Sharps Compliance Corp. Announces Leadership Position in Pharmaceutical Manufacturing Market
October 01 2008 - 10:00AM
PR Newswire (US)
-- Renewal of top ten pharmaceutical manufacturer patient support
program -- Two additional patient support programs with
pharmaceutical manufacturers now under contract -- Additional Sales
Opportunities driven by success of programs and legislation
HOUSTON, Oct. 1 /PRNewswire-FirstCall/ -- Sharps Compliance Corp.
(OTC Bulletin Board: SCOM) ("Sharps" or the "Company"), a leading
provider of cost-effective disposal solutions for small quantity
generators of medical waste, today provided an update on its new
contracts and continued success in the pharmaceutical manufacturing
market. Renewal of Top Ten Pharmaceutical Manufacturer Patient
Support Program The Company's first contract with a top ten
pharmaceutical manufacturer was recently renewed through fiscal
year 2009. The original contract was awarded in March of 2006 and
kicked off the Company's first Patient Support Program. The Company
expects billings of about $800,000 to be reflected in the quarter
ended September 30, 2008. Additionally, the Company expects an
additional $900,000 to be billed during the second half of the
Company's fiscal year 2009 (six months ended June 30, 2009). The
Patient Support Program includes the direct fulfillment of the
Sharps Disposal By Mail System(R) to the pharmaceutical
manufacturers' patients, who use the product as a convenient means
of used syringe disposal for their self-injecting patients. Sharp's
proprietary SharpsTracer(TM) system is used to track the return of
the Sharps Disposal By Mail System(R) by the patient to the
treatment facility, where the package is scanned and weighed prior
to destruction. This data, managed in Sharps' proprietary
SharpsTracer(TM) system, is electronically transmitted to the
pharmaceutical manufacturer which assists them in monitoring drug
usage and provides a touch point for individual patient follow-up.
Two Additional Pharmaceutical Manufacturer Patient Support Programs
The Company has also entered into contracts with two additional
pharmaceutical manufacturers to implement Patient Support Programs
using the Sharps Disposal By Mail System(R). One of the programs
involves the implementation of the Sharps Disposal By Mail
System(R) in conjunction with the launching of a self-injected drug
recently approved for a new indication. The programs are expected
to be launched by December 31, 2008 and generate initial program
billings of approximately $100,000 for the quarter ended September
30, 2008 and approximately $300,000 for the quarter ended December
31, 2008. Dr. Burton J. Kunik, Chairman, Chief Executive Officer
and President of Sharps Compliance, commented, "We believe our
success fulfilling products and services for our first contract
with a top ten pharmaceutical manufacturer, as well as its
fully-integrated capabilities, were differentiating factors leading
to the contracting of the second and third Patient Support
Programs." Update on California Senate Bill 1305 and Other
Legislation California Senate Bill 1305 requires the proper
disposal of home-generated sharps waste (syringes, needles,
lancets, etc.) beginning September 1, 2008, and acknowledges
mail-back programs as one of the most convenient alternatives for
the collection and destruction of home-generated sharps. The law is
designed to protect the general public and workers from potential
exposure to contagious diseases as well as health and safety risks
when improperly disposed biohazard waste enters the public waste
stream. The California legislation is having a positive impact on
sales opportunities in virtually all markets, particularly
pharmaceutical manufacturing and hospitality where the value
proposition of the Sharps Disposal By Mail Systems(R) is viewed as
an integral component to compliance with the state law. About
Sharps Compliance Corp. Headquartered in Houston, Texas, Sharps
Compliance is a leading provider of cost-effective disposal
solutions for small quantity generators of medical waste and unused
pharmaceuticals. The Company's flagship product, the Sharps
Disposal by Mail System(R), is a cost-effective and easy-to-use
solution to dispose of medical waste such as hypodermic needles,
lancets and any other medical device or objects used to puncture or
lacerate the skin (referred to as "sharps"). The Company also
offers a number of products specifically designed for the home
healthcare market and products for the safe disposal of unused
pharmaceuticals, RxTakeAway(TM). Sharps Compliance focuses on
targeted growth markets such as the pharmaceutical, retail,
commercial, and hospitality markets, as well as serving a variety
of additional markets. Sharps is a leading proponent and
participant in the development of public awareness and solutions
for the safe disposal of needles, syringes and other sharps in the
community setting. As a fully integrated manufacturer providing
customer solutions and services, Sharps Compliance's solid business
model, with strong margins and significant operating leverage, and
early penetration into emerging markets, uniquely positions the
company for strong future growth. More information on Sharps
Compliance can be found on its website at:
http://www.sharpsinc.com/. Safe Harbor Statement The information
made available in this press release contains certain
forward-looking statements which reflect Sharps Compliance Corp.'s
current view of future events and financial performance. Wherever
used, the words "estimate", "expect", "plan", "anticipate",
"believe", "may" and similar expressions identify forward-looking
statements. Any such forward-looking statements are subject to
risks and uncertainties and the company's future results of
operations could differ materially from historical results or
current expectations. Some of these risks include, without
limitation, the company's ability to educate its customers,
development of public awareness programs to educate the identified
consumer, customer preferences, the Company's ability to scale the
business and manage its growth, the degree of success the Company
has at gaining more large customer contracts, managing regulatory
compliance and/or other factors that may be described in the
company's annual report on Form 10-K, quarterly reports on Form
10-Q and/or other filings with the Securities and Exchange
Commission. Future economic and industry trends that could
potentially impact revenues and profitability are difficult to
predict. The company assumes no obligation to publicly update or
revise its forward-looking statements even if experience or future
changes make it clear that any projected results express or implied
therein will not be realized. For more information contact: David
P. Tusa Executive Vice President, Chief Financial Officer &
Business Development Phone: (713) 660-3514 - OR - Tammy Poblete Kei
Advisors LLC Investor Relations Phone: (716) 843-3853 Email:
DATASOURCE: Sharps Compliance Corp. CONTACT: David P. Tusa,
Executive Vice President, Chief Financial Officer & Business
Development of Sharps Compliance Corp., +1-713-660-3514, ; or
Investors, Tammy Poblete of Kei Advisors LLC, +1-716-843-3853, Web
Site: http://www.sharpsinc.com/
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