Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000914156 | |
Entity Registrant Name | UFP TECHNOLOGIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-12648 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-2314970 | |
Entity Address, Address Line One | 100 Hale Street | |
Entity Address, City or Town | Newburyport | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01950 | |
City Area Code | 978 | |
Local Phone Number | 352-2200 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | UFPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,638,812 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,376 | $ 4,451 |
Receivables, net | 60,968 | 55,117 |
Inventories | 69,777 | 53,536 |
Prepaid expenses and other current assets | 2,865 | 3,242 |
Refundable income taxes | 481 | 0 |
Total current assets | 140,467 | 116,346 |
Property, plant and equipment, net | 60,687 | 58,072 |
Goodwill | 112,968 | 113,028 |
Intangible assets, net | 65,020 | 68,361 |
Non-qualified deferred compensation plan | 4,824 | 4,148 |
Right of use assets | 14,225 | 13,153 |
Deferred income taxes | 986 | 1,448 |
Other assets | 633 | 3,636 |
Total assets | 399,810 | 378,192 |
Current liabilities: | ||
Accounts payable | 26,948 | 19,961 |
Accrued expenses | 18,663 | 23,122 |
Deferred revenue | 3,814 | 4,679 |
Lease liabilities | 3,163 | 2,517 |
Income taxes payable | 0 | 1,682 |
Current installments of long-term debt | 4,000 | 4,000 |
Total current liabilities | 56,588 | 55,961 |
Long-term debt, excluding current installments | 39,000 | 51,000 |
Deferred income taxes | 443 | 448 |
Non-qualified deferred compensation plan | 4,892 | 4,167 |
Lease liabilities | 11,464 | 10,851 |
Other liabilities | 15,040 | 18,220 |
Total liabilities | 127,427 | 140,647 |
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; 7,668,371 and 7,638,812 shares issued and outstanding, respectively, at September 30, 2023; 7,611,244 and 7,581,685 shares issued and outstanding, respectively, at December 31, 2022 | 76 | 76 |
Additional paid-in capital | 37,851 | 36,070 |
Retained earnings | 235,912 | 202,596 |
Accumulated other comprehensive loss | (869) | (610) |
Treasury stock at cost: 29,559 shares at September 30, 2023 and December 31, 2022 | (587) | (587) |
Total stockholders’ equity | 272,383 | 237,545 |
Total liabilities and stockholders' equity | $ 399,810 | $ 378,192 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 7,668,371 | 7,611,244 |
Common stock, shares outstanding (in shares) | 7,638,812 | 7,581,685 |
Treasury stock, 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 100,784 | $ 96,970 | $ 298,575 | $ 262,555 |
Cost of sales | 73,034 | 71,447 | 212,479 | 195,575 |
Gross profit | 27,750 | 25,523 | 86,096 | 66,980 |
Selling, general & administrative expenses | 12,467 | 11,822 | 37,771 | 33,909 |
Acquisition costs | 0 | 10 | 0 | 1,027 |
Change in fair value of contingent consideration | (238) | (3,346) | (3,289) | (9,348) |
Gain on sale of Molded Fiber business | 0 | (15,623) | 0 | (15,623) |
Loss (gain) on sale of property, plant & equipment | 0 | 3 | 108 | (6,206) |
Operating income | 15,045 | 25,965 | 44,928 | 44,525 |
Interest expense, net | 933 | 830 | 2,890 | 1,891 |
Other (income) expenses | (29) | (104) | 28 | (313) |
Income before income tax expense | 14,141 | 25,239 | 42,010 | 42,947 |
Income tax expense | 2,447 | 5,699 | 8,694 | 9,620 |
Net income | $ 11,694 | $ 19,540 | $ 33,316 | $ 33,327 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.53 | $ 2.58 | $ 4.37 | $ 4.41 |
Diluted (in dollars per share) | $ 1.52 | $ 2.56 | $ 4.33 | $ 4.37 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 7,639 | 7,570 | 7,619 | 7,559 |
Diluted (in shares) | 7,709 | 7,638 | 7,697 | 7,629 |
Comprehensive Income | ||||
Net income | $ 11,694 | $ 19,540 | $ 33,316 | $ 33,327 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (793) | (1,725) | (259) | (2,860) |
Other comprehensive loss | (793) | (1,725) | (259) | (2,860) |
Comprehensive income | $ 10,901 | $ 17,815 | $ 33,057 | $ 30,467 |
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, 2021 | 7,535 | 30 | ||||
Balance at Dec. 31, 2021 | $ 75 | $ 34,151 | $ 160,807 | $ 0 | $ (587) | $ 194,446 |
Share-based compensation (in shares) | 46 | 0 | ||||
Share-based compensation | $ 1 | 691 | 0 | 0 | $ 0 | 692 |
Net share settlement of RSUs (in shares) | (20) | 0 | ||||
Net share settlement of RSUs | $ 0 | 1,299 | 0 | 0 | $ 0 | 1,299 |
Other comprehensive income | 0 | 0 | 0 | 381 | 0 | 381 |
Net income | 0 | 0 | 4,858 | 0 | 4,858 | |
Net share settlement of RSUs | $ 0 | (1,299) | 0 | 0 | $ 0 | (1,299) |
Balance (in shares) at Mar. 31, 2022 | 7,561 | 30 | ||||
Balance at Mar. 31, 2022 | $ 76 | 33,543 | 165,665 | 381 | $ (587) | 199,078 |
Balance (in shares) at Dec. 31, 2021 | 7,535 | 30 | ||||
Balance at Dec. 31, 2021 | $ 75 | 34,151 | 160,807 | 0 | $ (587) | 194,446 |
Other comprehensive income | (2,860) | |||||
Net income | 33,327 | |||||
Balance (in shares) at Sep. 30, 2022 | 7,579 | 30 | ||||
Balance at Sep. 30, 2022 | $ 76 | 35,396 | 194,134 | (2,860) | $ (587) | 226,159 |
Balance (in shares) at Mar. 31, 2022 | 7,561 | 30 | ||||
Balance at Mar. 31, 2022 | $ 76 | 33,543 | 165,665 | 381 | $ (587) | 199,078 |
Share-based compensation (in shares) | 4 | 0 | ||||
Share-based compensation | $ 0 | 781 | 0 | 0 | $ 0 | 781 |
Exercise of stock options net of shares presented for exercise (in shares) | 1 | 0 | ||||
Exercise of stock options net of shares presented for exercise | $ 0 | 21 | 0 | 0 | $ 0 | 21 |
Net share settlement of RSUs (in shares) | 0 | 0 | ||||
Net share settlement of RSUs | $ 0 | 3 | 0 | 0 | $ 0 | 3 |
Other comprehensive income | 0 | 0 | 0 | (1,516) | 0 | (1,516) |
Net income | 0 | 0 | 8,929 | 0 | 0 | 8,929 |
Net share settlement of RSUs | $ 0 | (3) | 0 | 0 | $ 0 | (3) |
Balance (in shares) at Jun. 30, 2022 | 7,566 | 30 | ||||
Balance at Jun. 30, 2022 | $ 76 | 34,342 | 174,594 | (1,135) | $ (587) | 207,290 |
Share-based compensation (in shares) | 0 | 0 | ||||
Share-based compensation | $ 0 | 897 | 0 | 0 | $ 0 | 897 |
Exercise of stock options net of shares presented for exercise (in shares) | 13 | 0 | ||||
Exercise of stock options net of shares presented for exercise | $ 0 | 157 | 0 | 0 | $ 0 | 157 |
Other comprehensive income | 0 | 0 | 0 | (1,725) | 0 | (1,725) |
Net income | $ 0 | 0 | 19,540 | 0 | $ 0 | 19,540 |
Balance (in shares) at Sep. 30, 2022 | 7,579 | 30 | ||||
Balance at Sep. 30, 2022 | $ 76 | 35,396 | 194,134 | (2,860) | $ (587) | 226,159 |
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) | 49 | 0 | ||||
Share-based compensation | $ 0 | 1,056 | 0 | 0 | $ 0 | 1,056 |
Exercise of stock options net of shares presented for exercise (in shares) | 3 | 0 | ||||
Exercise of stock options net of shares presented for exercise | $ 0 | 0 | 0 | $ 0 | 0 | |
Net share settlement of RSUs (in shares) | (21) | 0 | ||||
Net share settlement of RSUs | $ 0 | (2,413) | 0 | 0 | $ 0 | (2,413) |
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 | 0 | 493 |
Net income | 0 | 0 | 9,739 | 0 | 9,739 | |
Net share settlement of RSUs | $ 0 | 2,413 | 0 | 0 | $ 0 | 2,413 |
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, 2022 | 7,582 | 30 | ||||
Balance at Dec. 31, 2022 | $ 76 | 36,070 | 202,596 | (610) | $ (587) | 237,545 |
Other comprehensive income | (259) | |||||
Net income | 33,316 | |||||
Balance (in shares) at Sep. 30, 2023 | 7,639 | 30 | ||||
Balance at Sep. 30, 2023 | $ 76 | 37,851 | 235,912 | (869) | $ (587) | 272,383 |
Balance (in shares) at Mar. 31, 2023 | 7,613 | 30 | ||||
Balance at Mar. 31, 2023 | $ 76 | 34,777 | 212,335 | (117) | $ (587) | 246,484 |
Share-based compensation (in shares) | 4 | 0 | ||||
Share-based compensation | $ 0 | 1,197 | 0 | 0 | $ 0 | 1,197 |
Exercise of stock options net of shares presented for exercise (in shares) | 22 | 0 | ||||
Exercise of stock options net of shares presented for exercise | $ 0 | 680 | 0 | 0 | $ 0 | 680 |
Other comprehensive income | 0 | 0 | 0 | 41 | 0 | 41 |
Net income | $ 0 | 0 | 11,883 | 0 | $ 0 | 11,883 |
Balance (in shares) at Jun. 30, 2023 | 7,639 | 30 | ||||
Balance at Jun. 30, 2023 | $ 76 | 36,654 | 224,218 | (76) | $ (587) | 260,285 |
Share-based compensation (in shares) | 0 | 0 | ||||
Share-based compensation | $ 0 | 1,197 | 0 | 0 | $ 0 | 1,197 |
Other comprehensive income | 0 | 0 | 0 | (793) | 0 | (793) |
Net income | $ 0 | 0 | 11,694 | 0 | $ 0 | 11,694 |
Balance (in shares) at Sep. 30, 2023 | 7,639 | 30 | ||||
Balance at Sep. 30, 2023 | $ 76 | $ 37,851 | $ 235,912 | $ (869) | $ (587) | $ 272,383 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Cash flows from operating activities: | |||||||
Net income | $ 11,694 | $ 9,739 | $ 19,540 | $ 4,858 | $ 33,316 | $ 33,327 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 8,446 | 9,137 | |||||
Loss (gain) on disposal of property, plant & equipment | 108 | (6,206) | |||||
Gain on sale of Molded Fiber business | 0 | (15,623) | 0 | (15,623) | |||
Share-based compensation | 3,450 | 2,370 | |||||
Deferred income taxes | 474 | 415 | |||||
Change in fair value of contingent consideration | 238 | 3,346 | 3,289 | 9,348 | |||
Changes in operating assets and liabilities: | |||||||
Receivables, net | (5,791) | (19,841) | |||||
Inventories | (16,267) | (20,085) | |||||
Prepaid expenses and other current assets | 377 | 118 | |||||
Income taxes payable | (2,161) | (3,624) | |||||
Other assets | 1,255 | (2,637) | |||||
Accounts payable | 6,715 | 6,334 | |||||
Accrued expenses | (4,272) | 12,991 | |||||
Deferred revenue | (865) | 501 | |||||
Non-qualified deferred compensation plan and other liabilities | 559 | (6,669) | |||||
Net cash provided by (used in) operating activities | 28,633 | (144) | |||||
Cash flows from investing activities: | |||||||
Additions to property, plant, and equipment | (7,734) | (10,816) | |||||
Proceeds from sale of Molded Fiber | 0 | 29,007 | |||||
Proceeds from sale of fixed assets | 2 | 6,717 | |||||
Net cash (used in) provided by investing activities | (7,732) | 4,255 | |||||
Cash flows from financing activities: | |||||||
Proceeds from advances on revolving line of credit | 9,000 | 44,000 | |||||
Payments on revolving line of credit | (18,000) | (45,000) | |||||
Principal payments of long-term debt | (3,000) | (3,000) | |||||
Payment of contingent consideration | (5,000) | 0 | |||||
Principal payments on finance lease obligations | (47) | (47) | |||||
Proceeds from exercise of stock options | 680 | 178 | |||||
Payment of statutory withholdings for restricted stock units vested | (2,413) | (1,302) | |||||
Net cash used in financing activities | (18,780) | (5,171) | |||||
Effect of foreign currency exchange rates on cash and cash equivalents | (196) | (120) | |||||
Net increase (decrease) in cash and cash equivalents | 1,925 | (1,180) | |||||
Cash and cash equivalents at beginning of period | $ 4,451 | $ 11,117 | 4,451 | 11,117 | $ 11,117 | ||
Cash and cash equivalents at end of period | $ 6,376 | $ 9,937 | 6,376 | 9,937 | $ 4,451 | ||
Advant Medical [Member] | |||||||
Cash flows from investing activities: | |||||||
Acquisition, net of cash acquired | 0 | (20,768) | |||||
DAS Medical [Member] | |||||||
Cash flows from investing activities: | |||||||
Acquisition, net of cash acquired | $ 0 | $ 115 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 Basis of Presentation The interim condensed consolidated financial statements of UFP Technologies, Inc. (the “Company”) presented herein, have been prepared pursuant to the rules of the Securities and Exchange Commission for quarterly reports on Form 10 not December 31, 2022, 2022 10 The condensed consolidated balance sheets as of September 30, 2023 December 31, 2022, three nine September 30, 2023 2022, three nine September 30, 2023 2022, nine September 30, 2023 2022 December 31, 2022 not The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three nine September 30, 2023 not December 31, 2023. Recent Accounting Pronouncements There are no |
Note 2 - Acquisition and Divest
Note 2 - Acquisition and Divestiture | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ( 2 Acquisition and Divestiture Molded Fiber On July 26, 2022 , December 31, 2022. January 2024. 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 through the third 2022 nine September 30, 2022 December 31, 2021. The amount of revenue and earnings of Advant recognized since the acquisition date through the third 2022 September 30, 2022. Pro-forma statements The following table contains an unaudited pro forma condensed consolidated statement of operations for the nine September 30, 2022, 2022 Nine-month Period Ended September 30, 2022 (Unaudited) Sales $ 266,782 Operating income $ 45,268 Net income $ 33,881 Earnings per share: Basic $ 4.48 Diluted $ 4.44 The above unaudited pro forma information is presented for illustrative purposes only and may not may |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for promised goods or services. The Company recognizes revenue in accordance with the core principles of ASC 606 1 2 3 4 5 not Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to the Company’s customers (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2023 2022 2023 2022 Products $ 98,261 $ 92,860 $ 291,612 $ 251,996 Tooling and Machinery 1,431 2,659 2,985 5,984 Engineering services 1,092 1,451 3,978 4,575 Total net sales $ 100,784 $ 96,970 $ 298,575 $ 262,555 Contract balances The timing of revenue recognition may The following table presents a roll-forward of contract liabilities activity for the nine September 30, 2023 2022 Contract Liabilities Nine Months Ended September 30, 2023 2022 Deferred revenue - beginning of period $ 4,679 $ 4,247 Increases due to consideration received from customers 3,169 4,836 Revenue recognized (4,034 ) (4,335 ) Decrease due to sale of Molded Fiber - (575 ) Deferred revenue - end of period $ 3,814 $ 4,173 Revenue recognized during the nine September 30, 2023 2022 When invoicing occurs after revenue recognition, the Company has contract assets, included within “receivables” on the condensed consolidated balance sheet. The following table presents a roll-forward of contract assets activity for the nine September 30, 2023 2022 Contract Assets Nine Months Ended September 30, 2023 2022 Unbilled receivables - beginning of period $ 270 $ 74 Increases due to revenue recognized, not invoiced to customers 2,898 3,065 Decreases due to customer invoicing (3,020 ) (2,429 ) Unbilled receivables - end of period $ 148 $ 710 |
Note 4 - Supplemental Cash Flow
Note 4 - Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | ( 4 Supplemental Cash Flow Information Supplemental cash flow information consists of the following (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for: Interest $ 2,838 $ 1,869 Income taxes, net of refunds 10,174 12,315 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 185 $ 133 Operating lease right of use asset 2,492 289 Operating lease liabilities (2,548 ) (289 ) |
Note 5 - Receivables and Allowa
Note 5 - Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 5 Receivables and Allowance for Credit Losses Receivables consist of the following (in thousands): September 30, December 31, 2023 2022 Accounts receivable–trade $ 61,694 $ 55,850 Less allowance for credit losses (726 ) (733 ) Receivables, net $ 60,968 $ 55,117 The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not The following table provides a roll-forward of the allowance for credit losses that is deducted from accounts receivable to present the net amount expected to be collected as of September 30, 2023 2022 Allowance for Credit Losses Nine Months Ended September 30, 2023 2022 Allowance - beginning of period $ 733 $ 519 Provision (adjustment) for expected credit losses (5 ) 275 Amounts written off against the allowance (11 ) (53 ) Recoveries 9 - Allowance - end of period $ 726 $ 741 |
Note 6 - Fair Value of Financia
Note 6 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 Fair Value of Financial Instruments Financial instruments recorded at fair value in the consolidated balance sheets, or disclosed at fair value in the footnotes, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels defined by ASC 820, Fair Value Measurements and Disclosures Level 1 Valued based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Valued based on either directly or indirectly observable prices for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 Valued based on management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table presents the fair value and hierarchy levels, for financial assets that are measured at fair value on a recurring basis (in thousands): September 30, 2023 December 31, 2022 Level 3 Purchase price contingent consideration: Accrued contingent consideration (earn-out) $ 12,857 $ 14,568 Present value of non-competition payments 8,489 10,043 In connection with the acquisition of DAS Medical in 2021, second 2023. 3 September 30, 2023 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 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 7 - Share-based Compensati
Note 7 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 7 Share-Based Compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2022. Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2023 2022 2023 2022 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 112 75 320 188 Restricted Stock Unit Awards ("RSUs") 985 722 2,830 1,882 Total share-based compensation $ 1,197 $ 897 $ 3,450 $ 2,370 The total income tax benefit recognized in the condensed consolidated statements of comprehensive income for share-based compensation arrangements was approximately $310 thousand and $485 thousand for the three September 30, 2023 2022, nine September 30, 2023 2022, Common stock grants The compensation expense for common stock grants during the nine September 30, 2023, Stock Option grants The following is a summary of stock option activity under all plans for the nine September 30, 2023: Shares Weighted Weighted Aggregate Outstanding at December 31, 2022 92,075 $ 39.98 Granted 12,153 131.13 Exercised (25,740 ) 30.67 Outstanding at September 30, 2023 78,488 $ 57.14 5.81 $ 8,214 Exercisable at September 30, 2023 66,335 $ 43.59 5.73 $ 7,818 Vested and expected to vest 78,488 $ 57.14 $ 5.81 $ 8,214 On June 7, 2023, February 14, 2023, Expected volatility 36.6% / 40.6% Expected dividends None Risk-free interest rate 3.6% / 3.9% Exercise price $111.54 / $167.98 Expected term 6.2 / 6.8 years Weighted-average grant date fair value $37.81 / $71.17 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. During the nine September 30, 2023 2022, nine September 30, 2023, nine September 30, 2022, RSUs The following table summarizes information about RSU activity during the nine September 30, 2023: Restricted Weighted Average Grant Date Fair Value Non-vested RSUs outstanding at December 31, 2022 102,048 $ 56.02 Awarded 46,050 113.91 Shares vested (52,126 ) 55.17 Shares forfeited (99 ) 97.61 Non-vested RSUs outstanding at September 30, 2023 95,873 $ 55.90 At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax, and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the nine September 30, 2023 2022, As of September 30, 2023, |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 8 Inventories Inventories are stated at the lower of cost (determined using the first first September 30, December 31, 2023 2022 Raw materials $ 49,809 $ 42,475 Work in process 9,275 4,183 Finished goods 10,693 6,878 Total inventory $ 69,777 $ 53,536 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 9 Property, Plant and Equipment Property, plant, and equipment consist of the following (in thousands): September 30, December 31, 2023 2022 Land and improvements $ 4,802 $ 4,811 Buildings and improvements 34,625 34,446 Leasehold improvements 8,107 5,503 Machinery & equipment 57,993 52,233 Furniture, fixtures, computers & software 7,071 6,401 Construction in progress 5,545 7,272 Property, plant and equipment $ 118,143 $ 110,666 Accumulated depreciation and amortization (57,456 ) (52,594 ) Net property, plant and equipment $ 60,687 $ 58,072 |
Note 10 - Leases
Note 10 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | ( 10 Leases The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 not not ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not ROU assets and lease liabilities consist of the following (in thousands): September 30, December 31, 2023 2022 Operating lease ROU assets $ 14,059 $ 12,942 Finance lease ROU assets 166 211 Total ROU assets $ 14,225 $ 13,153 Operating lease liabilities, current $ 3,103 $ 2,458 Finance lease liabilities, current 60 59 Total lease liabilities, current $ 3,163 $ 2,517 Operating lease liabilities, long-term $ 11,353 $ 10,695 Finance lease liabilities, long-term 111 156 Total lease liabilities, long-term $ 11,464 $ 10,851 Nine Months Ended September 30, ($ in thousands) 2023 2022 Lease Cost: Finance lease cost: Amortization of right of use assets $ 45 $ 45 Interest on lease liabilities 3 4 Operating lease cost 2,304 1,962 Variable lease cost 240 228 Short-term lease cost 38 49 Total lease cost $ 2,630 $ 2,288 Nine Months Ended September 30, ($ in thousands) 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,197 $ 1,839 Financing cash flows from finance leases 47 47 Weighted-average remaining lease term (years): Finance 2.79 3.79 Operating 4.57 3.88 Weighted-average discount rate: Finance 2.10 % 2.10 % Operating 3.42 % 2.75 % The aggregate future lease payments for leases as of September 30, 2023 Operating Finance Remainder of 2023 $ 775 $ 16 2024 3,183 63 2025 3,024 63 2026 2,660 28 2027 2,302 6 Thereafter 4,019 - Total lease payments 15,963 176 Less: Interest (1,507 ) (5 ) Present value of lease liabilities $ 14,456 $ 171 |
Note 11 - Income Per Share
Note 11 - Income Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 11 Income Per Share Basic income per share is based on the weighted average number of shares of common stock outstanding. Diluted income per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalent shares outstanding during each period. The weighted average number of shares used to compute basic and diluted net income per share consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic weighted average common shares outstanding 7,639 7,570 7,619 7,559 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 70 68 78 70 Diluted weighted average common shares outstanding 7,709 7,638 7,697 7,629 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 stock options during the period. These outstanding stock options are not three nine September 30, 2023, three nine September 30, 2022, |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 Segment Reporting The Company consists of a single Revenues shipped to customers outside of the United States comprised approximately 15.4% and 16.8% for the three nine September 30, 2023, three nine September, 2022, One three nine September 30, 2023, One three nine September 30, 2022, At September 30, 2023, December 31, 2022, Approximately 16.5% and 17.0% of all long-lived assets are located outside of the United States at September 30, 2023 December 31, 2022, The Company’s products are primarily sold to customers within the Medical, Aerospace & Defense, Automotive, and Industrial/Other markets. Net sales by market for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 87,127 86.5 % $ 81,591 84.2 % $ 257,092 86.1 % $ 208,464 79.4 % Aerospace & Defense 4,377 4.3 % 3,590 3.7 % 12,828 4.3 % 11,097 4.2 % Automotive 4,378 4.3 % 4,681 4.8 % 12,821 4.3 % 13,383 5.1 % Industrial / Other 4,902 4.9 % 7,108 7.3 % 15,834 5.3 % 29,611 11.3 % Net Sales $ 100,784 100.0 % $ 96,970 100.0 % $ 298,575 100.0 % $ 262,555 100.0 % |
Note 13 - Goodwill and Other In
Note 13 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 13 Goodwill and Other Intangible Assets The change in the carrying amount of goodwill for the nine September 30, 2023 Goodwill December 31, 2022 $ 113,028 Foreign currency translation (60 ) September 30, 2023 $ 112,968 The carrying values of the Company’s definite lived intangible assets as of September 30, 2023 Intellectual Tradename Non- Compete Customer List Total Weighted-average amortization period (years) 11.9 9.3 20 Gross amount $ 7,046 $ 5,495 $ 65,149 $ 77,690 Accumulated amortization (1,170 ) (1,392 ) (10,108 ) (12,670 ) Net balance $ 5,876 $ 4,103 $ 55,041 $ 65,020 Amortization expense related to intangible assets was approximately $1.0 million and $1.1 million, respectively, for the three September 30, 2023 2022, nine September 30, 2023 2022. September 30, 2023 Remainder of 2023 $ 1,100 2024 4,401 2025 4,401 2026 4,399 2027 4,397 2028 4,350 Thereafter 41,972 Total $ 65,020 |
Note 14 - Other Long-term Liabi
Note 14 - Other Long-term Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | ( 14 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): September 30, December 31, 2023 2022 Accrued contingent consideration (earn-out) $ 7,857 $ 9,568 Present value of non-competition payments 6,683 8,155 Other 500 497 $ 15,040 $ 18,220 |
Note 15 - Income Tax
Note 15 - Income Tax | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 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 17.3% and 22.6% of income before income tax expense for the three September 30, 2023 2022, nine September 30, 2023 2022, nine September 30, 2023, 162M. |
Note 16 - Indebtedness
Note 16 - Indebtedness | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 16 Indebtedness On December 22, 2021 , February 1, 2018. The credit facilities under the Second Amended and Restated Credit Agreement consist of a $40 million secured term loan to the Company and a secured revolving credit facility, under which the Company may December 21, 2026 . March 31, 2022 . may The Second Amended and Restated Credit Agreement calls for interest determined by the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a margin that ranges from 1.25% to 2.0% or, at the discretion of the Company, the bank’s prime rate less a margin that ranges from .25% At September 30, 2023 , September 30, 2023 , Long-term debt consists of the following (in thousands): September 30, 2023 Revolving credit facility $ 10,000 Term loan 33,000 Total long-term debt 43,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 39,000 Future maturities of long-term debt at September 30, 2023 Term Loan Revolving Total Remainder of 2023 $ 1,000 $ - $ 1,000 2024 4,000 - 4,000 2025 4,000 - 4,000 2026 24,000 10,000 34,000 $ 33,000 $ 10,000 $ 43,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | ITEM 5: OTHER INFORMATION Insider Trading Arrangements and Policies During the third 2023, none 10b5 1 none 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Acquisition and Dive_2
Note 2 - Acquisition and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine-month Period Ended September 30, 2022 (Unaudited) Sales $ 266,782 Operating income $ 45,268 Net income $ 33,881 Earnings per share: Basic $ 4.48 Diluted $ 4.44 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Net sales of: 2023 2022 2023 2022 Products $ 98,261 $ 92,860 $ 291,612 $ 251,996 Tooling and Machinery 1,431 2,659 2,985 5,984 Engineering services 1,092 1,451 3,978 4,575 Total net sales $ 100,784 $ 96,970 $ 298,575 $ 262,555 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities Nine Months Ended September 30, 2023 2022 Deferred revenue - beginning of period $ 4,679 $ 4,247 Increases due to consideration received from customers 3,169 4,836 Revenue recognized (4,034 ) (4,335 ) Decrease due to sale of Molded Fiber - (575 ) Deferred revenue - end of period $ 3,814 $ 4,173 Contract Assets Nine Months Ended September 30, 2023 2022 Unbilled receivables - beginning of period $ 270 $ 74 Increases due to revenue recognized, not invoiced to customers 2,898 3,065 Decreases due to customer invoicing (3,020 ) (2,429 ) Unbilled receivables - end of period $ 148 $ 710 |
Note 4 - Supplemental Cash Fl_2
Note 4 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2023 2022 Cash paid for: Interest $ 2,838 $ 1,869 Income taxes, net of refunds 10,174 12,315 Non-cash investing and financing activities: Capital additions accrued but not yet paid $ 185 $ 133 Operating lease right of use asset 2,492 289 Operating lease liabilities (2,548 ) (289 ) |
Note 5 - Receivables and Allo_2
Note 5 - Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2023 2022 Accounts receivable–trade $ 61,694 $ 55,850 Less allowance for credit losses (726 ) (733 ) Receivables, net $ 60,968 $ 55,117 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses Nine Months Ended September 30, 2023 2022 Allowance - beginning of period $ 733 $ 519 Provision (adjustment) for expected credit losses (5 ) 275 Amounts written off against the allowance (11 ) (53 ) Recoveries 9 - Allowance - end of period $ 726 $ 741 |
Note 6 - Fair Value of Financ_2
Note 6 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2023 December 31, 2022 Level 3 Purchase price contingent consideration: Accrued contingent consideration (earn-out) $ 12,857 $ 14,568 Present value of non-competition payments 8,489 10,043 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs, By Award Type [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Share-based compensation related to: 2023 2022 2023 2022 Common stock grants $ 100 $ 100 $ 300 $ 300 Stock option grants 112 75 320 188 Restricted Stock Unit Awards ("RSUs") 985 722 2,830 1,882 Total share-based compensation $ 1,197 $ 897 $ 3,450 $ 2,370 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Weighted Aggregate Outstanding at December 31, 2022 92,075 $ 39.98 Granted 12,153 131.13 Exercised (25,740 ) 30.67 Outstanding at September 30, 2023 78,488 $ 57.14 5.81 $ 8,214 Exercisable at September 30, 2023 66,335 $ 43.59 5.73 $ 7,818 Vested and expected to vest 78,488 $ 57.14 $ 5.81 $ 8,214 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 36.6% / 40.6% Expected dividends None Risk-free interest rate 3.6% / 3.9% Exercise price $111.54 / $167.98 Expected term 6.2 / 6.8 years Weighted-average grant date fair value $37.81 / $71.17 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Weighted Average Grant Date Fair Value Non-vested RSUs outstanding at December 31, 2022 102,048 $ 56.02 Awarded 46,050 113.91 Shares vested (52,126 ) 55.17 Shares forfeited (99 ) 97.61 Non-vested RSUs outstanding at September 30, 2023 95,873 $ 55.90 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Raw materials $ 49,809 $ 42,475 Work in process 9,275 4,183 Finished goods 10,693 6,878 Total inventory $ 69,777 $ 53,536 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2023 2022 Land and improvements $ 4,802 $ 4,811 Buildings and improvements 34,625 34,446 Leasehold improvements 8,107 5,503 Machinery & equipment 57,993 52,233 Furniture, fixtures, computers & software 7,071 6,401 Construction in progress 5,545 7,272 Property, plant and equipment $ 118,143 $ 110,666 Accumulated depreciation and amortization (57,456 ) (52,594 ) Net property, plant and equipment $ 60,687 $ 58,072 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Leases, Right-of-Use Assets and Liabilities [Table Text block] | September 30, December 31, 2023 2022 Operating lease ROU assets $ 14,059 $ 12,942 Finance lease ROU assets 166 211 Total ROU assets $ 14,225 $ 13,153 Operating lease liabilities, current $ 3,103 $ 2,458 Finance lease liabilities, current 60 59 Total lease liabilities, current $ 3,163 $ 2,517 Operating lease liabilities, long-term $ 11,353 $ 10,695 Finance lease liabilities, long-term 111 156 Total lease liabilities, long-term $ 11,464 $ 10,851 |
Lease, Cost [Table Text Block] | Nine Months Ended September 30, ($ in thousands) 2023 2022 Lease Cost: Finance lease cost: Amortization of right of use assets $ 45 $ 45 Interest on lease liabilities 3 4 Operating lease cost 2,304 1,962 Variable lease cost 240 228 Short-term lease cost 38 49 Total lease cost $ 2,630 $ 2,288 Nine Months Ended September 30, ($ in thousands) 2023 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 2,197 $ 1,839 Financing cash flows from finance leases 47 47 Weighted-average remaining lease term (years): Finance 2.79 3.79 Operating 4.57 3.88 Weighted-average discount rate: Finance 2.10 % 2.10 % Operating 3.42 % 2.75 % |
Lessee, Operating and Finance Leases, Liability, Maturity [Table Text Block] | Operating Finance Remainder of 2023 $ 775 $ 16 2024 3,183 63 2025 3,024 63 2026 2,660 28 2027 2,302 6 Thereafter 4,019 - Total lease payments 15,963 176 Less: Interest (1,507 ) (5 ) Present value of lease liabilities $ 14,456 $ 171 |
Note 11 - Income Per Share (Tab
Note 11 - Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic weighted average common shares outstanding 7,639 7,570 7,619 7,559 Weighted average common equivalent shares due to restricted stock, stock options and RSUs 70 68 78 70 Diluted weighted average common shares outstanding 7,709 7,638 7,697 7,629 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Market Net Sales % Net Sales % Net Sales % Net Sales % Medical $ 87,127 86.5 % $ 81,591 84.2 % $ 257,092 86.1 % $ 208,464 79.4 % Aerospace & Defense 4,377 4.3 % 3,590 3.7 % 12,828 4.3 % 11,097 4.2 % Automotive 4,378 4.3 % 4,681 4.8 % 12,821 4.3 % 13,383 5.1 % Industrial / Other 4,902 4.9 % 7,108 7.3 % 15,834 5.3 % 29,611 11.3 % Net Sales $ 100,784 100.0 % $ 96,970 100.0 % $ 298,575 100.0 % $ 262,555 100.0 % |
Note 13 - Goodwill and Other _2
Note 13 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill December 31, 2022 $ 113,028 Foreign currency translation (60 ) September 30, 2023 $ 112,968 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intellectual Tradename Non- Compete Customer List Total Weighted-average amortization period (years) 11.9 9.3 20 Gross amount $ 7,046 $ 5,495 $ 65,149 $ 77,690 Accumulated amortization (1,170 ) (1,392 ) (10,108 ) (12,670 ) Net balance $ 5,876 $ 4,103 $ 55,041 $ 65,020 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2023 $ 1,100 2024 4,401 2025 4,401 2026 4,399 2027 4,397 2028 4,350 Thereafter 41,972 Total $ 65,020 |
Note 14 - Other Long-term Lia_2
Note 14 - Other Long-term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | September 30, December 31, 2023 2022 Accrued contingent consideration (earn-out) $ 7,857 $ 9,568 Present value of non-competition payments 6,683 8,155 Other 500 497 $ 15,040 $ 18,220 |
Note 16 - Indebtedness (Tables)
Note 16 - Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2023 Revolving credit facility $ 10,000 Term loan 33,000 Total long-term debt 43,000 Current portion (4,000 ) Long-term debt, excluding current portion $ 39,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Term Loan Revolving Total Remainder of 2023 $ 1,000 $ - $ 1,000 2024 4,000 - 4,000 2025 4,000 - 4,000 2026 24,000 10,000 34,000 $ 33,000 $ 10,000 $ 43,000 |
Note 2 - Acquisition and Dive_3
Note 2 - Acquisition and Divestiture (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 17, 2022 USD ($) | Mar. 16, 2022 USD ($) | Mar. 16, 2022 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 26, 2022 USD ($) | |
Gain (Loss) on Disposition of Business | $ 0 | $ 15,623 | $ 0 | $ 15,623 | ||||||
Business Combination, Acquisition Related Costs | $ 0 | 10 | 0 | 1,027 | ||||||
Advant Medical [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | 100% | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | € 19 | 0 | 20,768 | |||||||
Payments to Acquire Businesses, Gross | $ 23,608 | $ 21,200 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 13,600 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,800 | |||||||||
DAS Medical [Member] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | (115) | ||||||||
Business Combination, Acquisition Related Costs | $ 789 | $ 759 | $ 30 | |||||||
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 |
Note 2 - Acquisition and Dive_4
Note 2 - Acquisition and Divestiture - Assets Acquires and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 17, 2022 | Mar. 16, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill | $ 112,968 | $ 113,028 | ||
Advant Medical [Member] | ||||
Cash paid at closing | $ 23,608 | $ 21,200 | ||
Other liability | 395 | |||
Cash from Advant | (2,840) | |||
Total consideration | 21,163 | |||
Accounts receivable | 2,299 | |||
Inventory | 2,410 | |||
Other current assets | 213 | |||
Property, plant, and equipment | 5,704 | |||
Lease right of use assets | 289 | |||
Other assets | 41 | |||
Goodwill | 7,140 | |||
Total identifiable assets | 23,407 | |||
Accounts payable | (772) | |||
Accrued expenses | (668) | |||
Income taxes | (66) | |||
Deferred taxes | (449) | |||
Lease liabilities | (289) | |||
Net assets acquired | 21,163 | |||
Advant Medical [Member] | Customer Contracts and Relationships [Member] | ||||
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 |
Note 2 - Acquisition and Dive_5
Note 2 - Acquisition and Divestiture - Pro Forma Information (Unaudited) (Details) - Advant Medical [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
Sales | $ 266,782 |
Operating income | 45,268 |
Net income | $ 33,881 |
Basic (in dollars per share) | $ / shares | $ 4.48 |
Diluted (in dollars per share) | $ / shares | $ 4.44 |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Deferred Revenue [Member] | ||
Contract with Customer, Liability, Revenue Recognized | $ 2.4 | $ 2.2 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenue Disaggregated by the Major Types of Goods and Services Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 100,784 | $ 96,970 | $ 298,575 | $ 262,555 |
Product [Member] | ||||
Net sales | 98,261 | 92,860 | 291,612 | 251,996 |
Tooling and Machinery [Member] | ||||
Net sales | 1,431 | 2,659 | 2,985 | 5,984 |
Engineering and Development [Member] | ||||
Net sales | $ 1,092 | $ 1,451 | $ 3,978 | $ 4,575 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Deferred revenue | $ 4,679 | $ 4,247 |
Increases due to consideration received from customers | 3,169 | 4,836 |
Revenue recognized | (4,034) | (4,335) |
Decrease due to sale of Molded Fiber | 0 | (575) |
Deferred revenue | 3,814 | 4,173 |
Unbilled receivables - beginning of period | 270 | 74 |
Increases due to revenue recognized, not invoiced to customers | 2,898 | 3,065 |
Decreases due to customer invoicing | (3,020) | (2,429) |
Unbilled receivables - end of period | $ 148 | $ 710 |
Note 4 - Supplemental Cash Fl_3
Note 4 - Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for: | ||
Interest | $ 2,838 | $ 1,869 |
Income taxes, net of refunds | 10,174 | 12,315 |
Non-cash investing and financing activities: | ||
Capital additions accrued but not yet paid | 185 | 133 |
Operating lease right of use asset | 2,492 | 289 |
Operating lease liabilities | $ (2,548) | $ (289) |
Note 5 - Receivables and Allo_3
Note 5 - Receivables and Allowance for Credit Losses - Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable–trade | $ 61,694 | $ 55,850 |
Less allowance for credit losses | (726) | (733) |
Receivables, net | $ 60,968 | $ 55,117 |
Note 5 - Receivables and Allo_4
Note 5 - Receivables and Allowance for Credit Losses - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance - beginning of period | $ 733 | $ 519 |
Provision (adjustment) for expected credit losses | (5) | 275 |
Amounts written off against the allowance | (11) | (53) |
Recoveries | 9 | 0 |
Allowance - end of period | $ 726 | $ 741 |
Note 6 - Fair Value of Financ_3
Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 22, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 5,000 | $ 0 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 238 | $ 3,346 | 3,289 | $ 9,348 | ||||
Present Value of Non-competition Agreement | 8,500 | 8,500 | ||||||
Contech Medical, Inc and DAS Medical [Member] | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 20,000 | $ 20,000 | ||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 5,000 | |||||||
Business Combination, Contingent Consideration, Liability, Total | $ 9,700 | 9,700 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 12,900 | |||||||
DAS Medical [Member] | Non-Competition Agreements [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 10,000 | |||||||
Business Combination, Agreement Term (Year) | 10 years |
Note 6 - Fair Value of Financ_4
Note 6 - Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Present value of non-competition payments | $ 8,500 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Accrued contingent consideration (earn-out) | 12,857 | $ 14,568 |
Present value of non-competition payments | $ (8,489) | $ (10,043) |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||
Jun. 07, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 07, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 310,000 | $ 485,000 | $ 1,900 | $ 608,000 | ||
Proceeds from Stock Options Exercised | 680,000 | 178,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6,400,000 | $ 6,400,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||
Employee and Nonemployee Stock Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000,000 | 1,100,000 | ||||
Proceeds from Stock Options Exercised | $ 789,000 | $ 367,000 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 861 | 1,876 | ||||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 127.05 | $ 95.82 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 20,457 | 19,425 | ||||
Shares Paid for Tax Withholding for Share Based Compensation Market Price (in dollars per share) | $ 117.95 | $ 67.05 | ||||
Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 4,215 | |||||
Share Price (in dollars per share) | $ 167.98 | $ 167.98 | ||||
President and Chief Executive Officer [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 7,935 | |||||
Share Price (in dollars per share) | $ 111.54 | $ 111.54 |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Compensation Cost (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based compensation | $ 1,197 | $ 897 | $ 3,450 | $ 2,370 |
Common Stock [Member] | ||||
Share-based compensation | 100 | 100 | 300 | 300 |
Employee and Nonemployee Stock Option [Member] | ||||
Share-based compensation | 112 | 75 | 320 | 188 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | $ 985 | $ 722 | $ 2,830 | $ 1,882 |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Summary of Stock Option Activity (Details) - Employee and Nonemployee Stock Option [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Outstanding, shares under options (in shares) | shares | 92,075 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 39.98 |
Granted, shares under options (in shares) | shares | 12,153 |
Granted (in dollars per share) | $ / shares | $ 131.13 |
Exercised, shares under options (in shares) | shares | (25,740) |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 30.67 |
Outstanding, shares under options (in shares) | shares | 78,488 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 57.14 |
Outstanding, weighted average remaining contractual life (Year) | 5 years 9 months 21 days |
Outstanding, aggregate intrinsic value | $ | $ 8,214 |
Exercisable, shares under options (in shares) | shares | 66,335 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 43.59 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 8 months 23 days |
Exercisable, aggregate intrinsic value | $ | $ 7,818 |
Vested and expected to vest, shares under options (in shares) | shares | 78,488 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 57.14 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 5 years 9 months 21 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 8,214 |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Black-Scholes Option Pricing Model (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Minimum [Member] | |
Expected volatility | 36.60% |
Expected dividends | 0% |
Risk-free interest rate | 3.60% |
Exercise price (in dollars per share) | $ 111.54 |
Expected term (Year) | 6 years 2 months 12 days |
Weighted-average grant date fair value (in dollars per share) | $ 37.81 |
Maximum [Member] | |
Expected volatility | 40.60% |
Expected dividends | 0% |
Risk-free interest rate | 3.90% |
Exercise price (in dollars per share) | $ 167.98 |
Expected term (Year) | 6 years 9 months 18 days |
Weighted-average grant date fair value (in dollars per share) | $ 71.17 |
Note 7 - Share-based Compensa_7
Note 7 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Outstanding, restricted stock units (in shares) | shares | 102,048 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 56.02 |
Awarded, restricted stock units (in shares) | shares | 46,050 |
Awarded, weighted average award date fair value (in dollars per share) | $ / shares | $ 113.91 |
Shares vested, restricted stock units (in shares) | shares | (52,126) |
Shares vested, weighted average award date fair value (in dollars per share) | $ / shares | $ 55.17 |
Shares forfeited, restricted stock units (in shares) | shares | (99) |
Shares forfeited, weighted average award date fair value (in dollars per share) | $ / shares | $ 97.61 |
Outstanding, restricted stock units (in shares) | shares | 95,873 |
Outstanding, weighted average award date fair value (in dollars per share) | $ / shares | $ 55.9 |
Note 8 - Inventories - Summary
Note 8 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 49,809 | $ 42,475 |
Work in process | 9,275 | 4,183 |
Finished goods | 10,693 | 6,878 |
Total inventory | $ 69,777 | $ 53,536 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant, and equipment | $ 118,143 | $ 110,666 |
Accumulated depreciation and amortization | (57,456) | (52,594) |
Net property, plant and equipment | 60,687 | 58,072 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment | 4,802 | 4,811 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment | 34,625 | 34,446 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 8,107 | 5,503 |
Machinery and Equipment [Member] | ||
Property, plant, and equipment | 57,993 | 52,233 |
Furniture, Fixtures, and Computers [Member] | ||
Property, plant, and equipment | 7,071 | 6,401 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 5,545 | $ 7,272 |
Note 10 - Leases - Right-of-Use
Note 10 - Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total ROU assets | $ 14,225 | $ 13,153 |
Total lease liabilities, current | 3,163 | 2,517 |
Total lease liabilities, long-term | 11,464 | 10,851 |
Right of Use Assets [Member] | ||
Operating lease ROU assets | 14,059 | 12,942 |
Finance lease ROU assets | 166 | 211 |
Total ROU assets | 14,225 | 13,153 |
Lease Liabilities, Current [Member] | ||
Operating lease liabilities, current | 3,103 | 2,458 |
Finance lease liabilities, current | 60 | 59 |
Total lease liabilities, current | 3,163 | 2,517 |
Lease Liabilities, Noncurrent [Member] | ||
Operating lease liabilities, long-term | 11,353 | 10,695 |
Finance lease liabilities, long-term | 111 | 156 |
Total lease liabilities, long-term | $ 11,464 | $ 10,851 |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Lease Cost: | ||
Amortization of right of use assets | $ 45 | $ 45 |
Interest on lease liabilities | 3 | 4 |
Operating lease cost | 2,304 | 1,962 |
Variable lease cost | 240 | 228 |
Short-term lease cost | 38 | 49 |
Total lease cost | 2,630 | 2,288 |
Operating cash flows from operating leases | 2,197 | 1,839 |
Financing cash flows from finance leases | $ 47 | $ 47 |
Finance (Year) | 2 years 9 months 14 days | 3 years 9 months 14 days |
Operating (Year) | 4 years 6 months 25 days | 3 years 10 months 17 days |
Finance | 2.10% | 2.10% |
Operating | 3.42% | 2.75% |
Note 10 - Leases - Aggregate Fu
Note 10 - Leases - Aggregate Future Lease Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remainder of 2023, finance | $ 775 |
Remainder of 2023, operating | 16 |
2024, finance | 3,183 |
2024, operating | 63 |
2025, finance | 3,024 |
2025, operating | 63 |
2026, finance | 2,660 |
2026, operating | 28 |
2027, finance | 2,302 |
2027, operating | 6 |
Thereafter, finance | 4,019 |
Thereafter, operating | 0 |
Total lease payments, finance | 15,963 |
Total lease payments, operating | 176 |
Less: Interest, finance | (1,507) |
Less: Interest, operating | (5) |
Present value of lease liabilities, finance | 14,456 |
Present value of lease liabilities, operating | $ 171 |
Note 11 - Income Per Share (Det
Note 11 - Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,218 | 9,876 | 12,153 | 9,876 |
Note 11 - Income Per Share - We
Note 11 - Income Per Share - Weighted Average Number of Shares Used to Compute Net EPS (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic weighted average common shares outstanding (in shares) | 7,639 | 7,570 | 7,619 | 7,559 |
Weighted average common equivalent shares due to restricted stock, stock options and RSUs (in shares) | 70 | 68 | 78 | 70 |
Diluted weighted average common shares outstanding (in shares) | 7,709 | 7,638 | 7,697 | 7,629 |
Note 12 - Segment Reporting (De
Note 12 - Segment Reporting (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Number of Operating Segments | 1 | 1 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Number of Major Customers | 1 | 1 | 1 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 30.30% | 25.10% | 24.70% | 20.50% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Geographic Distribution, Foreign [Member] | ||||||
Concentration Risk, Percentage | 15.40% | 18% | 16.80% | 16% | ||
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 | 10.50% | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||||||
Concentration Risk, Percentage | 17.90% | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | ||||||
Concentration Risk, Percentage | 10.50% | |||||
Customer Concentration Risk [Member] | Long-Lived Assets [Member] | Geographic Distribution, Foreign [Member] | ||||||
Concentration Risk, Percentage | 16.50% | 17% |
Note 12 - Segment Reporting - N
Note 12 - Segment Reporting - Net Sales by Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 100,784 | $ 96,970 | $ 298,575 | $ 262,555 |
Percentage of concentration risk | 100% | 100% | 100% | 100% |
Medical [Member] | ||||
Net sales | $ 87,127 | $ 81,591 | $ 257,092 | $ 208,464 |
Percentage of concentration risk | 86.50% | 84.20% | 86.10% | 79.40% |
Aerospace & Defense [Member] | ||||
Net sales | $ 4,377 | $ 3,590 | $ 12,828 | $ 11,097 |
Percentage of concentration risk | 4.30% | 3.70% | 4.30% | 4.20% |
Automotive [Member] | ||||
Net sales | $ 4,378 | $ 4,681 | $ 12,821 | $ 13,383 |
Percentage of concentration risk | 4.30% | 4.80% | 4.30% | 5.10% |
industrial or Other [Member] | ||||
Net sales | $ 4,902 | $ 7,108 | $ 15,834 | $ 29,611 |
Percentage of concentration risk | 4.90% | 7.30% | 5.30% | 11.30% |
Note 13 - Goodwill and Other _3
Note 13 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Intangible Assets | $ 1 | $ 1.1 | $ 3.1 | $ 3.3 |
Note 13 - Goodwill and Other _4
Note 13 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
December 31, 2022 | $ 113,028 |
Foreign currency translation | (60) |
September 30, 2023 | $ 112,968 |
Note 13 - Goodwill and Other _5
Note 13 - Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross amount | $ 77,690 | |
Accumulated amortization | (12,670) | |
Net balance | 65,020 | $ 68,361 |
Intellectual Property/ Tradename and Brand [Member] | ||
Gross amount | 7,046 | |
Accumulated amortization | (1,170) | |
Net balance | $ 5,876 | |
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 | $ 5,495 | |
Accumulated amortization | (1,392) | |
Net balance | $ 4,103 | |
Noncompete Agreements [Member] | Weighted Average [Member] | ||
Weighted-average amortization period (years) (Year) | 9 years 3 months 18 days | |
Customer Lists [Member] | ||
Gross amount | $ 65,149 | |
Accumulated amortization | (10,108) | |
Net balance | $ 55,041 | |
Customer Lists [Member] | Weighted Average [Member] | ||
Weighted-average amortization period (years) (Year) | 20 years |
Note 13 - Goodwill and Other _6
Note 13 - Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remainder of 2023 | $ 1,100 |
2024 | 4,401 |
2025 | 4,401 |
2026 | 4,399 |
2027 | 4,397 |
2028 | 4,350 |
Thereafter | 41,972 |
Total | $ 65,020 |
Note 14 - Other Long-term Lia_3
Note 14 - Other Long-term Liabilities - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued contingent consideration (earn-out) | $ 7,857 | $ 9,568 |
Present value of non-competition payments | 6,683 | 8,155 |
Other | 500 | 497 |
Other Liabilities, Noncurrent | $ 15,040 | $ 18,220 |
Note 15 - Income Tax (Details T
Note 15 - Income Tax (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 17.30% | 22.60% | 20.70% | 22.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% |
Note 16 - Indebtedness (Details
Note 16 - Indebtedness (Details Textual) - USD ($) | Dec. 22, 2021 | Sep. 30, 2023 |
Long-Term Debt | $ 43,000,000 | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | ||
Debt Instrument, Face Amount | $ 130,000,000 | |
Long-Term Debt | 43,000,000 | |
Letters of Credit Outstanding, Amount | $ 700,000 | |
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 | $ 90,000,000 | |
Debt Instrument, Periodic Payment, Principal | 1,000,000 | |
Subsidiary Guarantors [Member] | Second Amended and Restated Credit Agreement [Member] | Secured Term Loan [Member] | ||
Debt Instrument, Face Amount | $ 40,000,000 |
Note 16 - Indebtedness - Long-t
Note 16 - Indebtedness - Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Total long-term debt | $ 43 | |
Current portion | (4) | $ (4) |
Long-term debt, excluding current portion | 39 | $ 51 |
Term Loan [Member] | ||
Total long-term debt | 33 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Total long-term debt | $ 10 |
Note 16 - Indebtedness - Schedu
Note 16 - Indebtedness - Schedule of Maturity (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Remainder of 2023 | $ 1,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 34,000 |
Long-Term Debt | 43,000 |
Line of Credit [Member] | Revolving Credit Facility [Member] | |
Remainder of 2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 10,000 |
Long-Term Debt | 10,000 |
Term Loan [Member] | |
Remainder of 2023 | 1,000 |
2024 | 4,000 |
2025 | 4,000 |
2026 | 24,000 |
Long-Term Debt | $ 33,000 |