Sharps Technology stock soars on first commercial shipments

Investing.com -- Sharps Technology Inc (NASDAQ:STSS) shares soared 58.6% following the company’s announcement that it has begun shipping its smart-safety syringe products, marking a significant transition to generating commercial revenue. The initial shipments include the SecureGard™ and SoloGard™ product lines, fulfilling parts of previously announced purchase orders.

The company has shipped its first commercial order of SoloGard under a $50 million supply agreement with a U.S.-based leader in IV flushing solutions. This first $400,000 purchase order is part of a five-year contract to supply up to 500 million syringes. The SoloGard syringes, which boast ultra-low waste design and re-use prevention technology, are manufactured at Sharps’ upgraded facility in Hungary, indicating readiness for increased demand projected for the second half of 2025.

Additionally, Sharps delivered SecureGard smart safety syringes to a Hungarian vaccine provider, fulfilling a $100,000 purchase order. This order, combined with the SoloGard order, totals approximately $500,000 in purchase commitments, marking Sharps’ foray into revenue production and signifying its shift to commercial operations.

Sharps has also commenced shipment of 200,000 units of 1mL low dead space syringes to a Swiss-based global provider of cosmetic, dental, and ophthalmic injectable therapies, further demonstrating the company’s capability to cater to various therapeutic markets.

Sharps’ CEO, Robert Hayes, highlighted the milestone of transitioning to a commercial-stage company and the recognition of product revenue across multiple product lines and global markets. He attributed this success to the company’s years of R&D, strategic planning, and manufacturing investments. The Hungary-based facility has seen significant upgrades, including next-generation molding and automation technologies, to meet near-term demand and scale up for long-term contracts.

Hayes emphasized the strategic value of the manufacturing investments and the company’s focus on expanding capacity to support current and future purchase commitments under long-term strategic agreements. With these developments, Sharps Technology Inc is positioning itself for additional growth in the upcoming quarters.

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