Retractable Technologies, Inc. Reports Results For 2022
30 Mars 2023 - 11:33PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports the
following information relating to the year ended December 31, 2022.
Further details concerning the results of operations as well as
other matters are available in Retractable’s Form 10-K filed on
March 30, 2023 with the U.S. Securities and Exchange
Commission.
Our revenues for 2022 decreased 49.7% as sales to the U.S.
government for COVID-19 vaccinations wound down in the first
quarter of 2022, although international vaccine-related sales were
significantly higher in 2022. We had revenues of approximately
$94.8 million as compared to approximately $188.4 million in the
prior year. Domestic revenues decreased 68.8% and international
revenues increased 105%. In addition to the cessation of U.S.
government orders, we experienced a decline in other domestic
demand which may be due to customers retaining a surplus of
inventory from prior periods.
In 2022, we spent $7.6 million to repurchase 3.6 million shares
of our common stock and ordered a study of our trading patterns in
recognition of our low stock price. Additionally, the low share
price caused us to cancel underwater executive stock options which
resulted in accelerated stock option expense. Total stock option
expense (a non-cash expense) comprised 42.1% of our elevated
General and administrative expenses in 2022 and was a leading
factor in our 27.9% increase in Total operating expenses.
The Cost of manufactured product decreased 25.8% due to lower
volumes. The loss from operations was $853 thousand principally due
to the significant decline in sales to the U.S. government and
sharply higher operating expenses. Contributing to the decline was
also the lower per-unit international revenues and higher than
previous per-unit costs. Net income was $5.1 million in 2022 as
compared to $56.1 million in 2021 and basic earnings per share were
$0.15 in 2022 as compared to $1.65 per share in 2021.
Throughout 2022, reimbursements from the U.S. government under
the 2020 Technology Investment Agreement (“TIA”) continued,
enabling significant expansions to our facilities and equipment. We
have completed all construction and improvements required by the
TIA. We also expanded our administrative offices at a cost of $5.8
million. As both capital projects and domestic vaccination-related
sales wound down, we have implanted two reductions in workforce (in
June 2022 and March 2023) which should reduce annual salary and
wage expenses by approximately $3.8 million.
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/20230330005816/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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