Sharps Technology, a medical device and pharmaceutical packaging company, recently released a shareholder letter from Robert Hayes, the Chief Executive Officer, highlighting the company’s plans for expanding its manufacturing facility in Hungary. This expansion is aimed at increasing the supply and revenue of the SecureGard and SoloGard products.
The CEO discussed a significant sales agreement valued at over $50 million with a US-based pharmaceutical company for the supply of customized 10mL SoloGard syringes manufactured in Hungary. This deal is expected to lead to the manufacture of at least 500 million syringes over five years, fully utilizing the current manufacturing capacity for 10mL SoloGard syringes. The project is set to accelerate revenue beginning in the first quarter of 2025, with a gradual ramp-up throughout the year and beyond.
The growing demand for Sharps’ innovative injection solutions, particularly against the backdrop of increasing interest in high-quality safety syringe products due to factors like tariffs, recalls, and quality issues with Chinese supplied syringes, is driving the need for expansion in the Hungary facility. The company is exploring collaboration opportunities with Hungarian-based investment sources to boost manufacturing capacity for SecureGard and SoloGard products.
Sharps Technology anticipates robust revenue growth from the Hungary facility, with revenue targets exceeding $5 million in 2025, $15 million in 2026, and $20 million in 2027. These projections do not include potential revenue from US projects or third-party agreements, indicating a positive outlook for the company’s growth.
The Sharps leadership team is also working on finalizing the acquisition of manufacturing assets at the InjectEZ facility in Columbia, SC. Although the timeline for this acquisition has been extended due to business developments, the company aims to provide a comprehensive update after the turn of the year.
The company expressed gratitude to its investors for their support during the period of regaining compliance with NASDAQ listing rules. Sharps successfully completed the requirements of the remediation plan and received notification from NASDAQ confirming full compliance with the listing rules.
Sharps Technology specializes in developing smart safety syringe products, focusing on ultra-low waste and active safety features. With ongoing developments and expansions, the company is well-positioned to cater to the evolving needs of the healthcare industry.
For further information, please visit the Sharps Technology website at www.sharpstechnology.com.
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.
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