UFP Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UFP Technologies, Inc. filed its 2023 10-K, detailing segment performance and customer concentration risks.</b>

AI Summary

UFP TECHNOLOGIES INC (UFPT) filed a Annual Report (10-K) with the SEC on February 29, 2024. UFP Technologies, Inc. reported its fiscal year 2023 results ending December 31, 2023. The company operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841). Key segments include Industrial, Automotive, Aerospace & Defense, and Medical. The filing details financial performance across these segments for fiscal years 2021, 2022, and 2023. Customer concentration risk is noted, particularly concerning accounts receivable and net sales for specific customers in 2022 and 2023.

Why It Matters

For investors and stakeholders tracking UFP TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of UFP Technologies' financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The disclosure of customer concentration risk highlights potential vulnerabilities in revenue streams, which is a key factor for stakeholders evaluating the company's risk profile.

Risk Assessment

Risk Level: medium — UFP TECHNOLOGIES INC shows moderate risk based on this filing. The company faces medium risk due to customer concentration, as evidenced by specific customer mentions in relation to accounts receivable and net sales in the 2022 and 2023 fiscal years, indicating potential revenue dependency.

Analyst Insight

Investors should closely monitor revenue trends and customer relationships disclosed in this filing to assess potential impacts of customer concentration on future performance.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 3841 — SIC Code (Industry classification)
• 042314970 — IRS Number (Company tax identifier)

Key Players & Entities

• UFP TECHNOLOGIES INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• 3841 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 978-352-2200 (phone_number) — Business phone
• OneCustomerMember (customer) — Specific customer mentioned for concentration risk
• DasMedicalMember (company) — Mentioned in relation to long-lived assets

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risks related to customer concentration, as indicated by specific customer data for accounts receivable and net sales in fiscal years 2022 and 2023.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $193.85 — 4 , based on the closing sales price of $193.85 per share of such stock on the NASDAQ C
• $0.01 — were 7,641,883 shares of common stock, $0.01 par value per share, of the registrant

Filing Documents

• ufpt20231231_10k.htm (10-K) — 1874KB
• ex_631565.htm (EX-4.02) — 20KB
• ex_630982.htm (EX-10.32) — 62KB
• ex_629396.htm (EX-21.01) — 11KB
• ex_629397.htm (EX-23.01) — 2KB
• ex_629398.htm (EX-31.01) — 9KB
• ex_629399.htm (EX-31.02) — 9KB
• ex_629400.htm (EX-32.01) — 7KB
• ex_630974.htm (EX-97.1) — 29KB
• upftlogo.jpg (GRAPHIC) — 4KB
• 0001171843-24-001078.txt (&nbsp;) — 10590KB
• ufpt-20231231_def.xml (EX-101.DEF) — 607KB
• ufpt-20231231.xsd (EX-101.SCH) — 95KB
• ufpt-20231231_lab.xml (EX-101.LAB) — 539KB
• ufpt-20231231_pre.xml (EX-101.PRE) — 671KB
• ufpt-20231231_cal.xml (EX-101.CAL) — 100KB
• ufpt20231231_10k_htm.xml (XML) — 1935KB

BUSINESS

BUSINESS The Company is a designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products. The Company believes it is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The Company's single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, surfaces and support, wound care, wearables, orthopedic soft goods, and orthopedic implants. The Company is diversified by also providing highly engineered products and components to customers in the automotive, aerospace and defense, and industrial/other markets. Typical applications of its products include military uniform and gear components, automotive interior trim, air filtration, and protective cases and inserts. The Company was incorporated in the State of Delaware in 1993. The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Available Information The Company's Internet website address is http://www.ufpt.com. Through its website, the Company makes available, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission ("SEC"). These SEC reports can be accessed through the investor relations section of the Company's website. The information found on the Company's website is not incorporated by reference in this or any other report filed with or furnished to the SEC. The SEC maintains an Internet website that

RISK FACTORS

RISK FACTORS The risks factors described below could materially impact our business, including our results of operations and financial results. These are the risks and uncertainties we believe are most important for you to consider. Additional risks and uncertainties not presently known to us, which we currently deem immaterial, or which are similar to those faced by other companies in our industry or business in general, may also impair our business operations. If any of the following risks or uncertainties occurs, our business, financial condition and operating results would likely suffer. Risks Related to our Business Our business, operating results, and cash flows have been affected and may continue to be adversely affected by inflation. Inflationary pressures have increased due to general macroeconomic factors as well as the global supply chain disruptions and labor shortages. Although inflation rates have somewhat normalized, rates could again rise in the fore

View Full Filing

View this 10-K filing on SEC EDGAR