UFP Technologies reports record Q2 net income of $20.9M, sales up 15.1% to $174.0M

UFP TECHNOLOGIES INC

GAAP EPS $2.68, adjusted EPS $2.92; net income up 21.4% YoY to $20.9M.
Sales $174.0M, up 15.1% YoY; organic sales growth 12.4%.
Gross margin improved to 29.3% from 28.8%; operating income up 15.5% to $28.1M.
Top 5 customers grew 14.7%, MedTech ex-top-5 grew 19.7%; non-medical flat.
Adjusted EBITDA $36.4M, up 14.3% YoY; six-month adjusted EBITDA $67.3M.

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