LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2025. Further details concerning the results of operations as well as other matters are available in Retractable's Form 10-K filed on March 27, 2026 with the U.S. Securities and Exchange Commission. The Company's revenues for 2025 increased 15.8%. The Company's revenues were approximately $38.3 million in 2025 as compared to approximat. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-16465 Retractable Technologies, Inc. (Exact name of registrant as specified in its charter) Texas 75-2599762 (State ...

Core Viewpoint - Retractable Technologies, Inc. (RVP) has shown mixed financial performance in Q3 2025, with a slight increase in share price post-results, despite a significant decline in unit sales and ongoing challenges related to tariffs and production costs [1][4]. Financial Performance - In Q3 2025, net sales were $10.1 million, a decrease of 2.5% from $10.3 million in the same quarter last year [2] - Gross profit improved to $1.7 million from a loss of $14,810 in the prior-year quarter, attributed to lower manufacturing costs and a favorable product mix [2] - Net income was $0.4 million compared to a net loss of $1.9 million a year earlier, bolstered by $2.4 million in unrealized gains on investment securities [2] - Earnings per share improved to $0.01 from a loss of $0.07 per share in the previous year [2] - Operating loss narrowed to $3.7 million from $5.1 million last year [2] Revenue Breakdown - Domestic revenues fell 4.6% to $9.2 million, with unit sales down 20.4%, although average selling prices increased due to a higher mix of VanishPoint syringes [3] - International revenue rose 25% year-over-year to $0.9 million, despite a decline in average selling prices [3] - Overall unit sales decreased by 12.4% during the quarter [3] Year-to-Date Performance - For the first nine months of 2025, revenue grew 20.2% to $28.8 million from $23.9 million, while net loss decreased to $10.2 million from $15.7 million [4] - Domestic sales increased by 17.9% and international sales grew by 38.1% during the same period [4] - Overall unit sales rose by 25.5% year-to-date [4] Cost and Tariff Impact - Tariff expenses were significant, with $172 thousand incurred in Q3 2025 and $2.3 million over the first nine months [5] - Tariff rates on syringes and needles imported from China were 130%, influencing sourcing decisions [5] - The company reduced its reliance on Chinese sourcing, with 61.7% of products sold sourced from China, down from 90% in the same period in 2024 [5] Management Insights - Management highlighted challenges from fluctuating U.S.–China trade policies, which have pressured margins [7] - A strategic shift towards domestic production is underway, although it raises labor and overhead costs [7] - Workforce reductions were implemented to save approximately $1.6 million, while domestic production staffing increased, adding about $825 thousand in annual payroll costs [7] Product Mix and Margins - The shift towards higher-margin VanishPoint syringe sales improved gross margins, although uncertainty remains regarding future international orders [8] - A 20.4% decline in domestic unit sales was offset by higher average selling prices, leading to a smaller-than-expected drop in domestic revenue [9] Future Outlook - Management did not provide formal financial guidance but indicated a potential decline in liquidity over the next one to three years due to rising costs [11] - Production of 0.5 mL syringes is expected to transition domestically, with commercial quantities potentially available in the first half of 2026 [11] Other Developments - The company received $1.9 million in litigation settlement proceeds in May 2025 [12] - Ongoing obligations under the Technology Investment Agreement with the U.S. government require maintenance of equipment and production capacity through June 2030 [12]

Core Insights - Retractable Technologies, Inc. reported total net sales of $10.1 million for Q3 2025, a slight decrease from $10.3 million in Q3 2024, while operating losses improved from $5.1 million to $3.7 million [1][10] - For the first nine months of 2025, net sales reached $28.8 million, up from $24.0 million in the same period of 2024, with operating losses decreasing from $13.9 million to $13.5 million [1][15] Financial Performance - The company experienced a net income of $371 thousand for Q3 2025, influenced by unrealized gains of $2.4 million on third-party debt and equity investments [3] - The net loss for the first nine months of 2025 was $10.2 million, which included unrealized losses of $3.2 million in third-party debt and equity investments [3][15] - Domestic sales accounted for 91.1% of total revenues in Q3 2025, with a decrease in domestic revenues by 4.6% and a 20.4% drop in domestic unit sales [5] Tariff Impact - Tariffs on needles and syringes imported from China were at 130% as of September 30, 2025, significantly impacting financial results, with the company spending $2.3 million on tariffs in the first nine months of 2025 [2][14] - The company has shifted production to its U.S. facility, with 38.3% of products manufactured domestically in the first nine months of 2025, compared to 10% in the same period of 2024 [2] Sales and Product Mix - International revenues increased by 25% in Q3 2025 compared to the same period in 2024, although the average international selling price per unit declined due to a shift in product mix [6][13] - Overall unit sales decreased by 12.4% in Q3 2025, while the cost of manufactured products decreased by 20.1%, reflecting a favorable shift in product mix towards higher-margin products [7][10] Operating Expenses - Operating expenses increased by 4.3% primarily due to product donations and higher bad debt expenses [9] - The loss from operations improved to $3.7 million in Q3 2025 from $5.1 million in Q3 2024, driven by higher gross margins and lower tariff costs [10]

Core Insights - Retractable Technologies, Inc. has received an Innovative Technology designation from Vizient for its EasyPoint® Blood Collection Tube Holder with Needle, highlighting its potential to enhance patient care and safety in healthcare settings [1][2][4] Product Innovation - The EasyPoint Blood Collection Tube Holder (BCTH) features automated retraction for instant safety, reducing exposure to contaminated needles and minimizing the risk of needlestick injuries [3] - The device is designed for ease of use, with a pre-attached needle that eliminates assembly time, improving workflow efficiency and inventory management [3] - The integrated safety mechanism allows for optimal visibility of the venipuncture site, promoting successful first-attempt procedures [3] - The product's unique off-line retraction can be activated with one hand, reducing patient discomfort and ensuring compliance with safety regulations by rendering the device non-reusable after activation [3] Company Commitment - The CEO of Retractable Technologies, Inc. expressed pride in the recognition from Vizient, emphasizing the company's mission to enhance safety and reliability in healthcare through innovative engineering [4] - Vizient's associate vice president acknowledged the EasyPoint device's potential impact on the healthcare industry, reinforcing the importance of such innovations [4] Company Overview - Retractable Technologies, Inc. manufactures safety medical products, including VanishPoint and Patient Safe syringes, aimed at preventing needlestick injuries and reducing the risk of bloodstream infections [5] - The company's products are distributed through various specialty and general line distributors, indicating a broad market reach [6]

Sales Performance - Syringes accounted for 65.0% of sales in the first nine months of 2025, with EasyPoint® products at 31.3% and other products at 3.7%[88] - Domestic revenues increased by 18.0% for the nine months ended September 30, 2025, while domestic unit sales increased by 11.8%[114] - International revenues for the nine months ended September 30, 2025 increased by 38.1% compared to the same period in 2024[115] - Domestic unit sales represented 78.0% of total unit sales for the nine months ended September 30, 2025, down from 87.6% in the same period last year[114] - The mix of domestic and international sales affects the average sales price, with higher domestic sales generally leading to higher prices[127] Financial Performance - The loss from operations was $13.5 million for the nine months ended September 30, 2025, compared to a loss of approximately $13.9 million for the same period last year[117] - Cash flow used by operations was $6.5 million for the nine months ended September 30, 2025, primarily due to a net loss for the period[121] - The unrealized loss on debt and equity securities was $3.2 million due to decreased market values of those securities[118] - Operating expenses increased by 4.3% primarily due to product donations and higher bad debt expense[111] Costs and Expenses - Approximately $2.3 million was spent on tariff expenses in the first nine months of 2025, impacting overall costs significantly[116] - Payroll costs are expected to increase by approximately $825 thousand annually due to workforce increases in manufacturing[126] - The company expects to incur higher manufacturing costs in the near term while working to minimize reliance on imported products[129] - Tariffs and raw material costs have significantly impacted the company's margins, which have experienced fluctuations over the past two years[129] Future Outlook - The company anticipates a material decline in liquidity over the next 1-3 years due to new tariffs and increased domestic manufacturing costs[130] - The total potential future credits to be issued for prior purchases not yet claimed is estimated at $2.2 million, recognized as a liability[132] - The company believes it has adequate means to meet short-term operational needs for at least 12 months from the date of the financial statements[130] Investments and Settlements - The company received a settlement payment of $1.9 million in May 2025[125] - The conversion of existing equipment and purchase of additional molds for 0.5 mL syringes is expected to cost approximately $1 million, with 9.1% of overall domestic unit sales and 15.2% of domestic syringe unit sales attributed to these products for Q3 2025[126] - Approximately $1 million was expended in Q2 2025 for molds and equipment conversion to increase production at the U.S. facility[131] Pricing Dynamics - The average domestic selling price increased due to a shift in product mix, particularly more VanishPoint® unit sales[114]

Core Points - Retractable Technologies, Inc. has declared dividends for its Series II Class B and Series III Class B Convertible Preferred Stock, amounting to $39,050.00 and $18,561.25 respectively [1] - The dividends have accrued at a rate of $1.00 per share per annum [1] - The dividends cover the period from July 1, 2025, to September 30, 2025, and will be paid on October 20, 2025 [1]

Core Insights - Retractable Technologies, Inc. (RVP) shares increased by 5.8% following the release of its Q2 2025 earnings, significantly outperforming the S&P 500 Index, which declined by 1.1% during the same period [1] - The stock surged 26.7% over the past month, while the broader market benchmark rose only 1.5% [1] Earnings Performance - RVP reported net sales of $10.4 million for Q2 2025, a 73.2% increase from $6 million in the same quarter last year [2] - The company experienced an operating loss of $5.1 million, an improvement from the $5.8 million loss reported in the prior year [2] - The net loss attributable to common shareholders narrowed to $145,082, or breakeven per share, compared to a loss of $14.2 million, or $0.48 per share, in the year-ago quarter [2] Sales and Revenue Growth - For the first half of 2025, RVP's sales totaled $18.7 million, up 37.5% from $13.6 million a year earlier [3] - EasyPoint needle sales significantly boosted unit volumes, although they pressured average selling prices [3] - Domestic revenues increased by 69.3%, with unit sales up 81.8% year over year, while international revenues nearly doubled, climbing 92.6% [4] Cost and Expense Analysis - Cost of manufactured products rose by 66.1% in Q2 and 58.8% in the first half of 2025, driven by tariff expenses and higher domestic production costs [5] - Tariffs added $561,000 to second-quarter costs and $2.1 million year to date [5] - Royalty expenses increased by 39.4% in the quarter and 23.4% in the first half of 2025, in line with higher sales [5] Management Strategy - Management acknowledged that tariffs remain a significant challenge, with current rates at 130% for imported needles and syringes from China [6] - The company is accelerating its domestic manufacturing shift, with U.S.-based production accounting for 38% of total output in the first half of 2025, up from 9% a year earlier [6] - Layoffs in general and administrative roles, along with cuts to manufacturing staff, were implemented to offset higher expenses [6] Product Mix and Performance - The product mix significantly influenced performance, with syringes representing 68.8% of sales in the first half of 2025, while EasyPoint needles comprised 27.6% [7] - The shift in product mix explains why unit sales growth outpaced revenue gains [7] Additional Financial Insights - RVP recorded a $1.9 million litigation settlement gain in May, which partially offset losses, and saw $1.6 million in unrealized second-quarter investment gains [8] - The company experienced a $5.6 million first-half unrealized loss on securities holdings [8] Future Guidance - While no formal quantitative guidance was issued, management emphasized ongoing efforts to expand U.S. manufacturing capacity and reduce reliance on Chinese suppliers [10] - Adaptations to existing equipment are expected to enable domestic production of 0.5mL syringes in the second half of 2025 [10] - Management cautioned that tariffs, workforce cost pressures, and product mix will continue to impact margins in the near term [10] Other Developments - The settlement of a long-running legal dispute contributed positively to results, with $1.9 million received in Q2 [11] - The company continues to benefit from a Technology Investment Agreement with the U.S. government, which aims to expand domestic production capacity [11] - Further cuts to manufacturing support staff were announced, expected to reduce annual labor costs by $1.6 million [11]

Sales Performance - In the first six months of 2025, syringes accounted for 68.8% of total sales, with EasyPoint® products contributing 27.6% and other products 3.6%[86] - Domestic revenues increased by 36.6% for the six months ended June 30, 2025, while domestic unit sales rose by 47.1%[112] - International revenues for the same period increased by 42.8%, although the average selling price per unit declined due to a shift in product mix[113] - Domestic unit sales represented 74.9% of total unit sales for the six months ended June 30, 2025[112] - The mix of domestic and international sales affects average sales prices, with domestic sales generally yielding higher prices and margins[128] Financial Performance - The loss from operations for the first half of 2025 was $9.8 million, compared to a loss of approximately $8.7 million for the same period in 2024[118] - Cash flow used by operations was $5.2 million for the six months ended June 30, 2025, primarily due to a net loss and changes in working capital[121] - The unrealized loss on debt and equity securities was $5.6 million for the first half of 2025, affecting overall financial performance[118] - The estimated total potential future credits for customer rebates is $2.0 million, recognized as a liability in accounts payable[134] Cost Management - Tariff expenses amounted to approximately $2.1 million in the first six months of 2025, significantly impacting the cost of manufactured products[117] - The company expects to reduce tariff expenses by shifting more manufacturing to domestic facilities, which will incur an estimated annual cost of $3.8 million in workforce expenses[89] - The annual increase in workforce costs to produce new products is approximately $3.8 million, although the company has reduced manufacturing support staff costs by $1.6 million annually[127] - The tariffs imposed in 2024-2025 have negatively impacted margins, prompting the company to increase domestic production and reduce reliance on imports[129] Operational Strategy - The company expects to meet short-term operational funding needs for at least 12 months, but anticipates a material decline in liquidity over the next 1-3 years due to new tariffs and increased domestic manufacturing costs[130] - The company plans to spend approximately $1 million on equipment expenditures to increase production capacity at its U.S. facility, with most of this already completed in Q2 2025[131] - The cost to convert existing equipment and purchase additional molds for new products is approximately $1 million, with these products accounting for 9.4% of overall domestic unit sales and 16.0% of domestic syringe unit sales for Q2 2025[127] - The company is focused on refining its manufacturing process while evaluating importing practices to mitigate the impact of tariffs[129] Settlement and Funding - The company received a settlement payment of $1.9 million in May 2025[125] - The company has historically funded operations through revenues, private placements, and loans, and may utilize cash reserves and investments in trading securities for future funding[125] Pricing Dynamics - The average selling price reduction was significantly impacted by the increase in EasyPoint® needle sales relative to all products sold[106]

Core Viewpoint - Zacks Investment Research has initiated coverage of Retractable Technologies, Inc. (RVP) with an "Underperform" recommendation due to concerns over financial performance and operational challenges [1] Company Overview - Retractable Technologies, based in Little Elm, TX, manufactures safety medical products, primarily syringes and needles, aimed at reducing needlestick injuries and preventing cross-contamination [2] Financial Performance - In Q1 2025, Retractable Technologies reported an operating loss of $4.7 million, widening from a loss of $2.9 million a year earlier, primarily due to elevated tariffs and rising costs from transitioning to domestic manufacturing [3] - The company's quarterly net loss reached $10.5 million, which includes a $7.2 million unrealized decline in the value of its securities portfolio [3] - Cash position declined to $3.4 million at the end of March 2025 from $4.2 million at the end of 2024, although the company holds $32.3 million in tradable securities as a liquidity buffer [4] Growth Challenges - Key factors that may hinder future growth include rising concentration risk, declining average selling prices, and exposure to a volatile pricing and contracting environment [5] - Long-term growth uncertainty post-COVID windfall and shifts in the global manufacturing landscape are additional challenges [5] Positive Developments - The company has reduced its reliance on Chinese imports to 62.7% in Q1 2025 from 90.4% a year earlier, aided by equipment upgrades and workforce expansion at its Texas facility [6] - Retractable Technologies benefits from over $81 million in funding through a U.S. government Technology Investment Agreement, generating $1.5 million in non-operating income per quarter [6] Market Positioning - Retractable Technologies' stock has significantly underperformed compared to industry peers and the broader market over the past year, indicating high risk and low investor confidence in future earnings and growth potential [7] Additional Information - The company has a modest market capitalization of $19.8 million, and the full Zacks research report provides a detailed analysis of its financial health, strategic initiatives, and market positioning [8]