Retractable Technologies, Inc. Results for the Period Ended March 31, 2024
15 Maggio 2024 - 11:05PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports
total net sales of $7.6 million for the first three months of 2024
and an operating loss of nearly $3.0 million for the period, as
compared to total net sales for the same period last year of $11.0
million and an operating loss of $2.7 million. The differences in
the revenues and operating losses are largely due to the lack of
syringe sales to the international market for COVID-19 vaccination
efforts in the first quarter of 2024 as compared to a high volume
of such sales in the first quarter of 2023. Operating expenses
decreased 12.9% as compared to the prior year due in part to a
significant reduction in property tax expense as a result of newly
enacted legislation. Unrealized gains on investments were a
significant factor in the computation of net income for the first
quarter of 2024. Retractable reports that domestic demand may be
depressed due to the retention of products previously provided for
vaccination purposes in customers’ inventory.
Retractable’s Form 10-Q filed on May 15, 2024 additionally
reports that a new 50% tariff on syringes and needles will likely
take effect in the third quarter of 2024. As Retractable purchased
over 90% of its products from China in the first quarter of 2024,
most of which would likely be subject to the newly announced
tariffs, the new tariffs are a significant risk factor.
Retractable experienced significant growth in late 2020 through
early 2022 due to material orders from the U.S. government to
supply syringes for COVID-19 vaccination efforts. Such orders
included payment for certain freight charges as well. As a result,
comparability to revenues and expenses in recent years may be
challenging. Below are first quarter revenue figures from 2018 –
2024, as obtained from Retractable’s Quarterly Reports on Form 10-Q
as filed with the U.S Securities and Exchange Commission.
Three Months Ended March
31,
(Amounts in millions)
2024
2023
2022
2021
2020
2019
2018
U.S. sales (excluding U.S. government)
$
6.6
$
5.4
$
10.2
$
11.0
$
8.3
$
6.1
$
6.6
Sales to U.S. government
—
—
15.7
37.8
—
—
—
North and South America sales (excluding
U.S.)
0.2
4.8
11.1
0.9
2.8
1.3
1.0
Other international sales
0.8
0.8
7.7
0.4
0.1
0.5
0.1
Total sales
$
7.6
$
11.0
$
44.7
$
50.1
$
11.2
$
7.9
$
7.7
Retractable reports the following results of operations for the
three months ended March 31, 2024 and 2023, respectively. Further
details concerning the results of operations, as well as other
matters, are available in Retractable’s Form 10-Q filed on May 15,
2024 with the U.S Securities and Exchange Commission.
Comparison of Three Months Ended March 31,
2024 and March 31, 2023
Domestic sales accounted for 87.4% and 49.3% of the revenues for
the three months ended March 31, 2024 and 2023, respectively.
Domestic revenues increased 22.5%. Domestic unit sales increased
18.3%. Domestic unit sales were 86.1% of total unit sales for the
three months ended March 31, 2024. International revenues decreased
approximately 82.8% predominately due to fewer international
vaccination-related sales. Overall unit sales decreased 48.2%.
There is uncertainty as to the timing of future international
orders.
Cost of manufactured product decreased 31.4% principally due to
decreased unit sales. Royalty expense decreased 15.6% due to the
associated decrease in gross sales.
Operating expenses decreased 12.9% from the prior year. This is
substantially due to a reduction of expense associated with the
allowance for anticipated credit losses and a reduction of property
tax expense as a result of newly enacted property tax exemption
legislation relating to medical device property.
The loss from operations was nearly $3.0 million as compared to
a loss of $2.7 million for the same period last year. The increased
loss was due to lower gross profit for the current period, offset
by a reduction in overall operating expenses.
The unrealized gain on debt and equity securities was $1.7
million due to the increased market values of those securities.
The provision for income taxes was $86 thousand for the first
quarter of 2024 as compared to a provision for income taxes of $231
thousand for the first quarter of 2023.
ABOUT RETRACTABLE
Retractable manufactures and markets VanishPoint® and Patient
Safe® safety medical products and the EasyPoint® needle. The
VanishPoint® syringe, blood collection, and IV catheter products
are designed to prevent needlestick injuries and product reuse by
retracting the needle directly from the patient, effectively
reducing exposure to the contaminated needle. Patient Safe®
syringes are uniquely designed to reduce the risk of bloodstream
infections resulting from catheter hub contamination. The
EasyPoint® is a retractable needle that can be used with luer lock
syringes, luer slip syringes, and prefilled syringes to give
injections. The EasyPoint® needle also can be used to aspirate
fluids and for blood collection. Retractable's products are
distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at
www.retractable.com.
Forward-looking statements in this press release are made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 and reflect Retractable's current
views with respect to future events. Retractable believes that the
expectations reflected in such forward-looking statements are
accurate. However, Retractable cannot assure you that such
expectations will materialize. Actual future performance could
differ materially from such statements.
Factors that could cause or contribute to such differences
include, but are not limited to: material changes in demand,
potential tariffs, Retractable's ability to maintain liquidity;
Retractable's maintenance of patent protection; Retractable's
ability to maintain favorable third party manufacturing and
supplier arrangements and relationships; foreign trade risk;
Retractable's ability to access the market; production costs; the
impact of larger market players in providing devices to the safety
market; and other risks and uncertainties that are detailed from
time to time in Retractable's periodic reports filed with the U.S.
Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240515114256/en/
Retractable Technologies, Inc. John W. Fort III, 888-806-2626 or
972-294-1010 Vice President, Chief Financial Officer, and Chief
Accounting Officer
Grafico Azioni Retractable Technologies (AMEX:RVP)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Retractable Technologies (AMEX:RVP)
Storico
Da Set 2023 a Set 2024