UFP Technologies Inc (UFPT) 2026 Q2 法說會逐字稿

Good day, and welcome to the UFPT second quarter 2026 earnings call and webcast conference Call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加 UFPT 2026 年第二季財報電話會議暨網路直播。(操作員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Ron Lataille, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長 Ron Lataille。請開始。

Thank you, operator. Good morning, and thank you for joining us on our 2026 second quarter earnings conference call. With me on today's call is our President and CEO, Mitch Rock.

謝謝，操作員。各位早安，感謝各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的還有我們的總裁兼執行長 Mitch Rock。

Today, we will make some forward-looking statements within the meaning of the US 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.

今天，我們將在 1995 年《美國私人證券訴訟改革法》所界定的範圍內作出若干前瞻性陳述，其準確性可能受到風險與不確定性的影響。在可行的情況下，我們將嘗試使用例如 believe（相信）、expect（預期）、anticipate（預估）、pursue（推進）、forecast（預測）及類似用語來辨識這些前瞻性陳述。

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-Q, including disclosure of the factors that could cause results to differ materially from those expressed or implied.

我們的前瞻性陳述係基於截至今日的估計與假設，不應被依賴為代表我們在任何後續日期的估計或觀點。請參閱我們最新的 10-K 與 10-Q 中關於前瞻性資訊的警示性聲明及風險因素，包括可能導致實際結果與所表述或暗示者出現重大差異的因素揭露。

During this call, we will discuss non-GAAP financial measures, which include organic sales growth, 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.

在本次電話會議中，我們將討論非 GAAP 財務衡量指標，包括有機銷售成長、調整後營業利益、調整後銷售、一般及行政費用（SG&A）、調整後每股盈餘（EPS）與 EBITDA，以及調整後 EBITDA。本次電話會議所討論之 GAAP 與非 GAAP 指標的調節表載於相關新聞稿，並可於我們網站的投資人關係（Investor Relations）專區取得。

I'll now turn the call over to Mitch.

接下來我把電話交給 Mitch。

Good morning, everyone, and thank you for joining us. Before discussing the quarter, I want to briefly acknowledge my first earnings call as President and Chief Executive Officer of UFP Technologies. Having spent many years helping build the company and the platform we operate today, I view this transition as a continuation of the strategy that has driven our success.

各位早安，感謝各位加入我們。在討論本季之前，我想先簡要提及，這是我以 UFP Technologies 總裁兼執行長身分主持的第一次財報電話會議。我多年來協助打造公司以及我們今日運作的平台，我將這次交接視為延續推動我們成功的既有策略。

Our priorities remain unchanged, supporting our customers, investing in our team and capabilities, pursuing disciplined acquisitions and creating long-term values for shareholders. Our second quarter and first half results reflect solid execution across the platform and continued progress towards our long-term growth strategy.

我們的優先事項維持不變：支持客戶、投資於我們的團隊與能力、推動審慎且有紀律的併購，並為股東創造長期價值。我們第二季及上半年業績反映出平台各面向的穩健執行，以及朝向長期成長策略持續推進的成果。

During the second quarter, sales increased 15.1% to $174 million, gross margins increased to 29.3% and operating income grew 15.5%. We also delivered adjusted earnings per share growth of 16.8% to a company record of $2.92. These results were driven by contributions across the UFP platform and demonstrate the strength and diversity of our MedTech business.

第二季期間，銷售額成長 15.1% 至 1.74 億美元，毛利率提升至 29.3%，營業利益成長 15.5%。我們也交出調整後每股盈餘成長 16.8%，達到公司紀錄的 2.92 美元。這些成果來自 UFP 平台各業務的貢獻，並展現我們 MedTech 業務的實力與多元性。

Growth remained broad-based throughout the portfolio with our top five customers growing 14.7%, while the balance of our MedTech business grew 19.7%. One of the most important aspects of the quarter is that growth was not dependent on any single customer, product category or end market. Rather, performance was driven by a diverse set of customer programs, the breadth of our businesses and the continued execution of our teams across the organization.

成長在整體產品組合中仍屬廣泛分布：前五大客戶成長 14.7%，而其餘 MedTech 業務成長 19.7%。本季最重要的面向之一是，成長並不依賴任何單一客戶、產品類別或終端市場。相反地，績效來自多元的客戶專案、我們業務的廣度，以及組織內各團隊持續的執行力。

We continue to invest in the Dominican Republic to support customer-driven growth initiatives, expand capacity and enhance our cost structure over time. These investments are generating early operational benefits and strengthening our ability to support future growth. While the full realization of those benefits is taking longer than originally anticipated, we remain confident in the long-term value of these investments and the opportunities they create for our customers and our business.

我們持續在多明尼加共和國投資，以支持客戶帶動的成長計畫、擴充產能，並隨時間推進改善我們的成本結構。這些投資已開始帶來初步的營運效益，並強化我們支持未來成長的能力。雖然這些效益的全面實現所需時間比原先預期更長，但我們仍對這些投資的長期價值，以及其為客戶與公司帶來的機會充滿信心。

We also continued to strengthen our organization during the quarter. Recent additions in business development, operations and legal increased our leadership capacity and support our next phase of growth. As we grow with existing customers, launch new programs and evaluate acquisition opportunities, we believe investing in organizational capacity is just as important as investing in facilities and equipment.

本季我們也持續強化組織。近期在業務開發、營運與法務方面的新加入成員，提升了我們的領導量能，並支持我們下一階段的成長。隨著我們與既有客戶共同成長、啟動新專案並評估併購機會，我們相信投資於組織量能與投資於廠房與設備同等重要。

These investments also position us to onboard additional companies into our decentralized operating model as we continue to expand the platform. Our acquisition strategy remains unchanged, and our pipeline of opportunities is robust. We continue to evaluate businesses that can expand our capabilities and strengthen our position in attractive MedTech markets. As always, we remain disciplined in our valuation approach and committed to deploying capital in ways that create long-term shareholder value.

這些投資也使我們在持續擴大平台的同時，能將更多公司納入我們的分散式營運模式。我們的併購策略維持不變，機會管線相當充沛。我們持續評估能擴展我們能力並強化我們在具吸引力的 MedTech 市場中地位的企業。一如既往，我們在估值方法上保持紀律，並致力於以能創造長期股東價值的方式部署資本。

Looking ahead, we continue to see meaningful opportunities to grow with existing customers, support new program launches, pursue disciplined acquisitions and invest in our people and capabilities. We believe the combination of our customer relationships, manufacturing footprint, robust acquisition pipeline and strengthened leadership team position us well for continued growth. The markets we serve remain attractive. Our customer relationships remain strong, and we remain focused on disciplined execution and long-term value creation for our customers and shareholders.

展望未來，我們持續看到與既有客戶共同成長、支持新專案啟動、推動有紀律的併購，以及投資於人才與能力的重大機會。我們相信，客戶關係、製造據點布局、強健的併購機會管線，以及更為強化的領導團隊之組合，使我們具備持續成長的良好條件。我們所服務的市場仍具吸引力。我們的客戶關係依然穩固，我們也將持續專注於有紀律的執行，以及為客戶與股東創造長期價值。

Most importantly, I want to thank our team members around the world for their continued dedication to our customers and each other. Their commitment, expertise and execution remain the foundation of UFP's success as we enter the next chapter of the company's growth.

最重要的是，我要感謝全球各地的團隊成員持續對客戶以及彼此的投入與奉獻。他們的承諾、專業與執行力，仍是 UFP 成功的基石，並將在公司成長進入下一篇章之際持續發揮關鍵作用。

With that, I'll turn the call over to Ron to review our financial results in greater detail.

接下來，我把電話交給 Ron，請他更詳細地說明我們的財務結果。

Thank you, Mitch. Before reviewing operating results, I'd like to give a brief update on the impact of the conflict in Iran on our raw material input costs. Given that a portion of our raw material input cost is petroleum-based, we continue to face inflationary price increases due to the impact on oil prices from the conflict in Iran.

謝謝你，Mitch。在檢視營運結果之前，我想先簡要更新伊朗衝突對我們原物料投入成本的影響。由於我們部分原物料投入成本以石油為基礎，受伊朗衝突推升油價的影響，我們仍持續面臨通膨性的價格上漲。

As was true at the end of Q1, it is difficult to estimate the ultimate impact as the news changes daily, and therefore, the price of oil has been volatile. It remains our expectation that we will pass through these increases to the market in kind.

如同第一季末的情況，由於新聞每日變化，因此難以估計最終影響，油價也因此波動。我們仍預期將以相同方式把這些上漲轉嫁至市場。

Moving to operations. As Mitch mentioned, overall sales for the second quarter were up 15.1%, fueled by strength across our platform, more specifically within the surfaces and support, cardiovascular, infection control and orthopedics submarkets.

接著談營運面。如 Mitch 所提到，第二季整體銷售額年增 15.1%，主要受惠於我們平台各面向的強勁表現，更具體而言是在表面與支撐、心血管、感染控制以及骨科等次市場。

Organic sales growth for the quarter was strong at 12.4% as our launch programs accelerate and we continue to build capacity at AJR. With regard to customer concentration, sales to our top 5 customers comprised 61% of our overall year-to-date sales, but are diversified into a broad range of programs consisting of hundreds of SKUs, each subject to validation and qualification requirements.

本季有機銷售成長強勁，達 12.4%，因我們的產品導入計畫加速推進，且我們持續在 AJR 擴充產能。就客戶集中度而言，前五大客戶的銷售占我們今年迄今總銷售的 61%，但其分散於涵蓋數百個 SKU 的廣泛專案組合中，且每一項皆需符合驗證與資格認證要求。

Gross profit as a percentage of sales or gross margin increased to 29.3% from 28.8% last year. This improvement was despite continued margin pressure at AJR as programs scheduled to be transferred to the DR continue to be contingent on customer qualification.

毛利占銷售額的比例（即毛利率）由去年的 28.8% 提升至 29.3%。此改善是在 AJR 仍持續承受毛利壓力的情況下達成，因為原定要轉移至 DR 的專案仍取決於客戶的資格認證。

SG&A expenses for our second quarter of 2026 increased by $4.1 million to $22.8 million. This is largely due to approximately $1.9 million in wages and benefits for back-office investments made at various times to support our larger organization. The increase also reflects growth of our senior management team as well as approximately $1 million in additional noncash equity compensation caused partially by CEO transition costs.

我們 2026 年第二季的銷售、一般及管理（SG&A）費用增加 410 萬美元至 2,280 萬美元。這主要是因為為支援更大型的組織，我們在不同時間點進行後勤（back-office）投資，帶來約 190 萬美元的薪資與福利。費用增加亦反映高階管理團隊的擴編，以及約 100 萬美元的額外非現金股權薪酬，其中部分係由 CEO 交接相關成本所致。

Adjusted operating margin for the second quarter was 17.6% of sales and adjusted earnings per share outstanding was $2.92, up significantly from last year. We generated approximately $15.6 million in cash from operations during our second quarter. Capital expenditures were $1.2 million during our second quarter, and we ended with a leverage ratio of under 1 times.

第二季調整後營業利益率為銷售額的 17.6%，調整後稀釋每股盈餘為 2.92 美元，較去年顯著提升。第二季我們自營運活動產生約 1,560 萬美元現金。第二季資本支出為 120 萬美元，期末槓桿比率低於 1 倍。

With that, I now turn it back to the operator for questions.

接下來我把時間交還給接線員進行提問。

(Operator Instructions)

(接線員指示)

Brett Fishbin, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Brett Fishbin。

So a really strong quarter, especially on the revenue growth front. I was hoping you could just unpack a little bit more some of the strength that you saw. I know you called out surfaces and cardio, infection control and orthopedics as a few areas that did really well. But maybe just if you could just dive a little bit deeper into some of the trends that you saw this quarter and what got better?

本季表現非常強勁，尤其是營收成長方面。我希望你們能再多拆解一下你們看到的強勢動能。我知道你們點名表面與心血管、感染控制以及骨科是幾個表現很好的領域。但也許你們可以再更深入談談本季看到的一些趨勢，以及有哪些地方變得更好？

Brett, thanks for the question. So we continue to see growth across several of the core markets, including cardiovascular, infection prevention, patient handling, orthopedics. We specifically called out that the robotic surgical market would be flat to down this year, and that was true.

Brett，謝謝你的提問。我們持續看到多個核心市場的成長，包括心血管、感染預防、病患搬運、骨科。我們也特別提到機器人手術市場今年將持平至下滑，而實際情況確實如此。

All right. Maybe just following up on surfaces and support. I know there's been a little bit of a conversation about backlog with AJR and you guys have been ramping capacity and activities in that area.

了解。再追問一下表面與支撐。我知道外界對 AJR 的積壓訂單（backlog）有一些討論，而你們也一直在提升該領域的產能與相關活動。

Maybe if you could just expand a little bit on if you saw any benefit specifically from the backlog or if there was anything else in surfaces and support that made it a strong end market this quarter?

也許你們可以再多說一點：你們是否特別從積壓訂單中看到任何助益？或者在表面與支撐方面，是否還有其他因素讓它成為本季強勁的終端市場？

We've moved through the backlog that the discussion with regard to what's going on with our customers' business where we won't address. What we can say is that business continues to grow significantly. And so we continue to see opportunity as we move forward.

我們已經消化了先前所提到的積壓訂單；至於客戶端業務發生了什麼，我們不便回應。我們能說的是，該業務仍在顯著成長。因此，展望未來我們仍持續看到機會。

All right. And then maybe just one more on the revenue front. I think like in past quarters, you guys have talked about four or so new programs that were expected to start ramping this year. So I was curious how like those new programs have progressed and how you're thinking about the contribution at this point for 2026?

了解。那再就營收面多問一題。我記得在過去幾季，你們談到大約四個新專案預期今年開始放量。所以我想了解這些新專案的進展如何，以及你們目前如何看待它們在 2026 年的貢獻？

Good question. I know we've discussed these new programs in prior quarters. What I would say is that the new program activity contributed to the quarter as expected. However, I would not characterize the quarter as being driven primarily by launches.

好問題。我知道我們在前幾季已討論過這些新專案。我會說，新專案活動對本季的貢獻符合預期。不過，我不會把本季描述為主要由產品導入（launches）所驅動。

Most of the growth came from existing customer relationships, existing product families and the continued expansion of the broad base of customer applications we have across the portfolio.

大部分成長來自既有客戶關係、既有產品系列，以及我們在整體產品組合中、廣泛客戶應用的持續擴張。

And Brett, it's Ron. To elaborate and clarify, it's really only three programs. The fourth program that we referred to in previous calls is an internal transfer. So it's not net new. There's three actual net new programs that are being transferred into us from outside.

Brett，我是 Ron。補充並釐清一下，其實只有三個專案。我們在先前電話會議提到的第四個專案是內部移轉。所以它不是淨新增。真正的淨新增專案是三個，從外部轉移到我們這邊。

All right, great. Thanks so much, Ron. Appreciate the answers.

了解，很好。非常感謝你，Ron。謝謝你們的回覆。

Justin Ages, CJS Securities.

CJS Securities 的 Justin Ages。

It seems like the investments that you're making are paying off even in the short term with the growth that we're seeing. Can you give us an indication whether we're at a new normal level for SG&A going forward?

看起來你們所做的投資即使在短期內也開始見效，從我們看到的成長就能反映。你們能否說明一下，未來 SG&A 是否會維持在一個新的常態水準？

I'll tackle that one, Justin. The answer is yes. We have made investments. I think that there's ultimately a little cushion in there because there's temporary costs that will cycle through due to the CEO transition from Jeff to Mitch. So we'll get some relief in midway through 2027. But the current level is approximately where we should be going forward.

Justin，這題我來回答。答案是會。我們確實已進行投資。我認為其中最終會有一些緩衝，因為有些暫時性成本會隨著 CEO 由 Jeff 交接給 Mitch 而逐步消化。因此我們大約在 2027 年年中會看到一些費用減輕。但目前的水準大致就是我們未來應維持的水準。

All right. And then you mentioned leverage and being disciplined in your approach. Can you give us an indication of the pipeline? How many are you looking at in what platform, surfaces and support, infection control or any indication there?

了解。另外你提到槓桿以及在策略上保持紀律。你能否提供一下併購/機會管線的概況？你們目前在看多少案子、集中在哪個平台——表面與支撐、感染控制——或有任何相關指標嗎？

What I can say is we were looking at anywhere from 5 to 10 opportunities that range from $5 million to $30 million of EBITDA. As stated, the pipeline is robust, so we're excited about it.

我能說的是，我們正在評估約 5 到 10 個機會，EBITDA 規模介於 500 萬到 3,000 萬美元。如先前所述，管線相當強勁，因此我們對此感到振奮。

Okay, that's helpful. Thank you for taking my questions.

好的，這很有幫助。感謝您回答我的問題。

Andrew Cooper, Raymond James.

Andrew Cooper，Raymond James。

Maybe just to double-click on the AJR frameworks. I guess as the takeaway here, you commented that you've resolved the backlog. So is it safe to assume the labor issues feel pretty fully resolved at this point? And then I think the last backlog number we had gotten was around $8 million and that it had grown a little bit from there.

或許再深入追問一下 AJR 架構。我想這裡的重點是，您提到已經解決了積壓。所以是否可以安全地假設，勞動力問題在此時點已經相當徹底地解決了？另外，我記得我們上次拿到的最後一個積壓數字大約是 800 萬美元，而且之後似乎又增加了一點。

So is there any normalization we need to think about from these 2Q levels back towards a rate that's maybe closer to end market pull-through versus that backlog work down?

那麼，從這些第二季的水準回到一個可能更接近終端市場拉動（pull-through）的速度、而不是靠消化積壓所帶動的速度，我們需要考慮任何正常化（normalization）嗎？

So Andrew, what I would say about that is go back to Q2 of '25. So that's a low point, right, as far as the comp goes. We are through the backlog. So we would no longer talk about the backlog. We are through the labor issue.

Andrew，關於這點我會這麼說：回到 2025 年第二季。就比較基期而言，那是一個低點，對吧。我們已經把積壓處理完了。所以我們不會再談積壓。我們也已經度過了勞動力問題。

So we are fully ramped in St. Charles and the platform continues to grow. Our only challenge is that we continue to have activity in St. Charles that we plan to put in the DR.

因此我們在 St. Charles 已經完全爬坡到位，而該平台也持續成長。我們唯一的挑戰是，我們在 St. Charles 仍有一些活動/產能安排，計畫要轉移到 DR。

Okay. Helpful. And maybe just a little bit more flavor for -- it sounds like the customer is controlling the time line there, but what percentage of product you expect to transfer to the DR is transferred at this point? And of the remaining sort of phases, how many are waiting on that sign-off from the customer versus needing more work to be done before you're able to move those down to the Dominican?

了解。很有幫助。再多問一點細節——聽起來那邊的時程是由客戶在掌控，但目前您預期要轉移到 DR 的產品，有多少百分比已經轉移了？而在剩餘的各個階段中，有多少是在等客戶簽核（sign-off），又有多少是因為在你們能把它們移到多明尼加之前，還需要完成更多工作？

Good question. So the original thesis when we go back a little over a year ago, we have three programs that transfer to the DR. two of them have transferred and a third one is still in process. And that is delayed.

好問題。回到一年多前我們最初的假設/規劃，我們有三個專案要轉移到 DR，其中兩個已經轉移，第三個仍在進行中。而那個專案目前有延遲。

Max Michaelis, Lake Street.

Max Michaelis，Lake Street。

Congrats on the great quarter. Just one for me. When we talk about sort of outside the top 5 MedTech customers growing 20%, can you kind of go into a little bit more detail on sort of those new programs ramping?

恭喜本季表現很出色。我只有一個問題。當我們談到前五大 MedTech 客戶之外的客戶成長 20% 時，您能否更詳細說明一下那些新專案的爬坡情況？

And can you remind me, are one of those the two new robotics programs you guys announced last November? Just kind of give us a little bit more detail on how that's kind of tracking in 2026 and where you expect that to kind of go in 2027?

另外提醒我一下，其中是否包含你們去年 11 月宣布的兩個新的機器人專案？請再多給我們一些細節，說明它在 2026 年的進展如何，以及你們預期 2027 年會走到什麼程度？

Okay. Max, -- two parts to the question. The broad growth across the platform really demonstrates the durability and diversity of UFP's exposure to multiple products in multiple markets, right? So the -- outside of our top customers, we grew close to 20% in the MedTech space.

好的。Max，這個問題有兩個部分。平台的廣泛成長，確實展現了 UFP 在多個市場、對多種產品的曝險所帶來的韌性與多元性，對吧？因此——在我們的主要客戶之外，我們在 MedTech 領域的成長接近 20%。

So that addresses that question. As it relates to the two programs that are in the robotic-assisted surgical space, those are all -- they have launched, they're ramping, and we expect to see more meaningful contribution as we move into '27.

這就回答了第一部分。至於那兩個位於機器人輔助手術領域的專案，它們都——已經上市、正在爬坡，我們預期在邁入 2027 年時會看到更具實質意義的貢獻。

Okay. I mean I can't remember if you did the last time when you guys talked about those programs, but did you give any sort of expected contribution or revenue outlook in 2026?

了解。我不確定你們上次談到那些專案時是否有提到，但你們有沒有給過 2026 年任何預期貢獻或營收展望？

Yes. So I would -- so as we move into '27, it's an 8-figure contribution and growing.

有。所以我會——當我們進入 2027 年時，會是八位數的貢獻，且還會持續成長。

There is a follow-up question from Brett Fishbin.

Brett Fishbin 有一個追問。

Just had one more quick one to kind of tie this together. Just thinking about the rest of the year, UFPT usually talks about 6% to 9% organic growth as kind of the long-term target. So just given the higher trend in 2Q, like how should we think about the rest of the year directionally from a modeling perspective? And any color on direction from here would be really helpful.

我再快速問一個，把這些串起來。就今年剩餘時間來看，UFPT 通常會把 6% 到 9% 的有機成長作為長期目標。所以考量第二季的較高趨勢，從建模角度，我們應該如何方向性地看待今年剩餘時間？如果能提供一些後續方向的說明會非常有幫助。

Brett, it's Ron. So you and I will chat later today. We will not obviously provide guidance for the rest of the year. The second quarter organic growth was impressive, but you have to remember that second quarter of last year was kind of the low point for the labor inefficiencies that we had.

Brett，我是 Ron。所以你和我今天晚些時候會再聊。我們顯然不會提供今年剩餘時間的指引。第二季的有機成長確實令人印象深刻，但你必須記得，去年第二季大致是我們勞動效率不彰問題的低點。

So I think as we go out through the rest of the year, the comp from a year ago will begin to improve. So I think we will be in our target range for organic growth, but I don't think you'll see the same double digits that you saw in Q2.

因此我認為，隨著今年接下來的時間推進，與去年同期相比的比較基期會開始改善。所以我認為我們會落在有機成長的目標區間內，但我不認為你會看到像第二季那樣的雙位數成長。

This concludes our question-and-answer session. I would like to turn the conference back over to Mitch Rock, CEO, for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給執行長 Mitch Rock，請他做結語。

Thank you. If there's one takeaway from today, it's the strength of the UFP platform. Our growth is broad-based. Our end markets remain attractive, and our operating businesses are deeply embedded with customers across multiple medical applications. Combined with our disciplined approach to investment and acquisitions, we believe UFP is well positioned for the next chapter of growth. Thank you.

謝謝。如果今天只有一個重點，那就是 UFP 平台的實力。我們的成長是廣泛且多元的。我們的終端市場仍具吸引力，而我們的營運事業也深度嵌入客戶，涵蓋多種醫療應用。再加上我們在投資與併購上的紀律性做法，我們相信 UFP 已為下一階段的成長做好了良好布局。謝謝。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。