retractable technologies inc (RVP) Key Developments
Retractable Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 17 14
Retractable Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the third quarter, the company reported net income is the result of increased revenues attributable to higher volumes and higher average sales prices. This improvement in sales, along with cost-cutting measures taken earlier in the year, resulted in its achieving profitability this quarter. This third quarter improvement in cash flows over the previous two quarters is the result of improved gross profit and lower operating expenses attributable to cost cutting measures. Gain from operations of $421,000 compared to an operating loss for the same period last year of $825,000 due primarily to improved sales volumes.
For the nine months, the company reported gross profit decreased 1.0%. Approximately $3.9 million in cash flow in the nine months ended September 30, 2014 was used by operating activities. For the nine months ended September 30, 2014, net cash used by operating activities was $3.8 million, an increase of cash used by operations of $100,000. Operating loss was $2.9 million compared to an operating loss for the same period last year of $4.6 million due primarily to reduced expenses.
District Court Issues Order Granting Retractable Technologies, Inc. Injunctive Relief Under the Lanham Act
Nov 13 14
Retractable Technologies, Inc. announced that Judge Leonard Davis of the United States District Court for the Eastern District of Texas issued an order on November 10, 2014 granting in part and denying in part RTI's motion to recover profits, injunctive relief and attorneys' fees. The Court found that the remedy of disgorgement of a portion of Becton Dickinson's profits was appropriate but the $340,524,042 trebled antitrust damages awarded by the jury was a sufficient disgorgement. The Court determined that the public interest in truthful information and advertising favored disgorgement because "BD's false advertising resulted in an artificially inflated price for BD syringes, but also lowered the number of RTI syringes in the marketplace." The Court also granted injunctive relief having found that BD's business practices limited innovation and "BD's false advertisements suppressed sales of the VanishPoint(R), thereby preventing the market from full access to this innovative product." The Court ordered specific injunctive relief to take effect no later than January 15, 2015. The specific injunctive relief includes: enjoining BD from the use of the "World's Sharpest Needle" or any similar assertion of superior sharpness; requiring BD to notify all customers who purchased BD syringe products from July 2, 2004 to date that BD wrongfully claimed that its syringe needles were sharper and that its statement that it had "data on file" was false and misleading; requiring BD to notify all employees, customers, distributors, Group Purchasing Organizations ("GPOs"), and government agencies that the dead space of the VanishPoint(R) has been within ISO standards since 2004 and that BD overstated the dead space of the VanishPoint(R) to represent that it was higher than some of BD's syringes when it was actually less, and that BD's statement that it had "data on file" was false and misleading, and, in addition, posting this notice on its website for a period of three years; enjoining BD from advertising that its syringe products save medication as compared to VanishPoint(R) products for a period of three years; requiring notification to all employees, customers, distributors, GPOs, and government agencies that BD's website, cost calculator, printed materials, and oral representations alleging BD's syringes save medication as compared to the VanishPoint(R) were based on false and inaccurate measurement of the VanishPoint(R), and, in addition, posting this notice on its website for a period of three years; and requiring the implementation of a comprehensive training program for BD employees and distributors that specifically instructs them not to use old marketing materials and not to make false representations regarding VanishPoint(R) syringes.
District Court Issues Order Denying Becton, Dickinson and Company’s Renewed Motion for Judgment as a Matter of Law Against Retractable Technologies, Inc
Oct 7 14
Retractable Technologies, Inc. announced that Judge Leonard Davis of the United States District Court for the Eastern District of Texas issued an order on September 30, 2014 denying Becton, Dickinson and Company’s (“BD”) Renewed Motion for Judgment as a Matter of Law, or alternatively, for New Trial or Remittitur, ruling that there was sufficient evidence for the jury to: find that BD had attempted to monopolize the safety syringe market, find that BD had engaged in false advertising under the Lanham Act, and award Retractable $113,508,014 in antitrust damages. Pursuant to federal statute, antitrust damages are subject to being trebled. The conclusion of the Court’s Order stated: The jury’s verdict in this case was reasonable and supported by substantial evidence. Judgment as a matter of law is inappropriate because BD has failed to show that a reasonable jury would not have a legally sufficient evidentiary basis to find for RTI on the issues set forth above. A new trial is inappropriate because BD has failed to show that the jury’s verdict was against the weight of the evidence, the damages awarded were excessive, or that the trial was unfair or prejudicial error was committed in its course. Finally, remittitur is inappropriate because BD has failed to show that the damages award in this case exceeds the bounds of a reasonable recovery.
Retractable Technologies, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 14 14
Retractable Technologies, Inc. announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating loss of $1.3 million compared to an operating loss for the same period last year of $2.4 million due primarily to improved gross profit and lower operating expenses.
For the six months, operating loss was $3.3 million compared to an operating loss for the same period last year of $3.8 million due primarily to reduced operating expenses. Approximately $3.7 million in cash flow in the six months ended June 30, 2014 was used by operating activities.
Retractable Technologies, Inc., Annual General Meeting, Sep 05, 2014
Jul 25 14
Retractable Technologies, Inc., Annual General Meeting, Sep 05, 2014., at 10:00 Central Standard Time. Location: Little Elm Town Hall. Agenda: To consider the election of four class 2 directors; and to approve amendments to the 2008 Stock Option Plan.