Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. ANNOUNCES
REDUCTION IN ITS MANUFACTURING WORKFORCE
LITTLE ELM, Texas, July 23, 2025-Retractable
Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 12.4%. The reduction is expected
to save an estimated $1.6 million in annual wages and benefits, or approximately 8.6% of total estimated workforce costs. The expected
savings is offset by one-time separation payments of approximately $56 thousand to the affected workers. The reduction targets the Company's
manufacturing and manufacturing support positions as the Company continues to balance its domestic manufacturing presence against its
reliance on imported products and associated tariffs from its Chinese contract manufacturers.
While contract manufacturers in China have historically
produced most of the products the Company sells, the material financial impact of tariffs on Chinese imports has caused the Company to
ramp-up its domestic production activities, while working to minimize the financial impact of the change. To the extent possible, the
Company will continue to import only those products which it cannot make domestically and rely on its Little Elm facility to produce the
remainder 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
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
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