Retractable Technologies(RVP) - 2023 Q1 - Quarterly Report

Sales Performance - VanishPoint® syringes accounted for 89.7% of sales in Q1 2023, while EasyPoint® products made up 2.7%[87] - Domestic sales decreased by 79.1% in Q1 2023, accounting for 49.3% of total revenues compared to 58.0% in Q1 2022[104] - International revenues decreased approximately 70.3% in Q1 2023, primarily due to fewer orders for international vaccination campaigns[104] - Overall unit sales decreased by 73.0%, and total revenues decreased by 75.4% year-over-year[104] Financial Performance - The loss from operations was $2.7 million in Q1 2023, compared to income from operations of $9.7 million in the same period last year[107] - Cash flow used by operations was $3.7 million in Q1 2023, influenced by an unrealized gain of $1.5 million on investments[110] - Cash used by investing activities was $9.6 million in Q1 2023, primarily due to the purchase of $16.0 million in debt and equity securities[112] - The company held $41.0 million in debt and equity securities as of March 31, 2023, representing 21.2% of total assets[96] Workforce Changes - The workforce was reduced by approximately 22% in March 2023, following a 16% reduction in June 2022, due to the completion of facility expansion and fulfillment of government orders[97] Marketing Investment - The company invested approximately 33% more in sales and marketing expenses in Q1 2023 to improve future revenues[106]