Full Press Release Details
Technologies, Inc. Has 3Q 2009 Revenues Increase 19.5 Percent Over 3Q 2008
LITTLE ELM, Texas, November 19,
2009 Retractable Technologies, Inc. (the Company ) (AMEX: RVP), a leading
maker of safety needle medical devices, reported revenues of $10.8 million for
the three months ended September 30, 2009, an increase of 19.5% over the
same period in 2008. The increase in
total revenues from the year-ago quarter was partially due to the sales
generated as a result of the Company s selection by the U.S. Department of
Health & Human Services ( DHHS ) as one of the providers of safety
syringes for swine flu vaccinations. An
increase in gross profit was attributed primarily to higher revenues and lower
unit cost of production. The average
cost of manufactured product sold decreased 5.4% per unit due to higher
volumes. Loss from operations increased
due principally to increased litigation costs and stock option expense,
mitigated by a higher gross profit.
For the nine months that
ended September 30, 2009, the Company reported revenues of $21.8 million,
an increase of 4.7% over the same period in 2008. Domestic revenues increased 3.5% due
principally to sales to the DHHS in the third quarter of 2009, and international
revenues increased 11.3% due to higher average international sales prices. Loss from operations increased due
principally to increased litigation costs and stock option expense, mitigated
by a higher gross profit.
available in the Company s Form 10-Q filed on November 16, 2009, with
the Securities and Exchange Commission.
The Company manufactures and markets safety medical products,
principally VanishPoint automated retraction safety syringes and blood
collection devices that virtually eliminate healthcare worker exposure to
accidental needlestick injuries. These revolutionary devices use a
patented friction ring mechanism that causes the contaminated needle to retract
automatically, a feature that is designed to prevent both accidental needlestick
injury and device reuse. The Company also manufactures and markets
Patient Safe syringes that are uniquely designed to reduce the risk of
bloodstream infections resulting from catheter hub contamination. The Company s products are distributed by
various specialty and general line distributors. For more information on
the Company, visit its website at www.vanishpoint.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 our current views with respect to future events. We
believe that the expectations reflected in such forward-looking statements are
accurate. However, we cannot assure you that such expectations will
materialize. Our actual future performance could differ materially from
such statements. Factors that could
cause or contribute to such differences include, but are not limited to: the
Company s ability to maintain liquidity; the Company s maintenance of patent
protection; the impact of current litigation (as it affects our costs as well
as market access); the Company s ability to maintain favorable supplier
arrangements and relationships; the Company s ability to receive royalties from
Baiyin Tonsun Medical Device Co., Ltd.; the Company s ability to quickly
increase capacity in response to a dramatic increase in demand (such as by
increased orders due to swine flu vaccinations); the Company s ability to
access the market; the Company s ability to maintain or lower production costs;
the Company s ability to continue to finance research and development as well
as operations and expansion of production; the increased interest of larger
market players, specifically Becton Dickinson and Company, in providing devices
to the safety market; and other risks and uncertainties that are detailed from
time to time in the Company s periodic reports filed with the U.S. Securities
and Exchange Commission.
Vice President and Chief Financial Officer
(888) 806-2626 or (972) 294-1010