Retractable Technologies, Inc - RVP STOCK NEWS

Retractable Technologies, Inc. (AMEX: RVP) has released a statement addressing concerns regarding stock price anomalies linked to potential market manipulation. An independent economic consulting firm conducted an analysis in 2021, revealing significant discrepancies in the stock's reaction to positive disclosures, which often resulted in negative or insignificant price changes. Following the submission of findings to the SEC in March 2022, the agency decided not to pursue the matter. The Company expresses discontent that stock performance does not align with operational performance, advising shareholders on potential investment risks.

Retractable Technologies, Inc. (RVP) reported an operating income of $7.0 million for the first nine months of 2022, a significant decrease from $44.1 million in the same period last year. The third quarter of 2022 saw an operating loss of $691 thousand, down from $8.0 million profit in Q3 2021. Total net sales fell to $23.1 million for Q3 2022, compared to $36.4 million in Q3 2021, primarily due to the absence of government sales. However, international sales surged by 507.4% due to vaccination efforts, accounting for 71% of total unit sales in Q3 2022.

Retractable Technologies, Inc. (RVP) has declared dividends for its Series II and III Class B Convertible Preferred Stock, amounting to $39,050.00 and $19,061.25 respectively. The dividends accrued at $1.00 per share per annum for the period from July 1, 2022 to September 30, 2022. Payments will be made on October 21, 2022 to shareholders of record as of October 11, 2022. The company specializes in safety medical products designed to minimize needlestick injuries.

Retractable Technologies, Inc. (NYSE American: RVP) reported a significant decline in operating income, reporting $7.7 million for the first half of 2022 compared to $36.1 million in 2021. The second quarter saw an operating loss of $2.1 million, down from a profit of $12.7 million in 2021. Total net sales fell to $14.3 million for Q2 2022 and $59.1 million for the first half, mainly due to the absence of orders from the U.S. government, although international sales showed a notable increase. The company is uncertain about future orders from government contacts.

Retractable Technologies, Inc. (RVP) declared dividends for its Series II and Series III Class B Convertible Preferred Stock, amounting to $39,050.00 and $19,061.25 respectively. The dividends, accrued at $1.00 per share per annum, cover the period from April 1, 2022 to June 30, 2022. Shareholders of record by July 11, 2022 will receive payments on July 21, 2022. The company's products focus on preventing needlestick injuries and reducing infection risks in medical environments.

Retractable Technologies, Inc. (NYSE American: RVP) has announced a workforce reduction of approximately 16% due to the completion of its facility expansion and U.S. government orders related to COVID-19 vaccination efforts. The layoffs, primarily affecting production, operations, and logistics, are expected to save the company around $2.1 million annually, representing a 13% decrease in payroll expenses. The total separation costs are estimated at $200,000. Despite these changes, Retractable anticipates maintaining its production levels and enhancing capacity.

Retractable Technologies (RVP) reported $9.7 million in operating income for Q1 2022, down from $23.4 million in Q1 2021. Net sales decreased to $44.7 million from $50.1 million, impacted by a 46.8% drop in domestic sales, largely due to reduced orders from the U.S. government. However, international revenues surged by 1,313.2%. Increased transportation costs and operational expenses contributed to a 27.7% rise in operating expenses. Despite these challenges, future demand may grow due to COVID-19 booster recommendations.

Retractable Technologies, Inc. (RVP) has terminated its Rule 10b5-1/10b-18 Repurchase Plan effective April 14, 2022. Since June 2021, the company repurchased 1,087,145 shares for approximately $8.1 million. The decision to cancel the plan arose from the Board's observation that the stock price was not reflective of the company's economic performance, despite trading at a discount. The current market capitalization is below the asset value of the corporation.

Retractable Technologies, Inc. (NYSE American: RVP) reported substantial revenue growth for 2021, reaching approximately $188.4 million, a 130.1% increase from 2020, driven largely by demand for COVID-19 vaccination products. The U.S. government accounted for 60.3% of total revenue. Operating income rose to $72.6 million, and gross profit margin improved to 50.6%. However, operating expenses surged 75.9%, and there remains uncertainty regarding future government contracts. The company is expanding its manufacturing facilities in Texas to boost production capacity.