Retractable Technologies, Inc. Results for the Periods Ended June 30, 2024
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, Inc. (RVP) ha riportato i risultati del secondo trimestre 2024, con vendite nette totali di 6,0 milioni di dollari, in calo rispetto agli 8,0 milioni di dollari nel secondo trimestre 2023, e una perdita operativa di 5,8 milioni di dollari, rispetto a una perdita di 5,0 milioni di dollari dell'anno precedente. Per il primo semestre 2024, le vendite nette sono state di 13,6 milioni di dollari con perdite operative di 8,7 milioni di dollari. L'azienda affronta potenziali sfide a causa di una proposta di dazio del 50% sulle importazioni dalla Cina, che potrebbe avere un impatto significativo sulle operazioni, dato che il 91% dei loro prodotti proviene dalla Cina. RVP sta considerando di spostare una maggiore produzione nelle proprie strutture domestiche, stimando 1 milione di dollari in costi per attrezzature una tantum. Un cambiamento di 8,3 milioni di dollari nella valutazione delle riserve sui beni fiscali differiti ha contribuito alle perdite nette di 14,2 milioni di dollari per il secondo trimestre e 13,7 milioni di dollari per il primo semestre 2024.
Retractable Technologies, Inc. (RVP) informó los resultados del segundo trimestre de 2024, con ventas netas totales de 6,0 millones de dólares, en comparación con 8,0 millones de dólares en el segundo trimestre de 2023, y una pérdida operativa de 5,8 millones de dólares, en comparación con una pérdida de 5,0 millones de dólares el año anterior. Para el primer semestre de 2024, las ventas netas fueron de 13,6 millones de dólares con pérdidas operativas de 8,7 millones de dólares. La empresa enfrenta posibles desafíos debido a una propuesta de arancel del 50% sobre las importaciones chinas, lo que podría afectar significativamente las operaciones, ya que el 91% de sus productos se obtienen de China. RVP está considerando trasladar más producción a su instalación nacional, estimando 1 millón de dólares en costos de equipo únicos. Un cambio de 8,3 millones de dólares en la reserva de valoración sobre los activos fiscales diferidos contribuyó a las pérdidas netas de 14,2 millones de dólares para el segundo trimestre y de 13,7 millones de dólares para el primer semestre de 2024.
Retractable Technologies, Inc. (RVP)는 2024년 2분기 실적을 발표했으며, 총 순판매량은 600만 달러로, 2023년 2분기의 800만 달러에서 감소했으며, 운영 손실은 580만 달러로, 지난해 500만 달러의 손실에 비해 증가했습니다. 2024년 상반기에는 순판매량이 1360만 달러였으며, 운영 손실은 870만 달러에 이릅니다. 이 회사는 중국 수입에 대한 50% 관세 제안으로 인한 잠재적인 도전에 직면하고 있으며, 이는 제품의 91%가 중국에서 조달되므로 운영에 상당한 영향을 미칠 수 있습니다. RVP는 국내 시설로 더 많은 생산을 옮기는 것을 고려하고 있으며, 장비 비용은 100만 달러로 일회성 비용을 추정하고 있습니다. 유보금 평가의 830만 달러 변화는 2분기에 1420만 달러, 2024년 상반기에 1370만 달러의 순 손실에 기여했습니다.
Retractable Technologies, Inc. (RVP) a rapporté les résultats du deuxième trimestre 2024, avec des ventes nettes totales de 6,0 millions de dollars, en baisse par rapport à 8,0 millions de dollars au deuxième trimestre 2023, et une perte opérationnelle de 5,8 millions de dollars, par rapport à une perte de 5,0 millions de dollars l'année précédente. Pour le premier semestre 2024, les ventes nettes s'élevaient à 13,6 millions de dollars avec des pertes opérationnelles de 8,7 millions de dollars. L'entreprise fait face à des défis potentiels en raison d'une proposition de tarif de 50 % sur les importations chinoises, qui pourrait avoir un impact significatif sur les opérations, étant donné que 91 % de ses produits proviennent de Chine. RVP envisage de déplacer une plus grande production vers ses installations nationales, estimant 1 million de dollars de coûts d'équipement uniques. Un changement de 8,3 millions de dollars dans la provision de valorisation des actifs d'impôt différé a contribué à des pertes nettes de 14,2 millions de dollars pour le 2ème trimestre et 13,7 millions de dollars pour le 1er semestre 2024.
Retractable Technologies, Inc. (RVP) hat die Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 6,0 Millionen Dollar, ein Rückgang von 8,0 Millionen Dollar im zweiten Quartal 2023, und einem betrieblichen Verlust von 5,8 Millionen Dollar, verglichen mit einem Verlust von 5,0 Millionen Dollar im Vorjahr. Für das erste Halbjahr 2024 betrugen die Nettoumsätze 13,6 Millionen Dollar bei betrieblichen Verlusten von 8,7 Millionen Dollar. Das Unternehmen sieht sich potenziellen Herausforderungen durch einen vorgeschlagenen 50%-Zoll auf chinesische Importe gegenüber, der die Betriebsabläufe erheblich beeinträchtigen könnte, da 91% der Produkte aus China stammen. RVP erwägt, einen größeren Teil der Produktion in die eigenen Inlandsanlagen zu verlagern und schätzt 1 Million Dollar einmalige Ausrüstungskosten. Eine Änderung der Wertberichtigung von 8,3 Millionen Dollar auf latente Steueransprüche trug zu den Nettoverlusten von 14,2 Millionen Dollar für das 2. Quartal und 13,7 Millionen Dollar für das 1. Halbjahr 2024 bei.
- International revenues increased 51.5% in Q2 2024 compared to Q2 2023
- Operating expenses decreased 1.2% in Q2 and 7.2% in H1 2024 compared to the same periods in 2023
- Company is evaluating options to mitigate potential tariff impacts, including increased domestic manufacturing
- Q2 2024 net sales decreased to $6.0 million from $8.0 million in Q2 2023
- Operating loss increased to $5.8 million in Q2 2024 from $5.0 million in Q2 2023
- H1 2024 net sales declined to $13.6 million from $19.0 million in H1 2023
- Domestic revenues decreased 31.3% in Q2 2024 due to lower demand
- Overall unit sales decreased 13.6% in Q2 and 35.8% in H1 2024
- Potential 50% tariff on Chinese imports could materially impact operations and financial position
- $8.3 million change in valuation allowance on deferred tax assets contributed to increased net losses
Insights
Retractable Technologies' Q2 2024 results paint a concerning picture. Net sales dropped
The potential
Retractable Technologies is facing a shrinking market, evidenced by the
In May 2024, a new
A material portion of the net losses of
Retractable reports the following results of operations for the three and six months ended June 30, 2024 and 2023, 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, 2024 with the
Comparison of Three Months Ended June 30, 2024 and June 30, 2023
Domestic sales accounted for
Cost of manufactured product decreased
Operating expenses decreased
The loss from operations was
The unrealized loss on debt and equity securities was
The provision for income taxes was
Comparison of Six Months Ended June 30, 2024 and June 30, 2023
Domestic sales accounted for
Cost of manufactured product decreased
Operating expenses decreased
The loss from operations was
The provision for income taxes was
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814401371/en/
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
Source: Retractable Technologies, Inc.
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