Ultralife Corp., based in Newark has announced its most successful quarter for medical sales in the company’s history, marking a significant profit and a 23.4 percent increase in overall sales compared to last year’s fourth quarter. With total sales reaching $44.5 million, the company saw a remarkable 118 percent rise in medical battery sales, reflecting its growing impact in the healthcare sector.
The company reported a net income of $2.9 million, or 17 cents per diluted share, a sharp turnaround from a net loss of $200,000, or a penny per share, in the fourth quarter of 2022. Adjusted earnings per share (EPS) and EBITDA also showed significant improvements, underlining Ultralife’s financial recovery and operational efficiency.
President and CEO Mike Manna highlighted the strategic measures that contributed to this quarter’s success, including price realization, supply chain improvements, and lean manufacturing initiatives. Looking ahead, Ultralife aims to sustain its growth, reduce debt, and explore strategic opportunities to expand its market presence in 2024.
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