Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. REPORTS
LITTLE ELM, Texas, March 28, 2025-Retractable
Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2024. Further
details concerning the results of operations as well as other matters are available in Retractable's Form 10-K filed on March 28,
2025 with the U.S. Securities and Exchange Commission.
The Company's revenues for 2024 decreased
24.2%. The Company's revenues were approximately $33.0 million in 2024 as compared to approximately $43.5 million in the prior year.
Domestic revenues decreased 15.1% principally due to a decrease in the average selling price as a result of product mix, combined with
higher transactional and order fulfillment costs with its distributors. International revenues decreased 59.1% predominantly due to fewer
international vaccination-related sales. Comparability of 2024 to 2020-2023 financial results is challenging due to the unusual volume
of pandemic sales in prior years.
The Company's operating costs remain high
since its facility expansion and, more recently, its increase in domestic production in connection with 2024-2025 tariffs. Total operating
expenses were $20.1 million in 2024. The 2024 loss from operations was $21.1 million as compared to a loss from operations of $11.5 million
The net decrease in cash for 2024 was $8.4 million.
At the end of 2024, the cash position was $4.2 million and the Company held $40.3 million in debt and equity securities.
Although the Company is working to increase domestic
production in 2025, expenses related to tariffs will likely increase. Approximately $1.6 million was spend on tariff expenses from September -
December 2024 when the tariff rate was 100% on syringes and needles imported from China. From January 1 to March 21, 2025,
under a system of increasing tariffs, the Company paid a total of approximately $951 thousand on tariff expenses. Additional equipment
expenditures of approximately $1 million over the next few months and additional workforce expenditures over the next year of approximately
$3.8 million will likely be necessary in connection with the Company's plan to increase domestic production. According to an Executive
Order executed by the President of the United States on March 24, 2025, on or after April 2, 2025, a tariff of 25% may be imposed
on goods imported into the United States from any country that imports Venezuelan oil. The Company does not have sufficient information
to evaluate the impact of this recent order and any forward-looking statements in the Company's Form 10-K do not account for
the foregoing tariff.
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
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
Factors that could cause or contribute to such
differences include, but are not limited to: material changes in demand, 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.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief