Sharps Compliance Expands Company-Owned Route-Based Services to Arizona, Colorado, New Mexico and Utah

Mar 02, 2021

Company’s Direct Route-Based Footprint in 37 States and 80% of U.S. Population COVID-19 Related Mailback Orders Remain Strong

HOUSTON, March 02, 2021 (GLOBE NEWSWIRE) -- Sharps Compliance Corp. (NASDAQ: SMED) (“Sharps” or the “Company”), a leading full-service national provider of comprehensive waste management solutions including medical, pharmaceutical and hazardous, today announced that it has expanded its company-owned, direct route-based services in Arizona, Colorado, New Mexico and Utah, increasing its geographic and service coverage to now include 37 states and 80% of the population.

David P. Tusa, the Company’s Chief Executive Officer and President added, “Long before the current public health crisis, we recognized the growth opportunity represented by the strategic expansion of our solution offerings to include route-based pick-up. We have methodically grown our route-based program through strong organic growth and strategic acquisitions and we are excited to expand our direct service to four additional states in the Southwest. With this expansion, we further strengthen our infrastructure to meet the needs of the underserved small to medium quantity generator market, and our increased footprint better positions us to pursue and win larger, multiple-state opportunities. Additionally, this expansion allows our inside sales team to target prospects in these states similar to what we have done with our recent Midwest expansion. The success of our route-based offering is reflected in the 41% year-over-year increase in revenue from this solution recorded in the December 2020 quarter and an increase in route-based customer locations to 14,910 at December 31, 2020 from 13,026 at December 31, 2019. The continued strength and success we see in this offering drives and supports this expansion.

“With the expansion of our route-based services and increased mailback activity related to both flu and COVID-19 business, we are experiencing, and expect to continue to see, increased volumes at our treatment facilities as COVID-19 vaccination programs continue to roll-out nationwide. Our proactive decision last year to triple the Company’s treatment capacity positions us to successfully meet current and future increased demand for our services. As we discussed on our January 2021 earnings call, ongoing testing and vaccination programs for COVID-19 are making significant headway across the country and with these rollouts and future related endeavors, we continue to believe we have the opportunity to deliver a significantly strong March 2021 quarter.

“We’re energized by the growth opportunities we are seeing in the marketplace, particularly with our route-based business and its ability to provide predictable, recurring revenue to the Company. Likewise, we believe we are well positioned and have the right infrastructure in place to meet accelerating COVID-19-related medical waste management needs, as testing and immunizations continue and volumes from long-term care facilities remain strong. We believe this increased demand could continue throughout calendar 2021 as pharmaceutical manufacturers focus on COVID-19 boosters to address current and future variants and as children’s vaccines begin to be administered later this year. Many experts believe that vaccines such as those addressing COVID-19 and the like will become standard to personal health care moving forward. Finally, we are very proud to continue to provide uninterrupted service and excellent customer support to our customers during the current healthcare crisis.”

About Sharps Compliance Corp.

Headquartered in Houston, Texas, Sharps Compliance (NASDAQ: SMED) is a leading business-to-business services provider to the healthcare, long-term care and retail pharmacy markets. Sharps Compliance offers comprehensive solutions for the management of regulated medical waste, hazardous waste and unused medications. For more information, visit: www.sharpsinc.com.

Safe Harbor Statement

The information made available in this news release contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. When used in this document, the words "may," “position,” "plan," “potential,” “continue,” "anticipate," "believe," "expect," "estimate," “project,” and “intend” and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements. Such statements reflect the known and unknown risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, customer relations, relationships with vendors, governmental regulation and supervision, seasonality, distribution networks, product introductions and acceptance, technological change, changes in industry practices, onetime events and other factors described herein including the impact of the coronavirus COVID-19 (“COVID-19”) pandemic on our operations and financial results. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company’s Quarterly Report on Form 10-Q or refer to our Annual Report on Form 10-K. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and as such should not consider the preceding list or the risk factors to be a complete list of all potential risks and uncertainties. The Company does not intend to update these forward-looking statements.

For more information contact:
 
Diana P. Diaz
Sharps Compliance Corp.
Vice President and Chief Financial Officer
Phone: (713) 660-3547
Email: ddiaz@sharpsinc.com
John Nesbett/Jennifer Belodeau
IMS Investor Relations
Phone: (203) 972-9200
Email: jnesbett@institutionalms.com