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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | March 28, 2025 |
Retractable Technologies, Inc.
(Exact name of registrant as specified in its charter)
| Texas | 001-16465 | 75-2599762 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 511 Lobo Lane, Little Elm, Texas | 75068-5295 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code | (972) 294-1010 |
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | RVP | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 8.01 | Other Events. |
On March 28, 2025, the Company issued a press release, a copy of which is attached to this Form 8-K as Exhibit 99.1, announcing results for 2024.
On March 28, 2025, the Company issued a press release, a copy of which is attached to this Form 8-K as Exhibit 99.2, announcing the declaration of a dividend to the Series II and Series III Class B Convertible Preferred Stock shareholders.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Press release announcing results for 2024. |
| 99.2 | Press release announcing the declaration of a dividend to the Series II and Series III Class B Convertible Preferred Stock shareholders. |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DATE: March 28, 2025 | RETRACTABLE TECHNOLOGIES, INC. | |
| (Registrant) | ||
| BY: | /s/ JOHN W. FORT III | |
| JOHN W. FORT III | ||
| VICE PRESIDENT, CHIEF FINANCIAL OFFICER, AND CHIEF ACCOUNTING OFFICER | ||
Exhibit 99.1
RETRACTABLE TECHNOLOGIES, INC. REPORTS RESULTS FOR 2024
LITTLE ELM, Texas, March 28, 2025—Retractable Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2024. Further details concerning the results of operations as well as other matters are available in Retractable’s Form 10-K filed on March 28, 2025 with the U.S. Securities and Exchange Commission.
The Company’s revenues for 2024 decreased 24.2%. The Company’s revenues were approximately $33.0 million in 2024 as compared to approximately $43.5 million in the prior year. Domestic revenues decreased 15.1% principally due to a decrease in the average selling price as a result of product mix, combined with higher transactional and order fulfillment costs with its distributors. International revenues decreased 59.1% predominantly due to fewer international vaccination-related sales. Comparability of 2024 to 2020-2023 financial results is challenging due to the unusual volume of pandemic sales in prior years.
The Company’s operating costs remain high since its facility expansion and, more recently, its increase in domestic production in connection with 2024-2025 tariffs. Total operating expenses were $20.1 million in 2024. The 2024 loss from operations was $21.1 million as compared to a loss from operations of $11.5 million in the prior year.
The net decrease in cash for 2024 was $8.4 million. At the end of 2024, the cash position was $4.2 million and the Company held $40.3 million in debt and equity securities.
Although the Company is working to increase domestic production in 2025, expenses related to tariffs will likely increase. Approximately $1.6 million was spend on tariff expenses from September – December 2024 when the tariff rate was 100% on syringes and needles imported from China. From January 1 to March 21, 2025, under a system of increasing tariffs, the Company paid a total of approximately $951 thousand on tariff expenses. Additional equipment expenditures of approximately $1 million over the next few months and additional workforce expenditures over the next year of approximately $3.8 million will likely be necessary in connection with the Company’s plan to increase domestic production. According to an Executive Order executed by the President of the United States on March 24, 2025, on or after April 2, 2025, a tariff of 25% may be imposed on goods imported into the United States from any country that imports Venezuelan oil. The Company does not have sufficient information to evaluate the impact of this recent order and any forward-looking statements in the Company’s Form 10-K do not account for the foregoing tariff.
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, 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.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
Exhibit 99.2
RETRACTABLE TECHNOLOGIES, INC. DECLARES DIVIDENDS TO SERIES II AND III CLASS B PREFERRED STOCK SHAREHOLDERS
LITTLE ELM, Texas, March 28, 2025 — Retractable Technologies, Inc. (“Retractable”) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning January 1, 2025 through March 31, 2025. The dividends will be paid on April 21, 2025 to shareholders of record as of the close of business on April 10, 2025.
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, 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.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer