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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q1oUUs9n8vfIHEPIv/4noJyVu8nWOqeAfes7DhbmCgenXtf5YS9+jdR7S8Fz5KvP
 /wuFCz3t0o03el6AV/oOqg==

<SEC-DOCUMENT>0001181431-03-014066.txt : 20030715
<SEC-HEADER>0001181431-03-014066.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030715150150
ACCESSION NUMBER:		0001181431-03-014066
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030714
FILED AS OF DATE:		20030715

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHARPS COMPLIANCE CORP
		CENTRAL INDEX KEY:			0000898770
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				742657168
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		9050 KIRBY DRIVE
		STREET 2:		STE 350
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77054
		BUSINESS PHONE:		713-432-0300

	MAIL ADDRESS:	
		STREET 1:		7600 BURNET RD
		STREET 2:		STE 350
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78757

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	US MEDICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19970128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL POLYMERS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19930916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HOLMES PARRIS H JR
		CENTRAL INDEX KEY:			0001034135
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22390
		FILM NUMBER:		03787106

	BUSINESS ADDRESS:	
		STREET 1:		9311 SAN PEDRO
		STREET 2:		SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216
		BUSINESS PHONE:		2105256200

	MAIL ADDRESS:	
		STREET 1:		9311 SAN PEDRO SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78216
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd13234.xml
<DESCRIPTION>SHARPSFORM4HOLMES
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-14</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000898770</issuerCik>
        <issuerName>SHARPS COMPLIANCE CORP</issuerName>
        <issuerTradingSymbol>SCOM</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001034135</rptOwnerCik>
            <rptOwnerName>HOLMES PARRIS H JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<derivativeSecurity>
<securityTitle>
<value>Common Stock (Right to Buy)</value></securityTitle>
<conversionOrExercisePrice>
<value>0.84</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-07-14</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>40000</value></transactionShares>
<transactionValue>
<value>0.84</value>
<footnoteId id="F2"/></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>1988-08-08</value>
<footnoteId id="F1"/></exerciseDate>
<expirationDate>
<value>2010-07-14</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>40000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>384902</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">Vesting 33 1/3 shares on 7/14/04 (13,320), 7/14/05 (13,320) and 7/15/06 (13,360)</footnote>
<footnote id="F2">Stock options granted under the Sharps Compliance Corp. 1993 Stock Plan</footnote></footnotes>
<ownerSignature>
<signatureName>Parris H. Holmes, Jr.</signatureName>
<signatureDate>2003-07-15</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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