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  "docId": "019dd923-622c-750b-8b9a-9bb0069d4fbc",
  "docSlug": "76e3ae0c4d48",
  "documentTitle": "UFP Technologies, Inc. (UFPT)",
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  "authorName": "Wolfpack Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-05 00:00:00",
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  "notes": "The slide uses import data as evidence to challenge the company's stated supply chain strategy.",
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      "kind": "callout",
      "text": "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.",
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      "text": "Import record showing Microtek as shipper and Intuitive Surgical as consignee.",
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      "text": "In this specific shipment, we can see that Microtek sold ISRG surgical drapes for its Xi system as highlighted at the top in red. 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.",
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      "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.",
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      "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.",
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      "text": "Source: Import Records",
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      "kind": "title",
      "text": "Dominican Love Triangle: ISRG’s Tryst with UFPT’s Next Door Drape Rival",
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