Retractable Technologies, Inc. Announces Results for Three Months Ended March 31, 2003
LITTLE ELM, Texas–Retractable Technologies, Inc. (AMEX:RVP – “Retractable”), a leading maker of safety needle devices, today reported sales for the three months ended March 31, 2003.
Net revenues for the three months ended March 31, 2003 were $4,477,708, an increase of $361,345 over the $4,116,363 reported in 2002. Gross margins for 2003 increased to 37.2% of net revenues from 35.1% a year ago.
Operating expenses increased $93,522 for the three months ended March 31, 2003 from the same period last year. Operating expenses as a percentage of net revenues decreased from 52.3% to 50.2%.
For more information, refer to the Form 10-QSB for the three months ended March 31, 2003, filed with the Securities and Exchange Commission on May 15, 2003.
Retractable Technologies, Inc. manufactures and markets VanishPoint® automated retraction safety syringes and blood collection devices, which virtually eliminate health care worker exposure to accidental needlestick injuries. These revolutionary devices use a patented friction ring mechanism that causes the contaminated needle to retract automatically from the patient into the barrel of the device. VanishPoint® safety needle devices are distributed to the acute care hospital market by Abbott Laboratories (NYSE:ABT) and to the alternate care market by various specialty and general line distributors. For more information on Retractable, visit our Web site at www.vanishpoint.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 the company’s current views with respect to future events. The company believes that the expectations reflected in such forward-looking statements are accurate. However, the company cannot assure you that such expectations will occur. The company’s 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 dramatic increases in demand, the company’s ability to quickly increase its production capacity in the event of a dramatic increase in demand, the company’s ability to access the market, the company’s ability to successfully resolve its litigation with Becton Dickinson, among others, the company’s ability to continue to finance research and development as well as operations and expansion of production, the recently increased interest of larger market players, specifically Becton Dickinson, in providing safety needle devices and other risks and uncertainties that are detailed from time to time in the company’s periodic reports filed with the Securities and Exchange Commission.
Net revenues for the three months ended March 31, 2003 were $4,477,708, an increase of $361,345 over the $4,116,363 reported in 2002. Gross margins for 2003 increased to 37.2% of net revenues from 35.1% a year ago.
Operating expenses increased $93,522 for the three months ended March 31, 2003 from the same period last year. Operating expenses as a percentage of net revenues decreased from 52.3% to 50.2%.
For more information, refer to the Form 10-QSB for the three months ended March 31, 2003, filed with the Securities and Exchange Commission on May 15, 2003.
Retractable Technologies, Inc. manufactures and markets VanishPoint® automated retraction safety syringes and blood collection devices, which virtually eliminate health care worker exposure to accidental needlestick injuries. These revolutionary devices use a patented friction ring mechanism that causes the contaminated needle to retract automatically from the patient into the barrel of the device. VanishPoint® safety needle devices are distributed to the acute care hospital market by Abbott Laboratories (NYSE:ABT) and to the alternate care market by various specialty and general line distributors. For more information on Retractable, visit our Web site at www.vanishpoint.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 the company’s current views with respect to future events. The company believes that the expectations reflected in such forward-looking statements are accurate. However, the company cannot assure you that such expectations will occur. The company’s 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 dramatic increases in demand, the company’s ability to quickly increase its production capacity in the event of a dramatic increase in demand, the company’s ability to access the market, the company’s ability to successfully resolve its litigation with Becton Dickinson, among others, the company’s ability to continue to finance research and development as well as operations and expansion of production, the recently increased interest of larger market players, specifically Becton Dickinson, in providing safety needle devices and other risks and uncertainties that are detailed from time to time in the company’s periodic reports filed with the Securities and Exchange Commission.
