Sharps Compliance Corp. is a leading full service provider of cost-effective management solutions for medical waste and unused dispensed medications generated outside the hospital and large health care facility setting. The company’s strategy is to capture a large part of this estimated $2.8 billion market by targeting the major agencies that are connected to medical waste, including the U.S. government, pharmaceutical manufacturers, pharmacies and clinics.
The company today reported financial results for the first quarter of fiscal year 2012, which ended September 30, 2011. Revenue for the period came in at $5.7 million, which was up $500,000 or 9.7% from the same period last year. The revenue increase reflected growth in sales to the company’s targeted professional and pharmaceutical markets along with the positive impact of a U.S. government contract, which moved into its second year of maintenance in February 2011.
The president and CEO of Sharps, David Tusa, commented on the results, “We continue to focus our sales and marketing activities on building our recurring revenue opportunities…within the professional market. Billings are up more than 84% through this channel and our average weekly order count has more than doubled to 199 since the first quarter of fiscal 2011.”
Sharps also recently moved into the retail pharmacy markets with its Complete Needle Collection & Disposal System. This is a timely move given recent studies that indicate that the number of used needles tossed into household trash has tripled over the past 10 years to 7/8 billion each year and the number of self-injectors in the U.S. has increased to 13.5 million over the same period.
For more information about Sharps Compliance, please visit its website at sharpsinc.com
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