UFP Technologies, Inc. designs and custom manufactures components, subassemblies, products, and packaging utilizing specialized foams, films, and plastics primarily for the medical market. Its single-use and single-patient devices and components are used in a range of medical devices, disposable wound care products, infection prevention, minimally invasive surgery, wearables, orthopedic soft goods, and orthopedic implant packaging. The company also provides engineered products and components to customers in the automotive, aerospace and defense, consumer, electronics, and industrial markets, which are applied in military uniform and gear components, automotive interior trim, athletic padding, environmentally protective packaging, air filtration, abrasive nail files, and protective cases and inserts. It markets and sells its products in the United States principally through a direct sales force, as well as independent manufacturer representatives. The company was founded in 1963 and is headquartered in Newburyport, Massachusetts.
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Here are 1-3 brief analogies for UFP Technologies:
A specialized 3M, focused on custom-engineered foam and plastic components.
Like a smaller, highly specialized Parker Hannifin, but creating custom-engineered foam and plastic parts.
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Medical Components and Products: Designs and manufactures custom components, subassemblies, and finished medical devices using advanced foams, films, and plastics.
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Medical and Protective Packaging: Provides custom-engineered sterile barrier and protective packaging solutions for sensitive medical devices and other products.
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Specialty Engineered Components: Creates custom-fabricated foam and plastic components for industrial, automotive, and consumer applications requiring specific material properties.
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Major Customers of UFP Technologies (UFPT)
UFP Technologies (UFPT) primarily sells its custom-engineered components, subassemblies, products, and packaging solutions to other companies (B2B).
While UFPT's SEC filings indicate significant customer concentration (e.g., their largest customer accounted for 16.2% of sales in 2023, and the top three customers accounted for over 41% of sales), the company does not publicly disclose the specific names of its major customers due to competitive and confidentiality reasons.
Instead, UFPT identifies the major industries in which its customers operate. These industries represent the primary categories of companies that are major customers for UFP Technologies:
- Medical: This is UFPT's largest and fastest-growing market, serving companies that manufacture medical devices, wound care products, orthopedics, ostomy products, diagnostics, and other healthcare solutions.
- Automotive: Companies in the automotive sector that require custom components for noise, vibration, and harshness (NVH) control, interior trim, gaskets, seals, and other applications.
- Aerospace & Defense: Manufacturers and suppliers in the aerospace and defense sectors seeking custom solutions for cushioning, cases, insulation, sealing, and protective packaging.
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R. Jeffrey Bailly Chairman and Chief Executive Officer
Mr. Bailly joined UFP Technologies in 1988 and has served as Chief Executive Officer since January 1, 1995, and as Chairman since October 2006. His previous roles at the company include Division Manager (1989-1992), General Manager Northeast Operations (1992-1994), Vice President of Operations (1994-1995), and President (1995-2024). A certified public accountant, he was employed by Coopers & Lybrand from 1984 to 1988. Mr. Bailly has been instrumental in the company's growth, including its largest acquisition in 2018 of Dielectrics, which transformed UFP Technologies' margin profile and growth trajectory.
Ronald J. Lataille Chief Financial Officer, Senior Vice President & Treasurer
Mr. Lataille joined UFP Technologies in November 1997 as its Chief Financial Officer. Before joining UFP Technologies, he served as Vice President, Treasurer, and Chief Financial Officer of Little Switzerland, Inc., from 1991 through October 1997, and also held the position of interim President and Chief Executive Officer of Little Switzerland from October 1994 to October 1995. Mr. Lataille is a certified public accountant and worked for Coopers & Lybrand from 1984 to 1991.
Mitchell C. Rock President
Mr. Rock first joined UFP Technologies in 1991 as Director of Sales and Marketing for the company's Molded Fiber division. He left to serve as Vice President of Sales and Business Development at Esprocket, an internet start-up company, from May 1999 to October 2000, before rejoining UFP Technologies in April 2001. He was appointed President of MedTech in June 2021 and subsequently became President of the company in February 2024.
Christopher P. Litterio General Counsel and Senior Vice President of Human Resources
Mr. Litterio became UFP Technologies' first General Counsel and Senior Vice President of Human Resources in November 2017. Prior to this, he practiced law at Ruberto, Israel & Weiner, PC, a Boston-based law firm, from 1989 until 2017, specializing in complex business litigation and employment law. He was the firm's managing partner from 2005 to 2017 and chaired its litigation department from 2000 to 2005.
Jason Holt Chief Commercial Officer
Mr. Holt joined UFP Technologies in 2018 as General Manager of the Advanced Components business. He was appointed Vice President in June 2021 and promoted to Chief Commercial Officer in February 2024. Before UFP Technologies, from 2004 to 2018, Mr. Holt held various leadership roles at Illinois Tool Works, a Fortune 200 company, where he ultimately served as Vice President and General Manager of a business unit generating over $100 million in revenue.
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UFP Technologies (UFPT) faces several key risks to its business operations and financial performance.
The most significant risk stems from its **dependency on key customers**. UFP Technologies relies heavily on sales from its largest customers, such as Intuitive Surgical SARL and Stryker Corporation. An investor presentation from June 2024 further indicated that one customer accounted for more than 28% of the company's revenue in 2023. A material adverse change in these partnerships or the loss of a significant portion of expected future sales to any large customer could have a substantial negative impact on UFP Technologies' business, financial condition, and results of operations.
Another crucial risk is the **intense competition and rapid technological advancements** within the medical device industry. The sector is characterized by constant technological innovation and evolving regulatory requirements. UFP Technologies' failure to develop new technologies, or to anticipate and react effectively to changes in existing technologies, could lead to decreased sales and a loss of market share to competitors. Additionally, new entrants or innovation from existing competitors could create a competitive disadvantage, potentially resulting in price reductions, reduced margins, and a decline in market share.
Finally, **macroeconomic factors and supply chain disruptions**, including dynamic tariff policies, pose a significant risk. UFP Technologies has experienced challenges due to fluctuating tariff policies, which have led to increased manufacturing costs and potential disruptions in its supply chain. While the company aims to pass these costs on to customers, the inherent uncertainty of trade policies and broader economic conditions, such as global supply chain issues, rising labor costs, and inflation, can negatively affect the company's operations and financial stability.
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UFP Technologies (UFPT) operates in several key markets, primarily focusing on medical devices and components, sterile packaging, protective packaging, and other highly engineered custom products. The estimated addressable market sizes for their main products or services are as follows:
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Medical Device Components and Sterile Packaging: The global medical component manufacturing market size was valued at approximately USD 16.12 billion in 2024 and is projected to reach around USD 25.23 billion by 2033, growing at a CAGR of 5.1% from 2025 to 2033. Other estimates place the global market at USD 20.17 billion by 2029 and USD 15.93 billion by 2030. This market encompasses the components used in a wide range of medical devices, including single-use and single-patient devices, as well as packaging for applications such as minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants.
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Protective Packaging: The global protective packaging market was valued at an estimated USD 32.22 billion in 2024 and is anticipated to reach approximately USD 50.75 billion by 2034, with a CAGR of 4.70% between 2025 and 2034. Other sources indicate the global market was valued at USD 33.3 billion in 2023, projected to reach USD 44.5 billion by 2028, and USD 37.86 billion in 2024, projected to reach USD 56.97 billion by 2033. While UFP Technologies sold its Molded Fiber Business in 2022, they continue to design and manufacture specialized packaging, particularly for medical applications.
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Thermal Management Solutions (as part of highly engineered custom products): The global thermal management market is estimated to be valued at USD 13.8 billion in 2025 and is projected to reach USD 30.2 billion by 2035, registering a compound annual growth rate (CAGR) of 8.1%. Another report indicates the global thermal management market size was calculated at USD 15.27 billion in 2024 and is predicted to hit around USD 39.98 billion by 2034, expanding at a CAGR of 10.1%. UFP Technologies manufactures highly engineered products and components for various markets, including electronics, automotive, and aerospace and defense, which often require thermal management solutions.
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UFP Technologies (UFPT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Strong Growth in MedTech Sectors: UFP Technologies' MedTech business is a significant driver, with particular strength observed in the interventional and surgical, orthopedics, and wound care sectors. These segments each demonstrated growth exceeding 30% in Q3 2025, contributing to the overall 7.3% growth of the MedTech business. This indicates a strategic focus and strong market demand in these high-growth areas of medical technology.
- Launch and Scaling of New Robotic Surgery Programs: The company is completing the launch of two new and significant robotic surgery programs. These programs are projected to contribute over $10 million in revenue in 2026, with expectations for continued rapid growth thereafter, solidifying UFP Technologies' presence in innovative surgical solutions.
- Expansion of Key Customer Contracts: UFP Technologies is actively engaged in discussions to extend and expand a substantial contract with its largest customer. This potential agreement is anticipated to encompass all product lines and involve new facility investments, leading to significantly increased volumes in future years.
- Performance of Recent Acquisitions: Recent strategic acquisitions, specifically UNIPEC and TPI, are performing ahead of expectations and have been immediately accretive to earnings. These acquisitions are enhancing the company's strategic capabilities and contributing positively to overall revenue growth.
- Increased Manufacturing Capacity and Product Development: The company is expanding its manufacturing capacity and product development centers, particularly in the Dominican Republic. This expansion sets the stage for sustained revenue growth by enabling UFP Technologies to meet increased demand for sophisticated medical device components and packaging solutions, and to fulfill existing backlogs.
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Share Repurchases
- As of December 31, 2020, UFP Technologies had approximately $9.4 million available for future share repurchases under a $10.0 million authorization from June 2015.
- No share repurchases were made by the company during the years ended December 31, 2020, 2019, and 2018.
Share Issuance
- There has been some dilution in shares outstanding for UFP Technologies over the last year.
- The number of common shares outstanding increased from 7,519,979 as of March 4, 2021, to 7,610,051 as of March 10, 2023.
Outbound Investments
- UFP Technologies completed 5 acquisitions in 2024, 2 in 2021, and 1 in 2025, contributing to a total of 11 acquisitions historically.
- In July 2025, the company acquired Technoplastics for $4.5 million.
- Also in July 2025, UFP Technologies acquired Universal Plastics & Engineering Company, Inc. (UNIPEC) and Techno Plastics Industries, Inc. (TPI) to expand its capabilities in tight tolerance film components and thermoplastic molding for the medical device market.
Capital Expenditures
- In the last 12 months (prior to October 31, 2025), capital expenditures for UFP Technologies amounted to -$12.06 million.
- The company invested $2.8 million in capital expenditures during the first quarter of fiscal year 2025.
- UFP Technologies has been focused on adding capacity to enhance operating efficiencies in its manufacturing plants, including ongoing expansion plans in Santiago and La Romana, Dominican Republic, to support growth in safe patient handling and robotic-assisted surgery markets.
