Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000914156 | |
Entity Registrant Name | UFP TECHNOLOGIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-12648 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2314970 | |
Entity Address, Address Line One | 100 Hale Street | |
Entity Address, City or Town | Newburyport | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01950 | |
City Area Code | 978 | |
Local Phone Number | 352-2200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | UFPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,578,605 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 9,937 | $ 11,117 |
Receivables, net | 61,477 | 39,384 |
Inventories | 53,821 | 33,436 |
Prepaid expenses and other current assets | 2,421 | 3,383 |
Refundable income taxes | 2,590 | 0 |
Total current assets | 133,842 | 87,320 |
Property, plant and equipment | 107,809 | 126,837 |
Less accumulated depreciation and amortization | (51,463) | (70,268) |
Net property, plant and equipment | 56,346 | 56,569 |
Goodwill | 112,657 | 107,905 |
Intangible assets, net | 69,041 | 67,585 |
Non-qualified deferred compensation plan | 3,882 | 4,327 |
Finance lease right of use assets | 226 | 271 |
Operating lease right of use assets | 12,114 | 9,053 |
Other assets | 3,807 | 1,102 |
Total assets | 391,915 | 334,132 |
Current liabilities: | ||
Accounts payable | 20,899 | 10,611 |
Accrued expenses | 26,019 | 12,700 |
Deferred revenue | 4,173 | 4,247 |
Finance lease liabilities | 59 | 58 |
Operating lease liabilities | 2,250 | 2,181 |
Income taxes payable | 0 | 909 |
Current installments of long-term debt | 4,000 | 4,000 |
Total current liabilities | 60,996 | 34,706 |
Long-term debt, excluding current installments | 67,000 | 71,000 |
Deferred income taxes | 4,127 | 3,263 |
Non-qualified deferred compensation plan | 3,886 | 4,337 |
Finance lease liabilities | 171 | 215 |
Operating lease liabilities | 10,029 | 6,903 |
Other liabilities | 19,547 | 19,262 |
Total liabilities | 165,756 | 139,686 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value, 20,000,000 shares authorized; 7,608,164 and 7,578,605 shares issued and outstanding, respectively, at September 30, 2022; 7,564,645 and 7,535,086 shares issued and outstanding, respectively, at December 31, 2021 | 76 | 75 |
Additional paid-in capital | 35,396 | 34,151 |
Retained earnings | 194,134 | 160,807 |
Accumulated other comprehensive loss | (2,860) | 0 |
Treasury stock at cost: 29,559 shares at September 30, 2022 and December 31, 2021 | (587) | (587) |
Total stockholders’ equity | 226,159 | 194,446 |
Total liabilities and stockholders' equity | $ 391,915 | $ 334,132 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,608,164 | 7,564,645 |
Common stock, shares outstanding (in shares) | 7,578,605 | 7,535,086 |
Treasury stock, shares (in shares) | 29,559 | 29,559 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 96,970 | $ 50,723 | $ 262,555 | $ 149,977 |
Cost of sales | 71,447 | 38,707 | 195,575 | 111,938 |
Gross profit | 25,523 | 12,016 | 66,980 | 38,039 |
Selling, general & administrative expenses | 11,822 | 6,806 | 33,909 | 21,343 |
Acquisition costs | 10 | 154 | 1,027 | 154 |
Change in fair value of contingent consideration | 3,346 | 0 | 9,348 | 0 |
Gain on sale of Molded Fiber business | (15,623) | (15,623) | ||
Loss (Gain) on sale of property, plant & equipment | 3 | (21) | (6,206) | (42) |
Operating income | 25,965 | 5,077 | 44,525 | 16,584 |
Interest income | (11) | 0 | (33) | (11) |
Interest income | 11 | 0 | 33 | 11 |
Interest expense | 841 | 16 | 1,924 | 0 |
Other (income) expenses | (104) | 4 | (313) | (2) |
Income before income tax expense | 25,239 | 5,057 | 42,947 | 16,575 |
Income tax expense | 5,699 | 1,268 | 9,620 | 3,908 |
Net income | $ 19,540 | $ 3,789 | $ 33,327 | $ 12,667 |
Net income per share: | ||||
Basic (in dollars per share) | $ 2.58 | $ 0.50 | $ 4.41 | $ 1.68 |
Diluted (in dollars per share) | $ 2.56 | $ 0.50 | $ 4.37 | $ 1.67 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,570 | 7,531 | 7,559 | 7,522 |
Diluted (in shares) | 7,638 | 7,597 | 7,629 | 7,585 |
Comprehensive Income | ||||
Net income | $ 19,540 | $ 3,789 | $ 33,327 | $ 12,667 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (1,725) | 0 | (2,860) | 0 |
Other comprehensive loss | (1,725) | 0 | (2,860) | 0 |
Comprehensive income | $ 17,815 | $ 3,789 | $ 30,467 | $ 12,667 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | ||||
Balance at Dec. 31, 2020 | $ 75 | $ 32,484 | $ 144,921 | $ 0 | $ (587) | $ 176,893 |
Share-based compensation (in shares) | 34 | 0 | ||||
Share-based compensation | $ 0 | 501 | 0 | 0 | $ 0 | 501 |
Net share settlement of RSUs (in shares) | (14) | 0 | ||||
Net share settlement of RSUs | $ 0 | (738) | 0 | 0 | $ 0 | (738) |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 4,163 | 0 | 4,163 | |
Other comprehensive income | $ 0 | 0 | 0 | 0 | $ 0 | 0 |
Balance (in shares) at Mar. 31, 2021 | 7,520 | 30 | ||||
Balance at Mar. 31, 2021 | $ 75 | 32,247 | 149,084 | 0 | $ (587) | 180,819 |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | ||||
Balance at Dec. 31, 2020 | $ 75 | 32,484 | 144,921 | 0 | $ (587) | 176,893 |
Balance (in shares) at Jun. 30, 2021 | 7,531 | 30 | ||||
Balance at Jun. 30, 2021 | $ 75 | 33,027 | 153,799 | 0 | $ (587) | 186,314 |
Balance (in shares) at Dec. 31, 2020 | 7,500 | 30 | ||||
Balance at Dec. 31, 2020 | $ 75 | 32,484 | 144,921 | 0 | $ (587) | 176,893 |
Other comprehensive income | 0 | |||||
Net income | 12,667 | |||||
Other comprehensive income | 0 | |||||
Balance (in shares) at Sep. 30, 2021 | 7,531 | 30 | ||||
Balance at Sep. 30, 2021 | $ 75 | 33,677 | 157,588 | 0 | $ (587) | 190,753 |
Balance (in shares) at Mar. 31, 2021 | 7,520 | 30 | ||||
Balance at Mar. 31, 2021 | $ 75 | 32,247 | 149,084 | 0 | $ (587) | 180,819 |
Share-based compensation (in shares) | 4 | 0 | ||||
Share-based compensation | $ 0 | 620 | 0 | 0 | $ 0 | 620 |
Net share settlement of RSUs | 0 | (2) | 0 | 0 | 0 | (2) |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | $ 0 | 0 | 4,715 | 0 | $ 0 | 4,715 |
Exercise of stock options (in shares) | 7 | 0 | ||||
Exercise of stock options | $ 0 | 162 | 0 | 0 | $ 0 | 162 |
Other comprehensive income | $ 0 | 0 | 0 | 0 | $ 0 | 0 |
Balance (in shares) at Jun. 30, 2021 | 7,531 | 30 | ||||
Balance at Jun. 30, 2021 | $ 75 | 33,027 | 153,799 | 0 | $ (587) | 186,314 |
Share-based compensation (in shares) | 0 | |||||
Share-based compensation | $ 0 | 650 | 0 | 0 | 650 | |
Net share settlement of RSUs | 0 | 0 | 0 | 0 | 0 | |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |
Net income | $ 0 | 0 | 3,789 | 0 | 3,789 | |
Exercise of stock options (in shares) | 0 | |||||
Exercise of stock options | $ 0 | 0 | 0 | 0 | 0 | |
Other comprehensive income | $ 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Sep. 30, 2021 | 7,531 | 30 | ||||
Balance at Sep. 30, 2021 | $ 75 | 33,677 | 157,588 | 0 | $ (587) | 190,753 |
Balance (in shares) at Dec. 31, 2021 | 7,535 | 30 | ||||
Balance at Dec. 31, 2021 | $ 75 | 34,151 | 160,807 | 0 | $ (587) | 194,446 |
Share-based compensation (in shares) | 46 | 0 | ||||
Share-based compensation | $ 1 | 691 | 0 | 0 | $ 0 | 692 |
Net share settlement of RSUs (in shares) | (20) | 0 | ||||
Net share settlement of RSUs | $ 0 | (1,299) | 0 | 0 | $ 0 | (1,299) |
Other comprehensive income | 0 | 0 | 0 | 381 | 0 | 381 |
Net income | 0 | 0 | 4,858 | 0 | 4,858 | |
Other comprehensive income | $ 0 | 0 | 0 | 381 | $ 0 | 381 |
Balance (in shares) at Mar. 31, 2022 | 7,561 | 30 | ||||
Balance at Mar. 31, 2022 | $ 76 | 33,543 | 165,665 | 381 | $ (587) | 199,078 |
Balance (in shares) at Dec. 31, 2021 | 7,535 | 30 | ||||
Balance at Dec. 31, 2021 | $ 75 | 34,151 | 160,807 | 0 | $ (587) | 194,446 |
Other comprehensive income | (2,860) | |||||
Net income | 33,327 | |||||
Other comprehensive income | (2,860) | |||||
Balance (in shares) at Sep. 30, 2022 | 7,569 | 30 | ||||
Balance at Sep. 30, 2022 | $ 76 | 35,396 | 194,134 | (2,860) | $ (587) | 226,159 |
Balance (in shares) at Mar. 31, 2022 | 7,561 | 30 | ||||
Balance at Mar. 31, 2022 | $ 76 | 33,543 | 165,665 | 381 | $ (587) | 199,078 |
Share-based compensation (in shares) | 4 | 0 | ||||
Share-based compensation | $ 0 | 781 | 0 | 0 | $ 0 | 781 |
Net share settlement of RSUs | 0 | (3) | 0 | 0 | 0 | (3) |
Other comprehensive income | 0 | 0 | 0 | (1,516) | 0 | (1,516) |
Net income | $ 0 | 0 | 8,929 | 0 | $ 0 | 8,929 |
Exercise of stock options (in shares) | 1 | 0 | ||||
Exercise of stock options | $ 0 | 21 | 0 | 0 | $ 0 | 21 |
Other comprehensive income | $ 0 | 0 | 0 | (1,516) | $ 0 | (1,516) |
Balance (in shares) at Jun. 30, 2022 | 7,566 | 30 | ||||
Balance at Jun. 30, 2022 | $ 76 | 34,342 | 174,594 | (1,135) | $ (587) | 207,290 |
Share-based compensation (in shares) | 0 | 0 | ||||
Share-based compensation | $ 0 | 897 | 0 | 0 | $ 0 | 897 |
Net share settlement of RSUs | 0 | (189) | 0 | 0 | 0 | (189) |
Other comprehensive income | 0 | 0 | 0 | (1,725) | 0 | (1,725) |
Net income | $ 0 | 0 | 19,540 | 0 | $ 0 | 19,540 |
Exercise of stock options (in shares) | 14 | 0 | ||||
Exercise of stock options | $ 0 | 346 | 0 | 0 | $ 0 | 346 |
Other comprehensive income | $ 0 | 0 | 0 | (1,725) | $ 0 | (1,725) |
Balance (in shares) at Sep. 30, 2022 | 7,569 | 30 | ||||
Balance at Sep. 30, 2022 | $ 76 | $ 35,396 | $ 194,134 | $ (2,860) | $ (587) | $ 226,159 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands, € in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 33,327 | $ 12,667 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,137 | 6,209 |
Gain on disposal of property, plant & equipment | (6,206) | (43) |
Gain on sale of Molded Fiber business | (15,623) | 0 |
Share-based compensation | 2,370 | 1,771 |
Interest expense on finance leases | 4 | 2 |
Deferred income taxes | 415 | 482 |
Change in fair value of contingent consideration | 9,348 | 0 |
Changes in operating assets and liabilities: | ||
Receivables, net | (19,841) | (6,028) |
Inventories | (20,085) | (3,032) |
Prepaid expenses and other current assets | 118 | (517) |
Refundable income taxes | (3,624) | (848) |
Other assets | (2,637) | 72 |
Accounts payable | 6,334 | 3,210 |
Accrued expenses | 12,987 | 417 |
Deferred revenue | 501 | (216) |
Non-qualified deferred compensation plan and other liabilities | (6,669) | (469) |
Net cash provided by operating activities | (144) | 13,677 |
Cash flows from investing activities: | ||
Additions to property, plant, and equipment | (10,816) | (4,277) |
Proceeds from sale of Molded Fiber | 29,007 | 0 |
Proceeds from sale of fixed assets | 6,717 | 51 |
Net cash provided by (used in) investing activities | 4,255 | (4,226) |
Cash flows from financing activities: | ||
Proceeds from advances on revolving line of credit | 44,000 | 0 |
Payments on revolving line of credit | (45,000) | 0 |
Principal payments of long-term debt | (3,000) | 0 |
Principal payments on finance lease obligations | (47) | (13) |
Proceeds from exercise of stock options | 367 | 162 |
Payment of statutory withholdings for restricted stock units vested | (1,491) | (740) |
Net cash used in financing activities | (5,171) | (591) |
Effect of foreign currency exchange rates on cash and cash equivalents | (120) | 0 |
Net (decrease) increase in cash and cash equivalents | (1,180) | 8,860 |
Cash and cash equivalents at beginning of period | 11,117 | 24,234 |
Cash and cash equivalents at end of period | 9,937 | 33,094 |
Advant Medical [Member] | ||
Cash flows from investing activities: | ||
Acquisition, net of cash acquired | (20,768) | 0 |
DAS Medical [Member] | ||
Cash flows from investing activities: | ||
Acquisition, net of cash acquired | $ 115 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 Basis of Presentation The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10 not December 31, 2021, 2021 10 The condensed consolidated balance sheets as of September 30, 2022 December 31, 2021, three nine September 30, 2022 2021, three nine September 30, 2022 2021, nine September 30, 2022 2021 December 31, 2021 not The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three nine September 30, 2022 not December 31, 2022. New Accounting Policy The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not not Recent Accounting Pronouncements There are no |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestiture | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ( 2 Acquisitions and Divestiture Molded Fiber On July 26, 2022, three nine September 30, 2022. December 31, 2021. Advant Medical On March 16, 2022, €19.0 Founded in 1993, The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s preliminary estimates of fair value (in thousands): Fair value of considerations transferred Cash paid at closing $ 23,608 Other liability 395 Cash from Advant (2,840 ) Total consideration $ 21,163 Purchase price allocation Accounts receivable $ 2,299 Inventory 2,410 Other current assets 213 Property, plant, and equipment 5,704 Customer contracts & relationships 2,925 Intellectual property 2,127 Non-compete agreement 259 Lease right of use assets 289 Other assets 41 Goodwill 7,140 Total identifiable assets $ 23,407 Accounts payable (772 ) Accrued expenses (668 ) Income taxes (66 ) Deferred taxes (449 ) Lease liabilities (289 ) Net assets acquired $ 21,163 Acquisition costs associated with the transaction were approximately $789 thousand, of which $759 thousand was charged to expense in the nine September 30, 2022, December 31, 2021. The amount of revenue and earnings of Advant recognized since the acquisition date, which is included in the condensed consolidated statement of income for the nine September 30, 2022, Pro-forma statements The following table contains an unaudited pro forma condensed consolidated statement of operations for the nine September 30, 2022 2021 three September 30, 2021, Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) Sales $ 56,194 $ 266,782 $ 166,273 Operating Income $ 5,440 $ 45,268 $ 18,187 Net Income $ 4,018 $ 33,881 $ 13,796 Earnings per share: Basic $ 0.53 $ 4.48 $ 1.83 Diluted $ 0.53 $ 4.44 $ 1.82 The above unaudited pro forma information is presented for illustrative purposes only and may not may DAS Medical On December 22, 2021 may four In connection with its entry into the Purchase Agreement, the Company also entered into an Agreement for the Purchase and Sale of Personal Goodwill (the “Goodwill Agreement”) with the purchase price beneficiaries. Pursuant to the terms of the Goodwill Agreement, on December 22, 2021, The Company has also entered into Non-Competition Agreements with the beneficiaries and the Company has agreed to pay additional consideration to the parties to the Non-Competition Agreements, including an aggregate of $10.0 million in payments over the ten Founded in 2010, The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s preliminary estimates of fair value (in thousands): Fair value of considerations transferred Cash paid at closing $ 95,000 Contingent liability (Earn-out) 5,188 Non-compete agreements 8,855 Cash from DAS (8,316 ) Working capital adjustment (115 ) Total consideration $ 100,612 Purchase price allocation Accounts receivable $ 2,351 Inventory 7,570 Other current assets 68 Property, plant, and equipment 3,314 Customer contracts & relationships 36,730 Intellectual property 2,380 Non-compete agreement 4,697 Lease right of use assets 1,221 Goodwill 51,985 Total identifiable assets $ 110,316 Accounts payable (5,238 ) Accrued expenses (3,238 ) Deferred revenue (7 ) Lease liabilities (1,221 ) Net assets acquired $ 100,612 Acquisition costs associated with the transaction were approximately $448 thousand, of which $155 thousand were charged to expense in the nine September 30, 2022, December 31, 2021. Contech Medical On October 12, 2021, 12 June 30, 2022. Founded in 1987, five one five The following table summarizes the allocation of consideration paid to the acquisition date fair value of the assets acquired and liabilities assumed based on management’s estimates of fair value (in thousands): Fair value of considerations transferred Cash paid at closing $ 9,766 Contingent liability (Earn-out) 4,543 Other liability 500 Cash from Contech (266 ) Total consideration $ 14,543 Purchase price allocation Accounts receivable $ 2,851 Inventory 2,320 Other current assets 37 Property, plant, and equipment 1,170 Customer contracts & relationships 3,043 Intellectual property 2,247 Non-compete agreement 86 Lease right of use assets 1,523 Goodwill 4,278 Total identifiable assets $ 17,555 Accounts payable (1,015 ) Accrued expenses (414 ) Deferred revenue (60 ) Lease liabilities (1,523 ) Net assets acquired $ 14,543 Acquisition costs associated with the transaction were approximately $153 thousand, of which $113 thousand were charged to expense in the nine September 30, 2022, December 31, 2021. Pro-forma statements The following table contains an unaudited pro forma condensed consolidated statement of operations for the three six September 30, 2021, Three-month Period Ended September 30, 2021 Nine-month Period Ended September 30, 2021 (Unaudited) (Unaudited) Sales $ 69,055 $ 201,660 Operating income $ 7,627 $ 23,030 Net income $ 5,707 $ 18,526 Earnings per share: Basic $ 0.76 $ 2.46 Diluted $ 0.75 $ 2.44 The above unaudited pro forma information is presented for illustrative purposes only and may not may |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 1 2 3 4 5 not not Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to the Company’s customers (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2022 2021 2022 2021 Products $ 92,860 $ 49,613 $ 251,996 $ 146,402 Tooling and Machinery 2,659 405 5,984 1,149 Engineering services 1,451 705 4,575 2,426 Total net sales $ 96,970 $ 50,723 $ 262,555 $ 149,977 Contract balances Timing of revenue recognition may The following table presents a roll-forward of contract liabilities activity for the nine September 30, 2022 2021 Contract Liabilities Nine Months Ended September 30, 2022 2021 Deferred revenue - beginning of period $ 4,247 $ 1,887 Increases due to consideration received from customers 4,836 2,111 Revenue recognized (4,335 ) (1,192 ) Decrease due to sale of Molded Fiber (575 ) - Deferred revenue - end of period $ 4,173 $ 2,806 Revenue recognized during the nine September 30, 2022 2021 When invoicing occurs after revenue recognition, the Company has contract assets, included within “receivables” on the condensed consolidated balance sheet. Contract Assets Nine Months Ended September 30, 2022 2021 Unbilled receivables - beginning of period $ 74 $ 271 Increases due to revenue recognized, not invoiced to customers 3,065 1,461 Decreases due to customer invoicing (2,429 ) (1,509 ) Unbilled receivables - end of period $ 710 $ 223 The following table presents a roll-forward of contract assets activity for the nine September 30, 2022 2021 |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 4 Supplemental Cash Flow Information Nine Months Ended September 30, 2022 2021 (in thousands) Cash paid for: Interest $ 1,869 $ 39 Income taxes, net of refunds 12,315 4,274 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 133 $ 225 |
Note 5 - Receivables and Allowa
Note 5 - Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 5 Receivables and Allowance for Credit Losses Receivables consist of the following (in thousands): September 30, December 31, 2022 2021 Accounts receivable–trade $ 65,814 $ 39,903 Less allowance for credit losses (741 ) (519 ) Receivables, net $ 65,073 $ 39,384 The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected as of September 30, 2022 2021 Allowance for Credit Losses Nine Months Ended September 30, 2022 2021 Allowance - beginning of period $ 519 $ 484 Provision for expected credit losses 275 92 Amounts written off against the allowance (53 ) (54 ) Allowance - end of period $ 741 $ 522 |
Note 6 - Fair Value of Financia
Note 6 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 Fair Value of Financial Instruments Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures Level 1 Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands): September 30, 2022 December 31, 2021 Level 2 Assets (Liabilities): Derivative financial instruments $ 26 $ (176 ) Level 3 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ (19,079 ) $ (9,731 ) Present value of non-competition payments (9,746 ) (8,855 ) Derivative financial instruments consist of an interest rate swap for which fair value is determined through the use of a pricing model that utilizes verifiable inputs such as market interest rates that are observable at commonly quoted intervals for the full term of the swap agreement. In connection with the acquisitions discussed in Note 2, 3 September 30, 2022 September 30, 2022 three nine September 30, 2022, In connection with the DAS Medical acquisition, the Company has entered into Non-Competition Agreements with the beneficiaries and the Company has agreed to pay additional consideration to the parties to the Non-Competition Agreements, including an aggregate of $10.0 million in payments over the ten €375 three five The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, that are stated at carrying amounts that approximate fair value because of the short maturity of those instruments. The carrying amount of the Company’s long-term debt approximates fair value as the interest rate on the debt approximates the estimated borrowing rate currently available to the Company. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 7 Share-Based Compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2021. Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2022 2021 2022 2021 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 75 52 188 157 Restricted Stock Unit Awards ("RSUs") 722 498 1,882 1,314 Total share-based compensation $ 897 $ 650 $ 2,370 $ 1,771 The total income tax benefit recognized in the condensed consolidated statements of income for share-based compensa‐tion arrangements was approximately $485 thousand and $167 thousand for the three September 30, 2022 2021, nine September 30, 2022 2021, Common stock grants The compensation expense for common stock grants during the nine September 30, 2022, Stock Option grants The following is a summary of stock option activity under all plans for the nine September 30, 2022: Shares Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 98,671 $ 33.53 Granted 9,876 77.28 Exercised (15,245 ) 24.10 Outstanding at September 30, 2022 93,302 $ 39.70 6.13 $ 4,305 Exercisable at September 30, 2022 83,426 $ 35.26 5.71 $ 4,220 Vested and expected to vest at September 30, 2022 93,302 $ 39.70 $ 6.13 $ 4,305 On June 8, 2022, Expected volatility 34.7 % Expected dividends None Risk-free interest rate 2.9 % Exercise price $ 77.28 Expected term (years) 6.2 Weighted-average grant date fair value $ 30.37 The stock volatility for each grant is determined based on a review of the experience of the weighted average of historical daily price changes of the Company’s common stock over the expected option term, and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods correspond‐ing with the expected term of the option. The expected term is estimated based on historical option exercise activity. During the nine September 30, 2022 2021, nine September 30, 2022, Zero 2021. Restricted Stock Unit awards The following table summarizes information about RSU activity during the nine September 30, 2022: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 101,168 $ 41.78 Awarded 51,981 74.94 Shares vested (49,575 ) 41.05 Shares forfeited (947 ) 64.32 Outstanding at September 30, 2022 102,627 $ 55.29 At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the nine September 30, 2022 2021, As of September 30, 2022, |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 Inventories Inventories are stated at the lower of cost (determined using the first first September 30, December 31, 2022 2021 Raw materials $ 39,071 $ 22,184 Work in process 5,981 4,205 Finished goods 8,769 7,047 Total inventory $ 53,821 $ 33,436 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 9 Leases The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 not not ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not Nine Months Ended September 30, ($ in thousands) 2022 2021 Lease Cost: Finance lease cost: Amortization of right of use assets $ 45 $ 12 Interest on lease liabilities 4 2 Operating lease cost 1,962 896 Variable lease cost 228 169 Short-term lease cost 49 30 Total lease cost $ 2,288 $ 1,109 Nine Months Ended September 30, ($ in thousands) 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,839 $ 909 Financing cash flows from finance leases 47 11 Weighted-average remaining lease term (years): Finance 3.79 5.58 Operating 3.88 1.39 Weighted-average discount rate: Finance 2.10 % 2.26 % Operating 2.75 % 3.95 % The aggregate future lease payments for leases as of September 30, 2022 Finance Operating Remainder of 2022 $ 16 $ 611 2023 63 2,211 2024 63 2,190 2025 63 1,957 2026 28 1,733 Thereafter 6 4,775 Total lease payments 239 13,477 Less: Interest (9 ) (1,198 ) Present value of lease liabilities $ 230 $ 12,279 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 10 Net Income Per Share Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period. The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 7,570 7,531 7,559 7,522 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 68 66 70 63 Diluted weighted average common shares outstanding 7,638 7,597 7,629 7,585 The computation of diluted net income per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related stock options during the period. These outstanding stock options are not three nine September 30, 2022, three nine September 30, 2021, |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 11 Segment Reporting The Company consists of a single operating and reportable segment. One customer comprised 25.1% and 20.5% of the Company’s consolidated revenues for the three nine September 30, 2022, No 10% 2021. September 30, 2022, one December 31, 2021, no 10% The Company’s products are primarily sold to customers within the Medical, Automotive, Aerospace & Defense, Consumer, Industrial, and Electronics markets. Net sales by market for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021(1) 2022 2021(1) Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 81,591 84.1 % $ 32,376 63.8 % $ 208,464 79.4 % $ 95,088 63.4 % Automotive 4,681 4.8 % 3,852 7.6 % 13,383 5.1 % 12,065 8.0 % Aerospace & Defense 3,590 3.7 % 3,881 7.7 % 11,097 4.2 % 12,636 8.4 % Consumer 3,099 3.2 % 6,449 12.7 % 15,644 6.0 % 18,125 12.1 % Industrial 2,748 2.8 % 2,162 4.3 % 7,924 2.9 % 6,508 4.2 % Electronics 1,261 1.3 % 2,003 4.0 % 6,043 2.4 % 5,555 3.7 % Net Sales $ 96,970 100.0 % $ 50,723 100.0 % $ 262,555 100.0 % $ 149,977 100.0 % ( 1 Certain amounts for the three nine September 30, 2021, |
Note 12 - Goodwill and Other In
Note 12 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 12 Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the nine September 30, 2022 Goodwill December 31, 2021 $ 107,905 Acquired in Advant Medical business combination (See Note 2) 7,140 DAS working capital adjustment 196 Sale of Molded Fiber (1,778 ) Foreign currency translation (806 ) September 30, 2022 $ 112,657 The carrying values of the Company’s definite lived intangible assets as of September 30, 2022 Intellectual Property / Tradename & Brand Non- Compete Customer List Total Weighted-average amortization period (years) 11.9 9.3 20 Gross amount $ 6,881 $ 5,474 $ 64,922 $ 77,277 Accumulated amortization (570 ) (822 ) (6,844 ) (8,236 ) Net balance $ 6,311 $ 4,652 $ 58,078 $ 69,041 Amortization expense related to intangible assets was approximately $1.1 million and $314 thousand, respectively, for the three September 30, 2022 2021, nine September 30, 2022 2021. September 30, 2022 Remainder of 2022 $ 1,123 2023 4,409 2024 4,401 2025 4,401 2026 4,398 Thereafter 50,309 Total $ 69,041 |
Note 13 - Other Long-term Liabi
Note 13 - Other Long-term Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 13 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): September 30, December 31, 2022 2021 Accrued contingent consideration (earn-out) $ 9,079 $ 9,731 Present value of non-competition payments 9,746 8,855 Other 722 676 $ 19,547 $ 19,262 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 14 Income Taxes The determination of income tax expense in the accompanying unaudited condensed consolidated statements of income is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded income tax expense of approximately 22.6% and 24.9% of income before income tax expense for the three September 30, 2022 2021, nine September 30, 2022 2021, |
Note 15 - Indebtedness
Note 15 - Indebtedness | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 15 Indebtedness On December 22, 2021, February 1, 2018. The credit facilities under the Second Amended and Restated Credit Agreement consist of a $40 million secured term loan to the Company and a secured revolving credit facility, under which the Company may December 21, 2026. March 31, 2022. may The Second Amended and Restated Credit Agreement calls for interest determined by the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a margin that ranges from 1.25% to 2.0% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from .25% At September 30, 2022, September 30, 2022, Long-term debt consists of the following (in thousands): September 30, 2022 Revolving credit facility $ 34,000 Term loan 37,000 Total long-term debt 71,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 67,000 Future maturities of long-term debt at September 30, 2022 Term Loan Revolving credit facility Total Remainder of 2022 $ 1,000 $ - $ 1,000 2023 $ 4,000 $ - $ 4,000 2024 $ 4,000 $ - $ 4,000 2025 $ 4,000 $ - $ 4,000 2026 $ 24,000 $ 34,000 $ 58,000 $ 37,000 $ 34,000 $ 71,000 Derivative Financial Instruments The Company used interest-rate-related derivative instruments to manage its exposure related to changes in interest rates on certain of its variable-rate debt instruments. The Company does not not The Company assesses interest rate risk by continually identifying and monitoring changes in interest rate exposures that may three The notional amount was approximately $6.4 million at September 30, 2022. September 30, 2022 December 31, 2021 three nine September 30, 2022. three nine September 30, 2021. As the Company has paid the remaining balance of the term loan that was associated with the swap in its entirety, there is no February 1, 2023. |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of considerations transferred Cash paid at closing $ 23,608 Other liability 395 Cash from Advant (2,840 ) Total consideration $ 21,163 Purchase price allocation Accounts receivable $ 2,299 Inventory 2,410 Other current assets 213 Property, plant, and equipment 5,704 Customer contracts & relationships 2,925 Intellectual property 2,127 Non-compete agreement 259 Lease right of use assets 289 Other assets 41 Goodwill 7,140 Total identifiable assets $ 23,407 Accounts payable (772 ) Accrued expenses (668 ) Income taxes (66 ) Deferred taxes (449 ) Lease liabilities (289 ) Net assets acquired $ 21,163 Fair value of considerations transferred Cash paid at closing $ 95,000 Contingent liability (Earn-out) 5,188 Non-compete agreements 8,855 Cash from DAS (8,316 ) Working capital adjustment (115 ) Total consideration $ 100,612 Purchase price allocation Accounts receivable $ 2,351 Inventory 7,570 Other current assets 68 Property, plant, and equipment 3,314 Customer contracts & relationships 36,730 Intellectual property 2,380 Non-compete agreement 4,697 Lease right of use assets 1,221 Goodwill 51,985 Total identifiable assets $ 110,316 Accounts payable (5,238 ) Accrued expenses (3,238 ) Deferred revenue (7 ) Lease liabilities (1,221 ) Net assets acquired $ 100,612 Fair value of considerations transferred Cash paid at closing $ 9,766 Contingent liability (Earn-out) 4,543 Other liability 500 Cash from Contech (266 ) Total consideration $ 14,543 Purchase price allocation Accounts receivable $ 2,851 Inventory 2,320 Other current assets 37 Property, plant, and equipment 1,170 Customer contracts & relationships 3,043 Intellectual property 2,247 Non-compete agreement 86 Lease right of use assets 1,523 Goodwill 4,278 Total identifiable assets $ 17,555 Accounts payable (1,015 ) Accrued expenses (414 ) Deferred revenue (60 ) Lease liabilities (1,523 ) Net assets acquired $ 14,543 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) Sales $ 56,194 $ 266,782 $ 166,273 Operating Income $ 5,440 $ 45,268 $ 18,187 Net Income $ 4,018 $ 33,881 $ 13,796 Earnings per share: Basic $ 0.53 $ 4.48 $ 1.83 Diluted $ 0.53 $ 4.44 $ 1.82 Three-month Period Ended September 30, 2021 Nine-month Period Ended September 30, 2021 (Unaudited) (Unaudited) Sales $ 69,055 $ 201,660 Operating income $ 7,627 $ 23,030 Net income $ 5,707 $ 18,526 Earnings per share: Basic $ 0.76 $ 2.46 Diluted $ 0.75 $ 2.44 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2022 2021 2022 2021 Products $ 92,860 $ 49,613 $ 251,996 $ 146,402 Tooling and Machinery 2,659 405 5,984 1,149 Engineering services 1,451 705 4,575 2,426 Total net sales $ 96,970 $ 50,723 $ 262,555 $ 149,977 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities Nine Months Ended September 30, 2022 2021 Deferred revenue - beginning of period $ 4,247 $ 1,887 Increases due to consideration received from customers 4,836 2,111 Revenue recognized (4,335 ) (1,192 ) Decrease due to sale of Molded Fiber (575 ) - Deferred revenue - end of period $ 4,173 $ 2,806 Contract Assets Nine Months Ended September 30, 2022 2021 Unbilled receivables - beginning of period $ 74 $ 271 Increases due to revenue recognized, not invoiced to customers 3,065 1,461 Decreases due to customer invoicing (2,429 ) (1,509 ) Unbilled receivables - end of period $ 710 $ 223 |
Note 4 - Supplemental Cash Fl_2
Note 4 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2022 2021 (in thousands) Cash paid for: Interest $ 1,869 $ 39 Income taxes, net of refunds 12,315 4,274 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 133 $ 225 |
Note 5 - Receivables and Allo_2
Note 5 - Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2022 2021 Accounts receivable–trade $ 65,814 $ 39,903 Less allowance for credit losses (741 ) (519 ) Receivables, net $ 65,073 $ 39,384 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Nine Months Ended September 30, 2022 2021 Allowance - beginning of period $ 519 $ 484 Provision for expected credit losses 275 92 Amounts written off against the allowance (53 ) (54 ) Allowance - end of period $ 741 $ 522 |
Note 6 - Fair Value of Financ_2
Note 6 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2022 December 31, 2021 Level 2 Assets (Liabilities): Derivative financial instruments $ 26 $ (176 ) Level 3 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ (19,079 ) $ (9,731 ) Present value of non-competition payments (9,746 ) (8,855 ) |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2022 2021 2022 2021 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 75 52 188 157 Restricted Stock Unit Awards ("RSUs") 722 498 1,882 1,314 Total share-based compensation $ 897 $ 650 $ 2,370 $ 1,771 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2021 98,671 $ 33.53 Granted 9,876 77.28 Exercised (15,245 ) 24.10 Outstanding at September 30, 2022 93,302 $ 39.70 6.13 $ 4,305 Exercisable at September 30, 2022 83,426 $ 35.26 5.71 $ 4,220 Vested and expected to vest at September 30, 2022 93,302 $ 39.70 $ 6.13 $ 4,305 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 34.7 % Expected dividends None Risk-free interest rate 2.9 % Exercise price $ 77.28 Expected term (years) 6.2 Weighted-average grant date fair value $ 30.37 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 101,168 $ 41.78 Awarded 51,981 74.94 Shares vested (49,575 ) 41.05 Shares forfeited (947 ) 64.32 Outstanding at September 30, 2022 102,627 $ 55.29 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Raw materials $ 39,071 $ 22,184 Work in process 5,981 4,205 Finished goods 8,769 7,047 Total inventory $ 53,821 $ 33,436 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Nine Months Ended September 30, ($ in thousands) 2022 2021 Lease Cost: Finance lease cost: Amortization of right of use assets $ 45 $ 12 Interest on lease liabilities 4 2 Operating lease cost 1,962 896 Variable lease cost 228 169 Short-term lease cost 49 30 Total lease cost $ 2,288 $ 1,109 Nine Months Ended September 30, ($ in thousands) 2022 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,839 $ 909 Financing cash flows from finance leases 47 11 Weighted-average remaining lease term (years): Finance 3.79 5.58 Operating 3.88 1.39 Weighted-average discount rate: Finance 2.10 % 2.26 % Operating 2.75 % 3.95 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Finance Operating Remainder of 2022 $ 16 $ 611 2023 63 2,211 2024 63 2,190 2025 63 1,957 2026 28 1,733 Thereafter 6 4,775 Total lease payments 239 13,477 Less: Interest (9 ) (1,198 ) Present value of lease liabilities $ 230 $ 12,279 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 7,570 7,531 7,559 7,522 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 68 66 70 63 Diluted weighted average common shares outstanding 7,638 7,597 7,629 7,585 |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021(1) 2022 2021(1) Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 81,591 84.1 % $ 32,376 63.8 % $ 208,464 79.4 % $ 95,088 63.4 % Automotive 4,681 4.8 % 3,852 7.6 % 13,383 5.1 % 12,065 8.0 % Aerospace & Defense 3,590 3.7 % 3,881 7.7 % 11,097 4.2 % 12,636 8.4 % Consumer 3,099 3.2 % 6,449 12.7 % 15,644 6.0 % 18,125 12.1 % Industrial 2,748 2.8 % 2,162 4.3 % 7,924 2.9 % 6,508 4.2 % Electronics 1,261 1.3 % 2,003 4.0 % 6,043 2.4 % 5,555 3.7 % Net Sales $ 96,970 100.0 % $ 50,723 100.0 % $ 262,555 100.0 % $ 149,977 100.0 % |
Note 12 - Goodwill and Other _2
Note 12 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill December 31, 2021 $ 107,905 Acquired in Advant Medical business combination (See Note 2) 7,140 DAS working capital adjustment 196 Sale of Molded Fiber (1,778 ) Foreign currency translation (806 ) September 30, 2022 $ 112,657 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intellectual Property / Tradename & Brand Non- Compete Customer List Total Weighted-average amortization period (years) 11.9 9.3 20 Gross amount $ 6,881 $ 5,474 $ 64,922 $ 77,277 Accumulated amortization (570 ) (822 ) (6,844 ) (8,236 ) Net balance $ 6,311 $ 4,652 $ 58,078 $ 69,041 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2022 $ 1,123 2023 4,409 2024 4,401 2025 4,401 2026 4,398 Thereafter 50,309 Total $ 69,041 |
Note 13 - Other Long-term Lia_2
Note 13 - Other Long-term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Accrued contingent consideration (earn-out) $ 9,079 $ 9,731 Present value of non-competition payments 9,746 8,855 Other 722 676 $ 19,547 $ 19,262 |
Note 15 - Indebtedness (Tables)
Note 15 - Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2022 Revolving credit facility $ 34,000 Term loan 37,000 Total long-term debt 71,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 67,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Term Loan Revolving credit facility Total Remainder of 2022 $ 1,000 $ - $ 1,000 2023 $ 4,000 $ - $ 4,000 2024 $ 4,000 $ - $ 4,000 2025 $ 4,000 $ - $ 4,000 2026 $ 24,000 $ 34,000 $ 58,000 $ 37,000 $ 34,000 $ 71,000 |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestiture (Details Textual) € in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||||||
Mar. 17, 2022 USD ($) | Mar. 16, 2022 USD ($) | Mar. 16, 2022 EUR (€) | Dec. 22, 2021 USD ($) | Dec. 21, 2021 USD ($) | Oct. 12, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Jul. 26, 2022 USD ($) | |
Gain (Loss) on Disposition of Business | $ 15,623 | $ 15,623 | ||||||||||||
Business Combination, Acquisition Related Costs | 10 | $ 154 | 1,027 | 154 | ||||||||||
Advant Medical [Member] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | € 19,000 | 20,768 | 0 | |||||||||||
Payments to Acquire Businesses, Gross | $ 23,608 | $ 21,200 | ||||||||||||
Business Combination, Acquisition Related Costs | 759 | $ 30 | $ 789 | |||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 13,600 | |||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,800 | |||||||||||||
DAS Medical [Member] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 66,700 | (115) | $ 0 | |||||||||||
Payments to Acquire Businesses, Gross | $ 95,000 | |||||||||||||
Business Combination, Acquisition Related Costs | 155 | 293 | 448 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 20,000 | |||||||||||||
Business Combination, Working Capital Adjustment | (115,000) | $ 115 | ||||||||||||
DAS Medical [Member] | Goodwill Agreement [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | 20,000 | |||||||||||||
DAS Medical [Member] | Non-Competition Agreements [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 10,000 | € 375 | ||||||||||||
Business Combination, Agreement Term (Year) | 10 years | 5 years | ||||||||||||
Contech Medical, Inc [Member] | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 9,500 | |||||||||||||
Payments to Acquire Businesses, Gross | 9,766 | |||||||||||||
Business Combination, Acquisition Related Costs | 113 | $ 40 | 153 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000 | |||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 500 | |||||||||||||
molded fiber business (“MFT”) and related real estate in Iowa [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 31,400 | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 15,400 | 15,400 | $ 15,400 | |||||||||||
Gain (Loss) on Disposition of Business | $ 15,600 | 15,600 | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration, Held in Escrow | 2,600 | |||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 21,300 | |||||||||||||
molded fiber business (“MFT”) and related real estate in Iowa [Member] | Scenario, Adjustment [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 200 |
Note 2 - Acquisitions - Assets
Note 2 - Acquisitions - Assets Acquires and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 17, 2022 | Mar. 16, 2022 | Dec. 22, 2021 | Dec. 21, 2021 | Oct. 12, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill | $ 112,657 | $ 107,905 | |||||
Advant Medical [Member] | |||||||
Cash paid at closing | $ 23,608 | $ 21,200 | |||||
Other liability | 395 | ||||||
Cash from Advant | (2,840) | ||||||
Total consideration | 21,163 | ||||||
Accounts receivable | 2,299 | ||||||
Inventory | 2,410 | ||||||
Other current assets | 213 | ||||||
Property, plant, and equipment | 5,704 | ||||||
Lease right of use assets | 289 | ||||||
Other assets | 41 | ||||||
Goodwill | 7,140 | ||||||
Total identifiable assets | 23,407 | ||||||
Accounts payable | (772) | ||||||
Accrued expenses | (668) | ||||||
Income taxes | (66) | ||||||
Deferred taxes | (449) | ||||||
Lease liabilities | (289) | ||||||
Net assets acquired | 21,163 | ||||||
Advant Medical [Member] | Customer Contracts and Relationships [Member] | |||||||
Customer contracts & relationships | 2,925 | ||||||
Advant Medical [Member] | Intellectual Property [Member] | |||||||
Customer contracts & relationships | 2,127 | ||||||
Advant Medical [Member] | Noncompete Agreements [Member] | |||||||
Customer contracts & relationships | $ 259 | ||||||
DAS Medical [Member] | |||||||
Cash paid at closing | $ 95,000 | ||||||
Cash from Advant | (8,316) | ||||||
Total consideration | 100,612 | ||||||
Accounts receivable | 2,351 | ||||||
Inventory | 7,570 | ||||||
Other current assets | 68 | ||||||
Property, plant, and equipment | 3,314 | ||||||
Lease right of use assets | 1,221 | ||||||
Goodwill | 51,985 | ||||||
Total identifiable assets | 110,316 | ||||||
Accounts payable | (5,238) | ||||||
Accrued expenses | (3,238) | ||||||
Lease liabilities | (1,221) | ||||||
Net assets acquired | 100,612 | ||||||
Contingent liability (Earn-out) | 5,188 | ||||||
Non-compete agreements | 8,855 | ||||||
Working capital adjustment | $ 115,000 | (115) | |||||
Deferred revenue | (7) | ||||||
DAS Medical [Member] | Customer Contracts and Relationships [Member] | |||||||
Customer contracts & relationships | 36,730 | ||||||
DAS Medical [Member] | Intellectual Property [Member] | |||||||
Customer contracts & relationships | 2,380 | ||||||
DAS Medical [Member] | Noncompete Agreements [Member] | |||||||
Customer contracts & relationships | $ 4,697 | ||||||
Contech Medical, Inc [Member] | |||||||
Cash paid at closing | $ 9,766 | ||||||
Other liability | 500 | ||||||
Cash from Advant | (266) | ||||||
Total consideration | 14,543 | ||||||
Accounts receivable | 2,851 | ||||||
Inventory | 2,320 | ||||||
Other current assets | 37 | ||||||
Property, plant, and equipment | 1,170 | ||||||
Lease right of use assets | 1,523 | ||||||
Goodwill | 4,278 | ||||||
Total identifiable assets | 17,555 | ||||||
Accounts payable | (1,015) | ||||||
Accrued expenses | (414) | ||||||
Lease liabilities | (1,523) | ||||||
Net assets acquired | 14,543 | ||||||
Contingent liability (Earn-out) | 4,543 | ||||||
Deferred revenue | (60) | ||||||
Contech Medical, Inc [Member] | Customer Contracts and Relationships [Member] | |||||||
Customer contracts & relationships | 3,043 | ||||||
Contech Medical, Inc [Member] | Intellectual Property [Member] | |||||||
Customer contracts & relationships | 2,247 | ||||||
Contech Medical, Inc [Member] | Noncompete Agreements [Member] | |||||||
Customer contracts & relationships | $ 86 |
Note 2 - Acquisition - Pro Form
Note 2 - Acquisition - Pro Forma Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Advant Medical [Member] | ||||
Sales | $ 56,194 | $ 266,782 | $ 166,273 | |
Operating Income | 5,440 | 45,268 | 18,187 | |
Net Income | $ 4,018 | $ 33,881 | $ 13,796 | |
Basic (in dollars per share) | $ 0.53 | $ 4.48 | $ 1.83 | |
Diluted (in dollars per share) | $ 0.53 | $ 4.44 | $ 1.82 | |
Contech Medical, Inc and DAS Medical [Member] | ||||
Sales | $ 69,055 | $ 201,660 | ||
Operating Income | 7,627 | 23,030 | ||
Net Income | $ 5,707 | $ 18,526 | ||
Basic (in dollars per share) | $ 0.76 | $ 2.46 | ||
Diluted (in dollars per share) | $ 0.75 | $ 2.44 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 2,200 | $ 659 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 96,970 | $ 50,723 | $ 262,555 | $ 149,977 |
Product [Member] | ||||
Net sales | 92,860 | 49,613 | 251,996 | 146,402 |
Tooling and Machinery [Member] | ||||
Net sales | 2,659 | 405 | 5,984 | 1,149 |
Engineering and Development [Member] | ||||
Net sales | $ 1,451 | $ 705 | $ 4,575 | $ 2,426 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred revenue | $ 4,247 | $ 1,887 |
Increases due to consideration received from customers | 4,836 | 2,111 |
Revenue recognized | (4,335) | (1,192) |
Decrease due to sale of Molded Fiber | (575) | 0 |
Deferred revenue | 4,173 | 2,806 |
Unbilled receivables - beginning of period | 74 | 271 |
Increases due to revenue recognized, not invoiced to customers | 3,065 | 1,461 |
Decreases due to customer invoicing | (2,429) | (1,509) |
Unbilled receivables - end of period | $ 710 | $ 223 |
Note 4 - Supplemental Cash Fl_3
Note 4 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for: | ||
Interest | $ 1,869 | $ 39 |
Income taxes, net of refunds | 12,315 | 4,274 |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | $ 133 | $ 225 |
Note 5 - Receivables and Allo_3
Note 5 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts receivable–trade | $ 65,814 | $ 39,903 |
Less allowance for credit losses | (741) | (519) |
Receivables, net | $ 65,073 | $ 39,384 |
Note 5 - Receivables and Allo_4
Note 5 - Receivables and Allowance for Credit Losses - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance - beginning of period | $ 519 | $ 484 |
Provision for expected credit losses | 275 | 92 |
Amounts written off against the allowance | (53) | (54) |
Allowance - end of period | $ 741 | $ 522 |
Note 6 - Fair Value of Financ_3
Note 6 - Fair Value of Financial Instruments (Details Textual) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Dec. 22, 2021 USD ($) | Dec. 21, 2021 USD ($) | Nov. 09, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (3,346) | $ 0 | $ (9,348) | $ 0 | |||||
Contech Medical, Inc and DAS Medical [Member] | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 25,000 | ||||||||
Business Combination, Contingent Consideration, Liability, Total | 19,100 | 19,100 | $ 9,700 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 3,300 | $ 9,300 | |||||||
Contech Medical, Inc and DAS Medical [Member] | Subsequent Event [Member] | |||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 5,000,000,000 | ||||||||
DAS Medical [Member] | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,188 | ||||||||
Payments to Acquire Businesses, Gross | $ 95,000 | ||||||||
DAS Medical [Member] | Non-Competition Agreements [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 10,000 | € 375 | |||||||
Business Combination, Agreement Term (Year) | 10 years | 5 years | |||||||
Business Combination, Agreement Term, Final Three Years (Year) | 3 years |
Note 6 - Fair Value of Financ_4
Note 6 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative financial instruments | $ 26 | $ (176) |
Fair Value, Inputs, Level 3 [Member] | ||
Accrued contingent consideration (earn-out) | 19,079 | 9,731 |
Present value of non-competition payments | $ 9,746 | $ 8,855 |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 08, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Price (in dollars per share) | $ 77.28 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,400 | $ 4,400 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||
Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 9,876 | |||||
Share-Based Payment Arrangement [Member] | ||||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 485 | $ 167 | $ 1,100 | $ 608 | ||
Employee and Nonemployee Stock Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 9,876 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,100 | 164 | ||||
Proceeds from Stock Options Exercised | $ 367 | $ 162 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 0 | 1,876 | ||||
Shares Paid For Tax Withholding For Share Based Compensation, Average Market Price (in dollars per share) | $ 95.82 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 19,425 | 14,112 | ||||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 67.05 | $ 52.47 |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation | $ 897 | $ 650 | $ 2,370 | $ 1,771 |
Common Stock [Member] | ||||
Share-based compensation | 100 | 100 | 300 | 300 |
Employee and Nonemployee Stock Option [Member] | ||||
Share-based compensation | 75 | 52 | 188 | 157 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 722 | $ 498 | $ 1,882 | $ 1,314 |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 | |
Outstanding, shares under options (in shares) | 98,671 |
Outstanding, weighted average exercise price (in dollars per share) | $ 33.53 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 9,876 |
Granted (in dollars per share) | $ 77.28 |
Exercised, shares under options (in shares) | (15,245) |
Granted, weighted average exercise price (in dollars per share) | $ 24.10 |
Outstanding, shares under options (in shares) | 93,302 |
Outstanding, weighted average exercise price (in dollars per share) | $ 39.70 |
Outstanding, weighted average remaining contractual life (Year) | 6 years 1 month 17 days |
Outstanding, aggregate intrinsic value | $ 4,305 |
Exercisable, shares under options (in shares) | 83,426 |
Exercisable, weighted average exercise price (in dollars per share) | $ 35.26 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 8 months 15 days |
Exercisable, aggregate intrinsic value | $ 4,220 |
Vested and expected to vest, shares under options (in shares) | 93,302 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 39.70 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 6 years 1 month 17 days |
Vested and expected to vest, aggregate intrinsic value | $ 4,305 |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Black-Scholes Option Pricing Model (Details) | Jun. 08, 2022 $ / shares |
Expected volatility | 34.70% |
Expected dividends | 0% |
Risk-free interest rate | 2.90% |
Exercise price (in dollars per share) | $ 77.28 |
Expected term (years) (Year) | 6 years 2 months 12 days |
Weighted-average grant date fair value (in dollars per share) | $ 30.37 |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Outstanding, restricted stock units (in shares) | shares | 101,168 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 41.78 |
Awarded, restricted stock units (in shares) | shares | 51,981 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 74.94 |
Shares vested, restricted stock units (in shares) | shares | (49,575) |
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares | $ 41.05 |
Shares forfeited (in shares) | shares | (947) |
Shares forfeited (in dollars per share) | $ / shares | $ 64.32 |
Outstanding, restricted stock units (in shares) | shares | 102,627 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 55.29 |
Note 8 - Inventories - Summary
Note 8 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 39,071 | $ 22,184 |
Work in process | 5,981 | 4,205 |
Finished goods | 8,769 | 7,047 |
Total inventory | $ 53,821 | $ 33,436 |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease Cost: | ||||
Amortization of right of use assets | $ 45 | $ 12 | ||
Interest on lease liabilities | 4 | 2 | ||
Operating lease cost | 1,962 | 896 | ||
Variable lease cost | 228 | 169 | ||
Short-term lease cost | 49 | 30 | ||
Total lease cost | 2,288 | 1,109 | ||
Operating cash flows from operating leases | $ 1,839 | $ 909 | ||
Financing cash flows from finance leases | $ 47 | $ 11 | $ 47 | $ 13 |
Finance (Year) | 3 years 9 months 14 days | 5 years 6 months 29 days | ||
Operating (Year) | 3 years 10 months 17 days | 1 year 4 months 20 days | ||
Finance | 2.10% | 2.26% | ||
Operating | 2.75% | 3.95% |
Note 9 - Leases - Aggregate Fut
Note 9 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Remainder of 2022. finance | $ 16 |
Remainder of 2022, operating | 611 |
2023, finance | 63 |
2023, operating | 2,211 |
2024, finance | 63 |
2024, operating | 2,190 |
2025, finance | 63 |
2025, operating | 1,957 |
2026, finance | 28 |
2026, operating | 1,733 |
Thereafter, finance | 6 |
Thereafter, operating | 4,775 |
Total lease payments, finance | 239 |
Total lease payments, operating | 13,477 |
Less: Interest, finance | (9) |
Less: Interest, operating | (1,198) |
Present value of lease liabilities, finance | 230 |
Present value of lease liabilities, operating | $ 12,279 |
Note 10 - Net Income Per Shar_2
Note 10 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,876 | 10,716 | 9,876 | 10,716 |
Note 10 - Net Income Per Shar_3
Note 10 - Net Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic weighted average common shares outstanding (in shares) | 7,570 | 7,531 | 7,559 | 7,522 |
Weighted average common equivalent shares due to restricted stock, stock options and RSUs (in shares) | 68 | 66 | 70 | 63 |
Diluted weighted average common shares outstanding (in shares) | 7,638 | 7,597 | 7,629 | 7,585 |
Note 11 - Segment Reporting (De
Note 11 - Segment Reporting (Details Textual) - Customer Concentration Risk [Member] - One Customer [Member] | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 25.10% | 20.50% |
Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 10.70% |
Note 11 - Segment Reporting - N
Note 11 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net sales | $ 96,970 | $ 50,723 | $ 262,555 | $ 149,977 | |
Percentage of concentration risk | [1] | 100% | 100% | 100% | 100% |
Medical [Member] | |||||
Net sales | $ 81,591 | $ 32,376 | $ 208,464 | $ 95,088 | |
Percentage of concentration risk | [1] | 84.10% | 63.80% | 79.40% | 63.40% |
Automotive [Member] | |||||
Net sales | $ 4,681 | $ 3,852 | $ 13,383 | $ 12,065 | |
Percentage of concentration risk | [1] | 4.80% | 7.60% | 5.10% | 8% |
Aerospace & Defense [Member] | |||||
Net sales | $ 3,590 | $ 3,881 | $ 11,097 | $ 12,636 | |
Percentage of concentration risk | [1] | 3.70% | 7.70% | 4.20% | 8.40% |
Consumer [Member] | |||||
Net sales | $ 3,099 | $ 6,449 | $ 15,644 | $ 18,125 | |
Percentage of concentration risk | [1] | 3.20% | 12.70% | 6% | 12.10% |
Industrial [Member] | |||||
Net sales | $ 2,748 | $ 2,162 | $ 7,924 | $ 6,508 | |
Percentage of concentration risk | [1] | 2.80% | 4.30% | 2.90% | 4.20% |
Electronics [Member] | |||||
Net sales | $ 1,261 | $ 2,003 | $ 6,043 | $ 5,555 | |
Percentage of concentration risk | [1] | 1.30% | 4% | 2.40% | 3.70% |
[1]Certain amounts for the three and nine months ended September 30, 2021, were reclassified between markets to conform to the current period presentation. |
Note 12 - Goodwill and Other _3
Note 12 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization of Intangible Assets | $ 1,100 | $ 314 | $ 3,300 | $ 943 |
Note 12 - Goodwill and Other _4
Note 12 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance | $ 107,905 |
Acquired in Advant Medical business combination (See Note 2) | 7,140 |
DAS working capital adjustment | 196 |
Sale of Molded Fiber | (1,778) |
Foreign currency translation | (806) |
Balance | $ 112,657 |
Note 12 - Goodwill and Other _5
Note 12 - Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Gross amount | $ 77,277 | |
Accumulated amortization | (8,236) | |
Net balance | $ 69,041 | $ 67,585 |
Intellectual Property/ Tradename and Brand [Member] | ||
Weighted-average amortization period (years) (Year) | 11 years 10 months 24 days | |
Gross amount | $ 6,881 | |
Accumulated amortization | (570) | |
Net balance | $ 6,311 | |
Noncompete Agreements [Member] | ||
Weighted-average amortization period (years) (Year) | 9 years 3 months 18 days | |
Gross amount | $ 5,474 | |
Accumulated amortization | (822) | |
Net balance | $ 4,652 | |
Customer Lists [Member] | ||
Weighted-average amortization period (years) (Year) | 20 years | |
Gross amount | $ 64,922 | |
Accumulated amortization | (6,844) | |
Net balance | $ 58,078 |
Note 12 - Goodwill and Other _6
Note 12 - Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Remainder of 2022 | $ 1,123 |
2023 | 4,409 |
2024 | 4,401 |
2025 | 4,401 |
2026 | 4,398 |
Thereafter | 50,309 |
Total | $ 69,041 |
Note 13 - Other Long-term Lia_3
Note 13 - Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued contingent consideration (earn-out) | $ 9,079 | $ 9,731 |
Present value of non-competition payments | 9,746 | 8,855 |
Other | 722 | 676 |
Other Liabilities, Noncurrent | $ 19,547 | $ 19,262 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.60% | 24.90% | 22.40% | 23.60% |
Note 15 - Indebtedness (Details
Note 15 - Indebtedness (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Dec. 22, 2021 | Feb. 01, 2018 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Long-Term Debt, Total | $ 71,000,000 | $ 71,000,000 | |||||
Interest Rate Swap [Member] | |||||||
Derivative, Notional Amount | $ 20,000,000 | 6,400,000 | 6,400,000 | ||||
Derivative, Term of Contract (Year) | 5 years | ||||||
Derivative, Fixed Interest Rate | 2.70% | ||||||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | |||||||
Derivative, Gain (Loss) on Derivative, Net, Total | 20,000 | $ 2,000 | 202,000 | $ 4,000 | |||
Interest Rate Swap [Member] | Other Assets [Member] | |||||||
Derivative, Fair Value, Net, Total | 26,000 | 26,000 | |||||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | |||||||
Derivative, Fair Value, Net, Total | $ (176,000) | ||||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | |||||||
Debt Instrument, Face Amount | $ 130,000,000 | ||||||
Long-Term Debt, Total | 71,000,000 | 71,000,000 | |||||
Letters of Credit Outstanding, Amount | $ 700,000 | $ 700,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | 4.60% | |||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000,000 | ||||||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Term Loan [Member] | |||||||
Debt Instrument, Face Amount | 40,000,000 | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1,000,000 |
Note 15 - Indebtedness - Long-t
Note 15 - Indebtedness - Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Total long-term debt | $ 71 | |
Current portion | (4) | $ (4) |
Long-term debt, excluding current portion | 67 | $ 71 |
Term Loan [Member] | ||
Total long-term debt | 37 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Total long-term debt | $ 34 |
Note 15 - Indebtedness - Future
Note 15 - Indebtedness - Future Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Remainder of 2022 | $ 1,000 |
2023 | 4,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 58,000 |
Long-Term Debt, Total | 71,000 |
Line of Credit [Member] | Revolving Credit Facility [Member] | |
Remainder of 2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 34,000 |
Long-Term Debt, Total | 34,000 |
Term Loan [Member] | |
Remainder of 2022 | 1,000 |
2023 | 4,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 24,000 |
Long-Term Debt, Total | $ 37,000 |