Sharps Technology Advances Shipment Under $50 Million SoloGard Supply Agreement and Begins Manufacturing Facility Upgrades

Rhea-AI Summary

Sharps Technology (NASDAQ: STSS) has initiated its second commercial shipment of SoloGard syringes under a previously announced $50 million multi-year supply agreement with a leading U.S. healthcare partner. The company is currently executing a $400,000 purchase order as part of a broader five-year agreement to supply up to 500 million SoloGard syringes. To support increased production demands, Sharps is implementing strategic manufacturing upgrades including next-generation injection molding systems, energy-efficient machinery (10x more efficient), enhanced cleanroom environments, and optimized workflows. The SoloGard syringes are FDA and WHO-approved devices featuring ultra-low waste design, standard luer lock compatibility, and re-use prevention technology.

Positive

• Executing $50 million multi-year supply agreement with potential for 500 million syringes
• Currently fulfilling $400,000 purchase order showing commercial traction
• Implementation of new machinery with 10x energy efficiency, reducing operational costs
• Strategic facility upgrades to enhance manufacturing capacity and streamline operations

Negative

• Significant capital expenditure required for manufacturing upgrades
• Early stage of commercial operations with execution risks

Second commercial delivery underway as part of multi-year contract with leading U.S. healthcare partner

Strategic manufacturing upgrades drive scalability, efficiency, and increases capacity to support production growth

NEW YORK, June 18, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (Nasdaq: “STSS” and “STSSW”) (“Sharps”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart safety syringe products to the healthcare industry, today announced an update on the execution of its first shipments under the previously announced $50 million SoloGard sales agreement, alongside a series of advanced manufacturing upgrades.

Sharps has initiated the second shipment of its first commercial order of SoloGard syringes under a multi-year supply agreement with a U.S.-based leader in IV flushing solutions. In preparation for increasing production through the second half of the year, SoloGard manufacturing will be supported by newly installed molding and automation systems - investments that enable Sharps to meet anticipated demand in the second half of 2025 under the sales agreement.

As part of a phased manufacturing upgrade strategy, Sharps is implementing the following initiatives:

• Preparation and fulfillment of the second shipment under the multi-year agreement, continuing to meet customer demand
• Deployment of next-generation injection molding systems to expand manufacturing capacity and streamline cleanroom operations
• Installation of new machinery delivering over 10x energy efficiency compared to prior systems, reducing costs and advancing sustainable production
• Facility upgrades to cleanroom environments and control systems, enhancing product quality and regulatory compliance
• Integration of new ancillary systems to increase throughput and optimize molding and assembly workflows
  

Sharps is currently executing a $400,000 purchase order, announced June 4, 2025, as part of a broader five-year agreement to supply up to 500 million SoloGard syringes, marking the company’s transition into revenue-generating commercial operations. The contract includes customized 10mL SoloGard smart safety syringes - FDA- and WHO-approved devices that feature ultra-low waste design, standard luer lock compatibility, and re-use prevention technology.

Robert Hayes, CEO of Sharps Technology, commented: “Fulfilling this second shipment marks a significant milestone as we move into commercial execution under the $50 million SoloGard agreement. Over the past several months, we’ve made strategic investments in advanced molding systems, automation, and cleanroom infrastructure. These are transformational upgrades that expand capacity while improving energy efficiency, consistency, and our overall cost structure. These enhancements are central to our long-term strategy, allowing Sharps to fulfill major contracts, scale recurring revenue, and position the Company as an innovation-driven manufacturing partner to the healthcare industry.”

About Sharps Technology:
Sharps Technology is an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products to the healthcare industry. The Company’s product lines focus on providing ultra-low waste capabilities, that incorporate syringe technologies that use both passive and active safety features. Sharps also offers products that are designed with specialized copolymer technology to support the prefillable syringe market segment. The Company has a manufacturing facility in Hungary. For additional information, please visit www.sharpstechnology.com.

FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “poised” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity, and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance, or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Investor Contact:
Holdsworth Partners
Adam Holdsworth
Phone: 917-497-9287
Email: IR@sharpstechnology.com

FAQ

What is the value of Sharps Technology's (STSS) SoloGard supply agreement?

The supply agreement is valued at $50 million, with potential to supply up to 500 million SoloGard syringes over a five-year period.

What manufacturing upgrades is Sharps Technology (STSS) implementing in 2025?

Sharps is implementing next-generation injection molding systems, 10x more energy-efficient machinery, enhanced cleanroom environments, and optimized workflows to increase production capacity.

What is the current purchase order value being executed by Sharps Technology (STSS)?

Sharps Technology is currently executing a $400,000 purchase order announced on June 4, 2025.

What are the key features of Sharps Technology's SoloGard syringes?

SoloGard syringes are FDA and WHO-approved devices featuring ultra-low waste design, standard luer lock compatibility, and re-use prevention technology.

Who is Sharps Technology's (STSS) customer for the SoloGard supply agreement?

The customer is described as a U.S.-based leader in IV flushing solutions, though the specific company name is not disclosed.