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Sharps Compliance Corp (SMED) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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SMED Quarterly Reports

Sharps Compliance Corp

CIK: 898770 Ticker: SMED


EXHIBIT 99.1
IMMEDIATE RELEASE
    

Sharps Compliance Reports Fiscal 2020 Third Quarter Results
Third quarter 2020 revenue of $10.4 million, an increase of 10% over prior year
Unused medications billings grew 24%
Route-based billings increased 16%
Billings increased in several key markets including Retail at 46%, Professional at 6% and Assisted Living at 20%
Increasing medical waste processing capacity from 10 million to 27 million pounds per year by September 2020
Preparing for strong flu and potential COVID-19 immunization seasons through a significant increase in inventory of medical waste mailbacks and additional distribution facility space
Route-based business footprint extends to 32 states, or 70% of the population, significantly increasing the Company’s pipeline of larger small and medium quantity generator new prospect opportunities


HOUSTON, Texas, April 28, 2020 - 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 reported financial results for the third quarter and first nine months of fiscal year 2020 ended March 31, 2020.
Revenue in the third quarter of fiscal 2020 was $10.4 million, an increase of 10% compared to $9.5 million in the same prior year quarter. Customer billings increased 9% to $10.3 million for the third quarter compared to $9.5 million for the same prior year quarter. Third quarter 2020 gross margin remained consistent at 21% as compared the third quarter of fiscal 2019. SG&A increased 24% to $3.6 million or 35% of revenue in the third quarter of fiscal 2020, as compared to SG&A of $2.9 million, or 31% of revenue in the same prior year quarter. The increase in SG&A is related to the Company’s continued investments in sales and marketing as well as increased professional fees incurred during fiscal 2020, including the third quarter.
The Company reported an operating loss of $1.6 million in the third quarter of 2020, compared to an operating loss of $1.1 million in the third quarter of 2019. Sharps recorded a net loss of $1.6 million, or a loss of $0.10 per basic and diluted share in the third quarter of fiscal 2020, as compared to a net loss of $1.1 million, or $0.07 per basic and diluted share in the third quarter of fiscal 2019. Sharps recorded an EBITDA loss of $1.2 million in the third quarter of fiscal 2020, as compared to an EBITDA loss of $0.6 million in the third quarter of fiscal 2019. (See Reconciliation of Net Income (Loss) to EBITDA in the supplemental table included at the end of this release).



The following information was filed by Sharps Compliance Corp (SMED) on Tuesday, April 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sharps Compliance Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
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Earnings Per Share
Earnings Per Share (Details)
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Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Of Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
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Income Taxes (Details)
Inventory
Inventory (Tables)
Inventory - Schedule Of Inventory (Details)
Leases
Leases (Tables)
Leases -Components Of Net Lease (Details)
Leases -Maturities Of Operating Lease Liabilities (Details)
Notes Payable And Long-Term Debt
Notes Payable And Long-Term Debt (Tables)
Notes Payable And Long-Term Debt - Narrative (Details)
Notes Payable And Long-Term Debt - Schedule Of Long-Term Debt (Details)
Notes Payable And Long-Term Debt - Schedule Of Payments Due On Long-Term Debt (Details)
Organization And Background
Organization And Background (Details)
Recently Issued Accounting Standards
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - Summary Of Revenue By Solution (Details)
Stock-Based Compensation
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Sharps Compliance Corp provided additional information to their SEC Filing as exhibits

Ticker: SMED
CIK: 898770
Form Type: 10-Q Quarterly Report
Accession Number: 0000898770-20-000038
Submitted to the SEC: Tue May 05 2020 2:15:11 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Hazardous Waste Management

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