$0.29 N/A ( 0% ) 15.0K
NASDAQ: STSS
Company Overview
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 and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US. A transformative asset acquisition of Nephron’s InjectEZ facility in South Carolina, once completed, combined with a global sales and distribution agreement with Roncadelle Operations place Sharps Technology on a clear path for rapid growth.
Value Proposition
Sharps Technology signed an Asset Purchase Agreement to acquire Nephron Pharmaceutical's InjectEZ facility, marking a significant transition towards commercialization in 2024. The InjectEZ acquisition will enable Sharps to meet Nephron's prefilled syringe needs while providing additional capacity to meet current projections for additional business from the open healthcare market for 2024 through 2026. This state-of-the-art facility is one of North America's only specialized copolymer pre-filled syringe manufacturing plants. The Company has secured a term sheet for debt financing from a leading middle-market lender to fund the InjectEZ acquisition, non-dilutive working capital, and facility enhancements. With a clear path to significant revenue growth and near-term profitability, Sharps represents a compelling opportunity for fast-acting investors. Aegis Capital reiterated its Buy rating and $16 price target on Sharps Technology in November 2023, citing its emergence as a commercial entity and expectations for sustained profitability in 2024.
Multi-Billion-Dollar Market Opportunity
Market Data
Investment Highlights
- Strong product line of patented smart safety syringe systems
- Products are FDA, WHO, and CE Mark approved and cleared for use by Pfizer and Moderna
- New prefilled syringe systems launching in 2024
- Asset purchase agreement to acquire InjectEZ manufacturing facility
- State-of-the-art facility with fully automated syringe system manufacturing, packaging, and distribution in West Columbia, SC
- Strengthens manufacturing capacity and allows Sharps to serve the broader healthcare market
- With full control of the facility, Sharps will have the ability to increase capacity for future growth
- Poised for rapid growth and superior financial performance
- Signed global sales and distribution agreement with Roncadelle, a leader in novel medical drug delivery devices
- First full year of operations (2024) projecting revenue and EBITDA of $59.7 million and $17.2 million respectively
- Expected average gross margin in excess of 60%
- Low corporate overhead structure
- Large and growing markets with unmet need
- Total syringe market growing faster than GDP; disposables growing at 2x GDP and prefillable growing at 4x GDP
- Prefillable cyclic olefin copolymer (COC) demand growth outstripping industry capacity; new InjectEZ facility is the only dedicated prefillable COC syringe manufacturing facility in US
- Strong management team with extensive experience in drug delivery manufacturing and product development
- Long-standing relationships with pharma companies and 503B organizations that comprise company’s target customer base
Archived Webinar
RedChip Investor Group Call with Sharps Technology (NASDAQ: STSS)
Thursday, December 14, 2023
