UFP Technologies enters amended supply deal with Intuitive Surgical; estimates $500M revenue over initial term

UFP TECHNOLOGIES INC

Amended manufacturing supply agreement with Intuitive Surgical SARL, effective Jan 1, 2024, for a four-year initial term.
Intuitive agrees to purchase majority of certain products on a semi-exclusive basis with volume-based pricing.
UFP estimates approximately $500 million in revenue over the initial term if volume thresholds are met.
Agreement automatically renews for one-year terms; either party may terminate for breach or non-renewal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UFP TECHNOLOGIES INC amended Amendment with Intuitive Surgical SARL valued at approximately $500 million (effective 2024-03-18).

Action: amendment
Agreement: supply
Counterparty: Intuitive Surgical SARL
Value: approximately $500 million
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, through a wholly-owned subsidiary, UFP Technologies, Inc. (“UFP” or the “Company”) and Intuitive Surgical SARL, one of the Company’s strategic medical customers (the “Customer”), entered into that certain amendment (the “Amendment”) to the manufacturing supply agreement dated April 25, 2014 as amended

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Source: SEC EDGAR

accession 0001171843-24-001413

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