UFP (UFPT) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-12648
Entity Registrant Name	UFP Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2314970
Entity Address, Address Line One	100 Hale Street
Entity Address, City or Town	Newburyport
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01950
City Area Code	978
Local Phone Number	352-2200
Title of 12(b) Security	Common Stock
Trading Symbol	UFPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,670,487
Entity Central Index Key	0000914156
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,372	$ 5,263
Receivables, net	61,250	64,449
Inventories	73,900	70,191
Prepaid expenses and other current assets	4,017	3,433
Refundable income taxes	0	1,297
Total current assets	150,539	144,633
Property, plant and equipment, net	61,931	62,137
Goodwill	113,104	113,263
Intangible assets, net	62,914	64,116
Non-qualified deferred compensation plan	5,711	5,323
Right of use assets	12,995	13,588
Deferred income taxes	72	607
Other assets	413	469
Total assets	407,679	404,136
Current liabilities:
Accounts payable	23,654	22,286
Accrued expenses	16,466	22,085
Deferred revenue	4,527	6,616
Lease liabilities	3,369	3,222
Income taxes payable	420	0
Current installments of long-term debt	4,000	4,000
Total current liabilities	52,436	58,209
Long-term debt, excluding current installments	30,000	28,000
Deferred income taxes	575	428
Non-qualified deferred compensation plan	5,713	5,412
Lease liabilities	10,118	10,815
Other liabilities	13,821	15,181
Total liabilities	112,663	118,045
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued	0	0
Common stock, $.01 par value, 20,000,000 shares authorized; 7,700,046 and 7,670,487 shares issued and outstanding, respectively, at March 31, 2024; 7,669,339 and 7,639,780 shares issued and outstanding, respectively, at December 31, 2023	77	76
Additional paid-in capital	35,629	38,814
Retained earnings	260,213	247,520
Accumulated other comprehensive loss	(316)	268
Treasury stock at cost, 29,559 shares at March 31, 2024 and 29,559 shares at December 31, 2023	(587)	(587)
Total stockholders’ equity	295,016	286,091
Total liabilities and stockholders' equity	$ 407,679	$ 404,136

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	7,700,046	7,669,339
Common stock, shares outstanding (in shares)	7,670,487	7,639,780
Treasury Stock, Common, Shares (in shares)	29,559	29,559

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 105,009	$ 97,753
Cost of sales	74,926	69,052
Gross profit	30,083	28,701
Selling, general & administrative expenses	13,912	13,006
Change in fair value of contingent consideration	(238)	(2,853)
Loss (gain) on sale of property, plant & equipment	9	1
Operating income	15,924	12,841
Interest expense, net	631	869
Other (income) expenses	(42)	77
Income before income tax expense	15,335	11,895
Income tax expense	2,642	2,156
Net income	$ 12,693	$ 9,739
Net income per share:
Basic (in dollars per share)	$ 1.66	$ 1.28
Diluted (in dollars per share)	$ 1.64	$ 1.27
Weighted average common shares outstanding:
Basic (in shares)	7,651	7,592
Diluted (in shares)	7,737	7,681
Comprehensive Income
Net Income	$ 12,693	$ 9,739
Other comprehensive income:
Foreign currency translation adjustment	(584)	493
Other comprehensive loss	(584)	493
Comprehensive income	$ 12,109	$ 10,232

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Dec. 31, 2022	7,582				30
Balance at Dec. 31, 2022	$ 76	$ 36,070	$ 202,596	$ (610)	$ (587)	$ 237,545
Share-based compensation (in shares)	48				0
Share-based compensation	$ 0	1,056	0	0	$ 0	1,056
Exercise of stock options net of shares presented for exercise (in shares)	4				0
Exercise of stock options net of shares presented for exercise	$ 0	109	0	0	$ 0	109
Net share settlement of RSUs (in shares)	(21)				0
Net share settlement of RSUs	$ 0	(2,522)	0	0	$ 0	(2,522)
Issuance of common stock (in shares)	0				0
Issuance of common stock	$ 0	64	0	0	$ 0	64
Other comprehensive income	$ 0	0	0	493		493
Net Income		0	9,739		$ 0	9,739
Balance (in shares) at Mar. 31, 2023	7,613				30
Balance at Mar. 31, 2023	$ 76	34,777	212,335	(117)	$ (587)	246,484
Balance (in shares) at Dec. 31, 2023	7,640				30
Balance at Dec. 31, 2023	$ 76	38,814	247,520	268	$ (587)	286,091
Share-based compensation (in shares)	48				0
Share-based compensation	$ 1	1,512	0	0	$ 0	1,513
Exercise of stock options net of shares presented for exercise (in shares)	4				0
Exercise of stock options net of shares presented for exercise	$ 0	54	0	0	$ 0	54
Net share settlement of RSUs (in shares)	(22)				0
Net share settlement of RSUs	$ 0	(4,751)	0	0	$ 0	(4,751)
Issuance of common stock (in shares)	0				0
Issuance of common stock	$ 0	0	0	0	$ 0	0
Other comprehensive income	$ 0	0	0	(584)		(584)
Net Income		0	12,693		$ 0	12,693
Balance (in shares) at Mar. 31, 2024	7,670				30
Balance at Mar. 31, 2024	$ 77	$ 35,629	$ 260,213	$ (316)	$ (587)	$ 295,016

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 12,693	$ 9,739
Adjustments to reconcile net income to net cash provided byoperating activities:
Depreciation and amortization	2,999	2,777
Loss (gain) on disposal of property, plant & equipment	9	1
Share-based compensation	1,513	1,056
Change in fair value of contingent consideration	238	2,853
Deferred income taxes	591	(545)
Changes in operating assets and liabilities:
Receivables, net	3,120	(4,863)
Inventories	(3,751)	(3,054)
Prepaid expenses and other current assets	(752)	(377)
Other assets	261	(1,850)
Accounts payable	1,428	65
Accrued expenses	(5,597)	(6,197)
Deferred revenue	(2,089)	(1,098)
Income taxes payable	1,401	2,765
Non-qualified deferred compensation plan and other liabilities	(1,410)	451
Net cash provided by (used in) operating activities	10,654	1,723
Cash flows from investing activities:
Additions to property, plant, and equipment	(1,732)	(2,179)
Proceeds from sale of fixed assets	0	2
Net cash used in investing activities	(1,732)	(2,177)
Cash flows from financing activities:
Proceeds from advances on revolving line of credit	7,000	6,000
Payments on revolving line of credit	(3,000)	0
Principal payments of long-term debt	(2,000)	(1,000)
Principal payments on finance lease obligations	(20)	(16)
Proceeds from exercise of stock options	54	109
Payment of statutory withholdings for restricted stock units vested	(4,751)	(2,522)
Net cash (used in) provided by financing activities	(2,717)	2,571
Effect of foreign currency exchange rates on cash and cash equivalents	(96)	(65)
Net increase (decrease) in cash and cash equivalents	6,109	2,052
Cash and cash equivalents at beginning of period	5,263	4,451
Cash and cash equivalents at end of period	$ 11,372	$ 6,503

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	(1) Basis of Presentation The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company's 2023 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. The condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, the condensed consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited but, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of results for these interim periods. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2024. Recent Accounting Pronouncements There are no newly issued accounting pronouncements that the Company expects to have a material effect on the financial statements.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	(2) 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 which include (1) identifying the contract with a customer, (2) identifying separate performance obligations within the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing revenue. The Company recognizes all but an immaterial portion of its product sales upon shipment. The Company recognizes revenue from the sale of tooling and machinery primarily upon customer acceptance. The Company recognizes revenue from engineering services, which are primarily product development services, as the services are performed or as otherwise determined based on the substance of the agreement. The Company recognizes revenue from bill-and-hold transactions at the time the specified goods are complete and available to the customer. Standard payment terms are net 30 days unless contract terms state otherwise. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. We do not assess whether a significant financing component exists if the period between when we perform our obligations under the contract and when the customer pays is one year or less. In the ordinary course of business, the Company accepts sales returns from customers for defective goods, such amounts being immaterial. Although only applicable to an insignificant number of transactions, the Company has elected to exclude sales taxes from the transaction price. The Company has elected to account for shipping and handling activities for which the Company is responsible under the terms and conditions of the sale not as performance obligations but rather as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized. Variable consideration to be included in the transaction price is estimated using either the expected value method or the most likely method based on facts and circumstances. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company has elected to not disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as the Company’s contracts have an original expected duration of one year or less, or revenue has been recognized at the amount for which the Company has the right to invoice for engineering services performed. Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to the Company’s customers (in thousands) (See Note 11 for further information regarding net sales by market): Three Months Ended March 31, Net sales of: 2024 2023 Products $ 99,838 $ 94,692 Tooling and Machinery 4,291 1,294 Engineering services 880 1,767 Total net sales $ 105,009 $ 97,753 Contract Balances The timing of revenue recognition may differ from the time of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has contract liabilities included within “deferred revenue” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the three-month periods ended March 31, 2024 and 2023 (in thousands): Contract Liabilities Three Months Ended 2024 2023 Deferred revenue - beginning of period $ 6,616 $ 4,679 Increases due to consideration received from customers 754 999 Revenue recognized (2,843 ) (2,096 ) Deferred revenue - end of period $ 4,527 $ 3,582 Revenue recognized during the three-month periods ended March 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period were approximately $2.7 million and $1.9 million, respectively. When invoicing occurs after revenue recognition, the Company has contract assets, included within “receivables, net” on the condensed consolidated balance sheets. The following table presents opening and closing balances of contract assets for the three-month periods ended March 31, 2024 and 2023 (in thousands): Contract Assets Three Months Ended 2024 2023 Unbilled Receivables - beginning of period $ 114 $ 270 Increases due to revenue recognized, not invoiced to customers 537 1,379 Decreases due to customer invoicing (381 ) (1,326 ) Unbilled Receivables - end of period $ 270 $ 323

Note 3 - Supplemental Cash Flow

Note 3 - Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	(3) Supplemental Cash Flow Information Supplemental cash flow information consists of the following (in thousands): Three Months Ended March 31, 2024 2023 Cash paid for: Interest $ 619 $ 832 Income taxes, net of refunds - (50 ) Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 105 $ 347 Operating lease right of use assets 83 1,524 Operating lease liabilities (83 ) (1,560 ) Financing lease right of use assets 35 - Financing lease liablities (58 ) -

Note 4 - Receivables and Allowa

Note 4 - Receivables and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	(4) Receivables and Allowance for Credit Losses Receivables consist of the following (in thousands): March 31, December 31, 2024 2023 Accounts receivable–trade $ 61,910 $ 65,176 Less allowance for credit losses (660 ) (727 ) Receivables, net $ 61,250 $ 64,449 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 be collected is based on the aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written-off when determined to be uncollectible. Estimates based on an assessment of anticipated payment and all other historical, current, and future information that is reasonably available are used to determine the allowance. 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 three months ended March 31, 2024 and 2023 (in thousands): Allowance for Credit Three Months Ended 2024 2023 Allowance - beginning of period $ 727 $ 733 Adjustment for expected credit losses (51 ) (6 ) Amounts written off against the allowance (16 ) (1 ) Allowance - end of period $ 660 $ 726

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(5) 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, and directly related to the amount of subjectivity associated with inputs to fair valuation of these assets and liabilities, are as follows: 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): March 31, December 31, 2023 Level 3 Purchase price contingent consideration: Accrued contingent consideration (earn-out) $ 13,334 $ 13,096 Present value of non-competition payments 6,484 8,474 In connection with the acquisition of DAS Medical in 2021, the Company is required to make contingent payments, subject to the entities achieving certain financial performance thresholds. The contingent consideration payments for the DAS Medical acquisition are up to $20 million. The fair value of the liability for the contingent consideration payments recognized upon the acquisition as part of the purchase accounting opening balance sheets totaled approximately $9.7 million and was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in the initial calculation were management’s financial forecasts, discount rate and various volatility factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level 3 financial liability that is re-measured each reporting period. The fair value of the liability for the contingent consideration payments recognized at March 31, 2024 totaled approximately $13.3 million out of the remaining potential payments of $15 million. The change in fair value of contingent consideration for the acquisition is included in change in fair value of contingent consideration in the condensed consolidated statements of comprehensive income. Also in connection with the DAS Medical and Advant Medical acquisitions, the Company has entered into Non-Competition Agreements with the beneficiaries (certain previous owners of DAS and Advant) 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 The Company has financial instruments, such as accounts receivable, accounts payable, and accrued expenses, which 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 6 - Share-based Compensati

Note 6 - Share-based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	(6) Share-Based Compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2023. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands): Three Months Ended March 31, Share-based compensation related to: 2024 2023 Common stock grants $ 100 $ 100 Stock option grants 113 94 Restricted Stock Unit Awards ("RSUs") 1,300 862 Total share-based compensation $ 1,513 $ 1,056 The total income tax benefit recognized in the condensed consolidated statements of comprehensive income for share-based compensa‐tion arrangements was approximately $1.1 million and $839 thousand for the three-month periods ended March 31, 2024 and 2023, respectively. Common Stock Grants The compensation expense for common stock granted during the three-month period ended March 31, 2024, was determined based on the market price of the shares on the date of grant. Stock Option Grants The following is a summary of stock option activity under all plans for the three-month period ended March 31, 2024: Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 78,488 $ 39.98 Granted - - Exercised (4,480 ) 35.76 Outstanding at March 31, 2024 74,008 $ 58.44 5.34 $ 14,340 Exercisable at March 31, 2024 65,823 $ 48.22 5.18 $ 13,427 Vested and expected to vest at March 31, 2024 74,008 $ 58.44 5.34 $ 14,340 During the three-month periods ended March 31, 2024 and 2023, the total intrinsic value of all options exercised (i.e., the difference between the market price and the price paid by the employees to exercise the options) was approximately $652 thousand and $371 thousand, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $160 thousand and $109, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the three-month period ended March 31, 2024, 653 shares were surrendered at an average market price of $162.93. During the three-month period ended March 31, 2023, 861 shares were surrendered at an average market price of $127.05. Restricted Stock Unit awards The following table summarizes information about RSU activity during the three-month period ended March 31, 2024: Restricted Stock Units Weighted Average Outstanding at December 31, 2023 95,693 $ 64.82 Awarded 35,334 171.40 Shares vested (48,794 ) 76.29 Shares forfeited (131 ) 171.40 Outstanding at March 31, 2024 82,102 $ 85.47 At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the three-month periods ended March 31, 2024 and 2023, 21,914 and 20,457 shares were surrendered at an average market price of $216.80 and $117.95, respectively. As of March 31, 2024, the Company had approximately $10.0 million of unrecognized compensation expense that is expected to be recognized over a period of 3 years.

Note 7 - Inventories

Note 7 - Inventories	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	(7) Inventories Inventories are stated at the lower of cost (determined using the first-in, first-out method) or net realizable value, and consist of the following at the stated dates (in thousands): March 31, December 31, 2024 2023 Raw materials $ 54,836 $ 53,539 Work in process 7,840 7,821 Finished goods 11,224 8,831 Total inventory $ 73,900 $ 70,191

Note 8 - Property, Plant and Eq

Note 8 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
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): March 31, December 31, 2024 2023 Land and improvements $ 4,823 $ 4,849 Buildings and improvements 34,676 34,735 Leasehold improvements 9,024 8,226 Machinery & equipment 59,007 58,343 Furniture, fixtures, computers & software 6,487 6,324 Construction in progress 6,961 6,845 Property, plant and equipment $ 120,978 $ 119,322 Accumulated depreciation and amortization (59,047 ) (57,185 ) Net property, plant and equipment $ 61,931 $ 62,137

Note 9 - Leases

Note 9 - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	(9) Leases The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the right of use (“ROU”) assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating and finance lease ROU assets and operating and finance lease liabilities are stated separately in the condensed consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets and lease liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Operating lease ROU assets $ 12,823 $ 13,437 Finance lease ROU assets 172 151 Total ROU assets $ 12,995 $ 13,588 Operating lease liabilities - current $ 3,250 $ 3,162 Finance lease liabilities - current 119 60 Total lease liabilities - current $ 3,369 $ 3,222 Operating lease liabilities - long-term $ 10,037 $ 10,719 Finance lease liabilities - long-term 81 96 Total lease liabilities - long-term $ 10,118 $ 10,815 The components of lease costs for the three-month periods ended March 31, 2024 and 2023 consist of the following (in thousands): Three Months Ended March 31, 2024 2023 Lease Cost: Finance lease cost: Amortization of right of use assets $ 24 $ 15 Interest on lease liabilities 2 1 Operating lease cost 855 711 Variable lease cost 80 83 Short-term lease cost 35 7 Total lease cost $ 996 $ 817 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 834 $ 683 Financing cash flows from finance leases 20 16 Weighted-average remaining lease term (years): Finance 1.84 3.29 Operating 4.00 5.06 Weighted-average discount rate: Finance 2.27 % 2.10 % Operating 3.73 % 3.42 % The aggregate future lease payments for leases as of March 31, 2024 are as follows (in thousands): Operating Finance Remainder of 2024 $ 2,529 $ 123 2025 3,030 63 2026 2,667 17 2027 2,303 2 2028 1,190 - Thereafter 2,828 - Total lease payments 14,547 205 Less: Interest (1,259 ) (6 ) Present value of lease liabilities $ 13,288 $ 199

Note 10 - Income Per Share

Note 10 - Income Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	(10) Income Per Share Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period. The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands): Three Months Ended March 31, 2024 2023 Basic weighted average common shares outstanding 7,651 7,592 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 86 89 Diluted weighted average common shares outstanding 7,737 7,681 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 included in the computation of diluted income per share because the effect would be antidilutive. For both the three-month periods ended March 31, 2024 and 2023, there were no stock awards excluded from the computation of diluted earnings per share for this reason.

Note 11 - Segment Data

Note 11 - Segment Data	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(11) Segment Data The Company consists of a single Revenues shipped to customers outside of the United States comprised approximately 18.4% and 16.6% of the Company’s consolidated revenues for the three months ended March 31, 2024 and 2023, respectively. One one two The Company’s products are primarily sold to customers within the Medical, Aerospace & Defense, Automotive, and Industrial/Other markets. Sales by market for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Market Net Sales % Net Sales % Medical $ 90,037 85.7 % $ 83,804 85.7 % Aerospace & Defense 6,137 5.8 % 4,217 4.3 % Automotive 3,949 3.8 % 4,347 4.4 % Industrial / Other 4,886 4.7 % 5,385 5.6 % Net Sales $ 105,009 100.0 % $ 97,753 100.0 %

Note 12 - Goodwill and Other In

Note 12 - Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	(12) Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2024 are as follows (in thousands): Goodwill December 31, 2023 $ 113,263 Foreign currency translation (159 ) March 31, 2024 $ 113,104 The carrying values of the Company’s definite lived intangible assets as of March 31, 2024 are as follows (in thousands): Intelletual Property / Tradename & Brand Non- Customer Total Weighted-average amortization period 11.9 years 9.3 years 20 years Gross amount $ 7,087 $ 5,500 $ 65,205 $ 77,792 Accumulated amortization (1,474 ) (1,662 ) (11,742 ) $ (14,878 ) Net balance $ 5,613 $ 3,838 $ 53,463 $ 62,914 Amortization expense related to intangible assets was approximately $1.0 million and $1.1 million for the three-month periods ended March 31, 2024 and 2023. The estimated remaining amortization expense as of March 31, 2024 is as follows (in thousands): Remainder of 2024 $ 3,170 2025 4,227 2026 4,224 2027 4,222 2028 4,124 2029 4,121 Thereafter 38,826 Total $ 62,914

Note 13 - Other Long-term Liabi

Note 13 - Other Long-term Liabilities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	(13) Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Accrued contingent consideration (earn-out) $ 8,334 $ 8,096 Present value of non-competition payments 4,987 6,586 Other 500 499 $ 13,821 $ 15,181

Note 14 - Income Tax

Note 14 - Income Tax	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(14) Income Taxes The determination of income tax expense in the accompanying unaudited condensed consolidated statements of income is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the period in which they occur. The Company recorded income tax expense of approximately 17.2% and 18.1% of income before income tax expense for the three-month periods ended March 31, 2024 and 2023, respectively.

Note 15 - Debt

Note 15 - Debt	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	(15) Debt On December 22, 2021, the Company, as the borrower, entered into a secured $130 million Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) and Bank of America, N.A., in its capacity as the initial lender, Administrative Agent, Swingline Lender and L/C Issuer, and certain other lenders from time-to-time party thereto. The Second Amended and Restated Credit Agreement amends and restates the Company’s prior credit agreement, originally dated as of 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 borrow up to $90 million. The Second Amended and Restated Credit Agreement matures on December 21, 2026. The secured term loan requires quarterly principal payments of $1 million that commenced on March 31, 2022. The proceeds of the Second Amended and Restated Credit Agreement may be used for general corporate purposes, including funding the acquisition of DAS Medical, as well as certain other permitted acquisitions. The Company’s obligations under the Second Amended and Restated Credit Agreement are guaranteed by Subsidiary Guarantors and secured by substantially all assets of the Company. 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 At March 31, 2024, the Company had approximately $34 million in borrowings outstanding under the Second Amended and Restated Credit Agreement, which were used as partial consideration for the DAS Medical and Advant acquisitions, and also had approximately $0.7 million in standby letters of credit outstanding, drawable as a financial guarantee on worker’s compensation insurance policies. At March 31, 2024, the applicable interest rate was approximately 6.6% and the Company was in compliance with all covenants under the Second Amended and Restated Credit Agreement. Long-term debt consists of the following (in thousands): March 31, 2024 Revolving credit facility $ 4,000 Term loan 30,000 Total long-term debt 34,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 30,000 Future maturities of long-term debt at March 31, 2024 are as follows ( in thousands Term Loan Revolving credit facility Total Remainder of 2024 $ 3,000 $ - $ 3,000 2025 4,000 - 4,000 2026 23,000 4,000 27,000 $ 30,000 $ 4,000 $ 34,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5: OTHER INFORMATION During the first quarter of fiscal 2024, none
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, Net sales of: 2024 2023 Products $ 99,838 $ 94,692 Tooling and Machinery 4,291 1,294 Engineering services 880 1,767 Total net sales $ 105,009 $ 97,753
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Contract Liabilities Three Months Ended 2024 2023 Deferred revenue - beginning of period $ 6,616 $ 4,679 Increases due to consideration received from customers 754 999 Revenue recognized (2,843 ) (2,096 ) Deferred revenue - end of period $ 4,527 $ 3,582 Contract Assets Three Months Ended 2024 2023 Unbilled Receivables - beginning of period $ 114 $ 270 Increases due to revenue recognized, not invoiced to customers 537 1,379 Decreases due to customer invoicing (381 ) (1,326 ) Unbilled Receivables - end of period $ 270 $ 323

Note 3 - Supplemental Cash Fl_2

Note 3 - Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended March 31, 2024 2023 Cash paid for: Interest $ 619 $ 832 Income taxes, net of refunds - (50 ) Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 105 $ 347 Operating lease right of use assets 83 1,524 Operating lease liabilities (83 ) (1,560 ) Financing lease right of use assets 35 - Financing lease liablities (58 ) -

Note 4 - Receivables and Allo_2

Note 4 - Receivables and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, December 31, 2024 2023 Accounts receivable–trade $ 61,910 $ 65,176 Less allowance for credit losses (660 ) (727 ) Receivables, net $ 61,250 $ 64,449
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for Credit Three Months Ended 2024 2023 Allowance - beginning of period $ 727 $ 733 Adjustment for expected credit losses (51 ) (6 ) Amounts written off against the allowance (16 ) (1 ) Allowance - end of period $ 660 $ 726

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, December 31, 2023 Level 3 Purchase price contingent consideration: Accrued contingent consideration (earn-out) $ 13,334 $ 13,096 Present value of non-competition payments 6,484 8,474

Note 6 - Share-based Compensa_2

Note 6 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block]	Three Months Ended March 31, Share-based compensation related to: 2024 2023 Common stock grants $ 100 $ 100 Stock option grants 113 94 Restricted Stock Unit Awards ("RSUs") 1,300 862 Total share-based compensation $ 1,513 $ 1,056
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Under Options Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 78,488 $ 39.98 Granted - - Exercised (4,480 ) 35.76 Outstanding at March 31, 2024 74,008 $ 58.44 5.34 $ 14,340 Exercisable at March 31, 2024 65,823 $ 48.22 5.18 $ 13,427 Vested and expected to vest at March 31, 2024 74,008 $ 58.44 5.34 $ 14,340
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Restricted Stock Units Weighted Average Outstanding at December 31, 2023 95,693 $ 64.82 Awarded 35,334 171.40 Shares vested (48,794 ) 76.29 Shares forfeited (131 ) 171.40 Outstanding at March 31, 2024 82,102 $ 85.47

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2024 2023 Raw materials $ 54,836 $ 53,539 Work in process 7,840 7,821 Finished goods 11,224 8,831 Total inventory $ 73,900 $ 70,191

Note 8 - Property, Plant and _2

Note 8 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, December 31, 2024 2023 Land and improvements $ 4,823 $ 4,849 Buildings and improvements 34,676 34,735 Leasehold improvements 9,024 8,226 Machinery & equipment 59,007 58,343 Furniture, fixtures, computers & software 6,487 6,324 Construction in progress 6,961 6,845 Property, plant and equipment $ 120,978 $ 119,322 Accumulated depreciation and amortization (59,047 ) (57,185 ) Net property, plant and equipment $ 61,931 $ 62,137

Note 9 - Leases (Tables)

Note 9 - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Leases, Right-of-Use Assets and Liabilities [Table Text block]	March 31, December 31, 2024 2023 Operating lease ROU assets $ 12,823 $ 13,437 Finance lease ROU assets 172 151 Total ROU assets $ 12,995 $ 13,588 Operating lease liabilities - current $ 3,250 $ 3,162 Finance lease liabilities - current 119 60 Total lease liabilities - current $ 3,369 $ 3,222 Operating lease liabilities - long-term $ 10,037 $ 10,719 Finance lease liabilities - long-term 81 96 Total lease liabilities - long-term $ 10,118 $ 10,815
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2024 2023 Lease Cost: Finance lease cost: Amortization of right of use assets $ 24 $ 15 Interest on lease liabilities 2 1 Operating lease cost 855 711 Variable lease cost 80 83 Short-term lease cost 35 7 Total lease cost $ 996 $ 817 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 834 $ 683 Financing cash flows from finance leases 20 16 Weighted-average remaining lease term (years): Finance 1.84 3.29 Operating 4.00 5.06 Weighted-average discount rate: Finance 2.27 % 2.10 % Operating 3.73 % 3.42 %
Lessee, Operating and Finance Leases, Liability, Maturity [Table Text Block]	Operating Finance Remainder of 2024 $ 2,529 $ 123 2025 3,030 63 2026 2,667 17 2027 2,303 2 2028 1,190 - Thereafter 2,828 - Total lease payments 14,547 205 Less: Interest (1,259 ) (6 ) Present value of lease liabilities $ 13,288 $ 199

Note 10 - Income Per Share (Tab

Note 10 - Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2024 2023 Basic weighted average common shares outstanding 7,651 7,592 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 86 89 Diluted weighted average common shares outstanding 7,737 7,681

Note 11 - Segment Data (Tables)

Note 11 - Segment Data (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]	Three Months Ended March 31, 2024 2023 Market Net Sales % Net Sales % Medical $ 90,037 85.7 % $ 83,804 85.7 % Aerospace & Defense 6,137 5.8 % 4,217 4.3 % Automotive 3,949 3.8 % 4,347 4.4 % Industrial / Other 4,886 4.7 % 5,385 5.6 % Net Sales $ 105,009 100.0 % $ 97,753 100.0 %

Note 12 - Goodwill and Other _2

Note 12 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Goodwill [Table Text Block]	Goodwill December 31, 2023 $ 113,263 Foreign currency translation (159 ) March 31, 2024 $ 113,104
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intelletual Property / Tradename & Brand Non- Customer Total Weighted-average amortization period 11.9 years 9.3 years 20 years Gross amount $ 7,087 $ 5,500 $ 65,205 $ 77,792 Accumulated amortization (1,474 ) (1,662 ) (11,742 ) $ (14,878 ) Net balance $ 5,613 $ 3,838 $ 53,463 $ 62,914
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of 2024 $ 3,170 2025 4,227 2026 4,224 2027 4,222 2028 4,124 2029 4,121 Thereafter 38,826 Total $ 62,914

Note 13 - Other Long-term Lia_2

Note 13 - Other Long-term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Other Noncurrent Liabilities [Table Text Block]	March 31, December 31, 2024 2023 Accrued contingent consideration (earn-out) $ 8,334 $ 8,096 Present value of non-competition payments 4,987 6,586 Other 500 499 $ 13,821 $ 15,181

Note 15 - Debt (Tables)

Note 15 - Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2024 Revolving credit facility $ 4,000 Term loan 30,000 Total long-term debt 34,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 30,000
Schedule of Maturities of Long-Term Debt [Table Text Block]	Term Loan Revolving credit facility Total Remainder of 2024 $ 3,000 $ - $ 3,000 2025 4,000 - 4,000 2026 23,000 4,000 27,000 $ 30,000 $ 4,000 $ 34,000

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Revenue [Member]
Contract with Customer, Liability, Revenue Recognized	$ 2.7	$ 1.9

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 105,009	$ 97,753
Product [Member]
Net sales	99,838	94,692
Tooling and Machinery [Member]
Net sales	4,291	1,294
Engineering and Development [Member]
Net sales	$ 880	$ 1,767

Note 2 - Revenue Recognition _2

Note 2 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred revenue	$ 6,616	$ 4,679
Unbilled receivables - beginning of period	114	270
Increases due to consideration received from customers	754	999
Increases due to revenue recognized, not invoiced to customers	537	1,379
Revenue recognized	(2,843)	(2,096)
Decreases due to customer invoicing	(381)	(1,326)
Deferred revenue	4,527	3,582
Unbilled receivables - end of period	$ 270	$ 323

Note 3 - Supplemental Cash Fl_3

Note 3 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for:
Interest	$ 619	$ 832
Income taxes, net of refunds	0	(50)
Non-cash investing and financing activities:
Capital additions accrued but not yet paid	105	347
Operating lease right of use asset	83	1,524
Operating lease liabilities	(83)	(1,560)
Financing lease right of use assets	35	0
Financing lease liablities	$ (58)	$ 0

Note 4 - Receivables and Allo_3

Note 4 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable–trade	$ 61,910	$ 65,176
Less allowance for credit losses	(660)	(727)
Receivables, net	$ 61,250	$ 64,449

Note 4 - Receivables and Allo_4

Note 4 - Receivables and Allowance for Credit Losses - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance - beginning of period	$ 727	$ 733
Provision (Adjustment) for expected credit losses	(51)	(6)
Amounts written off against the allowance	(16)	(1)
Allowance - end of period	$ 660	$ 726

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands				3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 22, 2021	Mar. 31, 2024	Mar. 31, 2023
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				$ 238	$ 2,853
Present Value of Non-competition Agreement				6,500
Contech Medical, Inc and DAS Medical [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 20,000	$ 20,000		15,000
Business Combination, Contingent Consideration, Liability				9,700
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				13,300
DAS Medical [Member] | Non-Competition Agreements [Member]
Payments to Acquire Businesses, Gross			$ 10,000	$ 1,700
Business Combination, Agreement Term (Year)			10 years

Note 5 - Fair Value of Financ_4

Note 5 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Present value of non-competition payments	$ 6,500
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Accrued contingent consideration (earn-out)	13,334	$ 13,096
Present value of non-competition payments	$ (6,484)	$ (8,474)

Note 6 - Share-based Compensa_3

Note 6 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 1,100	$ 839
Proceeds from Stock Options Exercised	54	109
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 10,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years
Employee and Nonemployee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 652	371
Proceeds from Stock Options Exercised	$ 160	$ 109
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	653	861
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share)	$ 162.93	$ 127.05
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	21,914	20,457
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share)	$ 216.8	$ 117.95

Note 6 - Share-based Compensa_4

Note 6 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based compensation	$ 1,513	$ 1,056
Common Stock [Member]
Share-based compensation	100	100
Employee and Nonemployee Stock Option [Member]
Share-based compensation	113	94
Restricted Stock Units (RSUs) [Member]
Share-based compensation	$ 1,300	$ 862

Note 6 - Share-based Compensa_5

Note 6 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Outstanding, options (in shares) | shares	78,488
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 39.98
Granted, options (in shares) | shares	0
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 0
Exercised, options (in shares) | shares	(4,480)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 35.76
Outstanding, options (in shares) | shares	74,008
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 58.44
Outstanding, weighted average remaining life (Year)	5 years 4 months 2 days
Outstanding, intrinsic value | $	$ 14,340
Exercisable, options (in shares) | shares	65,823
Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 48.22
Exercisable, weighted average remaining life (Year)	5 years 2 months 4 days
Exercisable, intrinsic value | $	$ 13,427
Vested and expected to vest, options (in shares) | shares	74,008
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 58.44
Vested and expected to vest, weighted average remaining life (Year)	5 years 4 months 2 days
Vested and expected to vest, intrinsic value | $	$ 14,340

Note 6 - Share-based Compensa_6

Note 6 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Outstanding, restricted stock units (in shares) | shares	95,693
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares	$ 64.82
Awarded, restricted stock units (in shares) | shares	35,334
Awarded, weighted average award date fair value (in dollars per share) | $ / shares	$ 171.4
Shares vested, restricted stock units (in shares) | shares	(48,794)
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares	$ 76.29
Shares forfeited, restricted stock units (in shares) | shares	(131)
Shares forfeited, weighted average award date fair value (in dollars per share) | $ / shares	$ 171.4
Outstanding, restricted stock units (in shares) | shares	82,102
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares	$ 85.47

Note 7 - Inventories - Summary

Note 7 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw materials	$ 54,836	$ 53,539
Work in process	7,840	7,821
Finished goods	11,224	8,831
Total inventory	$ 73,900	$ 70,191

Note 8 - Property, Plant and _3

Note 8 - Property, Plant and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, plant, and equipment	$ 120,978	$ 119,322
Accumulated depreciation and amortization	(59,047)	(57,185)
Net property, plant and equipment	61,931	62,137
Land and Land Improvements [Member]
Property, plant, and equipment	4,823	4,849
Building and Building Improvements [Member]
Property, plant, and equipment	34,676	34,735
Leasehold Improvements [Member]
Property, plant, and equipment	9,024	8,226
Machinery and Equipment [Member]
Property, plant, and equipment	59,007	58,343
Furniture, Fixtures, and Computers [Member]
Property, plant, and equipment	6,487	6,324
Construction in Progress [Member]
Property, plant, and equipment	$ 6,961	$ 6,845

Note 9 - Leases - Right-of-Use

Note 9 - Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Total ROU assets	$ 12,995	$ 13,588
Total lease liabilities, current	3,369	3,222
Total lease liabilities, long-term	10,118	10,815
Right of Use Assets [Member]
Operating lease ROU assets	12,823	13,437
Finance lease ROU assets	172	151
Total ROU assets	12,995	13,588
Lease Liabilities, Current [Member]
Operating lease liabilities, current	3,250	3,162
Finance lease liabilities, current	119	60
Total lease liabilities, current	3,369	3,222
Lease Liabilities, Noncurrent [Member]
Operating lease liabilities, long-term	10,037	10,719
Finance lease liabilities, long-term	81	96
Total lease liabilities, long-term	$ 10,118	$ 10,815

Note 9 - Leases - Lease Cost (D

Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Cost:
Operating cash flows from operating leases	$ 834	$ 683
Amortization of right of use assets	24	15
Financing cash flows from finance leases	20	16
Interest on lease liabilities	2	1
Operating lease cost	$ 855	$ 711
Finance (Year)	1 year 10 months 2 days	3 years 3 months 14 days
Variable lease cost	$ 80	$ 83
Operating (Year)	4 years	5 years 21 days
Short-term lease cost	$ 35	$ 7
Finance	2.27%	2.10%
Total lease cost	$ 996	$ 817
Operating	3.73%	3.42%

Note 9 - Leases - Aggregate Fut

Note 9 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Remainder of 2023, finance	$ 2,529
Remainder of 2023, operating	123
2024, finance	3,030
2024, operating	63
2025, finance	2,667
2025, operating	17
2026, finance	2,303
2026, operating	2
2027, finance	1,190
2027, operating	0
Thereafter, finance	2,828
Thereafter, operating	0
Total lease payments, finance	14,547
Total lease payments, operating	205
Less: Interest, finance	(1,259)
Less: Interest, finance	(6)
Present value of lease liabilities, finance	13,288
Present value of lease liabilities, operating	$ 199

Note 10 - Income Per Share - We

Note 10 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic weighted average common shares outstanding (in shares)	7,651	7,592
Weighted average common equivalent shares due to restricted stock, stock options and RSUs (in shares)	86	89
Diluted weighted average common shares outstanding (in shares)	7,737	7,681

Note 11 - Segment Data (Details

Note 11 - Segment Data (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Operating Segments	1
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Major Customers	1
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member]
Concentration Risk, Percentage	32.20%	22.30%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Geographic Distribution, Foreign [Member]
Concentration Risk, Percentage	18.40%	16.60%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers	2		1
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member]
Concentration Risk, Percentage	18.60%		16.50%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk, Percentage			12.20%
Customer Concentration Risk [Member] | Long-Lived Assets [Member] | Geographic Distribution, Foreign [Member]
Concentration Risk, Percentage	15.80%

Note 11 - Segment Data - Net Sa

Note 11 - Segment Data - Net Sales by Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 105,009	$ 97,753
Percentage of concentration risk	100%	100%
Medical [Member]
Net sales	$ 90,037	$ 83,804
Percentage of concentration risk	85.70%	85.70%
Aerospace & Defense [Member]
Net sales	$ 6,137	$ 4,217
Percentage of concentration risk	5.80%	4.30%
Automotive [Member]
Net sales	$ 3,949	$ 4,347
Percentage of concentration risk	3.80%	4.40%
industrial or Other [Member]
Net sales	$ 4,886	$ 5,385
Percentage of concentration risk	4.70%	5.60%

Note 12 - Goodwill and Other _3

Note 12 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization of Intangible Assets	$ 1	$ 1.1

Note 12 - Goodwill and Other _4

Note 12 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
December 31, 2022	$ 113,263
Foreign currency translation	(159)
June 30, 2023	$ 113,104

Note 12 - Goodwill and Other _5

Note 12 - Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross amount	$ 77,792
Accumulated amortization	(14,878)
Net balance	62,914	$ 64,116
Intellectual Property/ Tradename and Brand [Member]
Gross amount	7,087
Accumulated amortization	(1,474)
Net balance	$ 5,613
Intellectual Property/ Tradename and Brand [Member] | Weighted Average [Member]
Weighted-average amortization period (years) (Year)	11 years 10 months 24 days
Noncompete Agreements [Member]
Gross amount	$ 5,500
Accumulated amortization	(1,662)
Net balance	$ 3,838
Noncompete Agreements [Member] | Weighted Average [Member]
Weighted-average amortization period (years) (Year)	9 years 3 months 18 days
Customer Lists [Member]
Gross amount	$ 65,205
Accumulated amortization	(11,742)
Net balance	$ 53,463
Customer Lists [Member] | Weighted Average [Member]
Weighted-average amortization period (years) (Year)	20 years

Note 12 - Goodwill and Other _6

Note 12 - Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Remainder of 2023	$ 3,170
2024	4,227
2025	4,224
2026	4,222
2027	4,124
2028	4,121
Thereafter	38,826
Total	$ 62,914

Note 13 - Other Long-term Lia_3

Note 13 - Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued contingent consideration (earn-out)	$ 8,334	$ 8,096
Present value of non-competition payments	4,987	6,586
Other	500	499
Other Liabilities, Noncurrent	$ 13,821	$ 15,181

Note 14 - Income Tax (Details T

Note 14 - Income Tax (Details Textual)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	17.20%	18.10%

Note 15 - Debt (Details Textual

Note 15 - Debt (Details Textual) - USD ($) $ in Millions	Dec. 22, 2021	Mar. 31, 2024
Long-Term Debt		$ 34
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member]
Debt Instrument, Face Amount	$ 130
Long-Term Debt		34
Letters of Credit Outstanding, Amount		$ 0.7
Debt Instrument, Interest Rate, Stated Percentage		6.60%
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Bloomberg Short-term Bank Yield Index Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2%
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Prime Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 90
Debt Instrument, Periodic Payment, Principal	1
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Term Loan [Member]
Debt Instrument, Face Amount	$ 40

Note 15 - Debt - Long-term debt

Note 15 - Debt - Long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revolving credit facility	$ 34
Current portion	(4)	$ (4)
Long-term debt, excluding current portion	30	$ 28
Term Loan [Member]
Revolving credit facility	30
Revolving Credit Facility [Member] | Line of Credit [Member]
Revolving credit facility	$ 4

Note 15 - Debt - Schedule of Ma

Note 15 - Debt - Schedule of Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Remainder of 2024	$ 3,000
2025	4,000
2026	27,000
Long-Term Debt	34,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Remainder of 2024	0
2025	0
2026	4,000
Long-Term Debt	4,000
Term Loan [Member]
Remainder of 2024	3,000
2025	4,000
2026	23,000
Long-Term Debt	$ 30,000