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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
| Date
of Report (Date of earliest event reported) |
May 15, 2026 |
Retractable Technologies, Inc.
(Exact name of registrant
as specified in its charter)
| Texas |
|
001-16465 |
75-2599762 |
| (State or other jurisdiction |
(Commission |
(IRS Employer |
| of incorporation) |
File Number) |
Identification No.) |
| 511
Lobo Lane, Little
Elm, Texas |
75068-5295 |
| (Address of principal executive
offices) |
(Zip Code) |
| Registrant's
telephone number, including area code |
(972)
294-1010 |
None
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act:
| Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
| Common
Stock |
RVP |
NYSE
American |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| |
Emerging
growth company ¨ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
On May 15, 2026, the Company
issued a press release, a copy of which is attached to this Form 8-K as Exhibit 99, announcing results for the quarter ended March 31,
2026.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99 |
Press release announcing results for the period ended March 31, 2026. |
| |
|
| 104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DATE: May 15, 2026 |
RETRACTABLE TECHNOLOGIES, INC. |
| |
(Registrant) |
| |
|
|
| |
BY: |
/s/ John W. Fort III |
| |
|
JOHN W. FORT III |
| |
|
VICE PRESIDENT, CHIEF FINANCIAL OFFICER, AND CHIEF ACCOUNTING OFFICER |
Exhibit 99
RETRACTABLE TECHNOLOGIES, INC. RESULTS FOR THE
PERIOD ENDED MARCH 31, 2026
LITTLE ELM, TEXAS, May 15, 2026 — Retractable
Technologies, Inc. (NYSE American: RVP) reports total net sales of $7.2 million for the first three months of 2026 and an operating loss
of $6.2 million for the period, as compared to total net sales for the same period last year of $8.3 million and an operating loss of
$4.7 million.
In
the first quarter of 2026, a larger proportion of international sales and an increase in EasyPoint® needle sales
contributed to lower overall revenues despite unit sales increasing slightly.
In
the first three months of 2026, we spent less than $12 thousand on tariff expenses, a large decrease compared to prior periods.
The decrease is attributable to ongoing mitigation efforts, including strategic sourcing decisions and increased domestic production.
We produced 39% of our products domestically in the first quarter of 2026.
In the first quarter of 2026, operating expenses
increased 14% or $655 thousand. However, approximately $900 thousand of our operating expenses in the first quarter 2026 are attributable
to non-recurring consulting expenses and charitable product donations.
In
April 2026, the Company reduced its workforce by approximately 16%. The reduction is expected to save an estimated $2.2 million
in annual wages and employment benefits, or approximately 13% of total estimated workforce costs. The expected savings are offset by one-time
separation payments of approximately $122 thousand to the affected workers.
For the three months ended March 31, 2026, our
net loss was $4.2 million.
Retractable reports the following results of operations
for the three months ended March 31, 2026 and 2025, respectively. Further details concerning the results of operations, as well as other
matters, are available in Retractable’s Form 10-Q filed on May 15, 2026 with the U.S Securities and Exchange Commission.
Comparison of Three Months Ended March
31, 2026 and March 31, 2025
Domestic sales accounted for 82.9% and 89.6% of
total revenues for the three months ended March 31, 2026 and 2025, respectively. Domestic revenues decreased 20.0%, while domestic unit
sales decreased 11.5%. Domestic unit sales represented 72.1% of total unit sales for the three months ended March 31, 2026 compared to
84.9% for the same period last year. The decrease in sales was not proportional to the decrease in unit sales, primarily due to a decrease
in average selling price, which was due to change in product mix and higher transaction costs associated with distributor agreements.
International revenues for the three months ended
March 31, 2026 increased 42.4% compared to the same period in 2025. The increase in international sales was primarily driven by increase
in EasyPoint® needle sales. Traditionally, international sales carry lower average selling prices compared to our domestic
sales. There remains uncertainty regarding the timing of future international orders.
Overall, units sales increased 3.6%.
Cost of manufactured product decreased 3.1% compared
to the same period last year primarily due to a decrease in freight and tariff expense. Royalty expense decreased 7.0% due to the decrease
in gross sales.
Tariffs may continue to materially impact our
costs in future periods. Approximately $11.6 thousand was spent on tariff expenses in the first quarter of 2026. The reduction in tariff
costs compared to prior periods is attributable to ongoing mitigation efforts, including strategic sourcing decisions and increased domestic
production. These costs are included in Cost of manufactured product.
Operating
expenses increased 14.0% primarily due to increased donation expense.
The loss from operations was $6.2 million compared
to a loss of approximately $4.7 million for the same period last year. The increase in loss from operations was primarily driven by negative
gross margin for the period and higher donation expense.
The unrealized gain on debt and equity securities
was $192 thousand for the three month period ended March 31, 2026 due to the increased market values of those securities. In contrast,
there was a material unrealized loss on debt and equity securities of $7.2 million for the three month period ended March 31, 2025.
The
provision for income taxes was $1.8 thousand as compared to a benefit for income taxes of $286 thousand for the same period in
2025. The change is primarily due to a decrease in net loss in the current period.
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: tariffs; oil prices; material changes in demand; 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.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief
Accounting Officer
