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      "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. Stryker is eligible to receive price reductions as the products transfer.”\n32 AJR generated $27.7 million in revenue for Q3 2024, UFPT Q3 2024 10-Q\n33 See 10-K, F-13, “The Company recognizes revenue from bill-and-hold transactions at the time the specified goods are complete and available to the customer.”\n34 See SEC charges improper revenue recognition practices—still a hot topic for SEC Enforcement\n35 SecForm4",
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