Conferencia de resultados del 3T de 2026 de UFP Technologies (UFPT): crecimiento orgánico del 11,1 % y expansión de márgenes

Puntos clave

• Las ventas del 3T de 2026 aumentaron un 11,6% interanual hasta los 172,4 millones de dólares, incluido un crecimiento orgánico del 11,1%.
• El margen bruto mejoró del 27,7% al 29,4%, mientras que el beneficio operativo ajustado se incrementó un 14,5% y el margen operativo ajustado alcanzó el 17,5%.
• El BPA diluido ajustado se situó en 2,88 dólares. El flujo de caja operativo ascendió a aproximadamente 38,5 millones de dólares y el ratio de apalancamiento al cierre del trimestre se mantuvo muy por debajo de 1x.
• Las ventas de MedTech crecieron un 12,5% en el trimestre, impulsadas por un crecimiento de dos dígitos en camas y movilización de pacientes, aplicaciones cardiovasculares, control de infecciones y aplicaciones ortopédicas.
• La dirección mantiene su confianza en el marco a largo plazo de un crecimiento orgánico del 6%–9% y un crecimiento total del 12%–18%, incluidas adquisiciones. Asimismo, prevé que el 4T siga mostrando una estacionalidad más débil.
• UFP Technologies está invirtiendo en capacidad de DAS Medical, capacidades en plásticos y adquisiciones, mientras que los retrasos en las cualificaciones de clientes de AJR continúan ralentizando las transferencias de productos a la República Dominicana.

Datos financieros clave

Rendimiento comercial y operativo

Las ventas de MedTech aumentaron un 12,5% en el 3T, con una sólida demanda generalizada en toda la cartera. En lo que va de año, el crecimiento de MedTech fue del 11,7%, igualando la tasa de crecimiento combinada de los cinco mayores clientes de MedTech de UFP Technologies.

La empresa registró un crecimiento de dos dígitos en camas y movilización de pacientes, aplicaciones cardiovasculares, control de infecciones y aplicaciones ortopédicas. Por su parte, la cirugía robótica se mantuvo en línea con la previsión previa de la dirección de un 2026 plano o con tendencia a la baja.

UFP Technologies continuó escalando nuevos programas en la República Dominicana y mejorando los márgenes en sus operaciones tradicionales. AJR logró avances interanuales significativos tanto en EE. UU. como en la República Dominicana, aunque la transferencia de productos intensivos en mano de obra sigue retrasada debido a los requisitos de cualificación de los clientes.

En DAS Medical, la empresa está ampliando la capacidad y el personal ante la previsión de un crecimiento de dos dígitos. La dirección mencionó un acuerdo comercial a largo plazo, la contribución durante todo el año de los programas lanzados en 2026 y las plataformas emergentes de cirugía robótica como potenciales catalizadores de crecimiento para 2027 y años posteriores.

UFP Technologies adquirió CI Medical en agosto. Este negocio realiza impresiones sobre componentes plásticos extruidos y moldeados por inyección, complementando las crecientes operaciones de plásticos de la compañía. Junto con la inversión de 2025 en TPI, la adquisición amplía las capacidades de moldeo por inyección e impresión de dispositivos médicos de UFP Technologies.

Perspectivas de la dirección

La dirección reiteró su marco de crecimiento a largo plazo del 6%–9% de crecimiento orgánico y del 12%–18% de crecimiento total, incluidas adquisiciones. La empresa no proporciona previsiones financieras trimestrales ni anuales.

La dirección prevé que el 4T continúe siendo estacionalmente más flojo, en parte porque la ampliación de las operaciones en la República Dominicana genera una mayor exposición a los cierres por vacaciones.

En cuanto al margen bruto, la dirección sigue cómoda con un rango del 28%–31% e indicó que el negocio se está estabilizando cerca del 29%. Se prevén transferencias adicionales en AJR durante 2027, sujetas a las prioridades de los clientes y a los plazos de cualificación.

Se espera que el crecimiento de los gastos de SG&A se modere a medida que la empresa absorba las inversiones recientes. Los costes extraordinarios por duplicidad en el cargo de CEO desaparecerán, si bien persistirá un mayor gasto en ciberseguridad. Los gastos de SG&A del 3T incluyeron aproximadamente 1,9 millones de dólares en salarios y beneficios adicionales y cerca de 800.000 dólares en retribución basada en acciones sin salida de efectivo.

La empresa también trabaja en ampliar su línea de crédito para respaldar adquisiciones de mayor envergadura. La dirección señaló que la línea actual permite un endeudamiento de hasta 3,25x EBITDA y tiene previsto mantener su disciplinado enfoque de adquisiciones a una escala más amplia.

Riesgos y aspectos a vigilar

• Las transferencias de productos de AJR a la República Dominicana van con retraso y continúan supeditadas a las cualificaciones de los clientes.
• El 4T es tradicionalmente más flojo, a lo que se suma la presión estacional de los cierres por festividades en la República Dominicana.
• Se prevé que la cirugía robótica se mantenga plana o a la baja en el conjunto de 2026, a pesar del optimismo a más largo plazo de la dirección respecto a las nuevas plataformas.
• AJR sigue presionando los márgenes mientras la producción intensiva en mano de obra permanezca en instalaciones de mayor coste.
• Las recientes inversiones en equipo directivo, ciberseguridad, capacidad y competencias han incrementado los gastos de SG&A antes del crecimiento previsto.

Puntos destacados del turno de preguntas y respuestas con analistas

La dirección atribuyó la mejora del margen bruto a un mayor volumen y a la reducción de costes en toda la cartera, a pesar de no haber materializado aún todo el beneficio de las transferencias de AJR.

En cuanto a la asignación de capital, el modelo ligero en capital de la compañía le permite priorizar las adquisiciones tras financiar el crecimiento orgánico. La dirección calificó la cartera de posibles adquisiciones como activa y afirmó que UFP Technologies puede ahora aspirar a una gama más diversa de empresas de mayor tamaño.

Plásticos, extrusión y adhesivos siguen siendo áreas donde UFP Technologies tiene menor escala en comparación con películas, espumas y tejidos. La dirección evalúa tanto inversiones orgánicas como adquisiciones para ampliar estas capacidades, en especial en moldeo por inyección.

La dirección señaló que no se han producido variaciones sustanciales en el comportamiento de los clientes respecto al desarrollo de productos, el lanzamiento de novedades o las pautas de pedidos. Asimismo, continúa destinando recursos a clientes que buscan mejores resultados para los pacientes y menores costes.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and welcome to UFP Technologies' Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Ron Lataille, Senior Vice President, Treasurer and Chief Financial Officer. Please go ahead.

Ronald Lataille

Thank you, operator. Good morning, and thank you for joining us on our 2026 third quarter earnings conference call. With me on today's call is our CEO, Mitch Rock. Today, we will make some forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, the accuracy of which is subject to risks and uncertainties.

Wherever possible, we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today and should not be relied upon as representing our estimates or views on any subsequent date. Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent 10-K and 10-Qs, including disclosure of the factors that could cause results to differ materially from those expressed or implied.

During this call, we will discuss non-GAAP financial measures, which include organic sales growth, adjusted gross margin, adjusted operating income, adjusted SG&A, adjusted EPS and EBITDA and adjusted EBITDA. A reconciliation of GAAP to non-GAAP measures discussed in this call is contained in the associated press release and is available in the Investor Relations section of our website. I'll now turn the call over to Mitch.

Mitchell Rock

Thank you, Ron. Good morning, everyone, and thank you for joining us. Our third quarter reflects solid execution across UFP and steady progress on our long-term growth strategy. Third quarter sales were $172.4 million, up 11.6%. Organic growth was 11.1%. Gross margin increased to 29.4%, adjusted operating income grew 14.5%, and adjusted earnings per share increased to $2.88. Year-to-date, sales are up 10.3%, to $500.6 million. MedTech grew 11.7%, and our top 5 MedTech customers collectively also grew 11.7%. What stands out to me is how broad the growth is. MedTech sales were up 12.5%, in the quarter with demand across the portfolio. One of the real strengths of UFP is that our growth does not depend on any single customer, program or end market. We were proud to be recognized by one of our top 5 customers with a supplier award for creating value through innovation and cost savings.

That's exactly what we're aiming for, line up with where our customers are going long term and help them scale while taking costs out. On operations, we are continuing to make progress. We are scaling new programs in the Dominican Republic. Margins are improving in our legacy UFP operations. And at AJR, we have made significant year-over-year progress, both in the U.S. and in the Dominican Republic. That said, we're behind schedule moving AJR activity to the Dominican Republic. We remain committed to finishing those transfers, scaling up operations and delivering the savings we anticipate. At the same time, we're investing ahead of growth in other parts of the business.

At DAS Medical, we are adding capacity ahead of anticipated double-digit growth, along with the people and capabilities to support it. And we are broadening what we can do. In August, we acquired CI Medical, a niche medical device printing business that prints on injection molded and extruded plastic components. CI Medical serves device development and low-volume, high-mix applications. It's a strong fit with our growing plastics business. We also see an opportunity to expand medical injection molding. Our 2025 investment in TPI gave us a strong initial position in this large and established market.

And CI Medical adds the printing capability that goes along with injection molded and extruded components. Together, they expand what we can offer our customers and add value across the UFP platform. Beyond these investments, acquisitions have always been a key part of our growth strategy, and we're positioning UFP to do more. We are making progress on several opportunities. And as UFP has grown, so has the size and range of the businesses we can take on. We remain disciplined on strategic fit and valuation. In parallel, we're working to expand our credit facility, which gives us room to invest in high-quality businesses that meet our criteria.

Between a strong, conservative balance sheet, a bigger team and our decentralized operating model, we believe we can bring on larger businesses and keep investing in organic growth. As we look to 2027, I'm optimistic. We have strong customer relationships, expanding capabilities, new capacity coming online, meaningful organic growth opportunities and an active acquisition pipeline. We also have areas where execution needs to improve, and we remain focused on those.

Our strategy remains consistent: grow with our customers, invest in our people and capabilities, improve our operations, make disciplined acquisitions and create long-term value for our shareholders. None of this happens without our thousands of team members around the world. I want to thank them for their commitment to our customers, to each other and to getting better every day. Thank you. And with that, I'll turn it over to Ron.

Ronald Lataille

Thank you, Mitch. With regard to operating results, as Mitch mentioned, overall sales were up 11.6%, fueled by strength in the patient beds and handling, cardiovascular, infection control and orthopedic submarkets. Organic sales growth for the quarter was strong at 11.1% as our launch programs accelerate, and we continue to improve efficiencies at AJR. Gross profit as a percentage of sales or gross margin increased to 29.4%, from 27.7% last year.

This improvement was despite continued margin headwind at AJR as high labor products scheduled to be transferred to the Dominican Republic continues to be contingent on customer qualification. SG&A expenses for our third quarter of 2026 increased by $4.1 million to $23.2 million. This is largely due to approximately $1.9 million in wages and benefits for back-office investments, increased members of our senior management team designed to accelerate growth and variable compensation as well as approximately $800,000 in noncash equity compensation caused partially by duplicate CEO equity costs.

On a sequential basis, SG&A remained relatively similar. Adjusted operating margin for the third quarter was 17.5% and adjusted earnings per diluted share outstanding was $2.88, up significantly from last year. We generated approximately $38.5 million in cash from operations during our third quarter. Capital expenditures were $3.9 million during our third quarter, and we ended with a leverage ratio of well under 1x. With that, I now turn it back to the operator for questions.

Operator

[Operator Instructions]

Our first question comes from the line of Justin Ages with CJS Securities.

Justin, will you please proceed with your question?

Preguntas y respuestas

Justin Ages

Yes.

So you mentioned strength in patient beds and a couple of areas. Can you give us a sense on where robotic surgery growth was?

Mitchell Rock

Yes. So as Ron mentioned, we had broad growth in those 4 subsegments, actually double-digit growth. And as we have indicated throughout the year that 2026 is a flat to down year in robotic surgery. So the results were consistent with that.

Justin Ages

That's helpful. And then really strong free cash flow generation. And I know you talked about an active M&A pipeline. Can you kind of let us know about capital allocation priorities where you're looking at acquisitions or maybe instituting buybacks or anything like that?

Ronald Lataille

I would say broadly, we're focused on allocating capital to support organic growth. And as you know, we have a capital-light model. So that pivots our focus to acquisitions. We've been clear that we have an active pipeline, and we're positioning the business to do more.

Operator

Next question comes from the line of Brett Fishbin with KeyBanc.

Brett Fishbin

I wanted to just ask on AJR. I know you guys are progressing in moving some of the product lines offshore, not quite done. So I was just curious if you can give any updates on how it went during the quarter? And then any updated thoughts on the time line to get the final programs moved offshore and whether that could take place this year or if that's more of a 2027 item?

Mitchell Rock

Brett, thanks for the question. What we would say broadly is we're really aligning our resources with our customers' priorities and our customers' priorities over time can shift. I mean this is a growing business with some moving parts that has a complex transfer. The overall business is contributing, so we're making it better. And then we are looking forward to '27 to complete additional transfer activity. So that's how I would think about it.

Brett Fishbin

All right. Perfect. Perfect. And then I know you guys have the longer-term guidance framework, which is 12% to 18% growth, generally 50% organic, which gets to 6% to 9%. You've been above that range in both 2Q and 3Q with double-digit growth. Maybe just any directional comments on what you kind of anticipate for 4Q and into 2027, if 6% to 9% is still kind of the right general baseline range to be thinking about?

Mitchell Rock

Yes. I mean, as you know, we don't give quarterly or annual guidance. I think we're comfortable with the 6% to 9%. Obviously, we've had 2 good quarters. Q4 is traditionally softer -- and as we've moved more activity to the DR, I expect that to continue to be true because we have more holiday shutdowns down there. So I think we're comfortable with the organic growth range and then the overall 12% to 18% with regard to organic and inorganic growth combined.

Brett Fishbin

Perfect. And last question for me. You guys noted in the press release and then again on the call that some of the additional capacity you're adding to DAS Medical could support double-digit growth for that business next year. So just interested in any more color around your early assumptions here and kind of what gives you confidence and visibility into that range?

Mitchell Rock

Yes, great question. So this has been a 5-year journey of investing in this business. In Q1, we signed an extension to support growth. So we have 3 things going on. We have -- we have the growth that we've invested in as far as supporting that long-term agreement. Two, we'll get the full year benefit of the things that we've launched this year, the programs we've launched this year.

So that -- and then lastly, more broadly, which is exciting is that there are robotic surgical platforms that are gaining market adoption that have been, what I would say, subscale so far, and we'll see some meaningful contribution as we move into '27 and beyond. So it's a great story.

Operator

Our next question comes from the line of Andrew Cooper with Raymond James.

Andrew Cooper

Maybe first, just on margins and maybe how it plays into the AJR transition. I mean you've continued to drive margins higher despite the, let's just say, lack of capture of the upside that you expect when those transitions do happen or the final transfers happen. So what's kind of enabled you to continue pushing higher from that perspective on the gross margin side? And how should we expect that to trend in '27 when those transfers do finalize?

Mitchell Rock

Andrew, great question. What I would think broadly about the portfolio is I would think we're focused on revenue growth and operating margin. There are puts and takes on the gross margin. So I think we're excited that we've made progress there. And I think it's -- the story is broad across the portfolio, a combination of volume and the team continue to take costs out. So I think we're comfortable in the -- in our range of 28% to 31%, and I think we're settling in at that 29%. So I think we're comfortable thinking about that way.

Andrew Cooper

Okay. Helpful. And then maybe one on kind of some of the M&A commentary and obviously talking about upsizing some of the capacity there. I think it's interesting you called out TPI as well. Is injection molding an area where you think you can add meaningfully from maybe an organic investment perspective? Is that one of the focus areas when we think about M&A? And just how do we think about the comment in the press release around broadening injection molding capabilities?

Mitchell Rock

Yes. I think if you look at our platform from a capability perspective, we have scale in films, foams, fabrics, and we're subscale in some other interesting areas like plastics or extrusion or adhesives. And it's probably the largest space in kind of single-use CDMOs. So it's -- we have seen a lot of assets in that space, and we continue to be thoughtful about how to add it to the portfolio, both from an organic perspective and from an acquisition perspective.

Andrew Cooper

Okay. Helpful. And then maybe just one big picture one. It feels like there's a lot going on in MedTech world in your customer base overall. Has there been any change in tone or aggressiveness around kind of how they're thinking about development work and new product rollouts and ordering patterns, et cetera, as you think about the last, call it, couple of months of conversations you've had with some of these key accounts?

Mitchell Rock

Nothing really sticks out to me. I mean I think ultimately, this -- the macro trends in the space of trying to develop widgets that deliver a better patient outcome and ultimately drive costs out are consistent. So I think we will continue to map our resources to those customer needs.

Operator

Our next question comes from the line of Luke Fingerson with Lake Street.

Luke Fingerson

Mitch, Ron.

First question for you guys. SG&A is up about 20% year-over-year. Should we expect this to keep stepping up into 2027? Or how should we think about that going forward?

Mitchell Rock

Good question. A few points there. There is onetime duplicate CEO costs that will roll off. We do have additional cybersecurity costs that will be permanent. And then we've really invested ahead of growth in terms of the team. And so we suspect that, that will moderate as we grow into those investments by both growing the business organically and adding some businesses to the platform via acquisition.

Luke Fingerson

Got it. And then on capital allocation, you expanded the credit facility and mentioned onboarding larger businesses. How much leverage are you guys willing to run on a larger deal? And then how are you guys thinking about structure when it comes to deal size?

Mitchell Rock

I think we're going to maintain the playbook. We're going to look at continuing to -- our current credit facility is we can borrow at 3.25x EBITDA. And we're just thinking about it in the same way just at a larger scale given the size of the enterprise now.

Operator

That was the last question for today. I now turn the conference back to Mitchell Rock for any closing remarks. Thank you, and over to you, Mitch.

Mitchell Rock

Thank you. Well, thanks, everyone. I just want to thank our customers and our team members. Without those 2 constituents, we wouldn't have a great business. We're super excited about going into 2027, and we appreciate all the support from the investment community. So have a great Thanksgiving and holiday season. We'll talk to you next quarter.

Operator

Thank you, Mitch. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.