Retractable Technologies, Inc. (NYSE American: RVP) reports
total net sales of $8.0 million for the second quarter of 2023 and
an operating loss of $5.0 million for the second quarter, as
compared to total net sales for the same quarter last year of $14.3
million and an operating loss of $2.1 million. For the first half
of the year, 2023 net revenues were $19.0 million and operating
losses were $7.8 million as compared to 2022 net revenues of $59.1
million and operating income of $7.7 million. The differences in
the revenues and operating income or loss are largely due to lower
sales related to COVID-19 vaccination efforts. In the first half of
2023, Retractable invested approximately 39% more in sales and
marketing expenses, primarily in travel and trade show expenses as
well as increased headcount for sales representatives, in an effort
to improve future revenues. Retractable reports that domestic
demand may be depressed due to the retention of products previously
provided for vaccination purposes in customers’ inventory.
Retractable experienced significant growth in late 2020 through
early 2022 due to material orders from the U.S. government to
supply syringes for COVID-19 vaccination efforts. Such orders
included payment for certain freight charges as well. As a result,
comparability to revenues and expenses in recent years may be
challenging. Below are second quarter revenue figures from 2018 –
2023, as obtained from Retractable’s Quarterly Reports on Form 10-Q
as filed with the U.S Securities and Exchange Commission.
Three Months Ended June
30,
(Amounts in millions)
2023
2022
2021
2020
2019
2018
U.S. sales (excluding U.S. government)
$
7.3
$
9.5
$
12.7
$
9.4
$
7.8
$
6.3
Sales to U.S. government
—
—
27.4
—
—
—
North and South America sales (excluding
U.S.)
0.2
4.3
1.5
2.0
1.2
0.8
Other international sales
0.5
0.5
0.9
0.2
0.6
0.4
Total sales
$
8.0
$
14.3
$
42.5
$
11.6
$
9.6
$
7.5
During the first half of 2023, Retractable materially increased
its investment in U.S. government-backed mutual funds and sold
equity investments. These increased investments were a significant
factor in the decreased cash position in the first half of
2023.
Retractable reports the following results of operations for the
three and six months ended June 30, 2023 and 2022, respectively.
Further details concerning the results of operations, as well as
other matters, are available in Retractable’s Form 10-Q filed on
August 14, 2023 with the U.S Securities and Exchange
Commission.
Comparison of Three Months Ended June 30,
2023 and June 30, 2022
Domestic sales accounted for 91.6% and 66.7% of the revenues for
the three months ended June 30, 2023 and 2022, respectively.
Domestic revenues decreased 23.6% principally due to lower demand.
Domestic unit sales decreased 11.0%. Domestic unit sales were 87.9%
of total unit sales for the three months ended June 30, 2023.
International revenues decreased approximately 86.0% predominately
due to fewer international vaccination-related sales. Overall unit
sales decreased 47.9%. There is uncertainty as to the timing of
future international orders.
Cost of manufactured product decreased 29.1% principally due to
lower unit sales. Royalty expense decreased 27.9% due to the
associated decrease in gross sales.
Operating expenses decreased 5.3% from the prior year. This is
substantially due to decreases in stock option expenses and
headcount.
The loss from operations was $5.0 million compared to a loss of
$2.1 million for the same period last year. The greater loss was
due to an overall decrease in revenues.
The unrealized loss on debt and equity securities was $6.3
million due to the decreased market values of those securities but
we recognized a gain on sales of equity securities in the amount of
$4.8 million.
The benefit for income taxes was $932 thousand for the second
quarter of 2023 as compared to a benefit for income taxes of $1.6
million in the second quarter of 2022.
Comparison of Six Months Ended June 30, 2023
and June 30, 2022
Domestic sales accounted for 67.1% and 60.1% of the revenues for
the six months ended June 30, 2023 and 2022, respectively. Domestic
revenues decreased 64.2% principally due to lack of sales to the
U.S. government. Domestic unit sales decreased 60.8%. Domestic unit
sales were 55.7% of total unit sales for the six months ended June
30, 2023. International revenues decreased approximately 73.5%
predominately due to fewer international vaccination-related sales.
Overall unit sales decreased 67.3%. There is uncertainty as to the
timing of future international orders.
Cost of manufactured product decreased 60.7% principally due to
lower unit sales. Royalty expense decreased 59.0% due to the
associated decrease in gross sales.
Operating expenses decreased 4.6% from the prior year. This is
substantially due to decreases in stock option expense, consulting,
and reduced headcount. In the first half of 2023, we incurred
approximately 39% more in sales and marketing expenses, primarily
in travel and trade show expenses as well as increased headcount
for sales representatives, in an effort to improve future
revenues.
The loss from operations was $7.8 million compared to an income
from operations of $7.7 million for the same period last year. The
loss was due to an overall decrease in revenue and a rise in
per-unit costs on lower production levels.
The unrealized loss on debt and equity securities was $4.8
million due to the decreased market values of those securities but
we recognized a gain on sales of equity securities in the amount of
$5.6 million.
The benefit for income taxes was $701 thousand for the first six
months of 2023 as compared to an income tax expense of $4.2 million
in the first six months of 2022.
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: material changes 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/20230814240460/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)
過去 株価チャート
から 4 2024 まで 5 2024
Retractable Technologies (AMEX:RVP)
過去 株価チャート
から 5 2023 まで 5 2024