Sharps Technology (NASDAQ:STSS) Announces Major Sales Agreement with European Healthcare Network

Sharps Technology, Inc., a leader in medical device and pharmaceutical packaging solutions, recently disclosed signing significant sales contracts to support a major European healthcare network and completely selling out its inventory for SecureGard syringes. The company released a press statement on December 5, 2024, underscoring key details of the agreements.

Under these new sales deals, Sharps Technology initiated shipments and revenue generation in early December for its 1mL and 3mL SecureGard safety syringes to a distinguished European medical supply organization catering to Poland, Slovakia, and the Czech Republic. The customer has additionally committed to procuring all existing plant inventory by the first quarter of 2025, with new projected orders commencing in the second quarter of 2025.

The agreements not only include forecasted orders but also commitments for all current SecureGard capacity. This strategic move is anticipated to bolster revenue potential for the Hungary Operation starting in 2024. The customer, which serves as the primary network for hospitals and outpatient clinics in Central and Eastern Europe, plans to acquire Sharps’ stocked 1mL and 3mL SegureGard inventory stored in Hungary, followed by fresh production orders from the second quarter of 2025.

These orders will absorb the entire current SecureGard production capacity of 35 million units at the Hungarian manufacturing plant. Expressing further interest, the customer is keen on Sharps’ U.S. inventory to fulfill a demand for safety syringes in Northern Africa.

The soaring demand for Sharps’ innovative injection solutions illustrates the continuous preference for injectable methods in various therapies, including vaccines, biologics, weight management, ophthalmic applications, gene therapies, and diabetes and inflammatory disease management. The company is actively engaged in collaborations with governmental and private investment entities in Hungary to expand manufacturing facilities and cater to the escalating need for both SecureGard and SoloGard syringe production.

The expansion plans aim to enhance annual SecureGard capacity to exceed 100 million units and SoloGard capacity to surpass 125 million units. Sharps’ product lines, including SecureGard and SoloGard, specialize in low waste and ultra-low waste syringe technologies, integrating active safety features to meet the healthcare industry’s demand for top-tier drug delivery solutions.

About Sharps Technology:
Sharps Technology is recognized for delivering patented, high-quality smart-safety syringe products to the healthcare sector. Its product offerings focus on ultra-low waste capabilities, incorporating syringe technologies with passive and active safety features. The company operates a manufacturing facility in Hungary.

Forward-Looking Statements:
The press release contains forward-looking statements regarding future events. Such statements are subject to inherent uncertainties, risks, and changing circumstances that may cause actual results to differ. The company urges caution when relying on forward-looking statements, as they are not guarantees of future performance.

Investor Relations:
For further information, please contact Dave Gentry of RedChip Companies, Inc. at 1-800-RED-CHIP (733-2447) or 407-644-4256, or via email at [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sharps Technology’s 8K filing here.

About Sharps Technology

Sharps Technology, Inc, a medical device company, researches, designs, develops, manufactures, distributes, and sells safety syringe products in the United States. It offers Sharps Provensa, an ultra-low waste space syringe for the administration of various vaccines and injectable medications. Sharps Technology, Inc was incorporated in 2017 and is based in Melville, New York.