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Word-doc style prose memo with embedded photos (Bulgaria site visit, Da Vinci drape annotation), Google Maps proximity image of Microtek-vs-DAS factories, quarterly ISRG sales decay table, and 16-row insider-sales table from SecForm4. No named human author — Wolfpack Research institutional byline only. Tone is forensic and adversarial with sarcastic subheads ('Dominican Love Triangle', 'Management Is Dumping, Why Shouldn't We?'). Classic short-seller playbook: customer-concentration thesis + insider-selling + aggressive-accounting flag (bill-and-hold). No explicit price target; no sum-of-parts or peer-multiple analysis.", "kpisCited": [ { "detail": "29% of sales in 2024", "metric": "ISRG share of UFPT revenue" }, { "detail": "96.5% of 2024 organic growth", "metric": "ISRG share of UFPT organic growth" }, { "detail": "down 38% from Q2 2024 through Q1 2025", "metric": "UFPT drape shipment volume (import records)" }, { "detail": "-0.9%, first ever decline", "metric": "ISRG Q4 2024 sales Y/Y growth at UFPT" }, { "detail": "~10% already moved in-house", "metric": "ISRG drape insourcing in Mexico" }, { "detail": "$111M Q3 2024 run-rate falling to Street estimate of $80M post-offshoring", "metric": "AJR revenue run-rate" }, { "detail": "25-30% before Stryker pricing concessions", "metric": "AJR gross margin (former employee)" }, { "detail": "$51M sold by CEO Bailly, CFO Lataille and directors since March 2024", "metric": "Insider stock sales" }, { "detail": "0.4% in 2024", "metric": "UFPT organic growth ex-ISRG and ex-M&A" }, { "detail": "$500M over 4 years = $125M/yr, below $145M 2024 run-rate, no minimum volume", "metric": "ISRG amended agreement value" } ], "closingAsk": "Management is dumping stock, so investors should short UFPT as ISRG insourcing, Microtek share gains, and Stryker pricing concessions continue to erode the business.", "extraction": { "at": "2026-04-22 22:57:43+00", "model": "unknown-legacy", "runId": null, "seconds": 103.26991, "promptVersion": null }, "scqaReward": "Shares have traded ~3x higher since the DAS Medical deal that originally secured the ISRG contract; Wolfpack expects UFPT to give back most of those gains as ISRG insources and Microtek captures share.", "thesisTypes": [ "fraud_exposure", "operational_turnaround" ], "top3Reasons": [ "ISRG drove 96.5% of 2024 organic growth and is insourcing drapes in Mexico and Bulgaria", "ISRG is now buying drapes from UFPT competitor Microtek 350m from UFPT's own DR factory", "Insiders dumped $51M of stock while hiding the ISRG insourcing pivot from investors" ], "scqaSituation": "UFP Technologies is a small-cap medical contract manufacturer whose surgical drape business grew on the back of a single anchor customer, Intuitive Surgical, which accounts for 29% of UFPT sales and drove 96.5% of 2024 organic growth.", "thesisSummary": "Wolfpack Research is short UFP Technologies (UFPT) because its largest customer, Intuitive Surgical (ISRG, 29% of revenue and 96.5% of 2024 organic growth), is insourcing surgical drape production at facilities in Mexico and a new Bulgarian plant confirmed by Wolfpack's on-site investigator, and has begun buying from UFPT's direct competitor Microtek — whose Dominican Republic factory sits 350 meters from UFPT's own. Import records show UFPT's drape shipment volume fell 38% from Q2 2024 to Q1 2025, and ISRG Q4 2024 sales at UFPT turned negative year-over-year for the first time. Meanwhile UFPT went on a nine-figure acquisition spree, buying AJR Enterprises for $110M — a company with 100% customer concentration in Stryker that has now forced offshoring and pricing concessions. Insiders including CEO Bailly and CFO Lataille sold $51M of stock ahead of disclosures.", "primaryDemands": [ "Short UFPT shares", "Demand management disclose ISRG insourcing plans and AJR-Stryker pricing concessions", "Scrutinize UFPT's bill-and-hold revenue recognition" ], "scqaResolution": "Short UFPT: management concealed the ISRG pivot, papered over the decline with four debt-funded acquisitions including AJR (100% Stryker-concentrated with pricing concessions), and insiders dumped $51M of stock.", "thesisOneLiner": "UFPT's largest customer Intuitive Surgical — 96.5% of 2024 organic growth — is quietly insourcing drapes and buying from rival Microtek while insiders dumped $51M in stock.", "precedentsCited": [ "Bill-and-hold accounting as historic SEC enforcement target", "Paul Pelosi-style insider timing" ], "scqaComplication": "ISRG is insourcing drape production in Mexico and a new Bulgarian plant and has resumed buying from rival Microtek 350m from UFPT's DR factory; UFPT 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Import records show that Microtek made 13 shipments for ISRG drapes through the end of March. We infer from ISRG’s willingness to buy drapes from UFPT’s primary competitor (despite their “semi-exclusive” contract) that the relationship between ISRG and UFPT has become far more adversarial than in years past.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:42.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "696c3fe1-5068-42a3-bb22-42ed80af2de7", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "ISRG says they expect this volume to ramp over time at their facilities in Mexico. We do not believe this insourcing initiative would be worthwhile for a $190 billion company (ISRG) unless they intended to insource most of their surgical drape production.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:42.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9880b275-ed68-483f-8da0-cb1b0ae7ab14", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "The company told us that its intention to insource surgical drapes were due to supply chain risks and margin expansion efforts. We think ISRG citing supply chain risks is a half-truth. While UFPT’s drape manufacturing facility is in the Dominican Republic, which has been subject to major hurricanes that have resulted in island-wide shut-downs and severe supply chain disruptions, we think UFPT’s and ISRG’s relationship has soured.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:42.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8dbef00-7d4f-48bf-8805-e249d0b8a17e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.4, "y": 0.77 }, "kind": "source-note", "text": "Source: Import Records", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"text": "We believe this is a strong indicator that UFPT’s drape sales to ISRG have peaked. In our opinion, this is a significant problem for UFPT as their main source of revenue growth has disappeared with the company now facing declining sales.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:32:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a66a-adf1cab3cccd", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "image", "text": "Satellite map showing 350-meter distance between Microtek and DAS Medical facilities.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "098a45c6-6872-4a32-b9b3-0b1cd5eb5ffe", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Y/Y Growth: (0.9%)", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:32:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f9-71ae-a66a-b13326a34456", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "While ISRG’s spending with UFPT in Q4 decreased year over year, ISRG’s worldwide da Vinci procedures for Q4 grew 18% during the same period. We believe this is a strong indicator that UFPT’s drape sales to ISRG have peaked.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ee089c7-d17f-43c7-935e-b48c213401b3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Microtek’s factory is just a ~4-minute walk from UFPT’s own facility as seen in the image below, indicating potential supply chain disruptions are not the sole motivating factor in moving sales away from UFPT.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b9fcbfe-08ef-4075-b146-32253016570c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.76 }, "kind": "paragraph", "text": "UFPT management likely learned about ISRG's insourcing plans when amending their agreement with ISRG in March 2024. The agreement initially appeared positive, promising $500 million in revenue over four years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a33955fc-8d25-4c41-a4da-053af2d97350", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "source-note", "text": "Source: Google Maps / Wolfpack Analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "665e41f8-c04b-4679-99a5-f986e83d735d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.38 }, "kind": "title", "text": "We Believe ISRG’s Insourcing Strategy Is Turning UFPT’s Growth Negative", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8deec1e-df2b-4ca0-8692-8c49d6a37d57", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8d531b61-e9f9-4dfa-be22-8ef4d21e54ca", "evidence": "Contrasts ISRG's procedure growth with declining sales to UFPT.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:36.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping 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Stryker appears to hold all the cards in the relationship, which we think is the real reason for the move to the Dominican Republic from Illinois. A 100% requirement contract does hold some promise of guaranteed revenues, but the pricing concessions (that cut into top-line revenues and squeeze margins) demanded by Stryker will, in our opinion, end up being the enduring legacy of this deal. 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ISRG’s willingness to buy from Microtek only makes it more likely that UFPT will concede on margin or risk losing drape sales volume quicker than anticipated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86631bf4-3d97-4056-975b-aa8a1b00eb20", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Management Is Dumping, Why Shouldn’t We?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4798f0a-044a-4cc6-826f-92b231530098", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 10, "name": "Thesis Headline", "beatId": "96d2e802-fe69-4721-b230-dc725cbfa59e", "matchId": "e7718b9c-35dd-4701-a591-82a72472ce9c", "beatType": null, "evidence": "The document presents a clear thesis statement", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "appendix", "title": "The slide contains two distinct appendix sections labeled A and B.", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 6, "textChars": 251, "nDataPoints": 9, "notes": "The slide contains two distinct appendix sections labeled A and B.", "elementsJson": [ "data_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:09:36.68+00", "seconds": 2.466, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-9bb0069d4fbc/11", "deck": "/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc.json" }, "components": [ { "bbox": { "h": 0.123, "w": 0.766, "x": 0.117, "y": 0.376 }, "kind": "image", "text": "Bloomberg terminal interface", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:36.68+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7e7eea5-3719-4134-936c-a7cbe3c203fe", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.324, "x": 0.338, "y": 0.312 }, "kind": "source-note", "text": "Source: UFPT FY2024 10-K, p. 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"/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9a-9bb0069d4fbc.json" }, "components": [ { "bbox": { "h": 0.85, "w": 0.76, "x": 0.12, "y": 0.1 }, "kind": "paragraph", "text": "1 Medical Device Network\n2 DAS Medical International, S.R.L. Import Records\n3 Bloomberg, See Appendix B\n4 SecForm4, UFPT's CEO & CFO began selling stock in August 2024\n5 UFPT FY2024 10-K\n6 Bloomberg, Wolfpack Analysis. ISRG sales grew $33 million in 2024, while UFPT organic revenue grew $34 million in the same period.\n7 UFPT 3/18/24 8-K\n8 See Appendix A\n9 This former employee was not asserting that there was no topline revenue growth or “sales”, but the statements were made in a context where they were describing the stagnant nature of the business in terms of new customers, products, business development opportunities, etc....\n10 See 8-K, In this requirement contract UFPT has agreed to provide 100 percent of the specified products Stryker requires. We believe these types of contracts typically come with low margins. As for the pricing concessions: “Stryker is eligible to receive price reductions as the products transfer”\n11 UFPT FY2024 10-K\n12 See Nancy Pelosi Stock Tracker on X.com\n13 Fierce Biotech\n14 Medline first announced it would acquire Microtek in April 2024\n15 Google Maps\n16 UFPT disclosures indicate AJR has a second customer, Merryweather Foam, which appears immaterial. See footnote 29\n17 UFPT 12/22/21 8-K\n18 ScienceDirect article\n19 YouTube video\n20 UFPT FY2024 10-K\n21 Microtek stopped listing ISRG as consignee on drape imports after 2024. However, 13 shipments through March 2025 are using identical import description language (“XI INSTRUMENT ARM”) previously associated with ISRG drape shipments.\n22 Microtek & DAS Medical Dominican Republic Facilities, Google Maps\n23 ISRG PR\n24 UFPT 3/18/24 8-K\n25 ISRG Careers Website\n26 Appendix A\n27 Per Marble Medical’s LinkedIn, UFPT 7/16/24 8-K\n28 Welch Fluorocarbon, UFPT 7/16/24 8-K\n29 This sale of AJR only includes the medical division. Per UFPT’s 8-K filed 6/27/24, AJR generated sales $75 million in the trailing 12-month period ended March 31, 2024. UFPT discloses in Item 7.01. Regulation FD Disclosure that during this period, the company had sales of $75 million to a single, major customer in the safe patient handling space (i.e. Stryker)\n30 See id.\n31 See 8K announcing the deal: “The Company has agreed to purchase the necessary equipment to manufacture the products for Stryker on an exclusive basis. Payment terms are as agreed in that certain Supply Agreement between the Parties, dated as of January 1, 2021. 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Unless otherwise noted and/or explicitly disclosed, you should assume that as of the publication date of the applicable Information, Wolfpack (along with or by and through any affiliates)), together with its clients and/or investors, has an investment position in all Securities featured by and through the Wolfpack Offerings, and therefore stands to realize significant gains in the event that the price of such Securities change in connection with the Information.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:38.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0713203d-e2ef-4376-9b24-380bd65dc5e9", "parentComponentId": null }, { "bbox": { "h": 0.059, "w": 0.764, "x": 0.118, "y": 0.371 }, "kind": "disclaimer", "text": "Therefore, you should assume that upon publication of this report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities. 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