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SHARPS COMPLIANCE CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed May 12, 2022. Its latest SEC filing is a SC 13G/A from Jan 31, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Provides mail-in disposal systems and pickup services for medical, pharmaceutical and hazardous waste to healthcare facilities, pharmacies and home users.

How Did They Make Money?

The company charges for mail-in containers upon delivery and for return transport and treatment when returned containers reach its facilities. Route-based pickup is billed as the service is provided.

FY2021 revenue

Who Were Their Customers?

Serves healthcare offices, long-term care facilities, pharmacies, government agencies and home-health customers, as well as pharmaceutical manufacturers. Sales use a distribution network, and route-based pickup directly serves facilities that generate larger amounts of waste.

Did Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2021 and turned 25 cents into free cash flow.

Operating income, FY2021
16% of revenue
▲ +1252% vs FY2020 ($910K, 2%)
Net income, FY2021
17% of revenue
▲ +468% vs FY2020 ($2.3M, 4%)
Free cash flow, FY2021
25% of revenue
▲ Now profitable vs FY2020 (−$3.3M, −6%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Mar 31, 2022
Revenue
▼ −36%
vs $27.5M in Q3 FY2021
Net income
▼ Now a loss
vs $6.9M in Q3 FY2021
  • Aug 25, 2022 An Aurora affiliate completed its acquisition of Sharps Sharps became a wholly owned subsidiary, and its common stock was delisted from Nasdaq.
  • Apr 6, 2022 Pat Mulloy replaced David Tusa as CEO David Tusa resigned effective April 1, 2022, and Pat Mulloy was appointed President and CEO.

Grew. Revenue grew 2.0x in 4 years, from $38.2M in FY2017 to $76.4M in FY2021, about 19% a year.

Additional disposal solutions The latest business description adds the Black Pail pharmaceutical-disposal program, inhaler disposal and a hazardous-drug spill kit to the earlier portfolio of mail-in, pickup, medication-disposal and recycling offerings.

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