Retractable Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 01:49 pm EST
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Retractable Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 10.34 million compared to USD 23.06 million a year ago. Net loss was USD 4.06 million compared to net income of USD 5.39 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to basic earnings per share from continuing operations of USD 0.16 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to diluted earnings per share from continuing operations of USD 0.16 a year ago.
For the nine months, sales was USD 29.31 million compared to USD 82.14 million a year ago. Net loss was USD 6.94 million compared to net income of USD 9.36 million a year ago. Basic loss per share from continuing operations was USD 0.24 compared to basic earnings per share from continuing operations of USD 0.28 a year ago. Diluted loss per share from continuing operations was USD 0.24 compared to diluted earnings per share from continuing operations of USD 0.28 a year ago.
Retractable Technologies, Inc. is engaged in manufacturing and marketing of safety medical products (predominately syringes) for the healthcare industry. The Company is focused on the production of injection devices (syringes and needles). Such products are marketed under the VanishPoint, Patient Safe, and EasyPoint brands. 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 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 can also be used to aspirate fluids and for blood collection. Its products are distributed by various specialty and general line distributors.