Retractable Technologies(RVP) - 2024 Q2 - Quarterly Report

Sales Performance - In the first six months of 2024, syringes comprised 86.4% of total sales, with EasyPoint® products accounting for 7.3% and other products at 6.4%[75]. - Domestic sales decreased by 31.3% in Q2 2024 compared to Q2 2023, with domestic unit sales down 22.1%[86]. - International revenues increased by approximately 51.5% or $345 thousand in Q2 2024, primarily due to the timing of international shipments[86]. - Domestic revenues accounted for 85.5% of total revenues for the first half of 2024, down from 67.1% in the same period of 2023[88]. Financial Performance - The loss from operations for the first six months of 2024 was $8.7 million, compared to a loss of $7.8 million for the same period last year[89]. - The provision for income taxes was $8.4 million for the first six months of 2024, compared to a benefit of $701 thousand in the same period of 2023[90]. - Cash flow used by operations was $4.7 million for the six months ended June 30, 2024, impacted by an increase of $8.4 million in valuation allowance related to deferred tax assets[91]. - The unrealized loss on debt and equity securities was $1.8 million due to decreased market values[87]. Assets and Investments - The company held $35.1 million in debt and equity securities as of June 30, 2024, representing 21.8% of total assets[79]. - The company expects to spend approximately $1 million over the next six to eight months to improve and add to domestic equipment for production[95].