Sharps Compliance Corp. (SMED) experienced an increase of 10.32% in the premarket despite any latest news stated by the company. However, the last trading session closed at $6.3 with a decrease of 1.41%.
Second Quarter Fiscal 2022 Conference Call – When will it occur?
On 12 January 2022, SMED announced that the company shall release the second quarter 2022 earnings on 26th January 2022. The conference call will be held at 11 a.m. ET in which the company’s financial performance, significant market efforts, and business strategy will be discussed by the management.
New Addition to Board of Directors – Who is it?
SMED reported on 22nd November 2021 that Gary R. Enzor has been appointed to the Board of Directors. Mr. Enzor has worked with Fortune 50 firms in a variety of fields. Not only this but presently he is a director of Boasso Global, the world’s biggest bulk liquid chemical multimodal transportation and depot network. From 2013 until 2021, he was Chairman and CEO of Quality Distribution which owns and operates North America’s biggest bulk liquid chemical transportation network, chemical intermodal depot, and container services network.
The company is thrilled to have someone of Gary’s quality join the Board of Directors. The company looks forward to his contributions because he is an accomplished leader with years of significant expertise in a variety of sectors. Moreover, Gary has a diverse background in public companies and mergers and acquisitions. As SMED focuses on the future expansion of the company, the team looks forward to having the benefit of his experience and insight.
Fiscal 2022 First Quarter Results – How was the quarter?
SMED announced fiscal 2022 first-quarter results on 27th October 2021. The company reported that the revenue increased by 6% to $13.9 million. Moreover, the gross margin in the first quarter of 2022 was 25%, less than that of the first quarter of 2021. Furthermore, the SG&A climbed by roughly $0.4 million, or 11 percent, to $4.2 million in the first quarter of fiscal 2022.
The rise in SG&A is largely due to increased sales and marketing investments, as well as a $0.2 million increase in management incentive compensation accrual. Last but not the least, the company stated an operating loss of $1.0 million.
The company happily announced that they have observed an increase of 11% year over year and 31% sequentially in the unused pharmaceutical solution offers for the quarter. In the fiscal year 2022, SMED expects ongoing growth in this product as retail pharmacies and long-term care facilities emphasis the proper and cost-effective disposal of unneeded medication by final users.