RETRACTABLE TECHNOLOGIES INC RVP
Retractable Technologies, Inc. was incorporated in Texas in 1994. Our business is the manufacturing and marketing of safety medical products (predominately syringes) for the healthcare industry. We have manufacturing facilities in Little Elm, Texas and use manufacturers in China as well. Our syringes are well-suited for administering vaccinations.
On September 13, 2024, the Office of the U.S. Trade Representative ("USTR") revealed final adjustments to increase tariffs on certain goods imported from China under Section 301 ("Section 301") of the Trade Act of 1974 ("Trade Act"). Among those products included were syringes and needles, at a rate of 100%. Beginning in early 2025 and throughout much of the year, additional widespread tariffs were imposed on most products imported into the U.S. citing authority under the International Emergency Economic Powers Act ("IEEPA"). Those tariffs were in addition to the Section 301 tariffs which existed at the time. Throughout 2025, the prevailing tariff rates on various products and certain countries of origin, including many of our products, fluctuated greatly. These fluctuations negatively impacted our ability to predict the cost of importing certain goods or groups of goods and negatively impacted our business. In February 2026, the U.S. Supreme Court ruled that the President's use of IEEPA to impose reciprocal tariffs exceeded his authority and that the IEEPA tariffs must be vacated. Looking forward after the Supreme Court's ruling, the 2024 Section 301 tariff of 100% on syringes and needles from China remains unchanged. Additionally, following the Supreme Court's ruling on the tariffs imposed under IEEPA, effective February 20, 2026 a 10% ad valorem duty went into effect under Section 122 of the Trade Act, which is in addition to the above-mentioned Section 301 tariffs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.3M | $33.0M | $43.6M | $94.8M | $188.4M | $81.9M | $41.8M | $33.3M | $34.5M | $29.8M |
| Cost of revenue | $38.2M | $34.1M | $34.5M | $66.6M | $93.0M | $44.9M | $27.7M | $23.1M | $24.5M | $19.5M |
| Gross profit | $47.0K | -$1.0M | $9.1M | $28.3M | $95.4M | $37.0M | $14.1M | $10.2M | $10.0M | $10.3M |
| R&D | $675.6K | $673.9K | $581.2K | $525.7K | $901.4K | $574.5K | $516.1K | $621.4K | $740.6K | $571.8K |
| SG&A | $12.8M | $13.6M | $14.3M | $24.0M | $17.4M | $8.3M | $6.4M | $6.8M | $8.4M | $8.8M |
| Total operating expenses | $21.2M | $20.1M | $20.6M | $29.1M | $22.8M | $12.9M | $11.2M | $11.8M | $13.8M | $13.8M |
| Operating income | -$21.2M | -$21.1M | -$11.5M | -$853.0K | $72.6M | $24.1M | $3.0M | -$1.3M | -$3.8M | -$3.5M |
| Interest expense | $87.9K | $122.5K | $152.2K | $170.7K | $227.2K | $260.3K | $166.9K | $177.2K | $210.8K | $213.3K |
| Pre-tax income | -$12.3M | -$3.5M | -$8.9M | $5.2M | $75.0M | $26.1M | $3.2M | -$1.4M | -$3.9M | -$3.7M |
| Income tax | $291.3K | $8.4M | $1.9M | $83.9K | $18.9M | $1.9M | $7.9K | $13.3K | $187.6K | $1.1K |
| Net income | -$12.6M | -$11.9M | -$7.0M | $5.1M | $56.1M | $24.2M | $3.1M | -$1.3M | -$3.7M | -$3.7M |
| EPS, basic | -0.43 | -0.40 | -0.24 | 0.15 | 1.65 | 0.80 | 0.07 | -0.06 | -0.14 | -0.15 |
| EPS, diluted | -0.43 | -0.40 | -0.24 | 0.15 | 1.63 | 0.80 | 0.07 | -0.06 | -0.14 | -0.15 |
| Shares, diluted (wtd. avg.) | 29.9M | 29.9M | 29.9M | 33.0M | 34.2M | 33.3M | 32.7M | 32.7M | 32.0M | 29.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.6M | $4.2M | $12.7M | $19.7M | $29.2M | $17.6M | $5.9M | $9.6M | $14.9M | $16.2M |
| Receivables | $7.9M | $7.8M | $10.7M | $4.8M | $34.9M | $21.1M | $6.6M | $4.9M | $5.1M | $3.3M |
| Inventory | $17.2M | $19.2M | $17.6M | $20.7M | $20.6M | $10.2M | $7.5M | $7.5M | $6.2M | $7.0M |
| Total current assets | $63.1M | $73.3M | $77.6M | $88.8M | $104.5M | $69.5M | $28.4M | $25.8M | $26.6M | $26.7M |
| Property, plant and equipment | $79.2M | $87.3M | $93.5M | $100.2M | $87.9M | $30.8M | $10.6M | $10.9M | $11.4M | $12.1M |
| Total assets | $142.6M | $160.7M | $179.7M | $195.7M | $206.3M | $105.0M | $39.2M | $37.0M | $38.2M | $38.8M |
| Accounts payable | $5.3M | $4.3M | $4.8M | $6.4M | $20.4M | $16.3M | $5.0M | $5.4M | $5.0M | $4.5M |
| Short-term debt | — | $332.5K | $304.0K | $286.0K | $289.1K | $1.0M | $260.9K | $406.4K | $410.9K | $430.4K |
| Total current liabilities | $9.6M | $8.8M | $9.4M | $12.1M | $35.3M | $27.9M | $8.3M | $8.6M | $7.9M | $7.2M |
| Long-term debt | $895.6K | $900.0K | $1.2M | $1.5M | $1.8M | $2.7M | $2.4M | $2.6M | $3.1M | $3.5M |
| Total liabilities | $68.3M | $73.6M | $80.4M | $89.1M | $107.1M | $55.1M | $10.6M | $11.3M | $11.0M | $10.7M |
| Retained earnings | $13.9M | $26.7M | $38.8M | $46.0M | $41.2M | -$9.7M | -$33.9M | -$37.0M | -$35.7M | -$32.0M |
| Total equity | $74.4M | $87.2M | $99.3M | $106.5M | $99.2M | $49.9M | $28.5M | $25.6M | $27.2M | $28.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.1M | -$11.6M | $2.8M | $16.8M | $32.8M | $19.0M | $2.2M | -$1.2M | -$2.9M | -$794.9K |
| Depreciation and amortisation | $7.8M | $7.6M | $7.5M | $4.6M | $1.3M | $832.1K | $852.1K | $886.8K | $835.0K | $872.9K |
| Stock-based compensation | — | — | — | $10.1M | — | — | — | — | $672.2K | $387.7K |
| Capital expenditure | — | $1.4M | $853.0K | $16.8M | $58.4M | $21.0M | $632.1K | $382.2K | $91.9K | $1.9M |
| Investing cash flow | $6.0M | $3.7M | -$10.8M | -$31.2M | -$63.0M | -$19.3M | -$5.3M | -$3.4M | -$91.9K | -$1.9M |
| Financing cash flow | -$567.3K | -$535.4K | $941.6K | $5.0M | $41.8M | $12.0M | -$626.8K | -$666.8K | $1.7M | $896.1K |
| Buybacks | — | — | — | $7.6M | $5.3M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-036053.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.8M | $34.5M | $33.3M | $41.8M | $81.9M | $188.4M | $94.8M | $43.6M | $33.0M | $38.3M |
| Gross profit | $10.3M | $10.0M | $10.2M | $14.1M | $37.0M | $95.4M | $28.3M | $9.1M | -$1.0M | $47.0K |
| Net income | -$3.7M | -$3.7M | -$1.3M | $3.1M | $24.2M | $56.1M | $5.1M | -$7.0M | -$11.9M | -$12.6M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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