Retractable Technologies, Inc. reported revenues of approximately $33.0 million for the year ended December 31, 2024, marking a 24.2% decrease from $43.5 million in the prior year. Domestic revenues decreased 15.1% due to product mix and higher transactional costs, while international revenues fell 59.1% primarily from fewer vaccination-related sales.
The company's operating loss widened to $21.1 million in 2024, compared to a loss of $11.5 million in 2023. This was attributed to high operating costs from facility expansion and increased domestic production efforts in connection with tariffs.
RVP incurred $1.6 million in tariff expenses from September to December 2024 and an additional $951 thousand from January 1 to March 21, 2025. The company plans approximately $1 million in equipment expenditures and $3.8 million in workforce expenditures over the next year to increase domestic production.
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