Retractable Technologies, Inc. Reports Results for 2021
31 Março 2022 - 5:00PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports the
following information relating to the year ended December 31, 2021.
Further details concerning the results of operations as well as
other matters are available in Retractable’s Form 10-K filed on
March 31, 2022 with the U.S. Securities and Exchange
Commission.
OPERATIONS
Our revenues for 2021 materially increased over prior years in
large part due to demand for vaccines during the COVID-19 pandemic.
Over the previous two years, 2021 and 2020, we were able to
increase our revenues by 130.1% and 95.9%, respectively. In 2021,
we had revenues of approximately $188.4 million, as compared to
approximately $81.9 million in the prior year. Overall unit sales
increased 116.9%. Domestic revenues increased 127.0% and
international revenues increased 158.5%. Our principal customer was
the U.S. government which purchased products representing 60.3%
($113.7 million) of our revenues in 2021. Our income from
operations increased to $72.6 million in 2021, up from $24.1
million in 2020.
While not separately reported in the Form 10-K, our fourth
quarter results were impressive. Our $59.4 million fourth quarter
revenues represent an 85.8% increase over the same quarter in the
prior year and a 94.7% increase in units sold.
Cost of manufactured product increased 107.5% principally due to
an increase in unit volumes. While our total cost of sales rose in
2021, our gross profit margin increased to 50.6% from 45.2% in
2020. Although we experienced certain cost increases in raw
materials, those costs primarily affected our domestic
manufacturing because the finished goods we purchased from China
(being 92% of our products) did not change in price during 2021.
Operating expenses increased 75.9% from the prior year due to
increased headcount and other employee and consultant expenses.
Cash flow from operations was $32.8 million in 2021 as compared to
$19.0 million in 2020 principally due to our net income.
Although we were susceptible to the challenges of operating our
business in the midst of the COVID-19 pandemic, our results reflect
our commitment to providing our customers, including the U.S.
government, the safest injection devices on the market.
RECENT CONTRACTS WITH U.S.
GOVERNMENT
As previously reported, we received an order from the Department
of Health and Human Services (“HHS”) in May 2020 to supply syringes
for $83.8 million, plus $10 million in expedited freight costs. In
February 2021, we received a new contract for syringes from HHS
which represented a total of $147 million in revenues and freight
costs plus additional reimbursable freight costs of $6 million.
While we continue to work with HHS, significant new orders are
uncertain.
We have been working to increase our manufacturing capacity in
Little Elm, Texas, funded in part by the Technology Investment
Agreement ("TIA"). The TIA calls for $81.0 million in spending by
the U.S. government to purchase additional manufacturing equipment,
related ancillary equipment, and an increase in our production
facility floorspace. At our own expense, we constructed a new
warehouse onsite for housing finished goods and raw materials to be
used in the manufacturing process. In addition, we have increased
our workforce significantly (44% over December 2020 levels) to meet
the increased production needs and to administer the expansion of
our facilities and the increase in manufacturing equipment, as well
as to provide support personnel. As a result of recent expansions,
we expect to have significant additional domestic production
capacity.
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: the impact of COVID-19 on all
facets of logistics and operations, as well as costs, Retractable’s
ability to scale up production volumes in response to an increase
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/20220331005996/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)
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