Wolfpack Research says short UFP Technologies, growth story ‘in shambles’

Wolfpack Research says it is short UFP Technologies (UFPT), as the firm’s research suggests that Intuitive Surgical (ISRG), UFP’s largest customer, is “gutting” UFP by insourcing and buying from a competitor. Wolfpack believes UFP’s surgical drape business with Intuitive Surgical faces existential threats from several converging forces, “all of which appear to be driven by its own customer.” Intuitive Surgical represents 29% of UFP’s revenue and drove 96.5% of organic growth in 2024, the firm adds.