Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. ANNOUNCES
REDUCTION IN WORKFORCE
LITTLE ELM, Texas, April 10, 2025-Retractable
Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 7%. The reduction is expected
to save an estimated $1.6 million in annual wages and benefits, or approximately 7.8% of total estimated workforce costs. The expected
savings is offset by one-time separation payments of approximately $300 thousand to the affected workers. Approximately 72% of the targeted
payroll reduction affects general and administrative functions, with the remainder coming from manufacturing or manufacturing support
The move comes as the Company continues to allocate
more of its resources to increase its U.S. manufacturing capabilities and reduce reliance on products produced in China. While contract
manufacturers in China have historically produced most of the products the Company sells, the material financial impact of tariffs on
imports from China eliminates the Company's ability to continue the practice. As a result, the Company will work to minimize its
exposure to the tariffs and strategically import only those products which it cannot make domestically and rely on its Little Elm facility
to produce the majority of its products. The Company is unable to predict future U.S. trade policy, or the potential impact it may have
on the Company's ability to import products from China or other countries.
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