UFP Technologies reports Q1 adjusted EPS $2.48, consensus $2.31

Reports Q1 revenue $154.2M, consensus $154.78M. “I am pleased with our first quarter results and continued progress with our strategic initiatives,” said Jeffrey Bailly, Chairman and CEO. “Revenue grew 4.1%, driven by a 5.9% increase in our medical sales. This was offset by a 15% decline in our non-medical sales as we continue to focus our efforts on high-growth opportunities in the MedTech space. Our robotic surgery, patient surfaces and support, and interventional and surgical segments showed the strongest growth at 7%, 11%, and 15%, respectively. To increase capacity to meet strong forecasted demand, in Q2 we will take possession of two new facilities in the Dominican Republic – one in La Romana to support continued growth in our robotic surgery business, and one in Santiago to support growth and additional program transfers in the safe patient handling space.”