UFP Technologies, Inc. (NASDAQ: UFPT), an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market, today reported net income of $4.9 million or $0.64 per diluted common share outstanding for its first quarter ended March 31, 2022, compared to net income of $4.2 million or $0.55 per diluted common share outstanding for the same quarter in 2021.
Sales for the first quarter were $71.2 million compared to 2021 first quarter sales of $48.6 million.
"I am very pleased with our Q1 results and continued progress on our strategic initiatives,” said CEO Jeffrey Bailly.
“Our revenue grew 47% versus Q1 2021, including 15% organic growth in our MedTech group. And, despite absorbing $775,000 in one-time acquisition costs and navigating through continued supply chain issues, we increased operating income by $1.1 million."
First-quarter overall sales grew 46.6% to $71.2 million.
Sales to the medical market increased 75.1%. Sales to the aerospace & defense and automotive markets decreased 14.2% and 6.4%, respectively. All other sales (consumer, electronics, and industrial) increased 10.1%.
Gross profit as a percentage of sales decreased to 24.1% compared to 25.9% in the first quarter of 2021.
Selling, general and administrative expenses as a percentage of sales was 14.1% compared to 15% in the first quarter of 2021.
Operating income was $6.4 million compared to $5.3 million in the first quarter of 2021. Absent one-time transaction expenses of approximately $775,000 in Q1, operating income would have been $7.1 million.
Net income was $4.9 million compared to $4.2 million in the first quarter of 2021.
UFPT shares hiked $2.55, or 3.7%, to $71.48.
