Retractable Technologies Reports Results for Third Quarter of 2024

Retractable Technologies, Inc. (NYSE American: RVP) recently released its financial results for the third quarter of 2024, as detailed in an official filing with the U.S. Securities and Exchange Commission.

According to the report, for the third quarter of 2024, Retractable Technologies reported total net sales of $10.3 million and an operating loss of $5.1 million. This contrasts with the same period in the previous year, which had total net sales of $10.3 million and an operating loss of $936 thousand. Notably, for the first nine months of 2024, net sales totaled $24.0 million, with operating losses amounting to $13.9 million, compared to 2023’s net revenues of $29.3 million and operating losses of $8.7 million.

The drop in gross profit during the third quarter of 2024 was primarily attributed to a decrease in the average selling price, a decrease in international sales, and rising production costs. Furthermore, the impact of a new 100% tariff on syringes and needles imported from China, effective in September 2024, resulted in additional expenses for Retractable Technologies. The Company incurred $568 thousand in tariff expenses, with an expected total expense of approximately $1.5 million through February 2025.

To mitigate the financial impact of tariffs, Retractable Technologies is adjusting its manufacturing practices by shifting a significant portion of the production of certain needles to its domestic facility. The Company has also taken legal action against the United States Trade Representative and other entities involved in the tariff imposition, seeking relief from the financial burden of these tariffs.

A notable portion of the net losses for the nine months ending September 30, 2024, included an $8.4 million change in the valuation allowance on deferred tax assets, influenced by various factors including the impact of tariffs on imported products from China.

Retractable Technologies’ suite of safety medical products includes VanishPoint® and Patient Safe® devices, aimed at minimizing needlestick injuries and bloodstream infections. The Company’s products are distributed through specialized and general line distributors.

The detailed financial results and additional information are available in Retractable Technologies’ Form 10-Q, filed on November 14, 2024, with the U.S. Securities and Exchange Commission.

Please visit Retractable Technologies’ website at www.retractable.com for further information about the Company and its products.

Forward-looking statements in this report are subject to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While the Company believes these statements are accurate, actual performance might significantly deviate from these expectations due to various factors, including demand fluctuations, tariff impacts, and market conditions, among others.

For further inquiries, please contact John W. Fort III, Vice President, Chief Financial Officer, and Chief Accounting Officer at 888-806-2626 or 972-294-1010.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Retractable Technologies’s 8K filing here.

About Retractable Technologies

Retractable Technologies, Inc designs, develops, manufactures, and markets safety syringes and other safety medical products for the healthcare profession in the United States, rest of North and South America, and internationally. The company offers VanishPoint insulin syringes; tuberculin, insulin, and allergy antigen syringes; small diameter tube adapters; blood collection tube holders; allergy trays; IV safety catheters; Patient Safe syringes and Luer Caps; VanishPoint blood collection sets; EasyPoint needles; and VanishPoint autodisable syringes.