VIP Gloves Limited (ASX:VIP ) has achieved some significant milestones in its push foraccreditations for its nitrile glove product in the key USA and Australian markets.
The company has now been informed by the US Food and Administration (FDA) that it has met all the procedural requirements allowing the company to proceed with marketing its product in the highly lucrative US market.
This important breakthrough follows receipt of the provisional US Food and Drugs Administration’s (FDA) 510(k) Medical Product License approval in Q2 2021, which provides for the potential to ship and market medical examination nitrile gloves into the USA In late July 2021 and the company’s successful completion of the US agent information registration with the FDA Industry Systems.
In Australia the company has also recently lodged its application with the Australian Therapeutic Goods Administration (TGA) to market its nitrile gloves in Australia.
Significant efforts are underway to make inroads into these new markets that will enable VIP to expand its geographical reach to become a global glove supplier, in addition to providing a platform to launch its house brands, and support the additional production capacity coming onstream from Lines 7 and 8 and the second factory.
To date, VIP has commenced selling nitrile gloves to buyers who are shipping into the European and UK markets under the CE EU Examination Certificate issued to VIP in January 2021 for the distribution of nitrile gloves throughout the European Union.
VIP recently announced a spectacular 164% Year-on-Year increase in Q4 revenue and the re-start of its Malaysian factory following the relaxation of Malaysian Government’s Enhanced Movement Control Order (EMCO).
VIP is currently operating six production lines with a monthly rated production capacity of approximately 65 million piece of nitrile gloves.
Total nitrile glove production during Q4 FY2021 was 169 million pieces, representing a 4% Quarter-on-Quarter increase compared to Q3 FY2021 (Jan – March 2021 period); and a 46% Year-on-Year total glove production increase compared to the corresponding period in FY2020.
