The company's profitability is severely constrained by a gross margin that plummeted to 0.3% in 2026Q1, reflecting an inability to achieve operating leverage against a -85.9% operating margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 37.15M | 38.27M | 33.05M | 43.6M | 94.82M | 188.38M | 81.86M | 41.8M | 33.27M | 34.49M | 29.83M | 29.55M | 34.52M | 30.79M | 33.64M | 32.1M | 36.22M | 38.98M | 27.9M | 26.29M | 25.32M | 24.24M | 21.52M | 19.08M | 20.32M | 16.15M | 9.64M |
| Revenue Growth % | 10.08% | 15.78% | -24.19% | -54.02% | -49.67% | 130.12% | 95.86% | 25.61% | -3.53% | 15.65% | 0.93% | -14.39% | 12.13% | -8.5% | 4.8% | -11.37% | -7.09% | 39.72% | 6.12% | 3.81% | 4.5% | 12.61% | 12.81% | -6.09% | 25.83% | 67.46% | - |
| Cost of Goods Sold | 37.07M | 38.22M | 34.08M | 34.49M | 66.57M | 93.03M | 44.85M | 27.66M | 23.05M | 24.52M | 19.48M | 18.99M | 22.5M | 20.48M | 22.47M | 21.2M | 23.82M | 25.47M | 19.67M | 18.3M | 17.78M | 15.43M | 16.41M | 14.65M | 14.99M | 13.32M | 7.88M |
| COGS % of Revenue | - | 99.88% | 103.11% | 79.11% | 70.2% | 49.38% | 54.79% | 66.17% | 69.28% | 71.09% | 65.33% | 64.25% | 65.18% | 66.51% | 66.78% | 66.04% | 65.75% | 65.33% | 70.51% | 69.61% | 70.2% | 63.66% | 76.25% | 76.81% | 73.79% | 82.52% | 81.7% |
| Gross Profit | 73.59K | 47.05K | -1.03M | 9.11M | 28.25M | 95.35M | 37.01M | 14.14M | 10.22M | 9.97M | 10.34M | 10.57M | 12.02M | 10.31M | 11.18M | 10.9M | 12.4M | 13.52M | 8.23M | 7.99M | 7.55M | 8.81M | 5.11M | 4.42M | 5.33M | 2.82M | 1.76M |
| Gross Margin % | 0.2% | 0.12% | -3.11% | 20.89% | 29.8% | 50.62% | 45.21% | 33.83% | 30.72% | 28.91% | 34.67% | 35.75% | 34.82% | 33.49% | 33.22% | 33.96% | 34.25% | 34.67% | 29.49% | 30.39% | 29.8% | 36.34% | 23.75% | 23.19% | 26.21% | 17.48% | 18.3% |
| Gross Profit Growth % | - | 104.58% | -111.29% | -67.76% | -70.37% | 157.65% | 161.77% | 38.31% | 2.51% | -3.58% | -2.11% | -12.12% | 16.6% | -7.75% | 2.51% | -12.11% | -8.23% | 64.31% | 2.96% | 5.87% | -14.31% | 72.3% | 15.52% | -16.92% | 88.66% | 60.01% | - |
| Operating Expenses | 22.74M | 20.27M | 20.08M | 20.6M | 29.11M | 22.76M | 12.94M | 11.17M | 11.8M | 13.75M | 13.39M | 13.77M | 14.18M | 16.24M | 15.12M | 14.99M | 18.82M | 24.22M | 18.67M | 17.94M | 14.26M | 11.68M | 13.11M | 10.33M | 11.23M | 9.54M | 11.27M |
| OpEx % of Revenue | - | 52.97% | 60.75% | 47.24% | 30.7% | 12.08% | 15.8% | 26.71% | 35.47% | 39.86% | 44.9% | 46.61% | 41.07% | 52.76% | 44.93% | 46.7% | 51.96% | 62.12% | 66.92% | 68.22% | 56.31% | 48.21% | 60.91% | 54.13% | 55.29% | 59.06% | 116.9% |
| Selling, General & Admin | 20.27M | 19.59M | 19.4M | 20.01M | 28.58M | 21.86M | 12.36M | 10.65M | 11.18M | 13.01M | 12.82M | 13.17M | 13.56M | 15.4M | 14.24M | 14.18M | 17.93M | 23.19M | 17.61M | 16.86M | 13.3M | 10.75M | 12.48M | 9.77M | 8.58M | 8.78M | 10.37M |
| SG&A % of Revenue | - | 51.2% | 58.71% | 45.91% | 30.14% | 11.6% | 15.1% | 25.48% | 33.6% | 37.72% | 42.99% | 44.55% | 39.29% | 50.04% | 42.34% | 44.16% | 49.52% | 59.48% | 63.1% | 64.15% | 52.53% | 44.35% | 58% | 51.19% | 42.21% | 54.38% | 107.57% |
| Research & Development | 654.79K | 675.57K | 673.94K | 581.17K | 525.73K | 901.38K | 574.53K | 516.1K | 621.37K | 740.57K | 571.84K | 607.53K | 616.78K | 837.07K | 871.85K | 815.02K | 885.45K | 1.03M | 1.07M | 1.07M | 958.8K | 934.21K | 626.94K | 561.13K | 337.93K | 756.54K | 899.15K |
| R&D % of Revenue | - | 1.77% | 2.04% | 1.33% | 0.55% | 0.48% | 0.7% | 1.23% | 1.87% | 2.15% | 1.92% | 2.06% | 1.79% | 2.72% | 2.59% | 2.54% | 2.44% | 2.64% | 3.82% | 4.07% | 3.79% | 3.85% | 2.91% | 2.94% | 1.66% | 4.69% | 9.33% |
| Other Operating Expenses | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.32M | 0 | 0 |
| Operating Income | -22.67M | -20.22M | -21.11M | -11.49M | -852.98K | 72.6M | 24.07M | 2.97M | -1.32M | -3.78M | -3.51M | -3.21M | -2.16M | -5.93M | -3.94M | -4.09M | -6.78M | -13.3M | -10.44M | -9.95M | -6.71M | -2.88M | -8M | -5.9M | -6.39M | -6.71M | -10.45M |
| Operating Margin % | -61.02% | -52.84% | -63.86% | -26.35% | -0.9% | 38.54% | 29.4% | 7.11% | -3.97% | -10.95% | -11.76% | -10.85% | -6.25% | -19.27% | -11.71% | -12.74% | -18.72% | -34.11% | -37.44% | -37.83% | -26.51% | -11.87% | -37.17% | -30.94% | -31.45% | -41.58% | -108.33% |
| Operating Income Growth % | - | 4.19% | -83.71% | -1246.84% | -101.17% | 201.59% | 709.96% | 325.11% | 65.06% | -7.74% | -9.32% | -48.68% | 63.62% | -50.58% | 3.69% | 39.68% | 49% | -27.29% | -5.02% | -48.12% | -133.42% | 64.04% | -35.51% | 7.62% | 4.83% | 35.72% | - |
| EBITDA | -14.88M | -12.45M | -13.54M | -3.96M | 3.75M | 73.85M | 24.9M | 3.82M | -433.38K | -2.94M | -2.63M | -2.35M | -1.08M | -4.65M | -2.6M | -2.78M | -5.26M | -11.9M | -9.05M | -8.52M | -5.29M | -1.51M | -6.7M | -4.59M | -5.06M | -5.52M | -9.51M |
| EBITDA Margin % | -40.05% | -32.55% | -40.96% | -9.09% | 3.95% | 39.2% | 30.42% | 9.15% | -1.3% | -8.53% | -8.83% | -7.95% | -3.14% | -15.09% | -7.74% | -8.65% | -14.53% | -30.52% | -32.43% | -32.39% | -20.88% | -6.23% | -31.15% | -24.08% | -24.91% | -34.17% | -98.6% |
| EBITDA Growth % | 2.33% | 7.98% | -241.72% | -205.63% | -94.92% | 196.56% | 551.24% | 982.35% | 85.28% | -11.75% | -12.12% | -116.93% | 76.69% | -78.52% | 6.3% | 47.23% | 55.76% | -31.51% | -6.24% | -61.04% | -250.24% | 77.48% | -45.93% | 9.22% | 8.28% | 41.96% | - |
| D&A (Non-Cash Add-back) | 7.79M | 7.77M | 7.57M | 7.53M | 4.6M | 1.26M | 832.07K | 852.08K | 886.81K | 834.95K | 872.87K | 858.39K | 1.07M | 1.28M | 1.34M | 1.31M | 1.52M | 1.4M | 1.4M | 1.43M | 1.43M | 1.37M | 1.29M | 1.31M | 1.33M | 1.2M | 938.57K |
| EBIT | -8.16M | -20.22M | -3.4M | -8.76M | 5.33M | 75.18M | 26.33M | 3.32M | -1.18M | -3.71M | -3.48M | 4.54M | -2.12M | -5.89M | -3.89M | 1.67M | 2.53M | -13.24M | -9.59M | -9.95M | -6.71M | -2.88M | -8M | -5.9M | -5.91M | -6.71M | -9.51M |
| Net Interest Income | 598.65K | 459.46K | 877.93K | 1.29M | -160.7K | 39.28K | 132.48K | 184.27K | -23.73K | -145.07K | -186.77K | -194.75K | -188.87K | -191.63K | -184.21K | -177.89K | -270.52K | 35.71K | 801.33K | 1.54M | 1.57M | 1.03M | 231.2K | -262.59K | -436.36K | -501.67K | 419 |
| Interest Income | 683.54K | 547.36K | 1M | 1.45M | 9.95K | 266.47K | 392.75K | 351.17K | 153.46K | 65.69K | 26.52K | 24.92K | 33.94K | 38.94K | 47K | 62.6K | 32.32K | 57.6K | 855.68K | 1.87M | 1.98M | 1.37M | 475.12K | 44.55K | 10.04K | 51.94K | 204.19K |
| Interest Expense | 84.89K | 87.9K | 122.5K | 152.17K | 170.65K | 227.18K | 260.26K | 166.9K | 177.19K | 210.76K | 213.29K | 219.67K | 222.81K | 230.58K | 231.21K | 240.48K | 302.84K | 21.89K | 54.36K | 326.3K | 411.15K | 339.69K | 243.92K | 307.14K | 446.39K | 553.62K | 203.78K |
| Other Income/Expense | 16.38M | 7.95M | 17.59M | 2.57M | 6.02M | 2.36M | 2M | 184.27K | 236.78K | -145.07K | -642.89K | 7.53M | -188.87K | -191.63K | -184.21K | 5.52M | 8.64M | -2.56M | 801.33K | 1.54M | 1.57M | 1.03M | 74.87M | 13.62M | -436.36K | 0 | 734.79K |
| Pretax Income | -6.28M | -12.27M | -3.52M | -8.92M | 5.16M | 74.95M | 26.07M | 3.16M | -1.35M | -3.92M | -3.69M | 4.32M | -2.35M | -6.12M | -4.12M | 1.43M | 2.22M | -13.26M | -9.64M | -8.4M | -5.15M | -1.84M | 66.87M | 7.71M | -6.83M | 0 | 0 |
| Pretax Margin % | -16.91% | -32.08% | -10.65% | -20.45% | 5.44% | 39.79% | 31.85% | 7.55% | -4.07% | -11.37% | -12.38% | 14.63% | -6.8% | -19.89% | -12.25% | 4.46% | 6.14% | -34.02% | -34.57% | -31.96% | -20.33% | -7.61% | 310.7% | 40.43% | -33.6% | - | - |
| Income Tax | 7.37K | 291.29K | 8.37M | -1.91M | 83.87K | 18.89M | 1.85M | 7.88K | -13.32K | -187.61K | 1.13K | 7.88K | 8.18K | 90.97K | 9.82K | 13.8K | -176.06K | -3.84M | 0 | -1.45M | -1.28M | -605.36K | 12.18M | 265.47K | 0 | 501.67K | 938.15K |
| Effective Tax Rate % | -0.12% | -2.37% | -237.65% | 21.37% | 1.62% | 25.2% | 7.1% | 0.25% | 0.98% | 4.78% | -0.03% | 0.18% | -0.35% | -1.49% | -0.24% | 0.96% | -7.91% | 28.94% | 0% | 17.3% | 24.86% | 32.83% | 18.21% | 3.44% | 0% | - | - |
| Net Income | -6.29M | -12.57M | -11.89M | -7.01M | 5.08M | 56.06M | 24.22M | 3.15M | -1.34M | -3.74M | -3.69M | 4.31M | -2.35M | -6.21M | -4.13M | 1.42M | 2.4M | -9.42M | -9.64M | -6.95M | -3.87M | -1.24M | 54.69M | 7.45M | -6.83M | -7.22M | -10.44M |
| Net Margin % | -16.93% | -32.84% | -35.97% | -16.08% | 5.36% | 29.76% | 29.59% | 7.53% | -4.03% | -10.83% | -12.39% | 14.6% | -6.82% | -20.18% | -12.28% | 4.42% | 6.63% | -24.17% | -34.57% | -26.43% | -15.28% | -5.11% | 254.12% | 39.04% | -33.6% | -44.69% | -108.33% |
| Net Income Growth % | 72.43% | -5.71% | -69.54% | -238.05% | -90.94% | 131.45% | 669.42% | 334.95% | 64.13% | -1.11% | -185.64% | 283.23% | 62.11% | -50.35% | -391.36% | -40.91% | 125.48% | 2.29% | -38.79% | -79.56% | -212.48% | -102.26% | 634.26% | 209.12% | 5.4% | 30.92% | - |
| Net Income (Continuing) | -6.29M | -12.57M | -11.89M | -7.01M | 5.08M | 56.06M | 24.22M | 3.15M | -1.34M | -3.74M | -3.69M | 4.31M | -2.35M | -6.21M | -4.13M | 1.42M | 2.4M | -9.42M | -9.64M | -6.95M | -3.87M | -1.24M | 54.69M | 7.45M | -6.83M | -7.22M | -10.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.21 | -0.43 | -0.40 | -0.24 | 0.15 | 1.63 | 0.80 | 0.07 | -0.04 | -0.12 | -0.13 | 0.20 | -0.09 | -0.23 | -0.16 | 0.02 | 0.04 | -0.40 | -0.41 | -0.29 | -0.16 | -0.05 | 2.33 | 0.20 | -0.34 | -0.36 | -0.54 |
| EPS Growth % | 72.27% | -7.5% | -66.67% | -260% | -90.8% | 103.75% | 969.52% | 282.44% | 65.83% | 7.69% | -165% | 332.56% | 62.61% | -43.75% | -900% | -50% | 110% | 2.44% | -41.38% | -81.25% | -201.32% | -102.28% | 1065% | 158.82% | 5.56% | 33.33% | - |
| EPS (Basic) | - | -0.43 | -0.40 | -0.24 | 0.15 | 1.65 | 0.80 | 0.07 | -0.04 | -0.12 | -0.13 | 0.21 | -0.09 | -0.23 | -0.16 | 0.02 | 0.04 | -0.40 | -0.41 | -0.29 | -0.16 | -0.05 | 2.33 | 0.23 | -0.34 | -0.36 | -0.71 |
| Diluted Shares Outstanding | 29.94M | 29.94M | 29.94M | 29.94M | 32.96M | 34.24M | 33.3M | 32.67M | 32.67M | 31.96M | 29.35M | 29.48M | 27.38M | 27M | 26.22M | 26.35M | 26.25M | 23.81M | 23.79M | 23.73M | 23.59M | 23.33M | 25.48M | 24.44M | 20.3M | 19.77M | 19.37M |
| Basic Shares Outstanding | 29.94M | 29.94M | 29.94M | 29.94M | 32.9M | 33.87M | 33.17M | 32.67M | 32.67M | 31.72M | 29.33M | 27.82M | 27.25M | 27M | 26.22M | 24.17M | 23.87M | 23.81M | 23.79M | 23.73M | 23.59M | 23.33M | 22.6M | 21M | 20.3M | 19.77M | 14.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.16% | - | - | - |
Liquidity and operational insolvency
As reported in recent financial filings, RVP's revenue trajectory remains highly erratic, with the most recent quarter showing a 13.5% year-over-year contraction, suggesting that the company struggles to maintain consistent commercial momentum outside of sporadic, lumpy government procurement cycles that fail to provide long-term growth durability.
The revenue profile appears heavily dependent on non-recurring orders, which complicates the assessment of underlying market demand for VanishPoint products. Investors should monitor whether the current contraction reflects a permanent loss of market share to larger, more diversified incumbents or merely a temporary lull in federal stockpiling activity.
According to the company's latest income statement, gross margins have plummeted to a negligible 0.3%, indicating that the firm is effectively selling its core medical disposables at near-cost levels, likely due to a combination of intense pricing pressure and significant manufacturing inefficiencies at current production volumes.
This margin profile suggests a lack of pricing power, as the company appears unable to pass through rising raw material costs to its hospital and GPO customers. The inability to maintain healthy gross margins in a high-volume consumable business warrants further investigation into the viability of the current Texas-based manufacturing model.
Based on the provided quarterly data, RVP exhibits a persistent inability to achieve operating leverage, with SG&A expenses consistently exceeding gross profit, resulting in an operating margin of -85.9% in the most recent quarter as the company continues to burn through its remaining capital reserves.
The fixed nature of the company's SG&A costs, which remain stubbornly high despite revenue fluctuations, suggests that the current operational scale is insufficient to cover the overhead required to support the business. This structural imbalance implies that any future revenue growth may not necessarily lead to profitability without a fundamental reduction in the cost base.
As indicated by the income statement, the company's cost structure is dominated by high fixed manufacturing and administrative expenses, which, when combined with a 0.3% gross margin, leaves virtually no room for error in managing the firm's limited liquidity and ongoing operational cash requirements.
The reliance on a domestic manufacturing footprint appears to be a significant drag on profitability, as the company lacks the scale to compete effectively with global peers on a cost-per-unit basis. Management's expense discipline appears insufficient to offset the impact of these high fixed costs, suggesting that the current business model may be unsustainable in its present form.
While some may argue that RVP's domestic manufacturing capacity represents a strategic asset for future government contracts, the reality of the financials suggests a company facing a potential liquidity crisis, as evidenced by the consistent operating losses and the absence of any meaningful margin expansion.
Short-sellers would likely focus on the rapid depletion of cash reserves and the lack of a clear path to operational break-even. The market's current valuation may be ignoring the high probability of a dilutive capital raise, which could be necessary to sustain operations if the current cash burn rate continues.
Quick answers to the most common questions about buying RVP stock.
For fiscal year 2025, Retractable Technologies, Inc. (RVP) reported total revenue of $38.3M. This represents a 296.9% increase compared to $9.6M in 2000.
Retractable Technologies, Inc. (RVP) reported a net loss of $12.6M for the fiscal year ending 2025.
Retractable Technologies, Inc. (RVP) reported an operating income of $-20.2M, resulting in an operating profit margin of -52.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Retractable Technologies, Inc. (RVP) generated $0.0M in gross profit for the year, representing a gross profit margin of 0.1%. This demonstrates the company's core pricing power and production efficiency.