Ultralife Corporation reported a strong first quarter with a 31.4% increase in sales, driven by growth in the medical market. Gross profit and operating income improved significantly, leading to GAAP EPS of $0.18 compared to a loss in the previous year. The company is optimistic about sustaining profitable growth and generating cash flow.
Sales increased by 31.4% year-over-year, reaching $41.9 million, with a 54.7% growth in medical market sales.
Gross profit increased to $11.5 million, representing 27.4% of revenue, compared to $7.4 million and 23.3% in the previous year.
Operating income was $4.1 million, a significant improvement from breakeven in the first quarter of 2023.
GAAP EPS was $0.18, compared to a loss of $0.02 for the 2023 first quarter.
The company anticipates additional organic growth opportunities through a healthy backlog and new product commercialization, while continuing to drive gross margin improvements and invest in new product development.
Visualization of income flow from segment revenue to net income
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