Retractable Technologies, Inc. Reports Results As Of September 30, 2016

Retractable Technologies, Inc. (NYSE MKT: RVP) reports the following results for the three months and nine months ended September 30, 2016 and 2015, respectively.

Comparison of Three Months Ended September 30, 2016 and September 30, 2015

Domestic sales accounted for 82.6% and 64.9% of the revenues for the three months ended September 30, 2016 and 2015, respectively. Domestic revenues increased 18.7% principally due to higher average prices and higher volumes. Domestic unit sales increased 9.3%. Domestic unit sales were 72.8% of total unit sales for the three months ended September 30, 2016. International revenue and unit sales decreased 55.4% and 53.8%, respectively, due to lower volumes. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 21.6%.

The Cost of manufactured product decreased by 10.7% due to lower volumes mitigated by higher unit cost. Royalty expense decreased 11.7% due to lower gross revenues. Gross profit increased 1.1% primarily due to higher average prices.

Operating expenses decreased $82 thousand. The decrease was primarily due to the suspension of the medical device excise tax and lower professional fees, mitigated by higher compensation and travel costs.

Our operating loss was $81 thousand compared to a loss from operations of $199 thousand for the same period last year due primarily to slightly higher gross profit and reduced operating expenses.

Our effective tax rate on the net earnings (loss) before income taxes was (0.4)% and (0.8)% for the three months ended September 30, 2016 and September 30, 2015, respectively.

Comparison of Nine Months Ended September 30, 2016 and September 30, 2015

Domestic sales accounted for 88.4% and 77.9% of the revenues for the nine months ended September 30, 2016 and 2015, respectively. Domestic revenues increased 13.4% principally due to higher sales volume and somewhat lower average prices. Domestic unit sales increased 15.6%. Domestic unit sales were 83.0% of total unit sales for the nine months ended September 30, 2016. International revenue and unit sales decreased 47.8% and 53.3%, respectively, due to lower sales volumes and was somewhat offset by higher average sales prices. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 7.5%.

If you liked this article you might like

These 5 Stocks Under $10 Could Make You a Lot of Money

Retractable Technologies Inc Stock Downgraded (RVP)

4 Stocks Under $10 in Breakout Territory

Becton Dickinson Settles Dispute

Becton Dickinson Settles Dispute