Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | 01950-3504 | ||
City Area Code | 978 | ||
Local Phone Number | 352-2200 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | UFPT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 552,925,326 | ||
Entity Common Stock, Shares Outstanding | 7,610,051 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,451 | $ 11,117 |
Receivables, net | 55,117 | 39,384 |
Inventories | 53,536 | 33,436 |
Prepaid expenses | 3,242 | 3,383 |
Total current assets | 116,346 | 87,320 |
Property, plant and equipment, net | 58,072 | 56,569 |
Goodwill | 113,028 | 107,905 |
Intangible assets, net | 68,361 | 67,585 |
Non-qualified deferred compensation plan | 4,148 | 4,327 |
Right of use assets | 13,153 | 9,324 |
Deferred income taxes | 1,448 | 0 |
Other assets | 3,636 | 1,102 |
Total assets | 378,192 | 334,132 |
Current liabilities: | ||
Accounts payable | 19,961 | 10,611 |
Accrued expenses | 23,122 | 16,777 |
Deferred revenue | 4,679 | 4,247 |
Lease liabilities | 2,517 | 2,239 |
Income taxes payable | 1,682 | 909 |
Current installments, net of long-term debt | 4,000 | 4,000 |
Total current liabilities | 55,961 | 38,783 |
Long-term debt, excluding current installments | 51,000 | 71,000 |
Deferred income taxes | 448 | 3,263 |
Non-qualified deferred compensation plan | 4,167 | 4,337 |
Lease liabilities | 10,851 | 7,118 |
Other liabilities | 18,220 | 15,185 |
Total liabilities | 140,647 | 139,686 |
Commitments and contingencies (Note 16) | ||
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; 7,611,244 and 7,581,685 shares issued and outstanding, respectively at December 31, 2022; and 7,564,645 and 7,535,086 shares issued and outstanding, respectively, at December 31, 2021 | 76 | 75 |
Additional paid-in capital | 36,070 | 34,151 |
Retained earnings | 202,596 | 160,807 |
Accumulated other comprehensive loss | (610) | 0 |
Treasury stock at cost, 29,559 shares at December 31, 2022 and 2021 | (587) | (587) |
Total stockholders' equity | 237,545 | 194,446 |
Total liabilities and stockholders' equity | $ 378,192 | $ 334,132 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 7,611,244 | 7,564,645 |
Common stock, shares outstanding (in shares) | 7,581,685 | 7,535,086 |
Treasury stock, shares (in shares) | 29,559 | 29,559 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 353,792 | $ 206,320 | $ 179,373 |
Cost of sales | 263,532 | 155,206 | 134,689 |
Gross profit | 90,260 | 51,114 | 44,684 |
Selling, general, and administrative expenses | 45,796 | 29,480 | 27,493 |
Acquisition costs | 1,027 | 430 | 0 |
Change in fair value of contingent consideration | (9,837) | 0 | 0 |
Gain on sale of Molded Fiber business | (15,651) | 0 | 0 |
(Gain) loss on sales of property, plant and equipment | (6,149) | (14) | 459 |
Operating income | 55,400 | 21,218 | 16,732 |
Interest expense, net | 2,763 | 39 | 83 |
Other (income) expense | (81) | (26) | 366 |
Income before income tax provision | 52,718 | 21,205 | 16,283 |
Income tax expense | 10,929 | 5,319 | 2,914 |
Net income | $ 41,789 | $ 15,886 | $ 13,369 |
Basic (in dollars per share) | $ 5.52 | $ 2.11 | $ 1.79 |
Diluted (in dollars per share) | $ 5.45 | $ 2.09 | $ 1.77 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 7,564 | 7,524 | 7,484 |
Diluted (in shares) | 7,663 | 7,615 | 7,568 |
Comprehensive Income | |||
Net income from consolidated operations | $ 41,789 | $ 15,886 | $ 13,369 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (610) | 0 | 0 |
Other comprehensive loss | (610) | 0 | 0 |
Comprehensive income | $ 41,179 | $ 15,886 | $ 13,369 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2019 | 7,446 | 30 | ||||
Balance at Dec. 31, 2019 | $ 74 | $ 30,952 | $ 131,552 | $ 0 | $ (587) | $ 161,991 |
Share-based compensation (in shares) | 43 | 0 | ||||
Share-based compensation | $ 1 | 1,806 | 0 | 0 | $ 0 | 1,807 |
Exercise of stock options (in shares) | 26 | 0 | ||||
Exercise of stock options | $ 0 | 474 | 0 | 0 | $ 0 | 474 |
Net share settlement of restricted stock units (in shares) | (15) | |||||
Net share settlement of restricted stock units | $ 0 | (748) | 0 | 0 | 0 | (748) |
Net income from consolidated operations | $ 0 | 0 | 13,369 | $ 0 | 13,369 | |
Other comprehensive loss | 0 | |||||
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) | 45 | 0 | ||||
Share-based compensation | $ 0 | 2,428 | 0 | 0 | $ 0 | 2,428 |
Exercise of stock options (in shares) | 7 | |||||
Exercise of stock options | $ 0 | 162 | 0 | 0 | 0 | 162 |
Net share settlement of restricted stock units (in shares) | (17) | |||||
Net share settlement of restricted stock units | $ 0 | (923) | 0 | 0 | 0 | (923) |
Net income from consolidated operations | $ 0 | 15,886 | $ 0 | 15,886 | ||
Other comprehensive loss | 0 | |||||
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) | 53 | 0 | ||||
Share-based compensation | $ 1 | 3,207 | 0 | 0 | $ 0 | 3,208 |
Exercise of stock options (in shares) | 17 | |||||
Exercise of stock options | $ 0 | 390 | 0 | 0 | $ 0 | 390 |
Net share settlement of restricted stock units (in shares) | (23) | 0 | ||||
Net share settlement of restricted stock units | $ 0 | (1,678) | 0 | 0 | $ 0 | (1,678) |
Net income from consolidated operations | 0 | 0 | 41,789 | 0 | 41,789 | |
Other comprehensive loss | $ 0 | 0 | 0 | (610) | $ 0 | (610) |
Balance (in shares) at Dec. 31, 2022 | 7,582 | 30 | ||||
Balance at Dec. 31, 2022 | $ 76 | $ 36,070 | $ 202,596 | $ (610) | $ (587) | $ 237,545 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income from consolidated operations | $ 41,789 | $ 15,886 | $ 13,369 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,886 | 8,410 | 8,268 |
(Gain) loss on sales of property, plant and equipment | (6,149) | (14) | 459 |
Gain on sale of Molded Fiber business | (15,651) | 0 | 0 |
Share-based compensation | 3,208 | 2,428 | 1,807 |
Change in fair value of contingent consideration | 9,837 | 0 | 0 |
Deferred income taxes | (4,710) | (1,794) | 136 |
Changes in operating assets and liabilities: | |||
Receivables, net | (16,864) | (7,754) | 2,220 |
Inventories | (19,605) | (4,496) | (366) |
Prepaid expenses | (692) | (557) | (256) |
Income taxes | 953 | 893 | 295 |
Other assets | (3,545) | (681) | (73) |
Accounts payable | 9,131 | 102 | (681) |
Accrued expenses | 10,446 | 1,009 | (537) |
Deferred revenue | 1,008 | 2,294 | (687) |
Other liabilities | (3,298) | (1,433) | 1,083 |
Net cash provided by operating activities | 17,744 | 14,293 | 25,037 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (13,780) | (5,395) | (4,368) |
Acquisitions, net of cash acquired | (20,653) | (96,178) | 0 |
Proceeds from sale of Molded Fiber | 29,007 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 6,717 | 114 | 107 |
Net cash provided by (used in) investing activities | 1,291 | (101,459) | (4,261) |
Cash flows from financing activities: | |||
Proceeds from advances on revolving line of credit | 44,000 | 34,839 | 5,500 |
Payments on revolving line of credit | (60,000) | 0 | (5,500) |
Proceeds from the issuance of long-term debt | 0 | 40,000 | 0 |
Principal repayment of long-term debt | (4,000) | 0 | 0 |
Payment of contingent consideration | (4,543) | 0 | 0 |
Principal payments on finance lease obligations | (63) | (29) | (11) |
Proceeds from the exercise of stock options | 390 | 162 | 474 |
Payment of statutory withholding for restricted stock units vested | (1,678) | (923) | (748) |
Net cash (used in) provided by financing activities | (25,894) | 74,049 | (285) |
Effect of foreign currency exchange rates on cash and cash equivalents | 193 | 0 | 0 |
Net change in cash and cash equivalents | (6,666) | (13,117) | 20,491 |
Cash and cash equivalents at beginning of year | 11,117 | 24,234 | 3,743 |
Cash and cash equivalents at end of year | $ 4,451 | $ 11,117 | $ 24,234 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies UFP Technologies, Inc. (“the Company”) is a design, engineering, 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, consumer, electronics, and industrial markets. Typical applications of its products include military uniform and gear components, automotive interior trim, athletic padding, air filtration, abrasive nail files, and protective cases and inserts. (a) Principles of Consolidation The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly-owned subsidiaries, Advant Medical Limited, and its wholly-owned subsidiary Munlu Leighis Advant Teoranta, Advant Costa Rica Limitada, Advant Medical Inc. (collectively “Advant Medical”), Dielectrics, Inc. (“Dielectrics”), Moulded Fibre Technology, Inc. (partial year; entity was sold in July 2022), (b) Use of Estimates The preparation of consolidated 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, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and the fair value of intangible assets, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities 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 Company’s current incremental borrowing rate. (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2022 2021, not The Company maintains its cash in bank deposit accounts that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2022. (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first first The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2022. (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 -30 Machinery and equipment (years) 7 – 15 Furniture, fixtures, computers & software (years) 3 – 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2022 (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may one 1” one The Company changed its annual impairment testing date in 2021 October 1 1 October 1, 2022, may (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 20 years. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that their carrying values may not No December 31, 2022 (k) 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 (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compen‐sation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry‐forwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not not The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting 19 (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first first not December 31, 2022, 2021 2020. (q) 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, $8.5 million, and $8.2 million were expensed in the years ended December 31, 2022, 2021 2020, (r) Foreign Currency Translation 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 Revisions Certain revisions have been made to the December 31, 2021 no |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestiture | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ( 2 Acquisitions and Divestiture Molded Fiber On July 26, 2022, December 31, 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 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 year ended December 31, 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 year ended December 31, 2022, Pro-forma statements The following table contains an unaudited pro forma condensed consolidated statement of operations for the years ended December 31, 2022, 2021, 2021 Year Ended December 30, 2022 2021 (Unaudited) (Unaudited) Sales $ 358,196 $ 291,403 Operating Income $ 56,321 $ 27,729 Net Income $ 42,311 $ 21,805 Earnings per share: Basic $ 5.59 $ 2.90 Diluted $ 5.52 $ 2.86 The above unaudited pro forma information is presented for illustrative purposes only and may not may DAS Medical On December 22, 2021, may December 31, 2022, 2023, 2024 2025. 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 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 51,742 Total identifiable assets $ 110,073 Accounts payable (5,238 ) Accrued expenses (2,995 ) 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 was charged to expense in the year ended December 31, 2022, December 31, 2021. The amount of revenue and net income of DAS Medical recognized since the acquisition date, which is included in the condensed consolidated statement of income for the year ended 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 consideration 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 was charged to expense in the year ended December 31, 2022, December 31, 2021. The amount of revenue and net income of Contech recognized since the acquisition date, which is included in the condensed consolidated statement of income for the year ended December 31, 2021, The following table contains an unaudited pro forma condensed consolidated statement of operations for the years ended December 31, 2021, 2020, 2020 Year Ended December 31, 2021 2020 (Unaudited) (Unaudited) Sales $ 269,932 $ 235,328 Operating Income $ 25,878 $ 22,617 Net Income $ 20,562 $ 18,354 Earnings per share: Basic $ 2.73 $ 2.45 Diluted $ 2.70 $ 2.43 The above unaudited pro forma information is presented for illustrative purposes only and may not may |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Recognition Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 19 Years Ended December 31, 2022 2021 2020 Net sales of: Products $ 342,742 $ 201,248 $ 172,299 Tooling and Machinery 6,307 1,814 2,787 Engineering services 4,743 3,258 4,287 Total net sales $ 353,792 $ 206,320 $ 179,373 Contract balances Timing of revenue recognition may The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2022, 2021 Contract Liabilities Years Ended December 31, 2022 2021 Deferred revenue - beginning of period $ 4,247 $ 1,887 Acquired in business combinations - 69 Increases due to consideration received from customers 6,337 4,007 Revenue recognized (5,330 ) (1,716 ) Decrease due to sale of Molded Fiber (575 ) - Deferred revenue - end of period $ 4,679 $ 4,247 Revenue recognized during the years ended December 31, 2022 2021 When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2022 2021 Contract Assets Years Ended December 31, 2022 2021 Unbilled Receivables - beginning of period $ 74 $ 271 Increases due to revenue recognized, not invoiced to customers 3,653 1,815 Decreases due to customer invoicing (3,457 ) (2,012 ) Unbilled Receivables - end of period $ 270 $ 74 |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 4 Supplemental Cash Flow Information Years Ended December 31, 2022 2021 2020 (in thousands) Cash paid for: Interest $ 2,721 $ 53 $ 71 Income taxes, net of refunds 13,200 5,914 2,481 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 125 $ 135 $ 225 Accrued contingent consideration 14,568 9,731 - Present value of non-competition payments 10,043 9,477 - Finance lease right of use assets - 187 108 Finance lease liabilities - (187 ) (108 ) Operating lease right of use assets 329 7,782 - Operating lease liabilities (329 ) (7,782 ) - |
Note 5 - Receivables and Allowa
Note 5 - Receivables and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 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): December 31, 2022 2021 Accounts receivable–trade $ 55,850 $ 39,903 Less allowance for credit losses (733 ) (519 ) Receivables, net $ 55,117 $ 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 for the years ended December 31, 2022 2021 Allowance for Credit Losses Year Ended December 31, 2022 2021 Allowance - beginning of period $ 519 $ 484 Provision for expected credit losses 293 179 Amounts written off against the allowance, net of recoveries (40 ) (144 ) Decrease due to sale of Molded Fiber business (39 ) - Allowance - end of period $ 733 $ 519 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 6 Inventories Inventories consist of the following (in thousands): December 31, 2022 2021 Raw materials $ 42,475 $ 22,184 Work in process 4,183 4,205 Finished goods 6,878 7,047 Total Inventory $ 53,536 $ 33,436 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 7 Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2022 2021 2022 2021 Opening balance $ 107,905 $ 51,838 Acquired in business combinations (See Note 2) 7,140 56,067 DAS working capital adjustment 196 - DAS opening balance sheet reclassification (243 ) - Sale of Molded Fiber (1,778 ) - Foreign currency translation (192 ) - Ending balance $ 113,028 $ 107,905 Approximately $106.0 million of goodwill at December 31, 2022, The carrying values of the Company’s definite-lived intangible assets as of December 31, 2022 2021 December 31, 2022 Customer List Intellectual Property / Tradename & Brand Non- Compete Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,174 $ 7,064 $ 5,497 $ 77,735 Accumulated amortization (7,665 ) (727 ) (982 ) $ (9,374 ) Net balance $ 57,509 $ 6,337 $ 4,515 $ 68,361 December 31, 2021 Customer List Intellectual Property / Tradename & Brand Non- Compete Total Weighted-average useful life 20 years 11.9 years 9.5 years Gross amount $ 62,328 $ 4,994 $ 5,245 $ 72,567 Accumulated amortization (4,442 ) (175 ) (365 ) $ (4,982 ) Net balance $ 57,886 $ 4,819 $ 4,880 $ 67,585 Amortization expense related to intangible assets was approximately $4.4 million, $1.3 million, and $1.3 million for the years ended December 31, 2022, 2021, 2020, December 31, 2022 2023 $ 4,408 2024 4,401 2025 4,401 2026 4,399 2027 4,397 Thereafter 46,355 Total $ 68,361 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 8 Property, Plant and Equipment Property, plant, and equipment consist of the following (in thousands): December 31, 2022 2021 Land and improvements $ 4,811 $ 3,191 Buildings and improvements 34,446 36,234 Leasehold improvements 5,503 4,859 Machinery & equipment 52,233 72,963 Furniture, fixtures, computers & software 6,401 6,052 Construction in progress 7,272 3,538 Property, plant and equipment $ 110,666 $ 126,837 Accumulated depreciation and amortization (52,594 ) (70,268 ) Net property, plant and equipment $ 58,072 $ 56,569 Depreciation and amortization expense of Property, Plant and Equipment for the years ended December 31, 2022, 2021, 2020 |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 Debt 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 0.25% zero At December 31, 2022, December 31, 2022, Long-term debt consists of the following (in thousands): December 31, 2022 Revolving credit facility $ 19,000 Term loan 36,000 Total long-term debt 55,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 51,000 Future maturities of long-term debt at December 31, 2022 in thousands Year ended December 31, Term Loan Revolving credit facility Total 2023 $ 4,000 $ - $ 4,000 2024 4,000 - 4,000 2025 4,000 - 4,000 2026 24,000 19,000 43,000 $ 36,000 $ 19,000 $ 55,000 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 first three December 31, 2022. December 31, 2022 2021 December 31, 2022 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 10 - Accrued Expenses
Note 10 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 10 Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2022 2021 Compensation $ 7,949 $ 6,498 Current portion of contingent consideration 5,000 4,543 Current portion of present value of non-competition payments 1,888 156 Accrued customer rebates 3,493 1,241 Other 4,792 4,339 $ 23,122 $ 16,777 Certain amounts for the year ended December 31, 2021 1 |
Note 11 - Income Tax
Note 11 - Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 Income Tax The Company’s domestic and foreign net income before provision for income taxes for the years ended December 31, 2022, 2021, 2020 Years Ended December 31, 2022 2021 2020 Domestic $ 34,654 $ 21,205 $ 16,283 Foreign 18,064 - - Total 52,718 21,205 16,283 The Company’s income tax provision for the years ended December 31, 2022, 2021, 2020 Years Ended December 31, 2022 2021 2020 Current Federal $ 11,238 $ 5,793 $ 2,223 State 2,309 1,320 555 Foreign 1,863 - - Total Current 15,410 7,113 2,778 Deferred Federal (3,856 ) (1,399 ) (28 ) State (624 ) (395 ) 164 Foreign (1 ) - - Total Deferred (4,481 ) (1,794 ) 136 Total income tax provision $ 10,929 $ 5,319 $ 2,914 The approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Reserves $ 450 $ 380 Inventory capitalization 305 706 Compensation programs 2,120 1,842 Equity-based compensation 690 668 Lease liability 3,298 2,427 Intangible assets 1,132 877 Deferred revenue 1,115 365 Other 362 17 Gross deferred tax assets 9,472 7,282 Valuation allowance - (17 ) Net deferred tax assets 9,472 7,265 Deferred tax liabilities: Excess of book over tax basis of fixed assets (2,782 ) (4,481 ) Goodwill (2,445 ) (3,628 ) Right of use asset (3,245 ) (2,419 ) Total deferred tax liabilities (8,472 ) (10,528 ) Net long-term deferred tax assets (liabilities) $ 1,000 $ (3,263 ) The amounts recorded as deferred tax assets as of December 31, 2022 2021 not December 31, 2022, not The Company has provided a valuation allowance of zero and $17 thousand at December 31, 2022 2021, The actual tax provision for the years presented differs from that derived from using a U.S federal statutory rate of 21% to income before income tax expense as follows: Years Ended December 31, 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 3.2 4.0 4.2 Meals and entertainment - - 0.1 Tax credits (0.7 ) (1.7 ) (7.2 ) Return to provision adjustments - 0.7 - Foreign rate differential (3.7 ) - - GILTI impact 0.8 - - Excess tax benefits on equity awards - - (1.2 ) Excess compensation 0.8 0.7 0.8 Other (0.7 ) 0.6 0.2 Change in valuation allowance - (0.2 ) - Effective tax rate 20.7 % 25.1 % 17.9 % The Company’s foreign subsidiary earnings are subject to current U.S. taxation under the Tax Cuts and Jobs Act of 2017, not not not December 31, 2022. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions, as well as Ireland and Costa Rica. It currently does not not 2004, 2007, 2019, 2012, 2017, 2019. 2019 2020. 2019 2022 2018. At December 31, 2022 2021, not |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Net Income Per Share Basic income per share is based upon the weighted average common shares outstanding during each year. Diluted income per share is based upon the weighted average of common shares and dilutive common stock equivalent shares outstanding during each year. The weighted average number of shares used to compute both basic and diluted income per share consisted of the following (in thousands): Years Ended December 31, 2022 2021 2020 Basic weighted average common shares outstanding during the year 7,564 7,524 7,484 Weighted average common equivalent shares due to stock options and restricted stock units 99 91 84 Diluted weighted average common shares outstanding during the year 7,663 7,615 7,568 The computation of diluted earnings 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 options during the period. These outstanding stock awards are not For the years ended December 31, 2022, 2021, 2020, 9,876, 10,716, 14,892, |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 13 Share-Based Compensation The Company issues share-based awards through several plans that are described in detail below. Incentive Plan In June 2003, 2003 Two types of equity awards may may Through December 31, 2022, 2003 none December 31, 2022, December 31, 2022, 2003 Director Plan Effective July 15, 1998, 1998 June 3, 2009 2009 March 7, 2013, June 8, 2022, Through December 31, 2022, December 31, 2022, 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). Share-based compensation is included in selling, general & administrative expenses as follows (in thousands): Years Ended December 31, Share-based compensation related to: 2022 2021 2020 Common stock grants $ 400 $ 400 $ 400 Stock option grants 263 210 232 Restricted Stock Unit awards 2,545 1,818 1,175 Total share-based compensation $ 3,208 $ 2,428 $ 1,807 The total income tax benefit recognized in the consolidated statements of income for share-based compensa‐tion arrangements was approximately $1.3 million, $0.8 million, and $0.7 million for the years ended December 31, 2022, 2021, 2020, Common stock grants The compensation expense for common stock granted during the three December 31, 2022, Stock option grants The compensation expense for stock options granted during the three Decem‐ber 31, 2022, Years Ended December 31, 2022 2021 2020 Expected volatility 34.7 % 33.7 % 32.8 % Expected dividends None None None Risk-free interest rate 2.9 % 0.8 % 0.3 % Exercise price $ 77.28 $ 57.34 $ 43.95 Expected term (years) 6.2 6.2 6.1 Weighted-average grant date fair value $ 30.37 $ 19.60 $ 14.10 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 corresponding with the expected term of the option. The expected term is estimated based on historical option exercise activity. The following is a summary of stock option activity for the year ended December 31, 2022: Shares Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding December 31, 2021 98,671 $ 33.53 Granted 9,876 77.28 Exercised (16,472 ) 23.72 Outstanding December 31, 2022 92,075 $ 39.98 5.95 $ 7,174 Exercisable at December 31, 2022 82,199 $ 35.50 5.53 $ 6,773 Vested and expected to vest at December 31, 2022 92,075 $ 39.98 5.95 $ 7,174 During the years ended December 31, 2022, 2021, 2020, December 31, 2022, December 31, 2021 2020, Restricted Stock Unit awards ( RSUs ) The Company grants RSUs to its directors, executive officers and employees. The stock unit awards are subject to various time-based vesting requirements, and certain portions of these awards are subject to performance criteria of the Company. Compensation expense on these awards is recorded based on the fair value of the award at the date of grant, which is equal to the Company’s closing stock price, and is charged, to expense ratably during the service period. No not The following table summarizes informa‐tion about stock unit award activity during the year ended December 31, 2022: Restricted Stock Units Weighted Average Award Date Fair Value Outstanding at December 31, 2021 101,168 $ 41.78 Awarded 51,981 74.66 Shares vested (49,575 ) 41.05 Forfeitures (1,244 ) 63.34 Outstanding at December 31, 2022 102,330 $ 56.02 At the Company’s discretion, 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. During the year ended December 31, 2022, December 31, 2021 2020, The following summarizes the future share-based compensation expense the Company will record as the equity securities granted through December 31, 2022, Options Restricted Stock Units Total 2023 $ 131 $ 2,186 $ 2,317 2024 - 1,287 1,287 2025 - 150 150 Total $ 131 $ 3,623 $ 3,754 |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | ( 14 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 arising from 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 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 ROU assets and lease liabilities consist of the following (in thousands): December 31, 2022 2021 Operating lease ROU assets $ 12,942 $ 9,053 Finance lease ROU assets 211 271 Total ROU assets $ 13,153 $ 9,324 Operating lease liabilities - current $ 2,458 $ 2,181 Finance lease liabilities - current 59 58 Total lease liabilities - current $ 2,517 $ 2,239 Operating lease liabilities - long-term $ 10,695 $ 6,903 Finance lease liabilities - long-term 156 215 Total lease liabilities - long-term $ 10,851 $ 7,118 Year Ended December 31, ($ in thousands) 2022 2021 Lease Cost: Finance lease cost: Amortization of right of use assets $ 60 $ 27 Interest on lease liabilities 5 3 Operating lease cost 2,621 1,263 Variable lease cost 304 263 Short-term lease cost 57 43 Total lease cost $ 3,047 $ 1,599 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,452 $ 1,284 Financing cash flows from finance leases 63 29 ROU assets obtained in exchange for finance lease obligations - 198 Weighted-average remaining lease term (years): Finance 3.54 4.54 Operating 5.34 3.95 Weighted-average discount rate: Finance 2.10 % 2.10 % Operating 3.00 % 2.63 % The aggregate future lease payments for leases as of December 31, 2022 December 31, 2022 Finance Operating (a) 2023 $ 63 $ 2,492 2024 63 2,420 2025 63 2,234 2026 28 2,012 2027 6 1,709 Thereafter - 3,611 Total lease payments 223 14,478 Less: Interest (8 ) (1,325 ) Present value of lease liabilities $ 215 $ 13,153 (a) Future operating lease payments have not Rent expense amounted to approximately $2.6 million, $1.4 million, and $1.3 million in 2022, 2021, 2020, |
Note 15 - Other Long-term Liabi
Note 15 - Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 15 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): December 31, 2022 2021 Accrued contingent consideration (earn-out) $ 9,568 $ 5,188 Present value of non-competition payments 8,155 9,321 Other 497 676 $ 18,220 $ 15,185 Certain amounts for the year ended December 31, 2021 1 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 16 Commitments and Contingencies (a) Legal may not (b) Contingent Consideration fourth 2021, |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 17 Employee Benefit Plans The Company maintains 401 401 2020, March 15 2022, 2021, 2020, The Company has a partially self-insured health insurance program that covers all eligible participating employees. The maximum liability is limited by a stop loss of $225 thousand per insured person, along with an aggregate stop loss determined by the number of participants. The Company has an Executive, Non-qualified “Excess” Plan (“the Plan”), which is a deferred compen‐sa‐tion plan available to certain executives. The Plan permits participants to defer receipt of part of their current compensation to a later date as part of their personal retirement or financial planning. Partici‐pants have an unsecured contractual commitment from the Company to pay amounts due under the Plan. The compensation withheld from Plan participants, together with gains or losses determined by the participants’ deferral elections is reflected as a deferred compensation obligation to participants and is classified within the liabilities section in the accompanying balance sheets. At December 31, 2022 2021, December 31, 2022 2021, |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 18 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): Level 2 December 31, 2022 December 31, 2021 Liabilities: Derivative financial instruments $ - $ 176 Level 3 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ 14,568 $ 9,731 Present value of non-competition payments 10,043 9,477 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 Also 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 3 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 19 - Segment Reporting
Note 19 - Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 19 Segment Data The Company consists of a single Revenues shipped to customers outside of the United States comprised approximately 16% of the Company’s consolidated revenues for the year ended December 31, 2022. One December 31, 2022. 10% December 31, 2021 2020. One December 31, 2022 2021. The Company’s custom products are primarily sold to customers within the Medical, Automotive, Consumer, Aerospace & Defense, Industrial, and Electronics markets. Sales by market for the years ended December 31, 2022, 2021, 2020 2022 2021 2020 Market Net Sales % Net Sales % Net Sales % Medical $ 286,180 80.9 % $ 132,505 64.2 % $ 120,258 67.2 % Automotive 17,487 4.9 % 15,596 7.6 % 14,607 8.1 % Consumer 17,255 4.9 % 26,048 12.6 % 18,316 10.2 % Aerospace & Defense 15,328 4.3 % 16,380 7.9 % 12,810 7.1 % Industrial 10,322 2.9 % 8,413 4.1 % 7,622 4.2 % Electronics 7,220 2.1 % 7,378 3.6 % 5,760 3.2 % Net Sales $ 353,792 100.0 % $ 206,320 100.0 % $ 179,373 100.0 % Certain amounts for the year ended December 31, 2021 |
Note 20 - Quarterly Financial I
Note 20 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 20 Quarterly Financial Information (unaudited) Summarized quarterly financial data is as follows (in thousands, except per share data): 2022 Q1 Q2 Q3 Q4 Net sales $ 71,242 $ 94,343 $ 96,970 $ 91,237 Gross profit 17,134 24,324 25,523 23,279 Net income 4,858 8,929 19,540 8,462 Basic net income per share 0.64 1.18 2.58 1.12 Diluted net income per share 0.64 1.17 2.56 1.10 2021 Q1 Q2 Q3 Q4 Net sales $ 48,599 $ 50,655 $ 50,723 $ 56,343 Gross profit 12,609 13,414 12,016 13,075 Net income 4,163 4,715 3,789 3,219 Basic net income per share 0.55 0.63 0.50 0.43 Diluted net income per share 0.55 0.62 0.50 0.42 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II Consolidated Financial Statement Schedule Valuation and Qualifying Accounts Years ended December 31, 2022, 2021, 2020 Accounts receivable, allowance for credit losses: 2022 2021 2020 Balance at beginning of year $ 519 $ 484 $ 486 Provision for bad debt 293 179 13 Write-offs, net of recoveries (40 ) (144 ) (15 ) Sale of Molded Fiber business (39 ) - - Balance at end of year $ 733 $ 519 $ 484 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly-owned subsidiaries, Advant Medical Limited, and its wholly-owned subsidiary Munlu Leighis Advant Teoranta, Advant Costa Rica Limitada, Advant Medical Inc. (collectively “Advant Medical”), Dielectrics, Inc. (“Dielectrics”), Moulded Fibre Technology, Inc. (partial year; entity was sold in July 2022), |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates The preparation of consolidated 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, including allowance for doubtful accounts and the net realizable value of inventory, and the fair value of goodwill, and the fair value of intangible assets, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement, Policy [Policy Text Block] | (c) Fair Value Measurement The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (d) Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities 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 Company’s current incremental borrowing rate. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2022 2021, not The Company maintains its cash in bank deposit accounts that at times exceed federally insured limits. The Company periodically reviews the financial stability of institutions holding its accounts and does not |
Accounts Receivable [Policy Text Block] | (f) Accounts Receivable The Company periodically reviews the collectability of its accounts receivable. Provisions are recorded for accounts that are potentially uncollectable. Determining adequate reserves for accounts receivable requires management’s judgment. Conditions impacting the realizability of the Company’s receivables could cause actual asset write-offs to be materially different than the reserved balances as of December 31, 2022. |
Inventory, Policy [Policy Text Block] | (g) Inventories Inventories include material, labor, and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined using the first first The Company periodically reviews the realizability of its inventory for potential excess or obsolescence. Determining the net realizable value of inventory requires management’s judgment. Conditions impacting the realizability of the Company’s inventory could cause actual asset write-offs to be materially different than the Company’s current estimates as of December 31, 2022. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) Property, Plant, and Equipment Property, plant, and equipment are stated at cost and are depreciated or amortized using the straight-line method over the estimated useful lives of the assets or the related lease term, if shorter. Estimated useful lives of property, plant, and equipment are as follows: Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 -30 Machinery and equipment (years) 7 – 15 Furniture, fixtures, computers & software (years) 3 – 7 Property, plant, and equipment amounts are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2022 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (i) Goodwill Goodwill is tested for impairment annually and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may one 1” one The Company changed its annual impairment testing date in 2021 October 1 1 October 1, 2022, may |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | (j) Intangible Assets Intangible assets with a definite life are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 20 years. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that their carrying values may not No December 31, 2022 |
Revenue from Contract with Customer [Policy Text Block] | (k) 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 |
Share-Based Payment Arrangement [Policy Text Block] | (l) Share-Based Compensation When accounting for equity instruments exchanged for employee services, share-based compen‐sation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Forfeitures are expensed as they occur. |
Shipping and Handling Costs [Policy Text Block] | (m) Shipping and Handling Costs Costs incurred related to shipping and handling are included in cost of sales. Amounts charged to customers pertaining to these costs are included in net sales. |
Income Tax, Policy [Policy Text Block] | (n) Income Taxes The Company’s income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry‐forwards. Deferred tax expense or benefit results from the net change during the year in deferred tax assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need for a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not not The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% |
Segment Reporting, Policy [Policy Text Block] | (o) Segments and Related Information The Company follows the provisions of Accounting Standards Codification (ASC) 280, Segment Reporting 19 |
Stockholders Equity, Treasury Stock [Policy Text Block] | (p) Treasury Stock The Company accounts for treasury stock under the cost method, using the first first not December 31, 2022, 2021 2020. |
Research and Development Expense, Policy [Policy Text Block] | (q) 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, $8.5 million, and $8.2 million were expensed in the years ended December 31, 2022, 2021 2020, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (r) Foreign Currency Translation The Company translates all assets and liabilities of its foreign subsidiaries, where the U.S. dollar is not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There are no |
Reclassification, Comparability Adjustment [Policy Text Block] | Revisions Certain revisions have been made to the December 31, 2021 no |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Leasehold improvements Shorter of estimated useful life Buildings and improvements (years) 20 -30 Machinery and equipment (years) 7 – 15 Furniture, fixtures, computers & software (years) 3 – 7 |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestiture (Tables) | 12 Months Ended |
Dec. 31, 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 51,742 Total identifiable assets $ 110,073 Accounts payable (5,238 ) Accrued expenses (2,995 ) Deferred revenue (7 ) Lease liabilities (1,221 ) Net assets acquired $ 100,612 Fair value of consideration 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] | Year Ended December 30, 2022 2021 (Unaudited) (Unaudited) Sales $ 358,196 $ 291,403 Operating Income $ 56,321 $ 27,729 Net Income $ 42,311 $ 21,805 Earnings per share: Basic $ 5.59 $ 2.90 Diluted $ 5.52 $ 2.86 Year Ended December 31, 2021 2020 (Unaudited) (Unaudited) Sales $ 269,932 $ 235,328 Operating Income $ 25,878 $ 22,617 Net Income $ 20,562 $ 18,354 Earnings per share: Basic $ 2.73 $ 2.45 Diluted $ 2.70 $ 2.43 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2022 2021 2020 Net sales of: Products $ 342,742 $ 201,248 $ 172,299 Tooling and Machinery 6,307 1,814 2,787 Engineering services 4,743 3,258 4,287 Total net sales $ 353,792 $ 206,320 $ 179,373 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities Years Ended December 31, 2022 2021 Deferred revenue - beginning of period $ 4,247 $ 1,887 Acquired in business combinations - 69 Increases due to consideration received from customers 6,337 4,007 Revenue recognized (5,330 ) (1,716 ) Decrease due to sale of Molded Fiber (575 ) - Deferred revenue - end of period $ 4,679 $ 4,247 Contract Assets Years Ended December 31, 2022 2021 Unbilled Receivables - beginning of period $ 74 $ 271 Increases due to revenue recognized, not invoiced to customers 3,653 1,815 Decreases due to customer invoicing (3,457 ) (2,012 ) Unbilled Receivables - end of period $ 270 $ 74 |
Note 4 - Supplemental Cash Fl_2
Note 4 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended December 31, 2022 2021 2020 (in thousands) Cash paid for: Interest $ 2,721 $ 53 $ 71 Income taxes, net of refunds 13,200 5,914 2,481 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 125 $ 135 $ 225 Accrued contingent consideration 14,568 9,731 - Present value of non-competition payments 10,043 9,477 - Finance lease right of use assets - 187 108 Finance lease liabilities - (187 ) (108 ) Operating lease right of use assets 329 7,782 - Operating lease liabilities (329 ) (7,782 ) - |
Note 5 - Receivables and Allo_2
Note 5 - Receivables and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 Accounts receivable–trade $ 55,850 $ 39,903 Less allowance for credit losses (733 ) (519 ) Receivables, net $ 55,117 $ 39,384 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Year Ended December 31, 2022 2021 Allowance - beginning of period $ 519 $ 484 Provision for expected credit losses 293 179 Amounts written off against the allowance, net of recoveries (40 ) (144 ) Decrease due to sale of Molded Fiber business (39 ) - Allowance - end of period $ 733 $ 519 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2022 2021 Raw materials $ 42,475 $ 22,184 Work in process 4,183 4,205 Finished goods 6,878 7,047 Total Inventory $ 53,536 $ 33,436 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2022 2021 Opening balance $ 107,905 $ 51,838 Acquired in business combinations (See Note 2) 7,140 56,067 DAS working capital adjustment 196 - DAS opening balance sheet reclassification (243 ) - Sale of Molded Fiber (1,778 ) - Foreign currency translation (192 ) - Ending balance $ 113,028 $ 107,905 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 Customer List Intellectual Property / Tradename & Brand Non- Compete Total Weighted-average useful life 20 years 11.9 years 9.3 years Gross amount $ 65,174 $ 7,064 $ 5,497 $ 77,735 Accumulated amortization (7,665 ) (727 ) (982 ) $ (9,374 ) Net balance $ 57,509 $ 6,337 $ 4,515 $ 68,361 December 31, 2021 Customer List Intellectual Property / Tradename & Brand Non- Compete Total Weighted-average useful life 20 years 11.9 years 9.5 years Gross amount $ 62,328 $ 4,994 $ 5,245 $ 72,567 Accumulated amortization (4,442 ) (175 ) (365 ) $ (4,982 ) Net balance $ 57,886 $ 4,819 $ 4,880 $ 67,585 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 4,408 2024 4,401 2025 4,401 2026 4,399 2027 4,397 Thereafter 46,355 Total $ 68,361 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 Land and improvements $ 4,811 $ 3,191 Buildings and improvements 34,446 36,234 Leasehold improvements 5,503 4,859 Machinery & equipment 52,233 72,963 Furniture, fixtures, computers & software 6,401 6,052 Construction in progress 7,272 3,538 Property, plant and equipment $ 110,666 $ 126,837 Accumulated depreciation and amortization (52,594 ) (70,268 ) Net property, plant and equipment $ 58,072 $ 56,569 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2022 Revolving credit facility $ 19,000 Term loan 36,000 Total long-term debt 55,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 51,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year ended December 31, Term Loan Revolving credit facility Total 2023 $ 4,000 $ - $ 4,000 2024 4,000 - 4,000 2025 4,000 - 4,000 2026 24,000 19,000 43,000 $ 36,000 $ 19,000 $ 55,000 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 2021 Compensation $ 7,949 $ 6,498 Current portion of contingent consideration 5,000 4,543 Current portion of present value of non-competition payments 1,888 156 Accrued customer rebates 3,493 1,241 Other 4,792 4,339 $ 23,122 $ 16,777 |
Note 11 - Income Tax (Tables)
Note 11 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2022 2021 2020 Domestic $ 34,654 $ 21,205 $ 16,283 Foreign 18,064 - - Total 52,718 21,205 16,283 Years Ended December 31, 2022 2021 2020 Current Federal $ 11,238 $ 5,793 $ 2,223 State 2,309 1,320 555 Foreign 1,863 - - Total Current 15,410 7,113 2,778 Deferred Federal (3,856 ) (1,399 ) (28 ) State (624 ) (395 ) 164 Foreign (1 ) - - Total Deferred (4,481 ) (1,794 ) 136 Total income tax provision $ 10,929 $ 5,319 $ 2,914 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Deferred tax assets: Reserves $ 450 $ 380 Inventory capitalization 305 706 Compensation programs 2,120 1,842 Equity-based compensation 690 668 Lease liability 3,298 2,427 Intangible assets 1,132 877 Deferred revenue 1,115 365 Other 362 17 Gross deferred tax assets 9,472 7,282 Valuation allowance - (17 ) Net deferred tax assets 9,472 7,265 Deferred tax liabilities: Excess of book over tax basis of fixed assets (2,782 ) (4,481 ) Goodwill (2,445 ) (3,628 ) Right of use asset (3,245 ) (2,419 ) Total deferred tax liabilities (8,472 ) (10,528 ) Net long-term deferred tax assets (liabilities) $ 1,000 $ (3,263 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal tax benefit 3.2 4.0 4.2 Meals and entertainment - - 0.1 Tax credits (0.7 ) (1.7 ) (7.2 ) Return to provision adjustments - 0.7 - Foreign rate differential (3.7 ) - - GILTI impact 0.8 - - Excess tax benefits on equity awards - - (1.2 ) Excess compensation 0.8 0.7 0.8 Other (0.7 ) 0.6 0.2 Change in valuation allowance - (0.2 ) - Effective tax rate 20.7 % 25.1 % 17.9 % |
Note 12 - Net Income Per Share
Note 12 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years Ended December 31, 2022 2021 2020 Basic weighted average common shares outstanding during the year 7,564 7,524 7,484 Weighted average common equivalent shares due to stock options and restricted stock units 99 91 84 Diluted weighted average common shares outstanding during the year 7,663 7,615 7,568 |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Years Ended December 31, Share-based compensation related to: 2022 2021 2020 Common stock grants $ 400 $ 400 $ 400 Stock option grants 263 210 232 Restricted Stock Unit awards 2,545 1,818 1,175 Total share-based compensation $ 3,208 $ 2,428 $ 1,807 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2022 2021 2020 Expected volatility 34.7 % 33.7 % 32.8 % Expected dividends None None None Risk-free interest rate 2.9 % 0.8 % 0.3 % Exercise price $ 77.28 $ 57.34 $ 43.95 Expected term (years) 6.2 6.2 6.1 Weighted-average grant date fair value $ 30.37 $ 19.60 $ 14.10 |
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 December 31, 2021 98,671 $ 33.53 Granted 9,876 77.28 Exercised (16,472 ) 23.72 Outstanding December 31, 2022 92,075 $ 39.98 5.95 $ 7,174 Exercisable at December 31, 2022 82,199 $ 35.50 5.53 $ 6,773 Vested and expected to vest at December 31, 2022 92,075 $ 39.98 5.95 $ 7,174 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Weighted Average Award Date Fair Value Outstanding at December 31, 2021 101,168 $ 41.78 Awarded 51,981 74.66 Shares vested (49,575 ) 41.05 Forfeitures (1,244 ) 63.34 Outstanding at December 31, 2022 102,330 $ 56.02 |
Schedule of Future Share-based Compensation Expense [Table Text Block] | Options Restricted Stock Units Total 2023 $ 131 $ 2,186 $ 2,317 2024 - 1,287 1,287 2025 - 150 150 Total $ 131 $ 3,623 $ 3,754 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Leases, Right-of-Use Assets and Liabilities [Table Text block] | December 31, 2022 2021 Operating lease ROU assets $ 12,942 $ 9,053 Finance lease ROU assets 211 271 Total ROU assets $ 13,153 $ 9,324 Operating lease liabilities - current $ 2,458 $ 2,181 Finance lease liabilities - current 59 58 Total lease liabilities - current $ 2,517 $ 2,239 Operating lease liabilities - long-term $ 10,695 $ 6,903 Finance lease liabilities - long-term 156 215 Total lease liabilities - long-term $ 10,851 $ 7,118 |
Lease, Cost [Table Text Block] | Year Ended December 31, ($ in thousands) 2022 2021 Lease Cost: Finance lease cost: Amortization of right of use assets $ 60 $ 27 Interest on lease liabilities 5 3 Operating lease cost 2,621 1,263 Variable lease cost 304 263 Short-term lease cost 57 43 Total lease cost $ 3,047 $ 1,599 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,452 $ 1,284 Financing cash flows from finance leases 63 29 ROU assets obtained in exchange for finance lease obligations - 198 Weighted-average remaining lease term (years): Finance 3.54 4.54 Operating 5.34 3.95 Weighted-average discount rate: Finance 2.10 % 2.10 % Operating 3.00 % 2.63 % |
Lessee, Operating and Finance Leases, Liability, Maturity [Table Text Block] | December 31, 2022 Finance Operating (a) 2023 $ 63 $ 2,492 2024 63 2,420 2025 63 2,234 2026 28 2,012 2027 6 1,709 Thereafter - 3,611 Total lease payments 223 14,478 Less: Interest (8 ) (1,325 ) Present value of lease liabilities $ 215 $ 13,153 |
Note 15 - Other Long-term Lia_2
Note 15 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2022 2021 Accrued contingent consideration (earn-out) $ 9,568 $ 5,188 Present value of non-competition payments 8,155 9,321 Other 497 676 $ 18,220 $ 15,185 |
Note 18 - Fair Value of Finan_2
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 2 December 31, 2022 December 31, 2021 Liabilities: Derivative financial instruments $ - $ 176 Level 3 Purchase price contingent consideration (Note 2): Accrued contingent consideration (earn-out) $ 14,568 $ 9,731 Present value of non-competition payments 10,043 9,477 |
Note 19 - Segment Reporting (Ta
Note 19 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2022 2021 2020 Market Net Sales % Net Sales % Net Sales % Medical $ 286,180 80.9 % $ 132,505 64.2 % $ 120,258 67.2 % Automotive 17,487 4.9 % 15,596 7.6 % 14,607 8.1 % Consumer 17,255 4.9 % 26,048 12.6 % 18,316 10.2 % Aerospace & Defense 15,328 4.3 % 16,380 7.9 % 12,810 7.1 % Industrial 10,322 2.9 % 8,413 4.1 % 7,622 4.2 % Electronics 7,220 2.1 % 7,378 3.6 % 5,760 3.2 % Net Sales $ 353,792 100.0 % $ 206,320 100.0 % $ 179,373 100.0 % |
Note 20 - Quarterly Financial_2
Note 20 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 Q1 Q2 Q3 Q4 Net sales $ 71,242 $ 94,343 $ 96,970 $ 91,237 Gross profit 17,134 24,324 25,523 23,279 Net income 4,858 8,929 19,540 8,462 Basic net income per share 0.64 1.18 2.58 1.12 Diluted net income per share 0.64 1.17 2.56 1.10 2021 Q1 Q2 Q3 Q4 Net sales $ 48,599 $ 50,655 $ 50,723 $ 56,343 Gross profit 12,609 13,414 12,016 13,075 Net income 4,163 4,715 3,789 3,219 Basic net income per share 0.55 0.63 0.50 0.43 Diluted net income per share 0.55 0.62 0.50 0.42 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Summary of Allowance for Doubtful Accounts and Revenue Adjustments [Table Text Block] | 2022 2021 2020 Balance at beginning of year $ 519 $ 484 $ 486 Provision for bad debt 293 179 13 Write-offs, net of recoveries (40 ) (144 ) (15 ) Sale of Molded Fiber business (39 ) - - Balance at end of year $ 733 $ 519 $ 484 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Equivalents, at Carrying Value, Total | $ 0 | $ 0 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | 0 |
Research and Development Expense, Total | $ 9,300 | $ 8,500 | $ 8,200 |
Increase (Decrease) in Accrued Liabilities, Total | 10,446 | $ 1,009 | $ (537) |
Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Increase (Decrease) in Accrued Liabilities, Total | (4,100) | ||
Increase (Decrease) in Other Noncurrent Liabilities | $ (4,100) | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Buildings and improvements (years) (Year) | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Buildings and improvements (years) (Year) | 15 years |
Furniture, Fixtures, and Computers [Member] | Minimum [Member] | |
Buildings and improvements (years) (Year) | 3 years |
Furniture, Fixtures, and Computers [Member] | Maximum [Member] | |
Buildings and improvements (years) (Year) | 7 years |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestiture (Details Textual) $ in Thousands, € in Millions | 12 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 ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 26, 2022 USD ($) | |
Gain (Loss) on Disposition of Business | $ 15,651 | $ 0 | $ 0 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 20,653 | 96,178 | 0 | |||||||
Business Combination, Acquisition Related Costs | 1,027 | 430 | $ 0 | |||||||
Advant Medical [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | € | € 19 | |||||||||
Payments to Acquire Businesses, Gross | $ 23,608 | $ 21,200 | ||||||||
Business Combination, Acquisition Related Costs | $ 789 | 759 | 30 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 20,000 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,400 | |||||||||
DAS Medical [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 66,700 | |||||||||
Payments to Acquire Businesses, Gross | $ 95,000 | |||||||||
Business Combination, Acquisition Related Costs | 448 | 155 | 293 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,400 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 100 | |||||||||
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 | |||||||||
Business Combination, Agreement Term (Year) | 10 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 | 153 | 113 | 40 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,500 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 500 | |||||||||
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 | $ 31,500 | |||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent, Total | 15,400 | |||||||||
Gain (Loss) on Disposition of Business | $ 15,700 | |||||||||
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 | $ 100 |
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 113,028 | $ 107,905 | $ 51,838 | |||||
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 | |||||||
Total identifiable assets | 23,407 | |||||||
Advant Medical [Member] | Customer Contracts and Relationships [Member] | ||||||||
Finite-Lived Intangibles | 2,925 | |||||||
Advant Medical [Member] | Intellectual Property [Member] | ||||||||
Finite-Lived Intangibles | 2,127 | |||||||
Advant Medical [Member] | Noncompete Agreements [Member] | ||||||||
Finite-Lived Intangibles | $ 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 | 51,742 | |||||||
Total identifiable assets | 110,073 | |||||||
Accounts payable | (5,238) | |||||||
Accrued expenses | (2,995) | |||||||
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) | ||||||
Total identifiable assets | 110,073 | |||||||
Deferred revenue | (7) | |||||||
DAS Medical [Member] | Customer Contracts and Relationships [Member] | ||||||||
Finite-Lived Intangibles | 36,730 | |||||||
DAS Medical [Member] | Intellectual Property [Member] | ||||||||
Finite-Lived Intangibles | 2,380 | |||||||
DAS Medical [Member] | Noncompete Agreements [Member] | ||||||||
Finite-Lived Intangibles | $ 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 | |||||||
Total identifiable assets | 17,555 | |||||||
Deferred revenue | (60) | |||||||
Contech Medical, Inc [Member] | Customer Contracts and Relationships [Member] | ||||||||
Finite-Lived Intangibles | 3,043 | |||||||
Contech Medical, Inc [Member] | Intellectual Property [Member] | ||||||||
Finite-Lived Intangibles | 2,247 | |||||||
Contech Medical, Inc [Member] | Noncompete Agreements [Member] | ||||||||
Finite-Lived Intangibles | $ 86 |
Note 2 - Acquisition - Pro Form
Note 2 - Acquisition - Pro Forma Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Advant Medical [Member] | |||
Sales | $ 358,196 | $ 291,403 | |
Operating Income | 56,321 | 27,729 | |
Net Income | $ 42,311 | $ 21,805 | |
Basic (in dollars per share) | $ 5.59 | $ 2.90 | |
Diluted (in dollars per share) | $ 5.52 | $ 2.86 | |
Contech Medical, Inc and DAS Medical [Member] | |||
Sales | $ 269,932 | $ 235,328 | |
Operating Income | 25,878 | 22,617 | |
Net Income | $ 20,562 | $ 18,354 | |
Basic (in dollars per share) | $ 2.73 | $ 2.45 | |
Diluted (in dollars per share) | $ 2.70 | $ 2.43 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 2.2 | $ 0.8 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 56,343 | $ 50,723 | $ 50,655 | $ 48,599 | $ 353,792 | $ 206,320 | $ 179,373 |
Product [Member] | |||||||||||
Net sales | 342,742 | 201,248 | 172,299 | ||||||||
Tooling and Machinery [Member] | |||||||||||
Net sales | 6,307 | 1,814 | 2,787 | ||||||||
Engineering and Development [Member] | |||||||||||
Net sales | $ 4,743 | $ 3,258 | $ 4,287 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred revenue | $ 4,247 | $ 1,887 |
Acquired in business combinations | 0 | 69 |
Increases due to consideration received from customers | 6,337 | 4,007 |
Revenue recognized | (5,330) | (1,716) |
Decrease due to sale of Molded Fiber | (575) | 0 |
Deferred revenue | 4,679 | 4,247 |
Unbilled Receivables - beginning of period | 74 | 271 |
Increases due to revenue recognized, not invoiced to customers | 3,653 | 1,815 |
Decreases due to customer invoicing | (3,457) | (2,012) |
Unbilled Receivables - end of period | $ 270 | $ 74 |
Note 4 - Supplemental Cash Fl_3
Note 4 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for: | |||
Interest | $ 2,721 | $ 53 | $ 71 |
Income taxes, net of refunds | 13,200 | 5,914 | 2,481 |
Non-cash investing and financing activities: | |||
Capital additions accrued but not yet paid | 125 | 135 | 225 |
Accrued contingent consideration | 14,568 | 9,731 | 0 |
Present value of non-competition payments | 10,043 | 9,477 | 0 |
Finance lease right of use assets | 0 | 187 | 108 |
Finance lease liabilities | 0 | (187) | (108) |
Operating lease right of use assets | 329 | 7,782 | 0 |
Operating lease liabilities | $ (329) | $ (7,782) | $ 0 |
Note 5 - Receivables and Allo_3
Note 5 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable–trade | $ 55,850 | $ 39,903 |
Less allowance for credit losses | (733) | (519) |
Receivables, net | $ 55,117 | $ 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance - beginning of period | $ 519 | $ 484 |
Provision for expected credit losses | 293 | 179 |
Amounts written off against the allowance, net of recoveries | (40) | (144) |
Decrease due to sale of Molded Fiber business | (39) | 0 |
Allowance - end of period | $ 733 | $ 519 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 42,475 | $ 22,184 |
Work in process | 4,183 | 4,205 |
Finished goods | 6,878 | 7,047 |
Total Inventory | $ 53,536 | $ 33,436 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 106 | ||
Amortization of Intangible Assets | $ 4.4 | $ 1.3 | $ 1.3 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 107,905 | $ 51,838 |
Acquired in business combinations (See Note 2) | 7,140 | 56,067 |
DAS working capital adjustment | 196 | 0 |
DAS opening balance sheet reclassification | (243) | 0 |
Sale of Molded Fiber | (1,778) | 0 |
Foreign currency translation | (192) | 0 |
Balance | $ 113,028 | $ 107,905 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gross amount | $ 77,735 | $ 72,567 |
Accumulated amortization | (9,374) | (4,982) |
Net balance | $ 68,361 | $ 67,585 |
Customer Lists [Member] | ||
Weighted-average useful life (Year) | 20 years | 20 years |
Gross amount | $ 65,174 | $ 62,328 |
Accumulated amortization | (7,665) | (4,442) |
Net balance | $ 57,509 | $ 57,886 |
Intellectual Property/ Tradename and Brand [Member] | ||
Weighted-average useful life (Year) | 11 years 10 months 24 days | 11 years 10 months 24 days |
Gross amount | $ 7,064 | $ 4,994 |
Accumulated amortization | (727) | (175) |
Net balance | $ 6,337 | $ 4,819 |
Noncompete Agreements [Member] | ||
Weighted-average useful life (Year) | 9 years 3 months 18 days | 9 years 6 months |
Gross amount | $ 5,497 | $ 5,245 |
Accumulated amortization | (982) | (365) |
Net balance | $ 4,515 | $ 4,880 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 4,408 |
2024 | 4,401 |
2025 | 4,401 |
2026 | 4,399 |
2027 | 4,397 |
Thereafter | 46,355 |
Total | $ 68,361 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 7.5 | $ 7.1 | $ 7 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant, and equipment | $ 110,666 | $ 126,837 |
Accumulated depreciation and amortization | (52,594) | (70,268) |
Net property, plant and equipment | 58,072 | 56,569 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment | 4,811 | 3,191 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment | 34,446 | 36,234 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 5,503 | 4,859 |
Machinery and Equipment [Member] | ||
Property, plant, and equipment | 52,233 | 72,963 |
Furniture, Fixtures, and Computers [Member] | ||
Property, plant, and equipment | 6,401 | 6,052 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 7,272 | $ 3,538 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 22, 2021 | Feb. 01, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Debt, Total | $ 55,000 | |||
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 20,000 | 5,700 | ||
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 | 176 | $ 24 | ||
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||||
Derivative, Fair Value, Net, Total | 0 | $ (176) | ||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument, Face Amount | $ 130,000 | |||
Long-Term Debt, Total | 55,000 | |||
Letters of Credit Outstanding, Amount | $ 700 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||
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] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000 | |||
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Term Loan [Member] | ||||
Debt Instrument, Face Amount | 40,000 | |||
Debt Instrument, Periodic Payment, Principal | $ 1,000 |
Note 9 - Debt - Long-term Debt
Note 9 - Debt - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Total long-term debt | $ 55 | |
Current portion | (4) | $ (4) |
Long-term debt, excluding current portion | 51 | $ 71 |
Term Loan [Member] | ||
Total long-term debt | 36 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Total long-term debt | $ 19 |
Note 9 - Debt - Schedule of Mat
Note 9 - Debt - Schedule of Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 4,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 43,000 |
Long-Term Debt, Total | 55,000 |
Line of Credit [Member] | Revolving Credit Facility [Member] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 19,000 |
Long-Term Debt, Total | 19,000 |
Term Loan [Member] | |
2023 | 4,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 24,000 |
Long-Term Debt, Total | $ 36,000 |
Note 10 - Accrued Expenses - Ac
Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Compensation | $ 7,949 | $ 6,498 |
Current portion of contingent consideration | 5,000 | 4,543 |
Current portion of present value of non-competition payments | 1,888 | 156 |
Accrued customer rebates | 3,493 | 1,241 |
Other | 4,792 | 4,339 |
Accrued expenses | $ 23,122 | $ 16,777 |
Note 11 - Income Tax (Details T
Note 11 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Gross, Total | $ 9,472 | $ 7,282 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 17 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |
Domestic Tax Authority [Member] | |||
Open Tax Year | 2019 2020 2021 2022 | ||
Foreign Tax Authority [Member] | |||
Open Tax Year | 2018 2019 2020 2021 2022 |
Note 11 - Income Tax - Income T
Note 11 - Income Tax - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ 34,654 | $ 21,205 | $ 16,283 |
Foreign | 18,064 | 0 | 0 |
Income before income tax provision | 52,718 | 21,205 | 16,283 |
Federal | 11,238 | 5,793 | 2,223 |
State | 2,309 | 1,320 | 555 |
Foreign | 1,863 | 0 | 0 |
Total Current | 15,410 | 7,113 | 2,778 |
Federal | (3,856) | (1,399) | (28) |
State | (624) | (395) | 164 |
Foreign | (1) | 0 | 0 |
Total Deferred | (4,481) | (1,794) | 136 |
Total income tax provision | $ 10,929 | $ 5,319 | $ 2,914 |
Note 11 - Income Tax - Deferred
Note 11 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Reserves | $ 450 | $ 380 |
Inventory capitalization | 305 | 706 |
Compensation programs | 2,120 | 1,842 |
Equity-based compensation | 690 | 668 |
Lease liability | 3,298 | 2,427 |
Intangible assets | 1,132 | 877 |
Deferred revenue | 1,115 | 365 |
Other | 362 | 17 |
Gross deferred tax assets | 9,472 | 7,282 |
Valuation allowance | 0 | (17) |
Net deferred tax assets | 9,472 | 7,265 |
Excess of book over tax basis of fixed assets | (2,782) | (4,481) |
Goodwill | (2,445) | (3,628) |
Right of use asset | (3,245) | (2,419) |
Total deferred tax liabilities | (8,472) | (10,528) |
Net long-term deferred tax assets (liabilities) | $ 1,000 | $ (3,263) |
Note 11 - Income Tax - Income_2
Note 11 - Income Tax - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. federal statutory rate | 21% | 21% | 21% |
State taxes, net of federal tax benefit | 3.20% | 4% | 4.20% |
Meals and entertainment | 0% | 0% | 0.10% |
Tax credits | (0.70%) | (1.70%) | (7.20%) |
Return to provision adjustments | 0% | 0.70% | 0% |
Foreign rate differential | (3.70%) | 0% | 0% |
GILTI impact | 0.80% | 0% | 0% |
Excess tax benefits on equity awards | 0% | 0% | (1.20%) |
Excess compensation | 0.80% | 0.70% | 0.80% |
Other | 0.70% | (0.60%) | (0.20%) |
Change in valuation allowance | 0% | 0.20% | 0% |
Effective tax rate | 20.70% | 25.10% | 17.90% |
Note 12 - Net Income Per Shar_2
Note 12 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,876 | 10,716 | 14,892 |
Note 12 - Net Income Per Shar_3
Note 12 - Net Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic weighted average common shares outstanding during the year (in shares) | 7,564 | 7,524 | 7,484 |
Weighted average common equivalent shares due to stock options and restricted stock units (in shares) | 99 | 91 | 84 |
Diluted weighted average common shares outstanding during the year (in shares) | 7,663 | 7,615 | 7,568 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | 235 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Jun. 09, 2022 | Jun. 08, 2022 | |
Proceeds from Stock Options Exercised | $ 390 | $ 162 | $ 474 | ||||
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, Outstanding, Number, Ending Balance (in shares) | 92,075 | 92,075 | 98,671 | 92,075 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,200 | $ 200 | 800 | ||||
Proceeds from Stock Options Exercised | $ 400 | $ 200 | $ 500 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 1,876 | 0 | 0 | ||||
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 | 14,190 | 11,423 | ||||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 67.05 | $ 52.55 | $ 49.91 | ||||
The 2003 Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 1,327,064 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 185,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 738,769 | 738,769 | 738,769 | ||||
The 2003 Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 98,448 | 98,448 | 98,448 | ||||
Nonemployee Director Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 400,510 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 93,302 | 93,302 | 93,302 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,075,000 | 975,000 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 1,300 | $ 800 | $ 700 | ||||
Nonemployee Director Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,882 | 3,882 | 3,882 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 131,846 | 131,846 | 131,846 |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation | $ 3,208 | $ 2,428 | $ 1,807 |
Common Stock [Member] | |||
Share-based compensation | 400 | 400 | 400 |
Employee and Nonemployee Stock Option [Member] | |||
Share-based compensation | 263 | 210 | 232 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation | $ 2,545 | $ 1,818 | $ 1,175 |
Note 13 - Share-based Compens_5
Note 13 - Share-based Compensation - Black-Scholes Option Pricing Model (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected volatility | 34.70% | 33.70% | 32.80% |
Expected dividends | 0% | 0% | 0% |
Risk-free interest rate | 2.90% | 0.80% | 0.30% |
Exercise price (in dollars per share) | $ 77.28 | $ 57.34 | $ 43.95 |
Expected term (years) (Year) | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 1 month 6 days |
Weighted-average grant date fair value (in dollars per share) | $ 30.37 | $ 19.60 | $ 14.10 |
Note 13 - Share-based Compens_6
Note 13 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 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) | (16,472) |
Granted, weighted average exercise price (in dollars per share) | $ 23.72 |
Outstanding, shares under options (in shares) | 92,075 |
Outstanding, weighted average exercise price (in dollars per share) | $ 39.98 |
Outstanding, weighted average remaining contractual life (Year) | 5 years 11 months 12 days |
Outstanding, aggregate intrinsic value | $ 7,174 |
Exercisable, shares under options (in shares) | 82,199 |
Exercisable, weighted average exercise price (in dollars per share) | $ 35.50 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 6 months 10 days |
Exercisable, aggregate intrinsic value | $ 6,773 |
Vested and expected to vest, shares under options (in shares) | 92,075 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 39.98 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 5 years 11 months 12 days |
Vested and expected to vest, aggregate intrinsic value | $ 7,174 |
Note 13 - Share-based Compens_7
Note 13 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 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 | $ 74.66 |
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 |
Forfeitures, restricted stock units (in shares) | shares | (1,244) |
Forfeitures, weighted average award date fair value (in dollars per share) | $ / shares | $ 63.34 |
Outstanding, restricted stock units (in shares) | shares | 102,330 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 56.02 |
Note 13 - Share-based Compens_8
Note 13 - Share-based Compensation - Future Share-based Compensation Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 2,317 |
2024 | 1,287 |
2025 | 150 |
Total | 3,754 |
Employee and Nonemployee Stock Option [Member] | |
2023 | 131 |
2024 | 0 |
2025 | 0 |
Total | 131 |
Restricted Stock Units (RSUs) [Member] | |
2023 | 2,186 |
2024 | 1,287 |
2025 | 150 |
Total | $ 3,623 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sublease Income | $ 2.1 | ||
Operating Lease, Expense | $ 2.6 | $ 1.4 | $ 1.3 |
Note 14 - Leases - Right-of-Use
Note 14 - Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total ROU assets | $ 13,153 | $ 9,324 |
Total lease liabilities - current | 2,517 | 2,239 |
Total lease liabilities - long-term | 10,851 | 7,118 |
Right of Use Assets [Member] | ||
Operating lease ROU assets | 12,942 | 9,053 |
Finance lease ROU assets | 211 | 271 |
Total ROU assets | 13,153 | 9,324 |
Lease Liabilities, Current [Member] | ||
Operating lease liabilities - current | 2,458 | 2,181 |
Finance lease liabilities - current | 59 | 58 |
Total lease liabilities - current | 2,517 | 2,239 |
Lease Liabilities, Noncurrent [Member] | ||
Operating lease liabilities - long-term | 10,695 | 6,903 |
Finance lease liabilities - long-term | 156 | 215 |
Total lease liabilities - long-term | $ 10,851 | $ 7,118 |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost: | |||
Amortization of right of use assets | $ 60 | $ 27 | |
Interest on lease liabilities | 5 | 3 | |
Operating lease cost | 2,621 | 1,263 | |
Variable lease cost | 304 | 263 | |
Short-term lease cost | 57 | 43 | |
Total lease cost | 3,047 | 1,599 | |
Operating cash flows from operating leases | 2,452 | 1,284 | |
Financing cash flows from finance leases | 63 | 29 | $ 11 |
ROU assets obtained in exchange for finance lease obligations | $ 0 | $ 198 | |
Finance (Year) | 3 years 6 months 14 days | ||
Operating (Year) | 5 years 4 months 2 days | 3 years 11 months 12 days | |
Finance | 2.10% | 2.10% | |
Operating | 3% | 2.63% |
Note 14 - Leases - Aggregate Fu
Note 14 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023, finance | $ 63 |
2023, operating | 2,492 |
2024, finance | 63 |
2024, operating | 2,420 |
2025, finance | 63 |
2025, operating | 2,234 |
2026, finance | 28 |
2026, operating | 2,012 |
2027, finance | 6 |
2027, operating | 1,709 |
Thereafter, finance | 0 |
Thereafter, operating | 3,611 |
Total lease payments, finance | 223 |
Total lease payments, operating | 14,478 |
Less: Interest, finance | (8) |
Less: Interest, operating | (1,325) |
Present value of lease liabilities, finance | 215 |
Present value of lease liabilities, operating | $ 13,153 |
Note 15 - Other Long-term Lia_3
Note 15 - Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued contingent consideration (earn-out) | $ 9,568 | $ 5,188 |
Present value of non-competition payments | 8,155 | 9,321 |
Other | 497 | 676 |
Other Liabilities, Noncurrent | $ 18,220 | $ 15,185 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Cost | $ 700 | $ 600 | $ 900 |
Self-insured Health Insurance Program, Stop Loss Amount | 225 | ||
Deferred Compensation Liability, Classified, Noncurrent, Total | 4,167 | 4,337 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 4,100 | $ 4,300 |
Note 18 - Fair Value of Finan_3
Note 18 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 22, 2021 | Dec. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Present Value of Non-competition Agreement | $ 9,477 | $ 10,043 | $ 0 | ||
Contech Medical, Inc and DAS Medical [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 25,000 | ||||
Business Combination, Contingent Consideration, Liability, Total | 9,700 | ||||
DAS Medical [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,188 | ||||
Payments to Acquire Businesses, Gross | $ 95,000 | ||||
Present Value of Non-competition Agreement | $ 8,900 | ||||
DAS Medical [Member] | Non-Competition Agreements [Member] | |||||
Payments to Acquire Businesses, Gross | $ 10,000 | ||||
Business Combination, Agreement Term (Year) | 10 years |
Note 18 - Fair Value of Finan_4
Note 18 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Present value of non-competition payments | $ 10,043 | $ 9,477 | $ 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities [Member] | |||
Derivative financial instruments | 0 | 176 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Accrued contingent consideration (earn-out) | 14,568 | 9,731 | |
Present value of non-competition payments | $ (10,043) | $ (9,477) |
Note 19 - Segment Reporting (De
Note 19 - Segment Reporting (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Operating Segments | 1 | ||
Number of Reportable Segments | 1 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 0 | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 21% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Geographic Distribution, Foreign [Member] | |||
Concentration Risk, Percentage | 16% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 1 | 1 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 10% | ||
Customer Concentration Risk [Member] | Long-Lived Assets [Member] | Geographic Distribution, Foreign [Member] | |||
Concentration Risk, Percentage | 17% |
Note 19 - Segment Reporting - N
Note 19 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net sales | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 56,343 | $ 50,723 | $ 50,655 | $ 48,599 | $ 353,792 | $ 206,320 | $ 179,373 | |
Percentage of concentration risk | [1] | 100% | 100% | 100% | ||||||||
Medical [Member] | ||||||||||||
Net sales | $ 286,180 | $ 132,505 | $ 120,258 | |||||||||
Percentage of concentration risk | [1] | 80.90% | 64.20% | 67.20% | ||||||||
Automotive [Member] | ||||||||||||
Net sales | $ 17,487 | $ 15,596 | $ 14,607 | |||||||||
Percentage of concentration risk | [1] | 4.90% | 7.60% | 8.10% | ||||||||
Consumer [Member] | ||||||||||||
Net sales | $ 17,255 | $ 26,048 | $ 18,316 | |||||||||
Percentage of concentration risk | [1] | 4.90% | 12.60% | 10.20% | ||||||||
Aerospace & Defense [Member] | ||||||||||||
Net sales | $ 15,328 | $ 16,380 | $ 12,810 | |||||||||
Percentage of concentration risk | [1] | 4.30% | 7.90% | 7.10% | ||||||||
Industrial [Member] | ||||||||||||
Net sales | $ 10,322 | $ 8,413 | $ 7,622 | |||||||||
Percentage of concentration risk | [1] | 2.90% | 4.10% | 4.20% | ||||||||
Electronics [Member] | ||||||||||||
Net sales | $ 7,220 | $ 7,378 | $ 5,760 | |||||||||
Percentage of concentration risk | [1] | 2.10% | 3.60% | 3.20% | ||||||||
[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 20 - Quarterly Financial_3
Note 20 - Quarterly Financial Information (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 91,237 | $ 96,970 | $ 94,343 | $ 71,242 | $ 56,343 | $ 50,723 | $ 50,655 | $ 48,599 | $ 353,792 | $ 206,320 | $ 179,373 |
Gross profit | 23,279 | 25,523 | 24,324 | 17,134 | 13,075 | 12,016 | 13,414 | 12,609 | $ 90,260 | $ 51,114 | $ 44,684 |
Net income | $ 8,462 | $ 19,540 | $ 8,929 | $ 4,858 | $ 3,219 | $ 3,789 | $ 4,715 | $ 4,163 | |||
Basic net income per share (in dollars per share) | $ 1.12 | $ 2.58 | $ 1.18 | $ 0.64 | $ 0.43 | $ 0.50 | $ 0.63 | $ 0.55 | $ 5.52 | $ 2.11 | $ 1.79 |
Diluted net income per share (in dollars per share) | $ 1.10 | $ 2.56 | $ 1.17 | $ 0.64 | $ 0.42 | $ 0.50 | $ 0.62 | $ 0.55 | $ 5.45 | $ 2.09 | $ 1.77 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of year | $ 519 | $ 484 | $ 486 |
Provision for bad debt | 293 | 179 | 13 |
Write-offs, net of recoveries | (40) | (144) | (15) |
Sale of Molded Fiber business | (39) | 0 | 0 |
Balance at end of year | $ 733 | $ 519 | $ 484 |