UFP Technologies Inc 2025年度报告

UFP Technologiesis a designerand custom manufacturer ofcomprehensive solutions formedical devices, sterile packaging,and other highly engineeredcustom products. UFP is an important link in the medical device supply chain and a valuedoutsource partner to most of the top medical device manufacturers in the world.The Company’s single-use and single-patient devices and components are usedin a wide range of medical devices and sterile packaging for minimally invasivesurgery, infection prevention, wound care, wearables, orthopedic soft goods,and orthopedic implants. Learn more about us at ufpt.com. Table of Contents 2CEO’s Letter9Management’s Discussion andAnalysis of Financial Conditionand Results of Operations18Financial Statements55Stockholder Information DearFellow Shareholder, 2025 was another productive and successful year for UFPTechnologies. In our fourth consecutive year of record results,sales grew 19.5% to $602.8 million, operating Income grew14.1% to $92.3 million, and earnings per share grew 15.4% to$8.75. Looking back over those four years, the numbers tellan even bigger growth story. Since 2021, our revenue roughlytripled from $206 million to $602.8 million, while operatingincome grew 435% and EPS grew 419%. Over the years, UFP has evolved in a very purposeful wayto become a trusted global development and manufacturingpartner to the world’s top medical device makers. In this, mylast letter to shareholders as CEO, I will discuss the key events of 2025, the customer-centric strategies fueling our growth – and explain why your Companyis poised for continued success and a very exciting future. Strong Sustained MedTech Growth Our growth in 2025 was driven by a 23.2% increase in MedTech sales. This was partially offsetby an 11.5% decrease in our Advanced Components business, as we continue to focus resourceson our best-fit medical market opportunities. MedTech sales now account for 92% of ourbusiness. We partner with market-leading customers that are the best fit with our unique skills,targetinghigh-value, fast-growing segments such as robotic surgery, safe patient handling,infection prevention, and interventional and surgical device components. And we continue toexplore additional segments where our engineering and precision manufacturing skills can helpus deliver significant value to this vast, rapidly growing global market. It’s important work, anda commitment to absolute quality will always be our bedrock promise to our customers and thepatients who rely on their innovative, often life-changing products. Continued Global Expansion In recent years, we have focused on building out our global platform, adding strategic locationsin Mexico, Costa Rica, the Dominican Republic, Ireland and Singapore. This has enabled us toprovide a growing number of cost-effective solutions to our market leading customers aroundthe world. In 2025, we made substantial progress in this effort – with more initiatives scheduledfor 2026 and beyond. In collaboration with our customers, we continue to add new factoryspace, clean rooms, development labs, and specialized equipment across our platform. Pleasesee page 4 for details. Solidifying Customer and Vendor Relationships Long-term agreements are the backbone of our customer and vendor partnerships. Thesehelp us win and retain long-running programs that create predictable revenue streams andsafeguard our innovative solutions. In 2025,we completed multiple large long-term customerand vendor agreements – both new contracts and current contract extensions.You can learnmore about their importance on page 7. A Virtuous Cycle Year after year, we have steadily built our platform, adding talent, technologies, global locations,best-in-class manufacturing capabilities, vendor partners, quality systems, and more. It’sa purposeful approach designed to help UFP create more customer value and capitalize onthe most profitable opportunities. This has created a virtuous cycle, where each innovativesolution increases our knowledge base and strengthens our position to create the next one.This success helps us attract top talent, which leads to more success. Our culture helps us retainthat talent and drives continuous improvement in all aspects of our business – leading to evenmore innovations. Talent Acquisition and Development– and a Transition at the Top As UFP continues to grow, so does our talent base. Our global team now includes more than5,000 associates. I am extremely proud of them and all they have accomplished to ensureour customers’ success. In 2025, we strengthened our team, recruiting key leaders in HumanResources, Legal, General Management, Marketing, and other areas. And internally, we promotednine top associates to leadership roles, including announcing that Mitch Rock will succeed meas CEO as of June 4, 2026. Mitch is a talented leader who has held a range of positions withinUFP and served as president prior to his appointment as CEO. He helped architect our stra