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  "documentTitle": "UFP Technologies, Inc. (UFPT)",
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  "presentationDate": "2025-05-05 00:00:00",
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  "notes": "Includes a map showing 350-meter distance between facilities and a table showing Q4 2024 Y/Y growth turning negative.",
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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.",
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      "text": "Satellite map showing 350-meter distance between Microtek and DAS Medical facilities.",
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      "text": "Y/Y Growth: (0.9%)",
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      "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.",
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      "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.",
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      "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.",
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      "kind": "source-note",
      "text": "Source: Google Maps / Wolfpack Analysis",
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      "text": "Table showing ISRG Sales and Y/Y Growth from Q1 2023 to FY 2024.",
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      "kind": "title",
      "text": "We Believe ISRG’s Insourcing Strategy Is Turning UFPT’s Growth Negative",
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