24/7 Market News Snapshot 05 December, 2024 – Sharps Technology Inc. Common Stock (NASDAQ:STSS)

December 5, 2024

DENVER, Colo., 05 December, 2024 (247marketnews.com) – (NASDAQ:STSS) are discussed in this article.
Sharps Technology Inc. (NASDAQ:STSS) is experiencing a remarkable surge in its stock, currently trading at $2.613, reflecting a 34% increase from the prior day’s close of $1.950. This significant movement is underscored by a trading volume of 2.71 million shares, indicative of strong investor interest and market confidence in the company’s growth potential.

The surge comes amidst the announcement of new agreements with a leading European medical supply company, marking a pivotal moment for Sharps as it commences shipments of its innovative SecureGard safety syringes. These agreements encompass immediate deliveries, securing the complete production capacity of its Hungary-based manufacturing facility, with initial shipments of the 1mL and 3mL syringes set to begin in December 2024. The anticipated demand suggests that the customer will exhaust the current inventory by early 2025 and will initiate new production orders in the second quarter of 2025.

As a preferred supplier to numerous hospitals and outpatient clinics throughout Central and Eastern Europe, Sharps is positioned to significantly elevate its revenue potential. In addition, the company’s customer plans to source from Sharps’ U.S. inventory to fulfill urgent needs for safety syringes in Northern Africa, further highlighting the robust demand for effective and safe injection solutions.

In response to the growing market interest, Sharps is proactively collaborating with public and private partners in Hungary to enhance its manufacturing capabilities, aiming to increase annual production capacity for SecureGard syringes to over 100 million units. This expansion also includes enhancements to the SoloGard line to exceed 125 million units. Sharps Technology is dedicated to delivering innovative, high-quality syringe solutions that address the evolving needs of the healthcare industry, positioning the company as a leader in the field of drug delivery systems.

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