synopsis

The company said that this is the first order under a $50 million supply agreement announced in July.

Shares of Sharps Technology, Inc. (STSS) traded 24% higher by Wednesday noon after the company received a $400,000 purchase order from an IV flushing solutions provider.

The medical device and pharmaceutical packaging company said that this is the first order under a $50 million supply agreement announced in July. Under the agreement, Sharps will supply approximately 500 million customized 10 mL SoloGard syringes to the U.S.-based supplier of medical saline and water products over five years.

CEO Roberty Hayes noted that the order represents a transformative moment for Sharps Technology as it begins generating revenue.

“Our strategic partnership is now moving from the agreement to the execution phase, with this initial order serving as the foundation for accelerating volume in the quarters ahead,” Hayes said. “We look forward to advancing this supply agreement and delivering long-term value to our shareholders.”

The company’s Hungarian manufacturing facility is fully prepared to deliver these first orders of pump-compatible 10mL SoloGard syringes, he added. Revenue from the order will mark Sharps’ first revenue of 2025.

The company has invested in advanced production technology for SoloGard manufacturing and will soon begin installation and operational qualification to support increased production capacity, the company said.

Earlier this month, Sharps announced that it will effect a 1-for-300 reverse stock split of its common stock to bring it into compliance with Nasdaq’s minimum bid price requirement of $1 for continued listing on the exchange.

STSS stock is down by over 99% this year. 

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