Retractable Technologies, Inc. Reports Results For 2020
Retractable Technologies, Inc. (NYSE American: RVP) reports the following information relating to the year ended December 31, 2020. Further details concerning the results of operations as well as other matters are available in Retractable’s Form 10-K filed on March 31, 2021 with the U.S. Securities and Exchange Commission.
OPERATIONS
As our syringes are used for vaccinations, our revenues for 2020 materially increased over prior years due to demand during the COVID-19 pandemic. In 2020, we had income from operations of approximately
RECENT CONTRACTS WITH U.S. GOVERNMENT
In 2020, the U.S. government was a significant customer due to efforts to vaccinate the U.S. population against COVID-19. On May 1, 2020, we received an order from the Department of Health and Human Services to supply certain automated safety syringes through May 2021 for approximately
In July 2020, we entered into the Technology Investment Agreement (“TIA”) with the U.S. government for approximately
During 2020 and through March 2021, we have timely completed our delivery obligations under the HHS Order and we are on schedule to complete the planned expansion to our facilities within the second quarter of 2021.
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 complete capital improvements and ramp up domestic production in response to government agreements, 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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