Retractable Technologies, Inc. Reports Results for 2023
29 Marzo 2024 - 1:20PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports the
following information relating to the year ended December 31, 2023.
Further details concerning the results of operations as well as
other matters are available in Retractable’s Form 10-K filed on
March 29, 2024 with the U.S. Securities and Exchange
Commission.
Our revenues for 2023 decreased 54.0% as domestic and
international COVID-19 vaccination sales decreased. We had revenues
of approximately $43.6 million as compared to approximately $94.8
million in the prior year. Domestic revenues decreased 33.7% and
international revenues decreased 78.9%. In addition to the decline
in demand for COVID-19 vaccination products, we experienced a
decline in demand which may be due to customer retention of
inventory from prior periods. Cost of manufactured product
decreased 49.0% due to a decline in units sold and operating
expenses decreased 29.2% primarily due to the lack of stock option
expense in 2023.
Comparability of 2023 to 2020-2022 financial results is
challenging due to the unusual volume of pandemic sales. Below is a
table which details our revenues as well as gross profit, total
operating expenses, and income or loss from operations since 2018.
As previously reported, a 2020 agreement with the U.S. government
enabled us to significantly expand our facilities but increased our
overhead costs in recent years. In 2022 and 2023, we reduced our
workforce in an effort to reduce our expenses, but expenses remain
higher than prior to 2020.
(Amounts in Millions)
2023
2022
2021
2020
2019
2018
U.S. sales (excluding U.S. government)
$
34.6
$
36.5
$
53.9
$
42.2
$
31.9
$
28.7
Sales to U.S. government
—
15.7
113.7
31.6
—
—
North and South America sales (excluding
U.S.)
6.1
29.1
14.5
6.9
8.2
3.6
Other international sales
2.9
13.5
6.3
1.2
1.7
1.0
Total sales
$
43.6
$
94.8
$
188.4
$
81.9
$
41.8
$
33.3
Gross profit
$
9.1
$
28.3
$
95.4
$
37.0
$
14.1
$
10.2
Total operating expenses
$
20.6
$
29.1
$
22.8
$
12.9
$
11.2
$
11.8
Income (loss) from operations
$
(11.5)
$
(0.9)
$
72.6
$
24.1
$
3.0
$
(1.3)
The Company has adequate liquidity and is focused on sales
efforts and new product development. In addition, the Company has
continued investing in securities. We purchased a net amount of
$9.9 million in securities during 2023, resulting in ownership of
$34.6 million in debt and equity securities by year-end. Our income
statement reflects an unrealized loss of $10.5 million and a
realized gain of $5.6 million on our debt and equity
securities.
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: supply chain disruptions,
Retractable’s ability to scale up production volumes in response to
an increase 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240329173695/en/
Retractable Technologies, Inc. John W. Fort III, 888-806-2626 or
972-294-1010 Vice President, Chief Financial Officer, and Chief
Accounting Officer
Retractable Technologies (AMEX:RVP)
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