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  "docId": "019dd923-622c-750b-8b9a-9bb0069d4fbc",
  "docSlug": "76e3ae0c4d48",
  "documentTitle": "UFP Technologies, Inc. (UFPT)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-05 00:00:00",
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  "notes": "Includes photographic evidence of ISRG facility and Bloomberg terminal screenshot of insider trading activity.",
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      "text": "In our view, insiders at the company seem to possess Paul Pelosi-like timing when it comes to selling their stock.",
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      "text": "Photos of ISRG Bulgarian facility",
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      "kind": "paragraph",
      "text": "Our investigator visited ISRG's new Bulgarian factory and verified that ISRG plans to make surgical drapes on-site, potentially crippling UFPT. This investigation confirmed claims made by an ISRG executive about plans for the facility in a company blog post.",
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      "text": "UFPT's management likely knew about ISRG's insourcing plans since March 2024 when the companies announced an amended agreement. The agreement appears to contain no financial penalties for ISRG if they were to quit ordering from UFPT. UFPT estimated ISRG would purchase $500 million over 4 years per the agreement. This is a significant annualized reduction considering ISRG sales were $145 million in 2024. Just two days before the amended agreement, UFPT's now former COO & VP of MedTech kicked off a barrage of insider selling. In our view, insiders at the company seem to possess Paul Pelosi-like timing when it comes to selling their stock.",
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