UFP Technologies reports Q2 revenue $1.75, consensus $1.53

Reports Q2 revenue $110.2M, consensus $106.97M. “I am very pleased with our Q2 results,” said R. Jeffrey Bailly, Chairman & CEO. “Sales grew 10.1%, driven by strength in the robotic surgery and infection prevention markets. Gross margins grew to 30.0%, due in part to improved manufacturing efficiency and contained fixed overhead costs. And net income grew 14.0% to $13.6 million. We also completed three acquisitions between June 24 and July 15: Marble Medical, AJR Enterprises, and Welch Fluorocarbon. We expect that these collectively will add an estimated $90 million in revenue and $20 million in EBITDA,” said Bailly. “Marble Medical brings expertise in high-speed die cutting, medical stick-to-skin adhesives, and a strategically important 3M/Solventum preferred distributorship. AJR Enterprises brings a strategic leadership position in the growing patient-handling space, as well as expertise in specialty fabrics and a very efficient low-cost manufacturing operation. And Welch Fluorocarbon brings expertise in thin film molding of specialty materials utilized for implantable medical devices.”