Safety Medical Devices-Focused Retractable Tech Cuts Its Workforce

• Retractable Technologies Inc (NYSE: RVP) has reduced its workforce by approximately 16% due to the substantial completion of its facility expansion efforts and the completion of U.S. government orders to provide its products for COVID-19 vaccination efforts.

• The staff reduction primarily affects its production, operations, and logistics departments.

• The reduction will result in an overall annualized savings of approximately $2.1 million, or 13% in annual payroll expense, and separation costs are expected to be approximately $200 thousand.

• The company expects that it will be able to maintain its current level of domestic production after the headcount reduction and have significantly enhanced domestic production capacity upon completion of the expansion efforts.

• Retractable manufactures and markets VanishPoint and Patient Safe safety medical products and the EasyPoint needle.

• Price Action: RVP shares are up 7.73% at $4.74 during the market session on the last check Tuesday.

See more from Benzinga

• RBC Says Verastem Interim Analysis In Ovarian Cancer Reinforces Enthusiasm

• Analysts Cuts Price Target On This Small Cap But Remain Bullish

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.