Sharps Technology expands Hungary facility to boost critical product supply and revenue

In Hungary, Sharps Technology has embarked on an aggressive expansion plan following a transformative sales agreement valued at over $50 million with a prominent US pharmaceutical company. This partnership mandates the production of at least 500 million syringes, magnifying the existing manufacturing capacity, particularly for the SoloGard 10mL syringes. Initial production and commercial deliveries are set to start in the first quarter of 2025, demonstrating Sharps’ commitment to fulfilling market demand. Furthermore, the company has recently secured additional sales agreements with a well-known European medical supplier that serves regions in Poland, Slovakia, and the Czech Republic. The demand for 1mL and 3mL SecureGard syringes originating from Hungary is driving the need for expansion at their Hungarian facility. This strategic move aims at increasing manufacturing output not only for existing products but also for potential collaboration with local investors. To facilitate these growth plans, Sharps Technology is engaging with both governmental and private funding sources in Hungary. The company's projections indicate significant revenue growth stemming from this expansion, with anticipated revenues of approximately $400,000 by the end of December 2024, along with internal revenue goals of over $5 million in 2025, $15 million in 2026, and $20 million in 2027. This optimistic financial outlook signals a robust recovery for the company and increased shareholder confidence after regaining compliance with NASDAQ’s listing rules. Projected growth in revenues is aligned with the company’s objective to ramp up production to meet burgeoning market needs while optimizing operational efficiencies. As Sharps Technology leverages its strategic partnerships and increased manufacturing capacity, it positions itself competitively within the medical supply industry, anticipating not just domestic growth but also significant expansion into European markets. The unfolding developments in Hungary highlight a proactive response to increased manufacturing demand and the establishment of Sharps as a key player in the global medical products sector.