Sharps Technology Adding +$5O M in New Revenue for EU Facility via 5 Year Sales Agreement with U.S. Medical Products Company

July 25, 2024

DENVER, Colo., Jul 25, 2024 (247marketnews.com)- Sharps Technology, Inc., (NASDAQ:STSS) is adding at least $50 million in new revenue from five-year sales agreement with a U.S.-based supplier of medical saline and water products to supply them with customized 10mL SoloGard syringes, which will be manufactured at Sharps’ facility in the EU.

Sharps Technology CEO, Robert Hayes, stated, “Creating a strategic partnership with the customer and selling out production capacity at the Hungary plant for the next five years is a historic accomplishment for Sharps and the future success of the Company.

“The collaboration creates a five-year sales agreement for at least 500 million syringes and essentially consumes the current available manufacturing capacity for Sharps’ 10mL SoloGard disposable syringe. This project also provides a clear path for near-term revenue for our company beginning in Q4 2024, with a phased ramp up into 2025.”

Filippo Filippi, SafeGard manufacturing facility general manager, added, “We have been driven to bring our innovative syringes to the U.S. healthcare market.

“After two years of dedicated efforts, I am excited for this five-year commitment for the 500 million units, starting with the 10mL SoloGard shipments in November of this year. Equally as important, this sales agreement will help provide a solid foundation for the continued expansion of Sharps’ European division in Hungary.”

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