Sharps Technology Inc’s (STSS) shares are trading higher on Friday, with a heavy session volume of 15.17 million. The medical device and pharmaceutical packaging company recently received two purchase orders for approximately 1 million SecureGard ultra-low waste smart safety syringes produced at their manufacturing facility in Hungary. These syringes are scheduled to be shipped in the third week of July, with subsequent deliveries planned throughout the rest of 2024.
The first customer to place an order for Sharps’ syringes is a Swiss-based provider of cosmetic, dental, and ophthalmic injectable therapies. This initial order marks the beginning of a collaboration that will utilize Sharps’ technology, portfolio of drug delivery solutions, and development expertise to support the customer’s expanding product offerings.
The demand for innovative injection solutions is increasing rapidly as injectables are widely used in therapies such as vaccines, biologics, weight loss and maintenance, ophthalmic and cosmetic applications, gene therapies, and diabetes and inflammatory disease management. With market growth and issues with Chinese-supplied syringes like tariffs, recalls, and quality concerns growing interest in Sharps’ high-quality smart safety syringe products.
Sharps Technology specializes in developing and manufacturing drug delivery systems with low-waste and ultra-low waste syringe technologies that come with active safety features and re-use prevention measures accredited by the World Health Organization. These features protect healthcare workers from needle stick injuries and the public from the risks of needle reuse. Additionally, Sharps has a manufacturing facility in Hungary and is finalizing an asset acquisition in South Carolina to expand their manufacturing capacity in the U.S., which could lead to further growth opportunities for the company.
Overall, these recent orders for SecureGard syringes highlight the potential for growth and collaboration for Sharps Technology Inc as they continue to develop innovative solutions to meet the evolving needs of the healthcare industry.
