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Chap 11
?
CEO arrested?
Fat fingers?
The 8.9 months is from Notice of Appeal. They "try" to get decisions out within 6 months of oral argument. They didn't make it on this one.
Thanks! I hadn't seen that!
Decision probably won't come until the end of November.
http://www.ca5.uscourts.gov/clerk/docs/pracguide.pdf
HOW LONG DOES IT TAKE TO GET A DECISION?
As of September 30, 2014, there were 4,712 cases pending in the Fifth
Circuit. Administrative Office of the U. S. Courts statistics showed the median
time from filing the notice of appeal to issuance of the court’s opinion was 8.9
months.
As of June 30, 2016 they had $ 17,213,810 in cash. How in the hell do they keep paying these big dividends to the preferreds?
Trading @ intrinsic value. It's a no-brainer to own shares @ this level. Six months past oral argument still pending ruling. Remand with instructions or reverse the case will risk the safety of many health care workers on the field that is using the unsafe, false advertised BDX products. Hope the judges @ 5th circuit are not corrupted and do the right thing!
Retractable Technologies, Inc. Reports Results as of June 30, 2016 (8/16/16)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reports the following results of operations for the three and six months ended June 30, 2016 and 2015, respectively.
Comparison of Three Months Ended June 30, 2016 and June 30, 2015
Domestic sales accounted for 91.7% and 80.9% of the revenues for the three months ended June 30, 2016 and 2015, respectively. Domestic revenues increased 27.8% principally due to increased syringe sales and initial sales of our EasyPoint™ needle and a slightly higher average price. Domestic unit sales increased 40.5%. Domestic unit sales were 89.7% of total unit sales for the three months ended June 30, 2016. International revenue and unit sales decreased 50.7% and 62.0%, respectively, due to timing of purchases by a major international customer. Our international orders may be subject to significant fluctuation over time. Overall unit sales increased 10.0%.
Gross profit increased 0.7% primarily due to higher revenues reduced by higher manufacturing costs.
The Cost of manufactured product increased by 20.2% due to increased sales volumes and increased unit cost of manufacture due to fewer units manufactured. Profit margins can fluctuate depending upon, among other things, the cost of manufactured product and the capitalized cost of product recorded in inventory, as well as product sales mix. Royalty expense increased 22.3% due to higher gross sales.
Operating expenses decreased 16.1% or $617 thousand. The decrease was due to lower costs of compensation, donations of product, various professional fees, suspension of the Medical Device Excise Tax, and travel and entertainment. These decreases were somewhat offset by higher fees paid to distributors and Group Purchasing Organizations.
A non-recurring recognition of $7,724,826 received from BD had a significant impact on second quarter 2015 income.
Our operating loss was $605 thousand compared to an operating loss for the same period last year of $1.2 million due primarily to reduced operating expenses.
Our effective tax rate on the net earnings (loss) before income taxes was (0.1)% and negligible for the three months ended June 30, 2016 and June 30, 2015, respectively.
Comparison of Six Months Ended June 30, 2016 and June 30, 2015
Domestic sales accounted for 92.2% and 87.4% of the revenues for the six months ended June 30, 2016 and 2015, respectively. Domestic revenues increased 10.4% principally due to increased syringe sales and initial sales of our EasyPoint™ needle. Average selling price was slightly lower. Domestic unit sales increased 19.5%. Domestic unit sales were 90.1% of total unit sales for the six months ended June 30, 2016. International revenue and unit sales decreased 35.4% and 48.5%, respectively, due to timing of purchases by a major international customer. Our international orders may be subject to significant fluctuation over time. Overall unit sales increased 5.7%.
Gross profit decreased 3.8% primarily due to higher cost of manufacture.
The Cost of manufactured product increased 10.0% due to higher sales volumes and increased unit cost due to fewer units manufactured. Profit margins can fluctuate depending upon, among other things, the cost of manufactured product and the capitalized cost of product recorded in inventory, as well as product sales mix. Royalty expense increased 10.4% due to higher gross sales.
Operating expenses decreased 11.6% or $827 thousand. The decrease was due to lower costs of compensation, donations of product, various professional fees, suspension of the Medical Device Excise Tax, and travel and entertainment. These decreases were somewhat offset by higher fees paid to distributors and Group Purchasing Organizations.
A non-recurring recognition of $7,724,826 received from BD pursuant to the patent infringement portion of a case discussed above had a significant impact on income for the six months ended June 30, 2015.
Our operating loss was $1.5 million compared to an operating loss for the same period last year of $2.1 million due primarily to lower operating expenses reduced by a decrease in gross profit.
Our effective tax rate on the net earnings (loss) before income taxes was (0.1)% and 0.1% for the six months ended June 30, 2016 and June 30, 2015, respectively.
Our balance sheet remains strong with cash making up 41.8% of total assets. Working capital was $21.2 million at June 30, 2016, a decrease of $1.5 million from December 31, 2015.
Approximately $507 thousand in cash flow in the six months ended June 30, 2016 was used by operating activities. Cash provided by working capital items was $564 thousand.
Further details concerning the results of operations as well as other matters are available in Retractable's Form 10-Q filed on August 16, 2016 with the U.S. Securities and Exchange Commission.
Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint™ needle. 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 uniquely 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 prefill syringes to give injections. The EasyPoint™ needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at www.vanishpoint.com.
http://www.businesswire.com/news/home/20160816006196/en/Retractable-Technologies-Reports-Results-June-30-2016
Retractable Technologies, Inc. Reports Results for the First Quarter of 2016 (5/17/16)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reported the following results of operations for the first quarter of 2016 and other matters in its quarterly report on Form 10-Q filed on May 16, 2016.
The EasyPoint™ Needle
In the second quarter of 2016, Retractable began selling a new product, the EasyPoint™ needle. The EasyPoint™ is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefill syringes to give injections. The EasyPoint™ needle also can be used to aspirate fluids and for blood collection.
A recent article published in Medical Design Technology details the benefits of the EasyPoint™ needle as well as the existing VanishPoint® syringe. The article states that when the EasyPoint™ needle becomes available, “for the first time, clinicians will be able to change needles and have the safety of automated needle retraction.” The March 7, 2016 article is available on the Article Archives tab of Retractable’s website at www.vanishpoint.com.
In the second quarter of 2016, Retractable placed orders for additional injection molding machines and additional molds to provide additional capacity for the manufacture of the EasyPoint™ needle. The expenditure for this equipment is expected to be $1.4 million.
Suspension of Medical Device Excise Tax
The Consolidated Appropriations Act, 2016 (Pub. L. 114-113), signed into law on December 18, 2015, includes a two-year moratorium on the medical device excise tax imposed by Internal Revenue Code section 4191. Thus, the medical device excise tax was suspended beginning on January 1, 2016 and ending on December 31, 2017. The impact of this tax was $360,000 in 2015.
Results of Operations from the First Quarter of 2016 versus the First Quarter of 2015
Domestic sales accounted for 92.9% and 94.4% of the revenues for the three months ended March 31, 2016 and 2015, respectively. Domestic revenues decreased 5.7% principally due to lower average sales prices and slightly lower unit sales. Domestic unit sales decreased 1.2%. Domestic unit sales were 90.6% of total unit sales for the three months ended March 31, 2016. International unit sales and revenues increased 14.9% and 21.8%, respectively. International orders may be subject to significant fluctuation over time. Overall unit sales increased 0.1%.
Gross profit decreased 8.7% primarily due to lower revenues.
The average cost of manufactured products sold per unit decreased by 1.2%. Profit margins can fluctuate depending upon, among other things, the cost of manufactured product and the capitalized cost of product recorded in inventory, as well as product sales mix. Royalty expense decreased 2.5% due to decreased gross sales.
Operating expenses decreased 6.4% or $209 thousand. The decrease was primarily due to lower tax expense, principally the Medical Device Excise Tax, lower non-litigation legal fees, and lower bad debt accrual. The decrease in expenses was mitigated by an increase in Sales and marketing costs of $50,000 related to compensation and international consulting costs.
The operating loss was $894 thousand compared to an operating loss for the same period last year of $895 thousand due primarily to lower operating expenses offset by lower revenues.
The balance sheet remains strong with cash making up 44.9% of total assets. Working capital was $21.8 million at March 31, 2016, a decrease of $906 thousand from December 31, 2015.
Approximately $218 thousand in cash flow in the three months ended March 31, 2016 was provided by operating activities.
On April 5, 2016, Thomas J. Shaw exercised the remaining portion of his stock option. Retractable issued 1,000,000 shares of Common Stock to him at an exercise price of $0.81 (aggregate consideration of $810,000).
Further details concerning the results of operations as well as other matters are available in Retractable’s Form 10-Q filed on May 16, 2016 with the U.S. Securities and Exchange Commission.
Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint™ needle. 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 uniquely 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 prefill syringes to give injections. The EasyPoint™ needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at www.vanishpoint.com.
http://www.businesswire.com/news/home/20160517006461/en/
CEO Thomas Shaw exercises remaining stock options (4/05/16)
On April 5, 2016, the chief executive officer of the Company exercised the remaining portion of his stock option. The Company issued 1,000,000 shares of Common Stock to him at an exercise price of $0.81 (aggregate consideration of $810,000).
most volume today than we have seen in a long time.
Gain on Extinguishment of Preferred Stock was $2.3 million.
Earnings per share were positively affected by our acquisition of 200,000 shares of IV Class B convertible preferred stock. This preferred stock was purchased from a stockholder as of November 30, 2015. The shareholder was issued 728,000 shares of our Common Stock as consideration and agreed to waive all unpaid dividends in arrears associated with the tendered preferred stock, equaling $3.1 million. Under the guidelines of ASC 260-10-S99-2, Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock, we reflected the gain on extinguishment of this preferred stock in net income per common stockholder used to calculate earnings per share. This accounting treatment had the effect of increasing the income applicable to common shareholders by $2.3 million in 2015 which had a material effect on the determination of earnings per share. As a result, Basic earnings per share was $0.21 for 2015.
Retractable Technologies, Inc. Reports Results for the Year 2015 (4/01/16)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reports the following results of operations for the twelve months ended December 31, 2015 and 2014, respectively.
Comparison of Year Ended December 31, 2015 and Year Ended December 31, 2014
Domestic sales accounted for 77.9% and 80.1% of the revenues in 2015 and 2014, respectively. Domestic revenues decreased 16.7% principally due to reduced flu demand. Domestic unit sales decreased 17.6%. Domestic unit sales were 67.0% of total unit sales for 2015. International revenues decreased from $6.9 million in 2014 to $6.5 million in 2015, primarily due to more restrictive qualification requirements by the Company. Overall unit sales decreased 11.9%. Our international orders may be subject to significant fluctuation over time. Such orders may fluctuate due to health initiatives at various times as well as economic conditions.
Cost of sales decreased $3.3 million principally due to lower volumes. Royalty expense decreased $251 thousand due to decreased gross sales. Gross profit margins increased from 34.8% in 2014 to 35.8% in 2015.
Operating expenses decreased 2.9% from the prior year due to decreased Medical Device Excise Taxes attributable to refunds, lower compensation costs, and lower travel and entertainment costs.
A non-recurring recognition of $7,724,826 received from BD in the second quarter of 2015 pursuant to a patent infringement case had a significant impact on 2015 income. Recognizing this payment also significantly decreased 2015 current liabilities on the Balance Sheet.
The loss from operations was $3.2 million in 2015 compared to an operating loss of $2.2 million in 2014.
Earnings per share were positively affected by our acquisition of 200,000 shares of IV Class B convertible preferred stock. This preferred stock was purchased from a stockholder as of November 30, 2015. The shareholder was issued 728,000 shares of our Common Stock as consideration and agreed to waive all unpaid dividends in arrears associated with the tendered preferred stock, equaling $3.1 million. Under the guidelines of ASC 260-10-S99-2, Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock, we reflected the gain on extinguishment of this preferred stock in net income per common stockholder used to calculate earnings per share. This accounting treatment had the effect of increasing the income applicable to common shareholders by $2.3 million in 2015 which had a material effect on the determination of earnings per share. As a result, Basic earnings per share was $0.21 for 2015.
Cash flow from operations was a negative $3.3 million for 2015 due primarily to the loss from operations and changes in working capital, namely increased inventories and other current assets, mitigated by a decrease in Accounts receivable and an increase in Accounts payable.
Further details concerning the results of operations as well as other matters are available in the Company’s Form 10-K filed on March 30, 2016 with the U.S. Securities and Exchange Commission.
RTI manufactures and markets VanishPoint® and Patient Safe® safety medical products. 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 uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. RTI's products are distributed by various specialty and general line distributors.
For more information on RTI, visit our website at www.vanishpoint.com.
http://www.businesswire.com/news/home/20160401005711/en/Retractable-Technologies-Reports-Results-Year-2015
you see that 8K?
Ok, let's hope for news of pay settlement
i don't think so...just no one buying and selling...thinly trade...no treble = 4+..with treble = 8+...no way that BDX can get away by not paying.
Is it halted?
you will lose?
They will lose
oh shit of the bulls?
That is bullshit
have you heard the oral recording? they argue the same garbage like when the case was in district court that was ignored by the judge.
We are being hammered again
Good luck to you too IP
level 2 looks very fishy! I am setting trenches of buying along the bid to scoop up shares. good luck!
Patent trolls make people money.... Can RVP?
Time will tell
it's a counter competitive case with proven hard evidence that went thoroughly thru. district court...it's not a regular ip case from patent troll. the 5th circuit quickly denied BDX about the removal of injunction relief. RVP is a real business with the safety syringe technology that BDX was jealous about and tried to steal it too.
Direct link to oral argument> http://www.ca5.uscourts.gov/OralArgRecordings/14/14-41384_2-29-2016.mp3
I hope you're right IP.... Picked up a bunch here, and Actg
pure manipulation and attack on stop loss...want to get cheap shares.
That drop yesterday is quite concerning... Confidence failing?
no man...it's looking good! don't you think it's fishy right at the oral hearing timing it goes down. just take advantage of when someone walks it down and buy. No way in hell BDX will get the case back to district court!
This dont look good.
Global Smart Syringes Market Expected To Reach $7.6 Billion By 2020 (2/26/16)
According to a new report by Allied Market Research, titled, World Smart Syringes Market - Opportunities and Forecasts, 2014 - 2020, global sales of smart syringes is projected to grow at a CAGR of 9.6 percent during 2015 – 2020. Active safety syringes segment accounted for two-thirds of the market revenue in 2015, and would remain dominant throughout the analysis period.
The world smart syringes market is driven by the rising count of needle stick injuries, shift from conventional syringes to “smart syringes”, growing awareness in the emerging economies, and widespread adoption of safety syringes across all applications, especially in drug delivery. In addition, growing mandatory regulations laid by WHO about the use of smart syringes is further expected to boost the market growth. However, high cost associated with smart syringes and alternative drug delivery methods are likely to hamper the market growth.
The drug delivery/curative segment is expected to generate the highest revenue throughout the analysis period. This is attributed to the high demand for smart syringes for diabetes treatment, growing popularity of passive safety syringes, and higher risk of the transmission of hepatitis B, C, & HIV during injection and rising adoption of safety syringes among doctors. In addition, stringent regulations laid by WHO and UNICEF mandating the use of smart syringes for drug delivery is likely to drive the market growth in future.
Furthermore, blood specimen collection is projected as the fastest growing segment over the forecast period. This is due to the rising count of accidental needle stick injuries during blood collection, increasing cases of cross-infections such as HIV and growing awareness about safety syringes in developing economies.
Key findings of the study:
•Passive safety syringes segment is projected to exhibit the highest CAGR of 12.6% over the forecast period.
•Global smart syringes market volume was estimated to be 10.6 billion units in 2015 and is expected to register a CAGR of 8.2% from 2015 to 2020.
•Within application, the drug delivery segment would continue to lead the market throughout the analysis period.
•Within end user, the psychiatric segment is projected to grow at the highest CAGR of 12.9% during the forecast period.
•Within end user, the hospitals segment is projected to continue maintain its lead position the market, accounting for two-seventh share of the overall market revenue by 2020.
•The Asia-Pacific region is anticipated to be the fastest growing market, registering a CAGR of 11.3% from 2015 to 2020.
•North America accounted for about three-seventh of the overall market revenue in 2015, and will continue to lead until 2020.
The key companies profiled in the report include Becton, Dickinson and Company, Medtronic (Covidien), Terumo Medical Corporation, B. Braun Melsungen AG, Baxter International, Smiths Group plc, Unilife Corporation, Revolutions Medical Corporation and Retractable Technologies, Inc., and others.
Get more details about the report @ https://www.alliedmarketresearch.com/smart-syringes-market
http://www.meddeviceonline.com/doc/smart-syringes-market-is-expected-to-reach-billion-globally-by-0001
oral hearing postponed or it already happened?
what can you tell from the price action today?...tactic to get cheap shares from MMs?
Recording from oral argument not out at this time. There were 4 cases getting argued today and RVP was 4th on the list. May not have been argued until this afternoon if they took them in order. http://www.ca5.uscourts.gov/oral-argument-information/oral-argument-recordings
Oral argument today.
RVP
Oral argument before the 5th Circuit one week from today.
We can certainly hope!
this is not vrng...i doubt the short can mess with this...I smell rule 36 on the CAFC after the oral argument...
Retractable Technologies Incorporated (NYSEMKT:RVP) Sellers Increased By 36.36% Their Shorts
Passive and Active Investment NewsFebruary 17, 2016 By Patrick Sproles A+ A- EmailEmail PrintPrint The stock of Retractable Technologies Incorporated (NYSEMKT:RVP) registered an increase of 36.36% in short interest. RVP’s total short interest was 22,500 shares in February as published by FINRA. Its up 36.36% from 16,500 shares, reported previously. With 9,300 shares average volume, it will take short sellers 2 days to cover their RVP’s short positions. The short interest to Retractable Technologies Incorporated’s float is 0.22%. The stock is 0.00% or $0 after the news, hitting $2.8 per share. It is down 26.12% since July 13, 2015 and is downtrending. It has underperformed by 16.40% the S&P500.
Retractable Technologies, Inc. designs, develops, makes and safety syringes and other safety medical products for the healthcare industry. The company has a market cap of $79.23 million. The Firm markets VanishPoint and PatientSafe products. It has 16.61 P/E ratio. VanishPoint products are designed to prevent needle stick injuries.
The institutional sentiment decreased to 0.4 in Q3 2015. Its down 0.24, from 0.64 in 2015Q2. The ratio is negative, as 3 funds sold all Retractable Technologies, Inc. shares owned while 7 reduced positions. 1 funds bought stakes while 3 increased positions. They now own 1.32 million shares or 21.40% less from 1.68 million shares in 2015Q2.
Wealthtrust Axiom Llc holds 0.54% of its portfolio in Retractable Technologies, Inc. for 360,174 shares. Eam Investors Llc owns 331,286 shares or 0.19% of their US portfolio. Moreover, Cannell Capital Llc has 0.15% invested in the company for 113,101 shares. The Us-based Ancora Advisors Llc has invested 0.03% in the stock. Whitebox Advisors Llc, a Minnesota-based fund reported 179,401 shares.
I bought a ton on your recommendation
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Retractable Technologies, Inc. designs, develops, manufactures, and markets safety medical products for the healthcare industry in the United States and internationally. The company offers VanishPoint safety needle products to prevent needlestick injuries and reuse. Its products include 1cc tuberculin, insulin, and allergy antigen VanishPoint syringes; 0.5cc, 3cc, 5cc, and 10cc VanishPoint syringes; the VanishPoint blood collection tube holder; autodisable syringe and the VanishPoint IV safety catheter; and a small diameter tube adapter. The company's products also include Patient Safe syringe, which reduces the risk of infection resulting from IV contamination, as well as dental syringe, winged IV sets, and an autodisable syringe. It markets its products to healthcare providers, which include acute care hospitals, alternate care facilities, doctors’ offices, clinics, emergency centers, surgical centers, convalescent hospitals, veterans administration facilities, military organizations, public health facilities, and prisons. The company distributes its products through general line and specialty distributors, as well as through international distributors. Retractable Technologies, Inc. was founded in 1994 and is headquartered in Little Elm, Texas.
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