Retractable Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 08:59 pm
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Retractable Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 23.06 million compared to USD 36.36 million a year ago. Net income was USD 5.39 million compared to USD 6.52 million a year ago. Basic earnings per share from continuing operations was USD 0.16 compared to USD 0.19 a year ago. Diluted earnings per share from continuing operations was USD 0.16 compared to USD 0.19 a year ago.
For the nine months, sales was USD 82.14 million compared to USD 128.93 million a year ago. Net income was USD 9.36 million compared to USD 35.14 million a year ago. Basic earnings per share from continuing operations was USD 0.28 compared to USD 1.03 a year ago. Diluted earnings per share from continuing operations was USD 0.28 compared to USD 1.02 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.