UFP Technologies is a contract developer and manufacturer (CDMO) of custom-engineered, single-use medical device components for large medical device OEMs, who outsource production rather than make components in-house. UFP's core business is its MedTech segment, which represents roughly 91% of revenue, with the remaining 9% coming from foam and plastics converting for industrial applications — a segment UFP is actively deemphasizing. UFP's two largest end markets are robotic-assisted surgery (RAS) and safe patient handling. In RAS, UFP manufactures protective drapes and single-use components for robotic surgery systems, primarily for Intuitive Surgical, which alone accounts for roughly 24% of net sales. In safe patient handling, UFP manufactures disposable components for moving and positioning patients, primarily for Stryker, which accounts for roughly 22% of net sales. Together, these two customers drive nearly half of UFP's revenue. UFP earns revenue on a per-unit basis under multi-year exclusive supply agreements, and profitability scales with volume. A key margin driver is UFP's manufacturing campus in the Dominican Republic, where it transfers production from higher-cost U.S. facilities, sharing some savings with customers while expanding its own margins. UFP has grown revenue significantly through acquisitions, adding capabilities in areas like thin-film welding and injection molding, and continues to pursue both organic expansion within existing OEM relationships and targeted M&A to build out its manufacturing platform.