TacMed rapidly scales production of their SOF Tourniquet by leveraging Fast Radius' Cloud Manufacturing Platform amid increased demand due to the Ukraine/Russia conflict
CHICAGO, June 08, 2022 (GLOBE NEWSWIRE) -- Fast Radius (Nasdaq: FSRD), a digital manufacturing and supply chain company, is working with TacMed, a leading supplier of emergency medical equipment, to produce a key component used in TacMed’s SOF® Tourniquet. The SOF Tourniquet is a pre-hospital emergency medical device that’s used by military and front-line personnel around the world to stop bleeding from potentially life-threatening limb wounds. Leveraging Fast Radius’ Cloud Manufacturing Platform™ to rapidly scale production of a critical Tourniquet part, TacMed is able to meet increasing demand for the product in response to the conflict in Ukraine, overcoming bottlenecks within the global supply chain.
“With the conflict in Ukraine, coupled with disruptions in the supply chain, we’re seeing unprecedented demand for our SOF Tourniquet product,” said Katie Hembree, Director of Operations at TacMed. “Our traditional supplier was unable to meet our increase in demand, which is where Fast Radius stepped in to quickly help us produce critical components of the Tourniquet. Specifically, we’ve benefited from Fast Radius’ manufacturing expertise and network of certified suppliers, allowing us to rapidly make quality parts, meet the spike in demand, and get the end product into the hands of front-line workers around the world.”
Fast Radius is producing 800,000 precision-engineered parts for TacMed’s SOF Tourniquet. The anodized aluminum part—known as a windlass—is produced via CNC turning. Due to demand, Fast Radius delivered 100,000 parts to TacMed in just 30 days, meeting their desired timeline while reducing costs.
Though demand has always been high for the TacMed SOF Tourniquet, the conflict in Ukraine that commenced during the first quarter of 2022 sparked a rapid uptick in demand, which is continuing to grow. In addition to supplying allies supporting the Ukrainian war effort, TacMed has partnered with relief organizations including Samaritan’s Purse, Afya, and Ukrainian American Foundation to distribute donations of the SOF Tourniquet. In total, TacMed has provided more than 50,000 tourniquets to the Ukrainian war effort as of May 2022, with plans to grow that number into the hundreds of thousands in summer 2022 if needed. These ambitious plans require consistent manufacturing for high part volumes and a steady supply chain.
“TacMed has been able to leverage our Cloud Manufacturing Platform and supplier network, allowing them to quickly and efficiently make the parts they need,” said Bobby Bott, VP of Manufacturing at Fast Radius. “For this production, we’re able to leverage a single serial production supplier, meaning quality products get into the hands of first responders and relief organizations faster, helping to save lives in the most difficult situations. Partnerships like the one we have with TacMed make our work incredibly meaningful—yes, we’re making a single part, but that part could ultimately help save a life. That is truly the vision of our work at Fast Radius: to make new things possible to improve the state of the world.”
As the companies look at the remainder of 2022 and beyond, Fast Radius and TacMed plan to continue to work together to create parts for the SOF Tourniquet and evaluate collaborations on other products.
With a global supplier network that offers customers access to preferred pricing and fast lead times, Fast Radius has been reliably serving companies that require parts with tight tolerances and durability for many years, including within the automotive, aerospace, and medical device industries. Fast Radius was also recently announced as a Crain's Chicago Business Fast 50 company for accelerated five-year growth.
ABOUT FAST RADIUS Fast Radius, Inc. is a leading cloud manufacturing and digital supply chain company. The Fast Radius Cloud Manufacturing Platform™ provides software applications and manufacturing solutions that help engineers design, make, and fulfill commercial-grade parts, when and where they are needed. This enables companies to manufacture and ship parts easily, flexibly, and sustainably. Founded in 2017, Fast Radius, Inc. is headquartered in Chicago with offices in Atlanta, Louisville, and Singapore, and microfactories in Chicago and at the UPS Worldport facility in Louisville, KY. To learn more about Fast Radius and how its digital manufacturing capabilities are helping companies, please visit Fast Radius or connect with us on LinkedIn or Twitter.
ABOUT TACMED TacMed Solutions™ (TacMed™) is dedicated to improving survivability in response to crisis situations through world-class innovative emergency response solutions designed to equip, train, and protect those who save lives. We develop and manufacture customized emergency response technology, advanced simulation and training aids, and personal protective gear for warfighters, first responders, and citizens alike to effectively manage the full continuum of care. For more information, please visit www.tacmedsolutions.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements relating to Fast Radius within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “scales,” “representative of,” “valuation,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on Fast Radius’ current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that Fast Radius is unable to obtain additional funding on terms that are acceptable to Fast Radius or at all; (ii) the outcome of any legal proceedings that may be instituted against Fast Radius, including following the consummation of the business combination with ECP (the “Transaction”), (iii) the ability to maintain the listing of Fast Radius’ securities on a national securities exchange, (iv) changes in the competitive industries in which Fast Radius operates, variations in operating performance across competitors, changes in laws and regulations affecting Fast Radius’ business and changes in the combined capital structure, (v) the ability to implement business plans, forecasts, and other expectations after the completion of the Transaction, and the ability to identify and realize additional opportunities, (vi) risks related to the uncertainty of Fast Radius’ projected financial information, (vii) risks related to Fast Radius’ potential inability to become profitable and generate cash, (viii) current and future conditions in the global economy, including as a result of the impact of the COVID-19 pandemic or the armed conflict between Russia and Ukraine, (ix) the risk that demand for Fast Radius’ cloud manufacturing technology does not grow as expected, (x) the ability of Fast Radius to retain existing customers and attract new customers, (xi) the potential inability of Fast Radius to manage growth effectively, (xii) the potential inability of Fast Radius to increase its cloud manufacturing capacity or to achieve efficiencies regarding its cloud manufacturing process or other costs, (xiii) the enforceability of Fast Radius’ intellectual property rights, including its copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others, (xiv) Fast Radius’ dependence on senior management and other key employees, (xv) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Fast Radius operates, and (xvi) costs related to the Transaction and the failure to realize anticipated benefits of the Transaction or to realize estimated pro forma results and underlying assumptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties more fully described in Fast Radius’ filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2021 and Form 10-Q for the quarter ended March 31, 2022 and other periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Fast Radius assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Fast Radius does not give any assurance that it will achieve its expectations.
CONTACTS Kelly Smith MSL U.S. Kelly.smith@mslgroup.com; 646-500-7654
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