Sharps Compliance Provides Company Update: Experiencing Robust Order Activity and Playing a Key Role in COVID-19 Vaccination ...
January 11 2021 - 6:55AM
Sharps Compliance Corp. (NASDAQ: SMED) (“Sharps Compliance” or the
“Company”), a leading full-service national provider of
comprehensive waste management solutions including medical,
pharmaceutical and hazardous, is providing an update on the
completion of its infrastructure expansion announced in March 2020
to strengthen its service capabilities to proactively prepare for
an anticipated strong flu season as well as increased customer
activity related to the COVID-19 pandemic. The Company also
announces that it has been shipping COVID-19 related mailback
orders since December 2020, supporting immunizations in the
long-term care market, and has approximately $10 million in advance
mailback orders to be filled primarily during the quarter ended
March 31, 2021. These advance orders are expected to support
further immunizations in the long-term care and, ultimately, in the
retail markets. While these orders are expected to be shipped
during the March 2021 quarter, the unprecedented economic and
public health situation in the U.S. could affect the timing and
status of these orders.
The Company has completed the growth infrastructure initiatives
which it began in March 2020, to expand its capacity to support
growth across its service and solution offerings. The completed
projects include: (i) new autoclaves (one each) at the Company’s
Texas and Pennsylvania treatment facilities essentially tripling
capacity, (ii) the addition of mailback related warehouse and
distribution space of 52,000 square feet and (iii) mailback
inventory on January 1, 2021 of 300,000 units with a plan to
manufacture as many as an additional 1 million units by the end of
the fiscal year 2021. Additionally, the Company recently expanded
its line of credit from $14 million to $18 million to support its
growth.
David P. Tusa, President and Chief Executive Officer of Sharps
Compliance commented, “The growth we are experiencing in our
mailback and route-based businesses presents an opportunity to
reshape our seasonally low March quarter. The proactive
strengthening of our infrastructure and mailback inventory levels
has been critical to our ability to service our customers’ needs
during the COVID-19 pandemic on an uninterrupted basis.
Additionally, we have demonstrated to our customer base that we are
very well prepared to address their current needs as well as for
significantly increased demand expected as we move through 2021 and
as our customers continue to flex their operations to meet the
immunization and healthcare needs of the American public.
“As we begin the March 2021 quarter, strong order activity is
continuing, and we remain focused on efficiently servicing our
existing customers while also capitalizing on new opportunities in
the marketplace.
“We are a leader in servicing the retail pharmacy space, serving
close to 70% of that market, and are playing a key role as the
multi-shot COVID-19 vaccination program rolls out. Likewise, our
service to long-term care facilities and commercial labs is
continuing to generate increased volume activity as we move through
2021. Most importantly, we are thrilled to see a variety of
vaccines being made available and are very proud to play an
essential role in the safe disposal of the regulated medical waste
generated by these efforts.”
Sharps Compliance expects to announce its full financial results
for the second quarter of fiscal 2021 on January 28, 2021.
About Sharps Compliance Corp.Headquartered in
Houston, Texas, Sharps Compliance (NASDAQ: SMED) is a leading
business-to-business services provider to the healthcare, long-term
care and retail pharmacy markets. Sharps Compliance offers
comprehensive solutions for the management of regulated medical
waste, hazardous waste and unused medications. For more
information, visit: www.sharpsinc.com.
Safe Harbor StatementThe information made
available in this news release contains certain forward-looking
statements which reflect the Company’s current view of future
events and financial performance. Wherever used, the words
"estimate," "expect," "plan," "anticipate," "believe," "may" and
similar expressions identify forward-looking statements. Any such
forward-looking statements are subject to risks and uncertainties
and the company's future results of operations could differ
materially from historical results or current expectations. Some of
these risks include, without limitation, the company's ability to
educate its customers, development of public awareness programs to
educate the identified consumer, customer preferences, the
Company's ability to scale the business and manage its growth, the
degree of success the Company has at gaining more large customer
contracts, managing regulatory compliance and/or other factors that
may be described in the company's annual report on Form 10-K,
quarterly reports on Form 10-Q and/or other filings with the
Securities and Exchange Commission. Future economic and industry
trends that could potentially impact revenue and profitability are
difficult to predict. The Company assumes no obligation to publicly
update or revise its forward-looking statements even if experience
or future changes make it clear that any projected results, express
or implied therein, will not be realized.
For more information contact: |
|
Diana P. DiazSharps Compliance
Corp.Vice President and Chief Financial OfficerPhone: (713)
660-3547Email: ddiaz@sharpsinc.com |
John Nesbett/Jennifer BelodeauIMS Investor RelationsPhone: (203)
972-9200Email: jnesbett@institutionalms.com |
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