New President

UFP Technologies, Inc. (Nasdaq: UFPT) has appointed Mitchell Rock as President of the Company, effective immediately. Rock, who previously served as President of the Company's MedTech business, brings over 25 years of experience to his new role. R. Jeffrey Bailly will continue in his capacity as Chairman and Chief Executive Officer.

Commenting on the appointment, Bailly stated, "Mitch has been an extremely valuable member of our management team for over 25 years, most recently very successfully leading our MedTech group. He is hard-working, well-known, and well-respected throughout our industry and within UFP Technologies."

Bailly further highlighted Rock's strategic contributions, noting, "He has been a key strategic advisor, with deep insights into our target markets and strong relationships with our key customers and vendor partners. Building on his success with UFP MedTech, Mitch in his new role will also assume strategic and operational leadership of our Advanced Components business."

UFP Technologies, Inc. is recognized as an important link in the medical device supply chain and serves as an outsource partner to many of the top medical device manufacturers globally. The company's products, including single-use and single-patient devices and components, are integral to a wide range of medical devices and packaging for various medical applications.

In response to the announcement, the company's shares experienced a marginal decline, moving -0.7% and currently trading at a price of $169.48.

The company's full 8-K submission is available here.

2018 2019 2020 2021 2022 2023
Revenue (k) $190,455 $198,381 $179,373 $206,320 $353,792 $389,811
Revenue Growth n/a 4.16% -9.58% 15.02% 71.48% 10.18%
Gross Margins 25% 27% 25% 25% 26% 28%
Operating Margins 10% 12% 9% 10% 16% 14%
Net Margins 8% 10% 7% 8% 12% 11%
Net Income (k) $14,311 $19,750 $13,369 $15,886 $41,789 $41,778
Net Interest Expense (k) $1,320 $674 $83 $39 $2,763 $3,764
Depreciation & Amort. (k) $6,600 $6,900 $7,000 $7,100 $7,500 $11,195
Earnings Per Share $1.93 $2.63 $1.77 $2.09 $5.45 $5.44
EPS Growth n/a 36.27% -32.7% 18.08% 160.77% -0.18%
Diluted Shares (k) 7,430 7,516 7,568 7,615 7,663 7,709
Free Cash Flow (k) $15,892 $25,451 $20,669 $8,898 $3,964 $35,823
Capital Expenditures $5,428 $5,778 $4,368 $5,395 $13,780 $10,698
Current Ratio 2.69 3.17 4.75 2.25 2.08 2.48

UFP Technologies benefits from rapidly growing revenues and increasing reinvestment in the business, an excellent current ratio of 2.48, and a strong EPS growth trend. The company's financial statements show positive cash flows and healthy leverage levels. However, the firm has slimmer gross margins than its peers. Finally, we note that UFP Technologies has weak operating margins with a stable trend.

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