Retractable Technologies, Inc - RVP STOCK NEWS

Retractable Technologies, Inc. (NYSE American: RVP) has announced dividend declarations for its Series II Class B and Series III Class B Convertible Preferred Stock shareholders. The dividends, amounting to $39,050.00 and $18,561.25 respectively, cover the period from July 1, 2024 to September 30, 2024. Accruing at $1.00 per share per annum, the dividends will be paid on October 21, 2024 to shareholders of record as of October 10, 2024.

Retractable manufactures and markets safety medical products including VanishPoint®, Patient Safe®, and EasyPoint® needles, designed to prevent needlestick injuries, reduce product reuse, and minimize the risk of bloodstream infections. These products are distributed through specialty and general line distributors.

Retractable Technologies, Inc. (NYSE American: RVP) has filed a complaint in the United States Court of International Trade on September 26, 2024. The complaint targets defendants involved in implementing a 100% tariff on syringes and needles imported from China, effective September 27, 2024. Defendants include the United States of America, the Office of the United States Trade Representative, Trade Representative Katherine Tai, U.S. Customs & Border Protection, and Acting Commissioner Troy Miller.

The company is seeking preliminary injunctions and a decision to set aside the tariffs, along with costs and fees. The complaint alleges improper conduct of the most recent tariff review for needles and syringes, as well as procedural and policy issues. Retractable Technologies claims that 100% tariffs without sufficient time to increase domestic production would cause irreparable harm to the company.

Retractable Technologies, Inc. (NYSE American: RVP) announced that the U.S. Trade Representative has finalized a 100% tariff on Chinese imported syringes and needles, effective September 27, 2024. This decision, up from the initially proposed 50%, comes after competitor Becton, Dickinson and Company requested the maximum tariff level. For Retractable, which sourced 91% of its products from China in the first half of 2024, this poses significant challenges:

1. Substantial cost increases with insufficient time to adapt
2. Potential severe negative impacts on operations and financial stability
3. Possible layoffs and reduced product variety
4. Complications in competitive positioning

The company is exploring cost-cutting measures and plans to enhance domestic production capabilities, but faces uncertain timelines and expenses. Retractable expressed concern over the government's decision, citing its commitment to public health and superior safety technology.

Retractable Technologies, Inc. (RVP) reported Q2 2024 results with total net sales of $6.0 million, down from $8.0 million in Q2 2023, and an operating loss of $5.8 million, compared to $5.0 million loss last year. For H1 2024, net sales were $13.6 million with operating losses of $8.7 million. The company faces potential challenges from a proposed 50% tariff on Chinese imports, which could significantly impact operations as 91% of their products are sourced from China. RVP is considering shifting more production to its domestic facility, estimating $1 million in one-time equipment costs. A $8.3 million change in valuation allowance on deferred tax assets contributed to net losses of $14.2 million for Q2 and $13.7 million for H1 2024.

Retractable Technologies (NYSE American: RVP) has declared dividends for its Series II Class B and Series III Class B Convertible Preferred Stock. Series II will receive $39,050.00 while Series III will receive $18,561.25. Dividends have accrued at $1.00 per share annually, covering April 1, 2024, to June 30, 2024. Payments will be made on July 22, 2024, to shareholders of record as of July 10, 2024.

Retractable manufactures safety medical products, including VanishPoint® syringes and EasyPoint® needles, designed to prevent needlestick injuries and infections. For more details, visit their website.

Retractable Technologies (NYSE American: RVP) reported a net sales decline to $7.6 million for Q1 2024 from $11.0 million in Q1 2023, resulting in a higher operating loss of $3.0 million compared to $2.7 million last year. The decline was mainly due to reduced international syringe sales for COVID-19 vaccinations, while domestic revenues rose by 22.5%. Operating expenses decreased by 12.9%, thanks to new property tax legislation. A new 50% tariff on syringes and needles, set to take effect in Q3 2024, poses a significant risk as over 90% of products were sourced from China. Unrealized gains on investments contributed positively to net income.

Retractable Technologies, Inc. (RVP) reports a 54.0% decrease in revenues for 2023 due to lower COVID-19 vaccination sales. Domestic revenues dropped by 33.7% and international revenues by 78.9%. Cost of manufactured products decreased by 49.0%, and operating expenses decreased by 29.2%. The company faced challenges in comparing 2023 results to pre-pandemic years due to the surge in pandemic sales. Despite workforce reductions in 2022 and 2023, expenses remain high. The company holds $34.6 million in debt and equity securities.

Retractable Technologies, Inc. (RVP) declares dividends for its Series II Class B and Series III Class B Convertible Preferred Stock, totaling $39,050.00 and $18,561.25 respectively, covering the period from January 1, 2024, to March 31, 2024. The dividends will be paid on April 22, 2024, to shareholders of record as of April 10, 2024. Retractable manufactures safety medical products like VanishPoint® and Patient Safe® to prevent needlestick injuries and bloodstream infections.

Retractable Technologies, Inc. (RVP) has declared dividends for its Series II Class B and Series III Class B Convertible Preferred Stock, totaling $39,050.00 and $18,561.25, respectively. The dividends cover the period from October 1, 2023, to December 31, 2023, at a rate of $1.00 per share per annum. Shareholders of record as of January 10, 2024, will receive the dividends on January 22, 2024. Retractable manufactures safety medical products designed to prevent needlestick injuries and reduce the risk of bloodstream infections. Its products are distributed by various specialty and general line distributors.