Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 36

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 net sales for the nine months ended September 30, 2024.On September 30, 2025, two customers represented approximately 21.3% and 14.9% of gross accounts receivable, respectively. On December 31, 2024, one customer represented approximately 34.0% of gross accounts receivable.

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The Company’s products are primarily sold to customers within the Medical and Non-medical markets. Sales by market for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):Three Months Ended September 30,Nine Months Ended September 30,20252024 (a)20252024 (a)MarketNet Sales%Net Sales%Net Sales%Net Sales%Medical$142,358 92.1%$132,623 91.4%$417,107 91.9%$318,079 88.3%Non-medical12,200 7.9%12,542 8.6%36,775 8.1%42,272 11.7%Net Sales$154,558 100.0%$145,165 100.0%$453,882 100.0%$360,351 100.0%(a)Note – This table has been updated to conform to the current year presentation.

(14)    Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the nine months ended September 30, 2025 are as follows (in thousands):GoodwillDecember 31, 2024$189,657 Acquired in TPI business combination1,145 Acquired in UNIPEC business combination3,163 Marble working capital adjustment(5)AJR valuation adjustment22 Foreign currency translation3,320 September 30, 2025$197,302 The carrying values of the Company’s definite lived intangible assets as of September 30, 2025 are as follows (in thousands):September 30, 2025Customer ListIntellectual PropertyTradename & BrandNon- CompeteTotalWeighted-average amortization period20 years12.3 years13.3 years8.3 yearsGross amount$134,374 $28,811 $1,094 $6,944 $171,223 Accumulated amortization(20,700)(4,200)(334)(2,728