Retractable Technologies, Inc. Results for the Period Ended March 31, 2025
Unrealized losses on investments were a significant factor in the computation of net income for the first quarter of 2025.
Retractable experienced significant growth in late 2020 through early 2022 due to material orders from the
|
Three Months Ended |
|||||||||||||||
(Amounts in millions) |
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|
$ |
7.4 |
$ |
6.6 |
$ |
5.4 |
$ |
10.2 |
$ |
11.0 |
$ |
8.3 |
$ |
6.1 |
$ |
6.6 |
Sales to |
|
— |
|
— |
|
— |
|
15.7 |
|
37.8 |
|
— |
|
— |
|
— |
|
|
0.6 |
|
0.2 |
|
4.8 |
|
11.1 |
|
0.9 |
|
2.8 |
|
1.3 |
|
1.0 |
Other international sales |
|
0.3 |
|
0.8 |
|
0.8 |
|
7.7 |
|
0.4 |
|
0.1 |
|
0.5 |
|
0.1 |
Total sales |
$ |
8.3 |
$ |
7.6 |
$ |
11.0 |
$ |
44.7 |
$ |
50.1 |
$ |
11.2 |
$ |
7.9 |
$ |
7.7 |
Retractable reports the following results of operations for the three months ended
Comparison of Three Months Ended
Domestic sales accounted for 89.6% and 87.4% of total revenues for the three months ended
International revenues for the three months ended
Overall, units sales increased 18.9%.
Cost of manufactured product increased 50.3% principally due to an increase in tariffs and additional period costs related to increased domestic production activities.Royalty expense increased 8.8% primarily due to the increase in gross sales, slightly offset by a decrease in royalties received from sublicenses.
Tariffs are expected to continue to materially increase our costs in future periods. Approximately
Operating expenses decreased 4.3%. The decrease was primarily driven by lower legal and litigation fees, as well as a reduction in outside accounting fees.
The loss from operations was
The unrealized loss on debt and equity securities was
The provision for income taxes was
ABOUT RETRACTABLE
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 line distributors.
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 such statements.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515306117/en/
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
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