Articles from Retractable Technologies, Inc.

Retractable Technologies, Inc. (NYSE American: RVP) (“RTI” or “Retractable”) has withdrawn its complaint in the United States Court of International Trade against the defendants involved in the issuance of a 100% tariff on syringes and needles imported from China. As a result, the case was dismissed effective January 8, 2025. Initial investigations into the matter convinced RTI management that although the tariffs were not properly implemented, there was no chance of RTI being granted additional time to increase domestic production without tariffs and the chances of a small company prevailing against the interests of a large monopolistic corporation at this time in history were slim to none.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning October 1, 2024 through December 31, 2024. The dividends will be paid on January 20, 2025 to shareholders of record as of the close of business on January 10, 2025.

Retractable Technologies, Inc. (NYSE American: RVP) reports total net sales of $10.3 million for the third quarter of 2024 and an operating loss of $5.1 million for the period, as compared to total net sales for the same period last year of $10.3 million and an operating loss of $936 thousand. For the first nine months of the year, net sales were $24.0 million and operating losses were $13.9 million as compared to 2023 net revenues of $29.3 million and operating losses of $8.7 million. The decline in gross profit in the third quarter of 2024 was primarily due to a decrease in the average selling price, a drop in international sales, and rising production costs. The decline in international sales had a material impact on lower net revenues in the nine-month period ended September 30, 2024.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning July 1, 2024 through September 30, 2024. The dividends will be paid on October 21, 2024 to shareholders of record as of the close of business on October 10, 2024.

Retractable Technologies, Inc. (NYSE American: RVP) announces that on September 26, 2024, it filed a complaint in the United States Court of International Trade against defendants involved in the issuance of a recent decision implementing a 100% tariff on syringes and needles imported from China, effective September 27, 2024. Such defendants include the United States of America, the Office of the United States Trade Representative, Trade Representative Katherine Tai, U.S. Customs & Border Protection, and U.S. Customs & Border Protection Acting Commissioner Troy Miller. Relief sought includes preliminary injunctions and, ultimately, a decision that the tariffs be set aside, as well as certain costs, fees, and other relief. The Complaint details the history of tariff reviews and decisions since 2018 and alleges that the most recent tariff review was not properly conducted as to needles and syringes, as well as other allegations relating to procedure and policy. Tariffs at the 100% level without sufficient time to increase its domestic production would cause irreparable harm to Retractable, as detailed in the Complaint.

Retractable Technologies, Inc. (NYSE American: RVP) announces that on September 13, 2024, the Office of the United States Trade Representative (“USTR”) revealed final adjustments to tariffs placed on Chinese imported syringes and needles.

Retractable Technologies, Inc. (NYSE American: RVP) reports total net sales of $6.0 million for the second quarter of 2024 and an operating loss of $5.8 million for the period, as compared to total net sales for the same period last year of $8.0 million and an operating loss of $5.0 million. For the first half of the year, net sales were $13.6 million and operating losses were $8.7 million as compared to 2023 net revenues of $19.0 million and operating losses of $7.8 million. In the three months ended June 30, 2024, declines in domestic demand were a primary factor in Retractable’s lower revenues and in the six months ended June 30, 2024, lower international vaccination-related sales had a larger impact on lower revenues.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning April 1, 2024 through June 30, 2024. The dividends will be paid on July 22, 2024 to shareholders of record as of the close of business on July 10, 2024.

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 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.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning January 1, 2024 through March 31, 2024. The dividends will be paid on April 22, 2024 to shareholders of record as of the close of business on April 10, 2024.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning October 1, 2023 through December 31, 2023. The dividends will be paid on January 22, 2024 to shareholders of record as of the close of business on January 10, 2024.

Retractable Technologies, Inc. (NYSE American: RVP) reports that the FDA Safety Communication “Evaluating Plastic Syringes Made in China for Potential Device Failures” on November 30, 2023 does not refer to syringes from Retractable Technologies Inc. The FDA identified quality issues related to “leaks, breakage, and other problems after manufacturers made changes to the syringe dimensions.” Retractable Technologies has not incorporated any recent changes to the dimensions of the syringe barrel on its gold-standard VanishPoint Safety Syringe. VanishPoint users can continue to be confident not only in VanishPoint’s ability to deliver the correct dose of medication, but also in its ability to protect users from needlesticks better than any other safety syringe.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its loss from operations was $8.7 million for the first nine months of 2023 and that it had an operating loss of $936 thousand for the third quarter of 2023, as compared to an operating income for the same periods last year of $7.0 million for the first nine months of 2022 and an operating loss of $691 thousand for the third quarter of 2022. Total net sales were $10.3 million for the three months ended September 30, 2023 and $29.3 million for the nine months ended September 30, 2023. In comparison, total net sales were $23.1 million for the three months ended September 30, 2022 and $82.1 million for the nine months ended September 30, 2022. The differences in the revenues and operating income or loss are largely due to lower sales related to COVID-19 vaccination efforts.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning July 1, 2023 through September 30, 2023. The dividends will be paid on October 20, 2023 to shareholders of record as of the close of business on October 10, 2023.

Retractable Technologies, Inc. (NYSE American: RVP) reports total net sales of $8.0 million for the second quarter of 2023 and an operating loss of $5.0 million for the second quarter, as compared to total net sales for the same quarter last year of $14.3 million and an operating loss of $2.1 million. For the first half of the year, 2023 net revenues were $19.0 million and operating losses were $7.8 million as compared to 2022 net revenues of $59.1 million and operating income of $7.7 million. The differences in the revenues and operating income or loss are largely due to lower sales related to COVID-19 vaccination efforts. In the first half of 2023, Retractable invested approximately 39% more in sales and marketing expenses, primarily in travel and trade show expenses as well as increased headcount for sales representatives, in an effort to improve future revenues. Retractable reports that domestic demand may be depressed due to the retention of products previously provided for vaccination purposes in customers’ inventory.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning April 1, 2023 through June 30, 2023. The dividends will be paid on July 20, 2023 to shareholders of record as of the close of business on July 10, 2023.

Retractable Technologies, Inc. (NYSE American: RVP) reports total net sales of $11.0 million for the first three months of 2023 and an operating loss of $2.7 million for the period, as compared to total net sales for the same period last year of $44.7 million and an operating income of $9.7 million. The differences in the revenues and operating income or loss are largely due to the lack of syringe sales to the U.S. government for COVID-19 vaccination efforts. In the first quarter of 2023, Retractable invested approximately 33% more in sales and marketing expenses, primarily in travel and trade show expenses as well as increased headcount for sales representatives, in an effort to improve future revenues. Retractable reports that domestic demand may be depressed due to the retention of products previously provided for vaccination purposes in customers’ inventory.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning January 1, 2023 through March 31, 2023. The dividends will be paid on April 20, 2023 to shareholders of record as of the close of business on April 10, 2023.

Retractable Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2022. Further details concerning the results of operations as well as other matters are available in Retractable’s Form 10-K filed on March 30, 2023 with the U.S. Securities and Exchange Commission.

Retractable Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 22%. The reduction is due to the decreased need for domestic production and production support personnel. The staff reduction primarily affects the Company’s production, operations, and logistics departments. The reduction will result in an overall annualized savings of approximately $1.7 million, or 13% in annualized payroll expense, offset by separation costs which are expected to be approximately $154 thousand. The Company expects that it will be able to meet its current level of domestic production needs after the headcount reduction and will continue to have significant domestic production capacity.

Retractable Technologies, Inc. (NYSE American: RVP) announces today that it has agreed to repurchase three million shares of its common stock in a private transaction with BML Investment Partners, L.P. Braden M. Leonard, on behalf of the selling shareholder, approached the Company with an offer to sell a block of shares prior to year-end. The Company accepted, determining it would be advantageous to buy a large block of shares in one transaction, especially given the stock’s low price. The parties negotiated a price of $1.60 per share, being an 8% discount from the $1.74 per share closing price as of December 22, 2022.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning October 1, 2022 through December 31, 2022. The dividends will be paid on January 20, 2023 to shareholders of record as of the close of business on January 10, 2023.

Retractable Technologies, Inc. (NYSE American: RVP) issues this press release to express the Company’s concern regarding stock price anomalies in its Common Stock and disclose actions taken to date. Concerned about possible market manipulation, the Company engaged an independent highly reputable economic consulting firm in 2021 which analyzed millions of trades in the Company’s stock in recent years. This in-depth analysis, costing the Company over $600 thousand, confirmed that there were statistically significant anomalies in the market’s reaction to the Company’s positive disclosures, meaning that the Company’s stock price would often react negatively or in a statistically insignificant way following positive earnings reports and press releases. The Company’s consultant presented its analysis to the U.S. Securities and Exchange Commission in March 2022. In late November 2022, the Commission informed the Company that it would not pursue the matter further from an enforcement perspective. In summary, the Company’s management expresses its disappointment that the Company’s stock price does not appear to correlate to the Company’s actual value and advises its stockholders that an investment in the Company’s stock is not likely to track the Company’s operational performance based on historical data.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $7.0 million for the first nine months of 2022 and that it had an operating loss of $691 thousand for the third quarter of 2022, as compared to an operating income for the same periods last year of $44.1 million for the first nine months of 2021 and an operating income of $8.0 million for the third quarter of 2021. Total net sales were $23.1 million for the three months ended September 30, 2022 and $82.1 million for the nine months ended September 30, 2022. In comparison, total net sales were $36.4 million for the three months ended September 30, 2021 and $129.0 million for the nine months ended September 30, 2021. The differences in the revenues are largely due to the lack of second and third quarter sales to the U.S. government, offset by much higher international sales. Although total revenues for the three months ended September 30, 2022 were significantly lower than the same periods in the prior year, both domestic and international sales were higher than any quarter ended September 30 in 2018-2019 prior to the COVID-19 pandemic.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning July 1, 2022 through September 30, 2022. The dividends will be paid on October 21, 2022 to shareholders of record as of the close of business on October 11, 2022.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $7.7 million for the first six months of 2022 and that it had an operating loss of $2.1 million for the second quarter of 2022, as compared to an operating income for the same periods last year of $36.1 million for the first six months of 2021 and an operating income of $12.7 million for the second quarter of 2021. Total net sales were $14.3 million for the three months ended June 30, 2022 and $59.1 million for the six months ended June 30, 2022. In comparison, total net sales were $42.5 million for the three months ended June 30, 2021 and $92.6 million for the six months ended June 30, 2021. The differences in the revenues are largely due to the lack of second quarter sales to the U.S. government, offset by higher international sales. Although total revenues for the three and six months ended June 30, 2022 were significantly lower than the same periods in the prior year, sales to non-U.S. government domestic customers for both the first and second quarters of 2022 were higher than any quarter in the two years immediately prior to the COVID-19 pandemic.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning April 1, 2022 through June 30, 2022. The dividends will be paid on July 21, 2022 to shareholders of record as of the close of business on July 11, 2022.

Retractable Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 16% as a result of the substantial completion of its facility expansion efforts and the completion of U.S. government orders to provide its products for COVID-19 vaccination efforts. The staff reduction primarily affects its production, operations and logistics departments. The reduction will result in an overall annualized savings of approximately $2.1 million dollars, or 13% in annual payroll expense, and separation costs are expected to be approximately $200 thousand. The company expects that it will be able to maintain its current level of domestic production after the headcount reduction, and have significantly enhanced domestic production capacity upon completion of the expansion efforts.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $9.7 million for the first three months of 2022, compared to an operating income for the same period last year of $23.4 million. Net sales were $44.7 million for the first quarter of 2022 as compared to $50.1 million for the first quarter of 2021, reflecting lower revenues from the U.S. government and higher international revenues related to COVID-19 vaccination efforts. The U.S. government remained a significant customer for the first quarter of 2022, constituting $15.7 million in net sales as compared to $37.8 million in the first quarter of 2021. While Retractable continues to work with its contacts at both the U.S. Department of Health and Human Services and an international organization which was a significant customer, additional orders are uncertain.

Retractable Technologies, Inc. (NYSE American: RVP) reports that, effective April 14, 2022, it has terminated its Rule 10b5-1/10b-18 Repurchase Plan dated June 4, 2021. Since June 2021, Retractable has purchased a total of 1,087,145 shares for approximately $8.1 million under the Plan. The Board of Directors determined to cancel the plan because the stock price appears not to be correlated with the economic performance of the corporation at this time. This determination to terminate the repurchase plan was made despite the fact that the stock is trading at a discount: our current market capitalization is less than the asset value of the corporation.

Retractable Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2021. Further details concerning the results of operations as well as other matters are available in Retractable’s Form 10-K filed on March 31, 2022 with the U.S. Securities and Exchange Commission.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $19,061.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning January 1, 2022 through March 31, 2022. The dividends will be paid on April 21, 2022 to shareholders of record as of the close of business on April 11, 2022.

Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $39,495.10, respectively. Dividends have accrued at $1.00 per share per annum. The Series II Class B dividends cover the period beginning October 1, 2021 through December 31, 2021 and the Series III dividends cover the period beginning July 1, 2021 through December 31, 2021. The dividends will be paid on January 24, 2022 to shareholders of record as of the close of business on January 10, 2022.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $44.1 million for the first nine months of 2021, compared to an operating income for the same period last year of $11.8 million, and that income applicable to common shareholders was $35.0 million for the first nine months of 2021 compared to $14.7 million in the prior year. Net sales were $36.4 million for the three months ended September 30, 2021 and $128.9 million for the nine months ended September 30, 2021. The U.S. government remained a significant customer, constituting 50.7% and 64.8% of the net sales in the three and nine-month periods ended September 30, 2021. During the quarter ended September 30, 2021, despite the increase in revenues, Retractable’s gross profit margins were adversely affected by the widespread and unprecedented rise in transportation costs and delays affecting nearly all importers as a consequence of COVID-19’s impact on the global supply chain.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B Convertible Preferred Stock in the amount of $39,050. The dividend amount is $0.25 per share. Dividends have accrued at 10% per annum and cover amounts in arrears from July 1, 2021 through date of conversion or September 30, 2021 whichever is applicable. The dividends will be paid on October 22, 2021 to shareholders of record as of the close of business on October 12, 2021.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $36.1 million for the first six months of 2021, compared to an operating income for the same period last year of $1.4 million, and that income applicable to common shareholders was $28.5 million for the first six months of 2021 compared to $3.7 million in the prior year. Net sales were $42.5 million for the three months ended June 30, 2021 and $92.6 million for the six months ended June 30, 2021. The U.S. government remained a significant customer, constituting 64.4% and 70.4% of the net sales in the three and six-month periods ended June 30, 2021.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that its Board of Directors has approved the adoption of a repurchase plan (the “Plan”) for up to $10 million of its Common Stock. Under the Plan, open market purchases of Retractable’s Common Stock may commence June 18, 2021 and may continue until June 18, 2022 at the latest. The Plan is structured to comply with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The Plan will be administered through an independent broker. The purchases under the Plan are subject to Rule 10b-18 limitations as well as certain price and market volume constraints specified in the Plan. Notwithstanding the terms of the Plan, the exact number of shares which may be purchased pursuant to the Plan is difficult to predict.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that it has entered into an amendment to delivery order 75A50120F33003 from the Department of Health and Human Services which was awarded May 1, 2020. The amendment changes the period of performance end date from May 2021 to March 2022 and reallocates the products ordered to increase shipments of 1mL low dead-space safety syringes. The previously disclosed total contract price and freight costs are unchanged.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that, in accordance with the 30 day notice requirement, it received a preliminary notice from the U.S. Department of Health and Human Services, Office of the Assistant Secretary for Preparedness and Response (“HHS/ASPR”) expressing its intent to exercise all seven one-month option periods under 75A50121P00021 contract between HHS/ASPR and Retractable. Such option exercises would extend the contract expiration date to February 14, 2022. As previously disclosed, the option periods increase the value of the contract by $92,772,680, including the price of the products and freight reimbursement.

Retractable Technologies Inc. (NYSE American: RVP) announced today that it has entered into an amendment to the Technology Investment Agreement (originally awarded on July 1, 2020) with the U.S. government providing $27,365,232 in additional funding. The amendment calls for an increase in existing domestic manufacturing capabilities by a minimum of 50 percent in order to meet ongoing and future U.S. COVID-19 medical countermeasures demands. In order to satisfy this new objective, Retractable is directed to increase U.S. production of 1mL low dead-space safety syringes by installing new assembly lines and further expanding a portion of its facilities in Little Elm, Texas. The scheduled end date for the modification effort is January 31, 2022.

Retractable Technologies, Inc. (NYSE American: RVP) reports that its operating income was $23.4 million in the first quarter of 2021, compared to operating income for the same period last year of $481 thousand. In comparison, the annual operating income for the prior two years was $24.1 million in 2020 and $3.0 million in 2019. During the first quarter of 2021, sales to the U.S. government were $37.8 million, representing 75.5% of the $50.1 million in first quarter revenues.

Retractable Technologies, Inc. (NYSE American: RVP) announced today that, in accordance with the 30 day notice requirement, it received a preliminary notice from the U.S. Department of Health and Human Services, Office of the Assistant Secretary for Preparedness & Response (“HHS/ASPR”) expressing its intent to exercise at least the first two one-month options under the February 2021 contract between HHS/ASPR and Retractable. Such option exercises would extend the July 14, 2021 base period expiration date to September 14, 2021. As previously disclosed, the HHS/ASPR February 2021 contract includes a total of seven one-month option periods. The two one-month option periods referenced by the preliminary notice would relate to an overall purchase price of approximately $23.5 million, including freight costs.