Retractable Technologies(RVP) - 2023 Q2 - Quarterly Report

Sales Performance - VanishPoint® syringes accounted for 85.5% of sales in the first six months of 2023, while EasyPoint® products made up 8.2%[88] - Domestic sales decreased by 64.2% for the six months ended June 30, 2023, primarily due to a lack of sales to the U.S. government[108] - Overall unit sales decreased by 67.3% for the six months ended June 30, 2023[108] - Domestic unit sales decreased by 60.8% for the six months ended June 30, 2023, with domestic unit sales representing 55.7% of total unit sales[108] - International revenues decreased approximately 73.5% due to fewer international vaccination-related sales[108] Financial Performance - The loss from operations was $7.8 million for the first half of 2023, compared to an income from operations of $7.7 million for the same period last year[111] - Cash flow used by operations was $6.9 million for the six months ended June 30, 2023[114] - Cash used by investing activities was $9.9 million for the six months ended June 30, 2023, primarily due to the purchase of $43.9 million of debt and equity securities[115] - The unrealized loss on debt and equity securities was $4.8 million due to decreased market values, but a gain of $5.6 million was recognized on sales of equity securities[111] Workforce Reduction - The company reduced its workforce by approximately 38% from June 2022 to March 2023, resulting in savings of approximately $2.1 million in employee-related costs in the first half of 2023[96]