Fast Radius (Nasdaq: FSRD), a digital manufacturing and supply
chain company, is working with TacMed, a leading supplier of
emergency medical equipment, to produce a key component used in
TacMed’s SOF® Tourniquet. The SOF Tourniquet is a pre-hospital
emergency medical device that’s used by military and front-line
personnel around the world to stop bleeding from potentially
life-threatening limb wounds. Leveraging Fast Radius’ Cloud
Manufacturing Platform™ to rapidly scale production of a critical
Tourniquet part, TacMed is able to meet increasing demand for the
product in response to the conflict in Ukraine, overcoming
bottlenecks within the global supply chain.
“With the conflict in Ukraine, coupled with disruptions in the
supply chain, we’re seeing unprecedented demand for our SOF
Tourniquet product,” said Katie Hembree, Director of Operations at
TacMed. “Our traditional supplier was unable to meet our increase
in demand, which is where Fast Radius stepped in to quickly help us
produce critical components of the Tourniquet. Specifically, we’ve
benefited from Fast Radius’ manufacturing expertise and network of
certified suppliers, allowing us to rapidly make quality parts,
meet the spike in demand, and get the end product into the hands of
front-line workers around the world.”
Fast Radius is producing 800,000 precision-engineered parts for
TacMed’s SOF Tourniquet. The anodized aluminum part—known as a
windlass—is produced via CNC turning. Due to demand, Fast Radius
delivered 100,000 parts to TacMed in just 30 days, meeting their
desired timeline while reducing costs.
Though demand has always been high for the TacMed SOF
Tourniquet, the conflict in Ukraine that commenced during the first
quarter of 2022 sparked a rapid uptick in demand, which is
continuing to grow. In addition to supplying allies supporting the
Ukrainian war effort, TacMed has partnered with relief
organizations including Samaritan’s Purse, Afya, and Ukrainian
American Foundation to distribute donations of the SOF Tourniquet.
In total, TacMed has provided more than 50,000 tourniquets to the
Ukrainian war effort as of May 2022, with plans to grow that number
into the hundreds of thousands in summer 2022 if needed. These
ambitious plans require consistent manufacturing for high part
volumes and a steady supply chain.
“TacMed has been able to leverage our Cloud Manufacturing
Platform and supplier network, allowing them to quickly and
efficiently make the parts they need,” said Bobby Bott, VP of
Manufacturing at Fast Radius. “For this production, we’re able to
leverage a single serial production supplier, meaning quality
products get into the hands of first responders and relief
organizations faster, helping to save lives in the most difficult
situations. Partnerships like the one we have with TacMed make our
work incredibly meaningful—yes, we’re making a single part, but
that part could ultimately help save a life. That is truly the
vision of our work at Fast Radius: to make new things possible to
improve the state of the world.”
As the companies look at the remainder of 2022 and beyond, Fast
Radius and TacMed plan to continue to work together to create parts
for the SOF Tourniquet and evaluate collaborations on other
products.
With a global supplier network that offers customers access to
preferred pricing and fast lead times, Fast Radius has been
reliably serving companies that require parts with tight tolerances
and durability for many years, including within the automotive,
aerospace, and medical device industries. Fast Radius was also
recently announced as a Crain's Chicago Business Fast 50 company
for accelerated five-year growth.
ABOUT FAST RADIUSFast Radius, Inc. is a leading
cloud manufacturing and digital supply chain company. The Fast
Radius Cloud Manufacturing Platform™ provides software applications
and manufacturing solutions that help engineers design, make, and
fulfill commercial-grade parts, when and where they are needed.
This enables companies to manufacture and ship parts easily,
flexibly, and sustainably. Founded in 2017, Fast Radius, Inc. is
headquartered in Chicago with offices in Atlanta, Louisville, and
Singapore, and microfactories in Chicago and at the UPS Worldport
facility in Louisville, KY. To learn more about Fast Radius and how
its digital manufacturing capabilities are helping companies,
please visit Fast Radius or connect with us on LinkedIn or
Twitter.
ABOUT TACMEDTacMed Solutions™ (TacMed™) is
dedicated to improving survivability in response to crisis
situations through world-class innovative emergency response
solutions designed to equip, train, and protect those who save
lives. We develop and manufacture customized emergency response
technology, advanced simulation and training aids, and personal
protective gear for warfighters, first responders, and citizens
alike to effectively manage the full continuum of care. For more
information, please visit www.tacmedsolutions.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS This press release contains certain
forward-looking statements relating to Fast Radius within the
meaning of the federal securities laws. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “scales,” “representative of,” “valuation,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on Fast Radius’
current expectations and assumptions and, as a result, are subject
to risks and uncertainties. Many factors could cause actual future
events to differ materially from the forward-looking statements in
this press release, including but not limited to: (i) the risk that
Fast Radius is unable to obtain additional funding on terms that
are acceptable to Fast Radius or at all; (ii) the outcome of any
legal proceedings that may be instituted against Fast Radius,
including following the consummation of the business combination
with ECP (the “Transaction”), (iii) the ability to maintain the
listing of Fast Radius’ securities on a national securities
exchange, (iv) changes in the competitive industries in which Fast
Radius operates, variations in operating performance across
competitors, changes in laws and regulations affecting Fast Radius’
business and changes in the combined capital structure, (v) the
ability to implement business plans, forecasts, and other
expectations after the completion of the Transaction, and the
ability to identify and realize additional opportunities, (vi)
risks related to the uncertainty of Fast Radius’ projected
financial information, (vii) risks related to Fast Radius’
potential inability to become profitable and generate cash, (viii)
current and future conditions in the global economy, including as a
result of the impact of the COVID-19 pandemic or the armed conflict
between Russia and Ukraine, (ix) the risk that demand for Fast
Radius’ cloud manufacturing technology does not grow as expected,
(x) the ability of Fast Radius to retain existing customers and
attract new customers, (xi) the potential inability of Fast Radius
to manage growth effectively, (xii) the potential inability of Fast
Radius to increase its cloud manufacturing capacity or to achieve
efficiencies regarding its cloud manufacturing process or other
costs, (xiii) the enforceability of Fast Radius’ intellectual
property rights, including its copyrights, patents, trademarks and
trade secrets, and the potential infringement on the intellectual
property rights of others, (xiv) Fast Radius’ dependence on senior
management and other key employees, (xv) the risk of downturns and
a changing regulatory landscape in the highly competitive industry
in which Fast Radius operates, and (xvi) costs related to the
Transaction and the failure to realize anticipated benefits of the
Transaction or to realize estimated pro forma results and
underlying assumptions. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties more fully described in Fast
Radius’ filings with the Securities and Exchange Commission,
including its Form 10-K for the year ended December 31, 2021 and
Form 10-Q for the quarter ended March 31, 2022 and other periodic
reports. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Fast Radius assumes no obligation
and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise. Fast Radius does not give any assurance that it will
achieve its expectations.
CONTACTSKelly SmithMSL
U.S.Kelly.smith@mslgroup.com; 646-500-7654
Fast Radius (NASDAQ:FSRD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Fast Radius (NASDAQ:FSRD)
Historical Stock Chart
From Nov 2023 to Nov 2024