Retractable Technologies, Inc. Announces Workforce Reduction
27 Mars 2023 - 11:36PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports that
it has reduced its workforce by approximately 22%. The reduction is
due to the decreased need for domestic production and production
support personnel. The staff reduction primarily affects the
Company’s production, operations, and logistics departments. The
reduction will result in an overall annualized savings of
approximately $1.7 million, or 13% in annualized payroll expense,
offset by separation costs which are expected to be approximately
$154 thousand. The Company expects that it will be able to meet its
current level of domestic production needs after the headcount
reduction and will continue to have significant domestic production
capacity.
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: supply chain disruptions,
Retractable’s ability to scale up production volumes in response to
an increase in demand, potential 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230327005707/en/
Retractable Technologies, Inc. John W. Fort III, 888-806-2626 or
972-294-1010 Vice President, Chief Financial Officer, and Chief
Accounting Officer
Retractable Technologies (AMEX:RVP)
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