About UFP Technologies

UFP Technologies, Inc. operates as a designer, engineer, and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered custom products. The company is an important link in the medical device supply chain and a valued outsource partner to many of the top medical device manufacturers in the world. The company’s single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants. The company is diversified by also providing highly engineered products and components to customers in the automotive, aerospace and defense, and industrial markets. Typical applications of its products include military uniform and gear components, automotive interior trim, air filtration, and protective cases and inserts. Products The company’s custom products are targeted at macro market trends and create specific opportunities in niche segments where the company’s access to specialty materials, engineering know-how, and processing expertise can be leveraged to create value for its customers. Examples of its custom products targeted to specific markets include: MedTech – Protective drapes for robotic surgery, single patient use surfaces, advanced wound care, infection prevention, disposables for surgical and endoscopic procedures, packaging for orthopedic implants, orthopedic appliances, biopharma drug manufacturing and coils for catheters. Automotive – Molded components designed to make cars lighter (therefore more fuel efficient), quieter, and safer. Applications include acoustic insulation, interior trim, load floors, sunshades, SUV cargo cover handles, driveshaft damping, engine & manifold covers, quarter panels and wheel liners. Aerospace & Defense – With regard to the aerospace market, molded composites for commercial aviation to make planes lighter and safer. With regard to the defense market, molded composites for military gear to improve the safety and comfort of soldiers. Applications include backpack components, knee and elbow pads, eyewear, and helmets. Consumer and Electronic Packaging – 100% recycled protective packaging for business-to-consumer brands primarily focused on electronics, candles, wine, and other high-volume consumer products using the ‘next day’ carrier infrastructure. Specialty Case Solutions – Reusable cases and custom inserts to quickly and safely transport, store, and deploy mission-critical equipment. Applications include military ballistics panels, virtual training systems, drones, communications equipment, and rugged portable computers. Market The company sells its products into distinct markets with its primary focus on the medical market: MedTech –The product segments it targets and operates in include infection control, orthopedics, interventional & surgical, and surfaces & support, therapeutics, diagnostics, wound care, and biopharma. Automotive – The company partners with OEMs, Tier 1 suppliers, and its own material manufacturers to develop customized solutions to solve automakers’ biggest challenges. Aerospace & Defense – With regard to the aerospace market, the company primarily targets commercial aircraft manufacturers to address the need for improved safety, better fuel economy, lower emissions, and overall passenger comfort. With regard to the defense market, as a long-time supplier to military defense contractors and law enforcement, the company provides highly innovative solutions to ensure soldier safety, improve comfort, and protect mission critical equipment. Consumer & Electronics –For sports and leisure, the company is an innovator in comfort cushioning for helmets and other protective gear. Industrial – The applications for the company’s industrial products are highly diverse. Examples include air and liquid filters, thermal & acoustic insulation, seals, and gaskets. Marketing and Sales The company markets to the target industries it serves by promoting specific solutions, materials, and manufacturing capabilities and services. The company markets through websites, trade shows and expositions, social media, online advertising, emails, and press releases. The company markets and sells its products in the principally through a direct sales force. Patents and Other Proprietary Rights The company has a total of 18 active patents relating to technologies, including foam, packaging, tool control technologies, radio frequency welding, automotive superforming processes and certain nail file technologies. The company also has patent applications in process. The expiration dates for the company’s patents range from 2023 through 2039. Trademarks FlexShield, FirmaLite, Winepacks, BioShell, T-Tubes, Tri-Covers, Erasables, Design Nail, Pro-Sticks, Cryoshell Case Fit, Alloshell, ControlClean, Flash Shiner and Mambo are the company’s U.S. registered trademarks. Research and Development On a routine basis, the company incurs costs related to research and development activity. These costs are expensed as incurred. Approximately $9.3 million were expensed for the year ended December 31, 2022. Regulatory Climate and Environmental Considerations The company’s medical customers typically require FDA approval for their products and therefore sometimes require their suppliers to manufacture in facilities that are Food and Drug Administration (FDA) registered and comply with the ISO 13485 quality standard for medical devices. The company has eleven manufacturing locations that are ISO 13485 certified and eight that are FDA registered. The company’s automotive customers sometimes require their suppliers to certify their manufacturing locations to the IATF 16949 automotive quality standard. The company’s Grand Rapids, MI facility meets this requirement. History UFP Technologies, Inc. was founded in 1963. The company was incorporated in the state of Delaware in 1993.