Company sees opportunities to grow with existing customers and new program launches.
Company continues to invest in Dominican Republic operations to support growth initiatives.
Growth drivers
Co said both its top five customers and the rest of its MedTech business posted strong sales gains in Q2.
Ongoing investments in Dominican Republic operations are supporting customer-driven growth and expanding capacity.
The company said those investments are creating near-term mix and margin pressure within U.S. operations.
Analyst coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy".
Wall Street's median 12-month price target for UFP Technologies Inc is $324.50, about 27.4% above its July 31 closing price of $254.78.
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 19 three months ago.
Quarterly results
Medical device contract manufacturer UFP Technologies said second-quarter revenue rose 15%, beating analyst expectations.
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