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NuGen Medical Devices announced an initial purchase order from Sol-Millennium for 3,832 InsuJet injectors and consumables, destined for pharmacies in Canada and Switzerland. This order, worth $801,000, will generate a gross margin of $448,000 for NuGen, more than double its total revenue for fiscal year 2023. Deliveries are scheduled for August through September 2024, with 3,282 units allocated to Canadian pharmacies and 550 units to Swiss pharmacies. This significant order reflects growing market demand and NuGen’s accelerating growth.
Positive
- $801,000 in revenue from the order.
- Gross margin of $448,000.
- Order value is more than double the full fiscal year 2023 revenue.
- Significant demand from large pharmacies in Canada and Switzerland.
Toronto, Ontario–(Newsfile Corp. – June 21, 2024) – NuGen Medical Devices Inc. (TSXV: NGMD) (the “Company” or “NuGen“) a leading developer of needle-free devices for the subcutaneous administration of therapeutics, is pleased to announce that Sol-MillenniumTM Medical Inc. (“Sol-M“) has placed its initial purchase order of 3,832 InsuJetTM injectors plus consumables to fulfill the first pharmacy orders received by Sol-M from distributors in Canada and Switzerland. NuGen is expected to deliver the devices starting in August through September 2024.
The underlying pharmacy demand for Sol-M’s order is primarily in Canada, where 3,282 units are destined for large pharmacies. The remaining 550 InsuJetTM devices plus consumables are destined to meet initial pharmacy demand in Switzerland.
This initial order will generate $801,000 in aggregate revenue and represent a gross margin of $448,000 for NuGen. The value of this order is more than double NuGen’s reported revenue for the full fiscal year 2023 and is a great example of the growth acceleration we expect in our major markets.
About NuGen:
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics.
InsuJet™ is approved for sale in 42 countries around the world.
About Sol-M:
Sol-M is one of the world’s largest manufacturers of needles and syringes. It is vertically integrated with locations across the globe. Sol-Millennium’s innovative technology helps positive patient outcomes, saves on medication, and enhances both clinician and patient experience. With an international sales team dedicated to delivering knowledge and outstanding customer service, Sol-Millennium’s goal is to partner with those in healthcare, focusing on a healthier tomorrow.
For further information, please visit:
Websites: www.insujet.com, www.nugenmd.com and www.solm.com/insujet/
Instagram: @NuGenMD
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
and www.linkedin.com/company/sol-millennium-medical-group/
For further information, please contact:
Tony Di Benedetto
Executive Chairman
(416) 791-9399
tony@nugenmd.com
Ian Heynen
CEO
(416) 560-1019
ian@nugenmd.com
To arrange a media interview with NuGen, please contact:
Morna Gorman
(416) 553-1732
morna@nugenmd.com
Notice Regarding Forward-Looking Information:
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213941
FAQ
What is the value of NuGen’s initial purchase order from Sol-Millennium?
The initial purchase order from Sol-Millennium is valued at $801,000.
What is the expected gross margin for NuGen from the Sol-Millennium order?
The expected gross margin for NuGen from the Sol-Millennium order is $448,000.
How many InsuJet devices are included in the initial order from Sol-Millennium?
The initial order from Sol-Millennium includes 3,832 InsuJet devices plus consumables.
When will NuGen deliver the InsuJet devices to Sol-Millennium?
NuGen is expected to deliver the InsuJet devices between August and September 2024.
Which markets will NuGen’s InsuJet devices be distributed to following the order from Sol-Millennium?
NuGen’s InsuJet devices will be distributed to pharmacies in Canada and Switzerland.
How does the value of the Sol-Millennium order compare to NuGen’s fiscal year 2023 revenue?
The value of the Sol-Millennium order is more than double NuGen’s reported revenue for the full fiscal year 2023.
