Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. ANNOUNCES
LITTLE ELM, Texas, April 9, 2026-Retractable
Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 16%. The reduction is expected
to save an estimated $2.2 million in annual wages and employment benefits, or approximately 13% of total estimated workforce costs. The
expected savings are offset by estimated one-time separation payments of approximately $122 thousand to the affected workers. Approximately
58% of the targeted payroll reduction affects manufacturing or manufacturing support positions and the remainder of the reductions affects
sales and sales support roles.
The move comes as the Company continues to strengthen
its domestic production capabilities and increase manufacturing efficiencies, reducing its reliance on importing products from its contract
manufacturers in China. While contract manufacturers in China have historically produced most of the products the Company sells, the financial
impact of tariffs on imports from China has caused the Company to increase its domestic production where practical in order to mitigate
the cost of importing. While the increase in domestic manufacturing lessens the negative financial impact of tariffs, the Company is still
reliant on Chinese imports for products we are unable to produce with our current manufacturing equipment.
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: tariffs; material changes in demand; 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