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i will be a trillionaire if i know exactly when this will run...at the current price i think it's a good buy... that is all i have to say
So when is this taking off?
Lloyd I. Miller, III owns 2,355,824 shares (12/31/15)
Controls 8.4 percent.
https://www.sec.gov/Archives/edgar/data/946563/000114420416078754/v430436_sc13ga.htm
Up from 1,379,438 shares or 5 percent at 2/17/15.
https://www.sec.gov/Archives/edgar/data/946563/000114420415010678/v402159_13g.htm
blocks of buying @ 2.80 for days...still happening today! hmm hmm hmm
no way in hell that BDX can get away with this anti trust issue! the 5th circuit already said no no no BDX.
I repurchased ALL of my tax loss lot of RVP shares I sold on the last day of trading for 2015 . . . and added/purchased an additional 50% on top of the 100% repurchase on Groundhog Day. Great movie, but RVP is an even better story going into oral arguments at the 5th Circuit Court in New Orleans.
Long and strong on RVP. Now own more shares than I ever have, and wouldn't mind adding more shares on the expected and eventual dips. If I weren't already 99+% invested, I'd have a limit order set in place to hit, to take advantage of any price drops caused by time-sensitive/price-insensitive RVP owners/sellers that need to get out (for whatever reason) because they simply need cash.
I really, really like the RVP story at sub $3.00/share and am waiting on a couple of tender offers to free up a bit of cash. RVP is definitely on my short-list (but not to be confused with a "list of stocks I'd love to SHORT). Quite the opposite with the RVP Story.
My B-D versus RVP thesis rests on the following:
BD already got COMPLETELY POURED-OUT by the 5th Circuit, and B-D really has no other choice but to come back, with hat in hand, and BEG the 5th Circuit for another bite at the apple, which I'll refer to more colloquially as the "B-Slapping" that they really need, and that I hope they catch . . . just like a hot round right behind the ear. B-D is evil and they need this . . . "it will be a very good lesson for them."
Nb: re "B-Slapping." The "B" is for a word that rhymes with "rich," "ditch," "glitch," "itch," "witch" and
any of the other [letter of the alphabet] - itch words. I think y'all know what I'm talking about, but didn't want the "Potty Mouth Patrol" getting "a little cross" with my description of what B-D has [or rather, should have coming to them if the world were fair, if I believed in Karma, and if B-D were to get everything that they deserve . . . everything that they have coming to them . . . and then some [if only for good measure].
Good luck to all RVP longs. May 2016 be the year where this one pays off to us longs as if we're a broken slot-machine just just out money left, right, every which way.
smelling the desperation of MMs tries to get shares as cheap as possible!
negative posts are flushing message boards...look at the trade this morning clearly can tell that someone desperately wants a piece of this yummy pie.
The 5th Circuit already took a look at this case and ruled last February that the injunction against BD, and other disclosure requirements imposed by the trial court, had their blessing when they refused to stay the injunction and further orders of the Court.
I really should have trusted the gut this month.
Panel judges are assigned 1 week before the beginning of the court week.
There IS a "possibility" BD "might" cave when/If they lose at the 5th Circuit, but I don't hold much hope for it.
I've seen posts that BD is hoping to break RVP by appealing. IF they (RVP) were worried about it I doubt they'd have given a huge amount of their cash away in divvies to preferreds. I feel they believe they have more than ample cash left to see this through to a potential SCOTUS decision.
When/IF the 5th Circuit affirms that injunction will remain in place. THAT might be reason enough at that point for BD to settle, but that's yet to be seen. I expect an appeal to SCOTUS.
Unfortunately, I don't see that $300M hitting the coffers in 2016. I fully expect BD will appeal any favorable ruling by the 5th Circuit, as would RVP if they were to lose there. I think this is headed to the Supremes. I don't believe the Supremes will grant a writ on it, but I still think it goes there. No money will come in until after it goes up to SCOTUS, IMO.
Another thing that I've found extremely discouraging is that the money they DID collect got divvied out to the preferreds and they gave NOTHING to the common shareholders. What will they do with the $300+M once they do collect it? Is that also all going to go to the preferreds????????
I think it'll pop on the 5th Circuit ruling and that it'll pop again when SCOTUS denies certiorari. I'll get back in again after the 5th Circuit pop before SCOTUS does anything. When cert is denied I'll likely sell again then as I'm not so sure the common shareholders will reap any rewards,but there should undoubtedly be a good pop once the collection of the judgment becomes absolute. 2 more huge catalysts coming that I see on the litigation end.
Best of luck!!!
right, I bought boat load of shares while the tax loss selling last month. This stock is thinly trade so the 300+ mil in the coffer will substantially move the pps.
noob, I think it gets affirmed on appeal and that's the time to hit the exit on the pop. I fully expect BD will announce that they will appeal to SCOTUS upon affirmation, IMO. Hopefully it's a BIG pop on the 5th Circuit affirming the judgment. That's what I'm looking for, personally.
thinly trade will push the pps to the roof once the appeal court affirm the district court finding.
The court’s goal is to issue an opinion generally within 60days after argument or submission.
nothing to argue! No way BDX can get away without paying 300+ mils.
Oral Argument Calendared for Retractable Technologies, Inc.
January 28, 2016 12:36 PM Eastern Standard Time
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reports that oral argument before the United States Court of Appeals for the Fifth Circuit has been set on the Court’s calendar for Monday, February 29, 2016 in New Orleans, LA.
Becton, Dickinson and Company (“BD”) filed this appeal from the United States District Court for the Eastern District of Texas, No. 2:08-cv-16, to ask the United States Court of Appeals for the Fifth Circuit to reverse the judgments entered in favor of Retractable and render judgment for BD or remand the case for a new trial. The judgments at issue in this appeal stem from the jury finding that BD illegally engaged in anticompetitive conduct with the intent to acquire or maintain monopoly power in the safety syringe market and that BD engaged in false advertising under the Lanham Act. The judgments grant Retractable $352,000,000 in damages and attorneys’ fees as well as injunctive relief.
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.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect our current views with respect to future events. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will materialize. Our actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain liquidity; our maintenance of patent protection; the impact of current and future Court decisions regarding current litigation; our ability to maintain favorable third party manufacturing and supplier arrangements and relationships; our ability to quickly increase capacity in response to an increase in demand; our ability to access the market; our ability to maintain or lower production costs; our ability to continue to finance research and development as well as operations and expansion of production; the impact of larger market players, specifically Becton, Dickinson and Company, in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in RTI's periodic reports filed with the U.S. Securities and Exchange Commission.
Contacts
Retractable Technologies, Inc.
Douglas W. Cowan, 888-806-2626 or 972-294-1010
Vice President and Chief Financial Officer
Retractable Technologies, Inc.
NYSEMKT:RVP
Release Versions
Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Preferred Stock Shareholders
Date : 01/11/2016 @ 5:36PM
Source : Business Wire
Stock : Retractable Technologies, Inc. (RVP)
Quote : 2.91 -0.01 (-0.34%) @ 4:00PM
Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Preferred Stock Shareholders
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Retractable Tech (AMEX:RVP)
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Today : Monday 11 January 2016
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Retractable Technologies, Inc. (NYSE MKT: RVP) announced today that its Board of Directors has declared dividends to holders of its Series I Class B and Series II Class B Convertible Preferred Stock in the amounts of $12,312.50 and $43,101.37, respectively. The dividend amount is $0.125 per share for Series I Class B shareholders and $0.25 per share for Series II Class B shareholders. Dividends have accrued at 10% per annum and cover amounts in arrears from and including October 1, 2015 through date of conversion or December 31, 2015, whichever is applicable. The dividends will be paid on February 1, 2016 to shareholders of record as of the close of business on January 21, 2016.
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.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect our current views with respect to future events. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will materialize. Our actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain liquidity; our maintenance of patent protection; the impact of current and future Court decisions regarding current litigation; our ability to maintain favorable third party manufacturing and supplier arrangements and relationships; our ability to quickly increase capacity in response to an increase in demand; our ability to access the market; our ability to maintain or lower production costs; our ability to continue to finance research and development as well as operations and expansion of production; the impact of larger market players, specifically Becton, Dickinson and Company, in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in RTI's periodic reports filed with the U.S. Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160111006602/en/
Retractable Technologies, Inc.
Douglas W. Cowan, 888-806-2626 or 972-294-1010
Vice President and Chief Financial Officer
Safari Street Limited must believe that RVP will get its money.
The Series IV Class B Convertible Preferred Stock liquidation value is $11.00 per share plus unpaid dividends after distribution obligations to Series I Class B Stock, Series II Class B Stock, and Series III Class B Stock have been satisfied and prior to any distribution to holders of Series V Class B Stock or Common Stock.
Government of the Cayman Islands Exchanges RVP Preferred for Common (12/10/15)
Retractable Technologies, Inc. entered into an Agreement for the Purchase and Sale of Preferred Stock effective November 30, 2015 with the Government of the Cayman Islands providing for the Company’s issuance of 728,000 shares of Common Stock in return for 200,000 shares of Series IV Class B Convertible Preferred Stock of the Company. In addition, the Government of the Cayman Islands transferred to the Company all rights associated with the Preferred Stock, including $3,094,794.52 of dividends in arrears. Future dividend requirements of $200,000 per year will cease.
http://www.sec.gov/Archives/edgar/data/946563/000110465915083782/a15-24701_18k.htm
Retractable Technologies, Inc. Reports Results for the Third Quarter of 2015 (11/17/15)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reports the following results of operations for the three and nine months ended September 30, 2015 and 2014, respectively.
Comparison of Three Months Ended September 30, 2015 and September 30, 2014
Domestic sales accounted for 64.9% and 75.9% of the revenues for the three months ended September 30, 2015 and 2014, respectively. Domestic revenues decreased 25.6% principally due to lower volume of unit sales. Domestic unit sales decreased 22.4%. Domestic unit sales were 52.2% of total unit sales for the three months ended September 30, 2015. International revenue and unit sales increased 27.0% and 25.0%, respectively, due to fluctuation in units sold and a slight uptick in average sales price. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 5.2%.
Gross profit decreased 16.3% primarily due to decreased sales volume and average price.
The Cost of manufactured product decreased by 11.3% due to fewer units sold and lower cost of manufacture. 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 8.7% due to lower gross revenues.
Operating expenses decreased 0.2% or $8 thousand. The decrease was due to lower travel and entertainment costs and medical device excise tax, offset by increased Sales and marketing costs and office expenses.
Our operating loss was $199 thousand compared to a gain from operations of $421 thousand for the same period last year due primarily to lower gross profit.
Our effective tax rate on the net earnings (loss) before income taxes was (0.8)% and 0.5% for the three months ended September 30, 2015 and September 30, 2014, respectively.
Comparison of Nine Months Ended September 30, 2015 and September 30, 2014
Domestic sales accounted for 77.9% and 77.2% of the revenues for the nine months ended September 30, 2015 and 2014, respectively. Domestic revenues decreased 3.2% principally due to lower unit sales mitigated by slightly higher average sales prices. Domestic unit sales decreased 8.1%. Domestic unit sales were 66.4% of total unit sales for the nine months ended September 30, 2015. International revenue and unit sales decreased 8.8% and 1.3%, respectively, due to lower average sales prices and lower volumes. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 5.9%.
Gross profit increased 6.1% primarily due to lower costs of manufacturing.
The Cost of manufactured product decreased by 12.8% due to lower manufacturing cost and fewer units sold. 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 4.9% due to lower gross sales.
Operating expenses decreased 1.0% or $104 thousand. The decrease was due to lower compensation costs, legal fees, and medical device excise tax. These reductions were mitigated by higher severance costs, donations of product, and additional bad debt accrual.
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 income for the nine months ended September 30, 2015.
Our operating loss was $2.3 million compared to an operating loss for the same period last year of $2.9 million due primarily to lower manufacturing costs.
Our effective tax rate on the net earnings (loss) before income taxes was 0.1% and (0.2)% for the nine months ended September 30, 2015 and September 30, 2014, respectively.
Discussion of Balance Sheet and Statement of Cash Flow Items
Our balance sheet remains strong with cash making up 45.4% of total assets. Working capital was $23.8 million at September 30, 2015, an increase of $4.7 million from December 31, 2014. The recognition of $7,724,826 received from BD pursuant to a patent infringement case had a significant impact on the balance sheet at September 30, 2015, reducing current liabilities and increasing stockholders’ equity.
Approximately $2.0 million in cash flow in the nine months ended September 30, 2015 was used by operating activities.
Further details concerning the results of operations as well as other matters are available in the Company’s Form 10-Q filed on November 16, 2015 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/20151117005461/en/Retractable-Technologies-Reports-Results-Quarter-2015
Earnings Restatement (11/13/15)
On November 10, 2015, Retractable Technologies, Inc. (the “Company”), together with its Audit Committee, concluded that investors should no longer rely on the previously issued unaudited condensed financial statements as of and for the three and six months ended June 30, 2015 (the “Affected Periods”) in its Form 10-Q for the quarterly period ended June 30, 2015 as originally filed with the U.S. Securities and Exchange Commission on August 14, 2015 (the “Original Report”). The Company reached its conclusion after discussion with its Audit Committee and a joint discussion with its independent registered public accounting firm. The Company also identified a material weakness in its internal controls as of June 30, 2015. The Company is taking steps to remediate this weakness.
The Company will restate its previously issued unaudited condensed financial statements for the Affected Periods and related notes and other disclosures on Form 10-Q/A for the quarterly period ended June 30, 2015 and file such Form 10-Q/A with the U.S. Securities and Exchange Commission as soon as possible. Additionally, the Company currently anticipates that it will be in a position to timely file its Form 10-Q for the quarterly period ended September 30, 2015.
In the course of preparing the condensed financial statements as of and for the three and nine months ended September 30, 2015, the Company discovered an error in the total amount of raw materials in the detailed subsidiary ledger as of June 30, 2015. The Company’s raw materials subsidiary ledger is in a spreadsheet format. Such error resulted from an incorrect summation of individual inventory amounts in the spreadsheet. This resulted in the recording of incorrect raw materials and cost of goods sold amounts in the Company’s general ledger which was used to prepare the unaudited condensed financial statements in the Original Report. Consequently, raw materials inventories were understated by $596,000 as of June 30, 2015 and cost of goods sold was overstated by $596,000 for the Affected Periods.
The Audit Committee and management of the Company have discussed the matters disclosed in this Item 4.02(a) with the Company’s independent registered public accounting firm.
Too bad the common shareholders get left out again.
Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Preferred Stock Shareholders
September 25, 2015 12:31 PM Eastern Daylight Time
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) announced today that its Board of Directors has declared dividends to holders of its Series I Class B and Series II Class B Convertible Preferred Stock in the amounts of $12,312.50 and $44,050.00, respectively. The dividend amount is $0.125 per share for Series I Class B shareholders and $0.25 per share for Series II Class B shareholders. Dividends have accrued at 10% per annum and cover amounts in arrears from and including July 1, 2015 through date of conversion or September 30, 2015, whichever is applicable. The dividends will be paid on October 22, 2015 to shareholders of record as of the close of business on October 12, 2015.
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.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect our current views with respect to future events. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will materialize. Our actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain liquidity; our maintenance of patent protection; the impact of current and future Court decisions regarding current litigation; our ability to maintain favorable third party manufacturing and supplier arrangements and relationships; our ability to quickly increase capacity in response to an increase in demand; our ability to access the market; our ability to maintain or lower production costs; our ability to continue to finance research and development as well as operations and expansion of production; the impact of larger market players, specifically Becton, Dickinson and Company, in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in RTI's periodic reports filed with the U.S. Securities and Exchange Commission.
Contacts
Retractable Technologies, Inc.
Douglas W. Cowan, 888-806-2626 or 972-294-1010
Vice President and Chief Financial Officer
Is This The No. 1 Pairs Trade In America? (9/09/15)
http://seekingalpha.com/article/3499476-is-this-the-no-1-pairs-trade-in-america
New patent infringement lawsuits in East Texas shatter records (8/18/15)
By Jeff Bounds
Patent holders flooded East Texas federal courts with an unprecedented number of new infringement lawsuits during the first six months of 2015.
In fact, there were more lawsuits alleging patent violations filed in the Tyler-based courts during the second quarter of the year than in all the other federal courts across the country combined.
From April to June, lawyers shattered all records when they filed 839 patent infringement cases in the Eastern District of Texas. That’s a 53.6 percent increase from the first three months of 2015, which had also set a record for a single three-month period, according to Lex Machina, a California-based supplier of data about intellectual property litigation.
Nationwide, a record 1,656 lawsuits alleging patent encroachment were filed during the second quarter.
Intellectual property law experts attribute the trend to rumblings from Congress, which could pass laws limiting the locations where patent suits can be filed. They also cite a decision by many IP lawyers to stop filing cases in Delaware because of recently enacted court rules they view as negative.
“My guess is that, rightly or wrongly, [plaintiffs] have read the tea leaves,” said Owen Byrd, Lex Machina’s general counsel. “The patent owners and their counsel have the perception that they will get a better shake in the Eastern District.”
Bob Goodlatte, a Republican congressman from Virginia, sponsored a bill earlier this year restricting patent suits.
Although that bill was dropped in July, “it’s safe to expect that it will return in some form after the summer break,” said Jason Cassady, principal at Caldwell Cassady & Curry in Dallas.
While patents are a cornerstone of U.S. capitalism, battles over infringement are increasing, with the costs often passed down to consumers. In 2011, Apple and Google spent more money purchasing patents and fighting patent lawsuits than they spent on research and development, according to The New York Times.
‘High-volume plaintiffs’
Leading the stampede into the Tyler district were what Lex Machina calls “high-volume plaintiffs,” or patent owners that file more than 10 cases in a calendar year.
High-volume plaintiffs accounted for 650 patent cases in the Eastern District in the April-to-June period, or 77 percent of the new caseload.
High-volume plaintiffs are often, but not always, businesses that make money exclusively by wringing licensing fees and settlements out of businesses accused of infringing patents. Defendants and lawmakers call them patent trolls.
Legislative proposals such as Goodlatte’s are designed to curb some of their tactics.
“One of the major issues that Congress debated regarding patent reform was where lawsuits could be filed,” said Jamil Alibhai, a partner at Dallas-based Munck Wilson Mandala.
“One proposal would have removed the Eastern District of Texas because patent cases would generally be filed only where the defendant has its principal place of business or where the defendant has a physical presence.”
The surge in Eastern District filings has apparently come at the expense of the District of Delaware, which has been the No. 2 venue for patent litigation for years.
Only 101 patent cases were filed in Delaware in the second quarter, and just six of those were from high-volume plaintiffs, Lex Machina data show.
That’s in line with a steady downward trend for that district.
“It may be due to the new scheduling order and patent procedures implemented by some judges in [Delaware] to curb litigation abuse and streamline patent litigation,” said Tyler T. VanHoutan, a Houston-based partner at Winston & Strawn.
A key change in Delaware is that judges can schedule early hearings to determine the meaning of words in patent claims.
Known as claim construction or Markman hearings, these pretrial sessions are important in patent cases because definitions of a patent’s words are big elements in juries’ decisions on whether a defendant has infringed a patent.
Plaintiffs may see Delaware’s early Markman hearings as a negative in getting defendants to settle cases there, VanHoutan said.
The Eastern District, he noted, generally holds claim construction hearings after the parties have done a large amount of pretrial discovery.
Discovery is expensive, and allowing plaintiffs to do a large amount of fact-finding before the Markman hearing can drive up defendants’ legal costs — and push them to settle cases rather than fight in court.
Friendly to filers
“While the Eastern District of Texas may not be the rocket docket it once was, and even though the size of jury verdicts has generally declined in recent years, the Eastern District of Texas still boasts an environment that is very friendly towards plaintiffs,” VanHoutan said.
The Eastern District of Texas became popular with patent lawyers a decade ago when the federal judges there created a so-called rocket docket, allowing patent holders to move through the pretrial process more quickly and get to trial sooner. Patent holders also believe that juries in Marshall and Tyler are plaintiff-friendly and more likely than juries in other regions to award large damages, although they have become more conservative in recent years.
High-volume plaintiffs in particular like the efficiency of Eastern District judges, said Thom Tarnay, a Dallas-based partner at Sidley Austin.
“The judges have experience in high-volume litigation and are able to move cases to trial,” he said. “The judges’ capability to keep these cases moving is a reason [plaintiffs] go there.”
Terrell R. Miller, a partner at Gardere Wynne Sewell, said the district’s reputation, fairly or not, scares smaller defendants.
The district also permits a broader scope of discovery, which “can make litigating cases very expensive,” he said.
Another lure of the Eastern District for many patent plaintiffs is Judge Rodney Gilstrap, renowned for his ability to get cases concluded quickly.
“Judge Gilstrap keeps a tight ship,” said Wei Wei Jeang, a veteran IP lawyer who recently joined Grable Martin Fulton, a Dallas company that rents general counsels to companies.
Gilstrap “schedules trials early in the process and is firm on those trial dates,” Jeang said. “He sets five cases for trial each given month, so that there is always a trial taking place in his court.”
To read a longer version of this article, visit TexasLawbook.net.
http://www.dallasnews.com/business/headlines/20150818-new-patent-infringement-lawsuits-in-east-texas-shatter-records.ece
Retractable Technologies, Inc. Reports Results as of June 30, 2015 (8/14/15)
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, 2015 and 2014, respectively.
Comparison of Three Months Ended June 30, 2015 and June 30, 2014
Domestic sales accounted for 80.9% and 75.0% of the revenues for the three months ended June 30, 2015 and 2014, respectively. Domestic revenues increased 5.4% principally due to higher average sales prices mitigated by lower volume. Domestic unit sales decreased 4.5%. Domestic unit sales were 70.3% of total unit sales for the three months ended June 30, 2015. International revenue and unit sales decreased 25.6% and 20.6%, respectively, due to lower sales volumes. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 9.9%.
Gross profit decreased 7.9% primarily due to lower revenues.
The Cost of manufactured product increased by 1.3% due to lower volume, offset by increased unit cost. 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 7.2% due to lower gross sales.
Operating expenses increased 9.2% or $323 thousand. The increase was due to donations of product, product development costs, severance costs, and travel.
A non-recurring recognition of $7,724,826 received from BD pursuant to the patent infringement award had a significant impact on second quarter 2015 income.
Our operating loss was $1.8 million compared to an operating loss for the same period last year of $1.3 million due primarily to lower gross profit and higher operating expenses.
Our effective tax rate on the net earnings (loss) before income taxes was 0.0% and (0.1)% for the three months ended June 30, 2015 and June 30, 2014, respectively.
Comparison of Six Months Ended June 30, 2015 and June 30, 2014
Domestic sales accounted for 87.4% and 78.3% of the revenues for the six months ended June 30, 2015 and 2014, respectively. Domestic revenues increased 11.5% principally due to increased volume and higher average sales prices. Domestic unit sales increased 3.7%. Domestic unit sales were 79.7% of total unit sales for the six months ended June 30, 2015. International revenue and unit sales decreased 42.2% and 32.7%, respectively, due to lower volumes and lower average sales prices. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 6.6%.
Gross profit increased 12.9% primarily due to higher average sales prices.
The Cost of manufactured product decreased 6.4% due to the volume of product sold. 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 1.9% due to lower gross sales.
Operating expenses decreased 1.3% or $96 thousand. The decrease was due to providing for refunds of the Medical Device Excise Tax attributable to rebates, lower compensation costs mitigated by severance payments, decreased legal fees, and higher charitable contribution expense.
A non-recurring recognition of $7,724,826 received from BD pursuant to the patent infringement award had a significant impact on income for the six months ended June 30, 2015.
Our operating loss was $2.7 million compared to an operating loss for the same period last year of $3.3 million due primarily to improved gross profit and lower operating expenses.
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, 2015 and June 30, 2014, respectively.
Our balance sheet remains strong with cash making up 48.3% of total assets. Working capital was $23.7 million at June 30, 2015, an increase of $4.6 million from December 31, 2014. The recognition of $7,724,826 received from BD pursuant to the patent infringement award had a significant impact on the balance sheet at June 30, 2015, reducing current liabilities and increasing stockholders’ equity.
Approximately $1.7 million in cash flow in the six months ended June 30, 2015 was used by operating activities. Cash provided by working capital items was $528,000.
Further details concerning the results of operations as well as other matters are available in the Company's Form 10-Q filed on August 14, 2015 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/20150814005692/en/Retractable-Technologies-Reports-Results-June-30-2015#.Vc5j0iGFOUk
Should have earnings released after the bell today.
I checked the pacer...it shows 190 pages appeal opening brief just filed like 10 days ago by BDX. I would say sometimes March next year we will see the decision from the 5th circuit court.
BDX filed its appeal on 12/08/2014.
I expect the Fifth Circuit to render a decision by 12/31/15.
I saw that too...thought something wrong with my eyes...checked with optometrist...he said my eyes are fine! LMAO.
I think this could tank lower in coming months as we are waiting for the appeal court decision.
$3.81 LOD. Strange trading today. 141K volume. 10 day avg vol is 18,750.
Now back to 3.86 down .04. WEIRD!!!
RVP Hit 4.34 HOD. Volume and PPS went nuts all of a sudden. Don't see any reason for it yet.
DATE/TIME/LAST/BID/ASK/VOLUME
07/28/15 12:41:17 3.85 3.81 3.86 2400
07/28/15 12:41:17 3.86 3.81 3.86 100
07/28/15 12:41:18 3.814 3.81 3.86 400
07/28/15 12:41:19 3.814 3.81 3.86 100
07/28/15 12:41:19 3.814 3.81 3.86 200
07/28/15 12:41:19 3.814 3.81 3.86 12200
07/28/15 12:41:19 3.814 3.81 3.86 200
07/28/15 12:41:22 3.86 3.86 3.90 7007
07/28/15 12:41:23 3.86 3.86 3.90 1700
07/28/15 12:41:26 3.90 3.86 3.90 200
07/28/15 12:41:27 3.90 3.90 3.93 168
07/28/15 12:41:29 3.93 3.93 3.95 300
07/28/15 12:41:30 3.93 3.93 3.99 100
07/28/15 12:41:31 4.00 3.93 4.00 100
07/28/15 12:41:36 3.93 3.94 4.00 100
07/28/15 12:41:46 3.94 3.94 4.00 100
07/28/15 12:42:02 4.00 3.94 4.01 200
07/28/15 12:42:23 4.01 3.95 4.01 500
07/28/15 12:42:31 4.01 3.96 4.01 500
07/28/15 12:42:34 4.01 3.96 4.01 500
07/28/15 12:42:35 4.01 3.96 4.01 500
07/28/15 12:42:40 4.01 3.96 4.01 42
07/28/15 12:42:43 4.01 3.96 4.04 110
07/28/15 12:42:58 4.03 4.03 4.04 100
07/28/15 12:43:00 4.03 4.03 4.04 100
07/28/15 12:43:01 4.04 4.00 4.04 200
07/28/15 12:43:02 4.00 4.00 4.04 2700
07/28/15 12:43:04 4.04 4.00 4.04 2400
07/28/15 12:43:05 4.04 4.00 4.04 2400
07/28/15 12:43:09 4.00 4.00 4.08 100
07/28/15 12:43:18 4.08 4.02 4.12 100
07/28/15 12:44:31 4.02 4.02 4.14 100
07/28/15 12:44:35 4.02 4.02 4.14 100
07/28/15 12:44:36 4.14 4.02 4.14 200
07/28/15 12:44:37 4.14 4.02 4.15 400
07/28/15 12:44:37 4.14 4.14 4.15 1
07/28/15 12:44:45 4.15 4.09 4.18 100
07/28/15 12:44:58 4.18 4.10 4.18 100
07/28/15 12:45:05 4.18 4.10 4.20 400
07/28/15 12:45:05 4.18 4.10 4.20 300
07/28/15 12:45:05 4.11 4.10 4.20 1200
07/28/15 12:45:05 4.18 4.10 4.20 200
07/28/15 12:45:27 4.19 4.15 4.20 100
07/28/15 12:45:27 4.20 4.15 4.20 1200
07/28/15 12:45:28 4.20 4.15 4.22 300
07/28/15 12:45:38 4.30 4.24 4.30 100
07/28/15 12:45:38 4.30 4.24 4.30 100
07/28/15 12:45:38 4.30 4.24 4.30 300
07/28/15 12:45:38 4.30 4.24 4.30 400
07/28/15 12:45:38 4.30 4.24 4.30 400
07/28/15 12:45:38 4.30 4.24 4.30 500
07/28/15 12:45:38 4.30 4.24 4.30 500
07/28/15 12:45:38 4.30 4.24 4.30 500
07/28/15 12:45:38 4.30 4.24 4.30 400
07/28/15 12:46:09 4.30 4.24 4.34 100
07/28/15 12:46:13 4.34 4.27 4.34 100
07/28/15 12:46:18 4.34 4.27 4.34 400
07/28/15 12:46:18 4.34 4.27 4.34 400
07/28/15 12:46:18 4.34 4.27 4.34 800
07/28/15 12:46:18 4.34 4.27 4.34 800
07/28/15 12:46:22 4.34 4.27 4.35 800
07/28/15 12:46:22 4.34 4.27 4.35 800
07/28/15 12:46:23 4.34 4.27 4.35 400
07/28/15 12:46:23 4.34 4.27 4.35 800
07/28/15 12:46:29 4.27 4.25 4.27 100
07/28/15 12:46:39 4.24 4.24 4.32 100
07/28/15 12:46:39 4.16 4.15 4.32 1500
07/28/15 12:46:39 4.15 4.15 4.32 11000
07/28/15 12:46:43 4.15 4.15 4.32 7500
07/28/15 12:46:44 4.15 4.12 4.32 6800
07/28/15 12:46:45 4.15 4.12 4.15 20
07/28/15 12:46:45 4.15 4.12 4.15 2800
07/28/15 12:46:49 4.15 4.12 4.18 1490
07/28/15 12:46:52 4.18 4.12 4.20 100
07/28/15 12:46:56 4.18 4.12 4.26 79
07/28/15 12:46:58 4.237 4.12 4.25 100
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 200
07/28/15 12:46:58 4.237 4.12 4.25 100
07/28/15 12:46:58 4.237 4.12 4.25 300
07/28/15 12:46:59 4.237 4.12 4.25 100
07/28/15 12:46:59 4.237 4.12 4.25 100
07/28/15 12:46:59 4.237 4.12 4.25 200
07/28/15 12:46:59 4.237 4.12 4.25 100
07/28/15 12:46:59 4.228 4.12 4.25 200
07/28/15 12:47:22 4.11 4.10 4.25 400
07/28/15 12:47:23 4.10 4.10 4.24 300
07/28/15 12:47:24 4.10 4.10 4.24 2500
07/28/15 12:47:25 4.10 4.09 4.24 4310
07/28/15 12:47:30 4.09 4.07 4.15 200
07/28/15 12:48:21 4.14 4.07 4.15 100
07/28/15 12:48:21 4.15 4.07 4.15 100
07/28/15 12:48:21 4.15 4.07 4.15 4900
07/28/15 12:48:39 4.15 4.07 4.22 100
07/28/15 12:49:10 4.01 4.01 4.20 320
07/28/15 12:49:11 4.01 4.00 4.11 300
07/28/15 12:49:13 4.00 4.00 4.21 2000
07/28/15 12:49:14 4.00 4.00 4.21 2000
07/28/15 12:49:14 4.00 4.00 4.21 300
07/28/15 12:49:17 3.96 3.95 4.00 600
07/28/15 12:49:19 4.05 3.95 4.05 100
07/28/15 12:49:19 4.05 3.95 4.05 100
07/28/15 12:49:19 4.05 3.95 4.05 100
07/28/15 12:49:19 4.05 3.95 4.05 200
07/28/15 12:49:19 4.05 3.95 4.05 300
07/28/15 12:49:19 4.05 3.95 4.05 200
07/28/15 12:49:28 4.05 3.95 4.10 400
07/28/15 12:49:28 4.0301 3.95 4.10 400
07/28/15 12:49:28 4.09 3.95 4.10 100
07/28/15 12:49:52 4.08 3.98 4.10 100
07/28/15 12:49:52 4.08 3.98 4.10 4500
07/28/15 12:49:52 3.9805 3.98 4.10 800
07/28/15 12:49:52 3.98 3.98 4.10 800
07/28/15 12:49:52 3.98 3.98 4.10 100
07/28/15 12:50:53 3.98 3.98 4.09 400
07/28/15 12:50:53 3.98 3.98 4.09 100
07/28/15 12:50:53 3.98 3.98 4.09 100
07/28/15 12:50:53 3.98 3.98 4.09 200
07/28/15 12:50:53 3.98 3.98 4.09 100
07/28/15 12:50:53 3.98 3.98 4.09 200
07/28/15 12:51:21 3.98 3.98 4.09 2000
07/28/15 12:52:12 4.05 3.97 4.08 100
07/28/15 12:52:12 4.05 3.97 4.08 7110
Becton Sued For Squeezing Out Rivals With Safer Syringes (7/17/15)
By Kelly Knaub
Law360, New York (July 17, 2015, 7:57 PM ET) -- Southeast Georgia Health System hit Becton Dickinson and Co. with a putative class action in Georgia federal court Friday, accusing the medical technology company of pushing competitors making safer needles out of the hypodermic syringes market.
The hospital alleges that despite federal law mandating practices to reduce dangerous needlestick injuries from conventional syringes since 2001 — injuries nurses experience more than 600,000 times annually, the suit says — New Jersey-based BD has slowly made only minor and ineffective changes to its conventional syringes, failing to reduce needlesticks and in some cases dramatically increasing them.
Southeast Georgia says that instead of competing and improving upon the technology put forth by Retractable Technologies Inc., which sells patented syringes that reduce needlesticks to a minimum and have been given the highest safety rating by a prominent testing laboratory, BD has suppressed competition and maintained its monopoly through a variety of schemes.
“Rather than compete, and meet and improve upon Retractable’s innovation on the merits using its vast resources to protect the national health, Becton has taken the low road of the repetitive antitrust scofflaw,” the hospital says.
BD is suppressing competition through, for example, exclusionary bundled rebates that foreclose acute care providers from effective competitive access to safer syringes; penalty contracts and sole-source contracts that achieve the same end; theft of Retractable’s innovative technology to use it against Retractable and greatly impede its market entry; six years of competitive deception and false advertising; and the elimination of a significant safety rival by acquisition, according to the suit.
BD is also using many of the same schemes to obtain and maintain a monopoly in the market for the sale of IV catheters to acute care providers, the complaint claims.
Southeast Georgia’s complaint brings one count of syringe monopolization and one count of IV catheter monopolization, both brought under Section 2 of the Sherman Act.
The hospital said it seeks to represent proposed classes of thousands of acute care providers purchasing syringes and IV catheters under cost-plus distribution contracts.
In August 2013, BD struck a $22 million settlement with hospitals and pharmacies whose class actions accused the company of stifling competition from other hypodermic product makers.
And earlier this year, Retractable claimed it deserved $5.65 million in prejudgment interest in a false advertising and antitrust suit it brought against BD — on top of the $340 million it won — but a Texas federal judge instead granted BD’s bid to vacate the prejudgment interest.
A BD representative did not immediately return a request for comment.
Southeast Georgia is represented by Wallace E. Harrell and Mark D. Johnson of Gilbert Harrell Sumerford & Martin PC and R. Stephen Berry of Berry Law PLLC.
Counsel information for Becton Dickinson was not immediately available.
The case is Glynn-Brunswick Hospital Authority et al. v. Becton Dickinson and Co., case number 2:15-cv-00091, in the U.S. District Court for the Southern District of Georgia.
http://www.law360.com/articles/680556/becton-sued-for-squeezing-out-rivals-with-safer-syringes
Hospital systems sue BD over alleged safety syringe, IV monopoly
July 20, 2015 By Brad Perriello Leave a Comment
Southeast Georgia Health, Becton DickinsonA Georgia hospital system last week sued Becton Dickinson & Co. (NYSE:BDX) for allegedly seeking to monopolize the safety syringe and IV markets, seeking class-action status for acute care hospitals that bought the BD devices.
“Monopolist Becton, Dickinson and Company has systematically subverted innovation and competition for the sale of hypodermic syringes and IV catheters to United States hospitals (‘acute care providers’) for over a half century and monopolized the relevant markets in which they are sold,” the July 17 lawsuit alleges.
It was filed in the U.S. District Court for Southern Georgia by Brunswick, Ga.-based Southeast Georgia Health System, according to court documents.
Citing federal law mandating practices to reduce needlesticks, the hospital system accused BD of dragging its heels on creating safer syringes, saying it “has lethargically and unhelpfully made only minor and ineffective changes to its conventional syringes (by adding needle shields and recapping).”
“Nonetheless, Becton proclaims these as ‘safe,’ ‘safety,’ or ‘safety-engineered.’ They do not materially reduce needlesticks and in some cases increase them dramatically. Just as importantly, they also do not prevent reuse of contaminated syringes,” the lawsuit claims.
The suit also accuses Franklin Lakes, N.J.-based Becton of taking steps to thwart a smaller, more innovative rival: Retractable Technologies (NYSE:RVP), which won a series of legal victories in a long patent infringement and anti-trust battle with BD.
“Rather than compete, and meet and improve upon Retractable’s innovation on the merits using its vast resources to protect the national health, Becton has taken the low road of the repetitive antitrust scofflaw,” the hospital system alleged in the suit. “Its integrated strategy to suppress competition and maintain its monopoly employs six schemes: (a) exclusionary bundled rebates (foreclosing acute care providers from effective competitive access to safer syringes), (b) penalty contracts and solesource contracts to the same end, (c) theft of Retractable’s innovative technology to use against it and greatly impede its market entry, (d) six years of competitive deception and false advertising, and (e) elimination of a significant safety rival by acquisition.”
The lawsuit seeks class action status for acute care providers who bought BD syringes from July 17, 2011, to the present under “cost-plus” distributor contracts “under which the distributor is contractually required to pass on all of Becton’s monopoly pricing.” It also seeks to establish a 2nd class of acute care providers who bought Becton IV catheters during the same time and under cost-plus contracts.
Southeast Georgia Health also wants a judgment of anti-trust violations, a permanent injunction barring further such violations, triple damages, legal costs and pre- and post-judgment interest “at the highest rate allowed by law.”
RVP
Has BDX filed the open brief for the appeal case? Do you have the appeal case #? TIA!
If only the convertible preferred shares were publicly traded...
Retractable Technologies, Inc. Declares Dividends to Series I and II Class B Preferred Stock Shareholders
Business Wire Retractable Technologies, Inc.
25 minutes ago
????
LITTLE ELM, Texas--(BUSINESS WIRE)--
Retractable Technologies, Inc. (NYSE MKT: RVP) announced today that its Board of Directors has declared dividends to holders of its Series I Class B and Series II Class B Convertible Preferred Stock in the amounts of $12,312.50 and $44,050.00, respectively. The dividend amount is $0.125 per share for Series I Class B shareholders and $0.25 per share for Series II Class B shareholders. Dividends have accrued at 10% per annum and cover amounts in arrears from and including April 1, 2015 through date of conversion or June 30, 2015, whichever is applicable. The dividends will be paid on July 20, 2015 to shareholders of record as of the close of business on July 10, 2015.
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.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect our current views with respect to future events. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will materialize. Our actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain liquidity; our maintenance of patent protection; the impact of current and future Court decisions regarding current litigation; our ability to maintain favorable third party manufacturing and supplier arrangements and relationships; our ability to quickly increase capacity in response to an increase in demand; our ability to access the market; our ability to maintain or lower production costs; our ability to continue to finance research and development as well as operations and expansion of production; the impact of larger market players, specifically Becton, Dickinson and Company, in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in RTI's periodic reports filed with the U.S. Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150626005758/en/
Contact:
Retractable Technologies, Inc.
Douglas W. Cowan, 888-806-2626 or 972-294-1010
Vice President and Chief Financial Officer
BDX will probably follow the appeal for as long as possible.
On the other hand, I am sure BDX is trying hard every day to settle for some lesser amount.
Honestly, I would be happily surprised if RVP gets its full amount.
In addition, I recently learned that awards and settlements are generally taxable.
http://www.irs.gov/pub/irs-utl/lawsuitesawardssettlements.pdf
If the patent case has concluded, wouldn't BD now have to pay the $352 million for the other claims?
Retractable Technologies, Inc. Reports Recognition of Payment (5/21/15)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) (“RTI”) reports that in the second quarter of 2015, RTI will record as income and remove from RTI’s current liabilities, the $7,724,826 judgment amount previously paid by Becton, Dickinson and Company (“BD”) for damages awarded as a result of BD’s infringement of RTI’s patents. This patent infringement case and related appeals have concluded.
The patent claims were severed from RTI’s other claims against BD in 2008. The other portion of the case in which the District Court granted RTI a final judgment for $352 million plus other relief is not directly affected by the conclusion of the patent case and the related recognition of the judgment amount.
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/20150521006394/en/Retractable-Technologies-Reports-Recognition-Payment#.VV461onbKUk
Retractable Technologies, Inc. Reports Improved Results for the First Quarter 2015 (5/15/15)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) reports the following results of operations for the three months ended March 31, 2015 and 2014, respectively.
Comparison of Three Months Ended March 31, 2015 and March 31, 2014
Domestic sales accounted for 94.4% and 82.0% of the revenues for the three months ended March 31, 2015 and 2014, respectively. Domestic revenues increased 17.9% principally due to higher volumes from existing customers. Domestic unit sales increased 13.4%. Domestic unit sales were 91.8% of total unit sales for the three months ended March 31, 2015. International unit sales and revenues decreased 60.8% and 68.4%, respectively. Our international orders may be subject to significant fluctuation over time. Overall unit sales decreased 1.8%.
Gross profit increased 39.2% primarily due to lower cost of manufactured products sold per unit and also due to higher domestic sales and higher average sales prices, mitigated by lower international sales.
The average cost of manufactured products sold per unit decreased by 13.1% due to a change in the product mix. 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 4.4% due to increased gross sales.
Operating expenses decreased 11.3% or $420 thousand. The decrease was primarily due to lower compensation costs, lower legal costs, and mitigated by additional bad debt expense.
Our operating loss was $895 thousand compared to an operating loss for the same period last year of $2.0 million due primarily to higher gross profit and reduced expenses.
Our effective tax rate on the net loss before income taxes was (0.2)% and (0.1)% for the three months ended March 31, 2015 and March 31, 2014, respectively.
Discussion of Balance Sheet and Statement of Cash Flows
Our balance sheet remains strong with cash making up 52.0% of total assets. Working capital was $17.9 million at March 31, 2015, a decrease of $1.2 million from December 31, 2014.
Approximately $556 thousand in cash flow in the three months ended March 31, 2015 was provided by operating activities.
Further details concerning the results of operations as well as other matters are available in the Company’s Form 10-Q filed on May 15, 2015 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/20150515005785/en/Retractable-Technologies-Reports-Improved-Results-Quarter-2015#.VVZ-nYnbKUk
RVP received payment of $7,724,826 from BD on 9/30/13 pursuant to a stipulation in the patent infringement case Retractable Technologies, Inc. and Thomas Shaw v. Becton Dickinson and Company, Civil Action No. 2:07-cv-250, in the U.S. District Court for the Eastern District of Texas, Marshall Division.
The Judgment Amount is included as cash on the balance sheet and shown as a liability on the balance sheet under “Litigation proceeds subject to stipulation”. The Judgment Amount is only related to the patent infringement portion of the claims against BD.
This information was highlighted in the shareholder letter accompanying the Form 10-K for 2014.
Strategy must be to issue a PR at every opportunity until BDX caves in.
Retractable Technologies, Inc. Announces Amended Final Judgment and Notice of Appeal (4/27/15)
LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE MKT: RVP) (“RTI”) announced that on April 23, 2015, the United States District Court for the Eastern District of Texas, Marshall Division, entered an Amended Final Judgment in RTI’s suit against Becton, Dickinson and Company (“BD”) for antitrust and other claims.
The Amended Final Judgment states:
1. BD attempted to monopolize the safety syringe market.
2. BD committed false advertising under the Lanham Act.
3. RTI recovers from BD $340,524,042.00.
4. RTI recovers from BD its attorneys’ fees in the amount of $11,722,823.20.
5. RTI is further awarded post-judgment interest and costs.
6. The Court GRANTS injunctive relief consistent with its prior orders.
On April 24, 2015, BD filed a Notice of Appeal announcing its appeal of the Amended Final Judgment and various other post-trial and post judgment orders to the United States Court of Appeals for the Fifth Circuit.
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/20150427006168/en/Retractable-Technologies-Announces-Amended-Final-Judgment-Notice#.VT6FeIktGUk
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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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