RETRACTABLE TECHNOLOGIES INC

Listed Company

RVPCIK 0000946563NYSENon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusTexasFY ends Dec 31

Period

FY 2025

Revenue

$38.27M

Net Income

$-12.57M

Total Assets

$142.63M

Equity

$74.38M

Shares Out

29.94M

Op. Cash Flow

$-7.06M

Business

Retractable Technologies Inc manufactures and markets safety medical products, primarily retractable syringes and needles, for the healthcare industry. Its main products include injection devices marketed under the VanishPoint®, Patient Safe®, and EasyPoint® brands, featuring retractable needle safety and low dead space designs. The company operates manufacturing facilities domestically and uses international manufacturers, with operations governed in part by a government Technology Investment Agreement supporting expanded capacity. Products are sold primarily to healthcare providers through U.S. general-line and specialty distributors, international distributors, group purchasing organizations, and a national direct marketing network.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales, net	38	33	44	95	188
Total cost of sales	38	34	34	67	93
Gross profit (loss)	47,046	−1	9	28	95
Sales and marketing	7	6	6	5	4
Research and development	675,567	673,944	581,172	525,727	901,381
General and administrative	13	14	14	24	17
Impairment of assets	954,000	—	—	—	—
Total operating expenses	21	20	21	29	23
Loss from operations	−21	−21	−11	−852,976	73
Other income - TIA	6	6	6	4	425,158
Unrealized gain (loss) on debt and equity securities	−5	11	−11	2	513,529
Gain on trading debt and equity securities	6	—	6	—	—
Litigation proceeds	2	—	—	—	—
Interest and other income	547,361	1	1	9,948	266,467
Interest expense	−87,904	−122,500	−152,166	−170,651	—
Net loss before income taxes	−12	−4	−9	5	75
Provision (benefit) for income taxes	291,293	8	−2	83,870	19
Net loss	−13	−12	−7	5	56
Preferred Stock dividend requirements	−230,444	−230,444	−231,946	−232,444	−241,703
Net loss applicable to common shareholders	−13	−12	−7	5	56
Basic loss per share	−0.43	−0.4	−0.24	0.15	1.65
Diluted loss per share	−0.43	−0.4	−0.24	0.15	1.63
Basic (in shares)	30	30	30	33	34
Diluted (in shares)	30	30	30	33	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3	4	13	20	29
Accounts receivable, net	8	8	11	5	35
Investments in debt and equity securities, at fair value	34	40	35	30	13
Inventories	17	19	18	21	21
Income taxes receivable	308,106	978,851	1	11	—
Other current assets	711,274	753,062	952,668	1	701,969
Total current assets	63	73	78	89	105
Property, plant, and equipment, net	79	87	93	100	88
Other assets	366,910	103,625	152,064	184,524	5,675
Total assets	143	161	180	196	206
Accounts payable	5	4	5	6	20
Current portion of long-term debt	365,277	332,480	—	—	—
Accrued compensation	762,213	1	865,105	997,530	1
Dividends payable	1	1	1	1	1
Accrued royalties to shareholder	748,213	789,358	1	973,701	3
Other accrued liabilities	957,409	873,254	630,571	2	4
Income taxes payable	7,345	4,442	4,802	63,631	5
Total current liabilities	10	9	9	12	35
Other long-term liabilities - TIA	58	64	70	75	70
Long-term debt, net of current maturities	530,368	900,042	—	—	—
Total liabilities	68	74	80	89	107
Common Stock, no par value; authorized: 100,000,000 shares; 34,024,304 shares issued and 29,937,159 shares outstanding at December 31, 2025 and 2024	—	—	—	—	—
Additional paid-in capital	73	73	73	73	63
Retained earnings	14	27	39	46	41
Common stock in treasury - at cost (4,087,145 shares at December 31, 2025 and 2024)	−13	−13	−13	−13	−5
Total stockholders' equity	74	87	99	107	99
Total liabilities and stockholders' equity	143	161	180	196	206

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−13	−12	−7	5	56
Depreciation and amortization	8	8	8	5	1
Realized loss on investments	−6	—	−6	327,926	—
Accreted interest	—	—	9,157	60,115	109,019
Bond amortization	−1,100	−1,024	−970	−159	—
Deferred taxes	—	8	−2	7	−9
Provision for credit losses	333,731	571,682	626,940	322,991	150,000
Inventory obsolescence adjustment	2	—	175,355	—	—
Other income - TIA	−6	−6	−6	−4	—
Accounts receivable	−451,154	2	−6	30	−14
Inventories	−197,474	−2	3	−94,249	−10
Other current assets	41,788	199,606	313,848	−564,496	−17,652
Income taxes receivable	670,745	176,226	9	−11	—
Other assets	−279,528	48,439	32,460	−178,850	38,892
Accounts payable	1	−488,447	−2	−14	4
Accrued liabilities	−45,668	−136,262	807	−4	2
Income taxes payable	2,903	−360	−58,827	−5	594,107
Net cash (used in) from operating activities	−7	−12	3	17	33
Principal payments on finance lease obligation	−16,290	—	—	—	—
Purchase of property, plant, and equipment	−535,644	−1	−852,979	—	—
Purchase of debt and equity securities	−31	−899,750	−68	−18	−5
Proceeds from the sales of debt and equity securities	37	6	59	4	75,000
Net cash from (used in) investing activities	6	4	−11	−31	−63
Repayments of long-term debt	−336,877	−304,988	−281,866	−283,933	−274,791
Proceeds from Technology Investment Agreement (TIA)	—	—	3	14	52
Payment of preferred stock repurchase payable	—	—	−1	−1	−1
Payment of preferred stock dividends	−230,444	−230,445	−232,445	−252,879	−4
Redemption of preferred stock	—	—	−6,168	—	—
Net cash from (used in) financing activities	−567,321	−535,433	941,640	5	42
Net decrease in cash and cash equivalents	−2	−8	−7	−9	12
Interest paid	87,904	122,500	161,322	110,537	118,163
Income taxes paid	−346,907	—	−10	12	27
Preferred dividends declared, not paid	57,611	57,611	57,611	58,111	1
Redemption price payable	—	6,000	6,000	6,000	6,000
Lease liabilities arising from obtaining right-of-use asset	324,287	—	—	—	—

Filings

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