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Retractable Technologies ‘Strong Buy,’ Target Valuation $8 – $11 in New Report by Investrend Analyst Justin Canivet, CFA

NEW YORK — Retractable Technologies, Inc. (AMEX:RVP) has been assigned a “Strong Buy,” with target valuation range of $8 to $11, according to Investrend Research analyst Justin Canivet, CFA.

The full report, along with important disclosures and disclaimers, is available at http://www.investrendresearch.com.
“Retractable Technologies appears to be substantially undervalued relative to our peer review, and current legislative mandates are expected to drive continued market expansion,” said Canivet. “The Company is currently trading very close to its 52 week low representing a valuation that, in our opinion, does not properly reflect the Company’s historical and projected revenue and earnings growth.

“The company’s historical revenue growth has been nothing short of spectacular, and breakeven is expected in 2003. We forecast continued sales growth and estimate that 2003 sales will reach close to $30.5 million, thus translating into another year of impressive growth. We would like to emphasize that sales could grow much faster. Sales will continue to ramp up during 2003 and 2004 as the Company’s legal proceedings unfold, as market demand continues to grow, and as Retractable becomes a more visible player in the needle/syringe market,” he continued.

“Retractable is currently trading at 9.38x our 2004 estimated earnings. When compared to the Company’s peer group, our analysis indicates that at the present time, shares of Retractable Technologies appear to be substantially undervalued. A more appropriate valuation would be best represented by Retractable’s share price trading between 20 and 27.5 times our estimated 2004 earnings, thus translating into a current share price target range of $8.00 – $11.00.

“In our opinion, when considering all of the associated risks and rewards, Retractable Technologies clearly shows significant potential of becoming a more formidable competitor in the estimated 24 billion-unit International annual syringe market. With the passage and implementation of new federal safety mandates, the time for fundamental changes in the safety of the healthcare industry is upon us,” the analyst stated.

Canivet concluded: “Other significant factors for investors to consider include the potential settlement and/or successful litigation in the pending antitrust case against Retractable’s major competitors, and growing awareness by medical facilities that the current use of competitor technology does not materially decrease the occurrence of accidental needle sticks.”

Direct access to the report, what Investrend’s standard ratings mean, and all other pertinent information posted at Investrend Research may be viewed at the company’s InvestorPower site at http://www.investrend.com/company/list.asp?sPathParam=yes

Justin Canivet, CFA, is a member of the Association for Investment Management Research (AIMR) and the Toronto Society of Financial Analysts (TSFA). He has served on the buy-side as Portfolio Administrator for Sceptre Investment Counsel, on the sell-side as Equity Research Associate for Yorkton Securities, and prior to that, worked for State Street Trust Company in Toronto. He is currently working as an Equity Research Consultant for Mundus Investment Research. He is a graduate of Wilfrid Laurier University with an Honours degree in Economics and holds the Chartered Financial Analyst (CFA) designation. Mr. Canivet has specialized in research coverage for several different industry sectors.

Investrend Research has been a leading independent equity research publishing and distribution program since 1996, with over 68 AIMR-qualified professional analysts posting more than 550 reports to date. Anyone, including a company, investor relations practitioner, financial institution or interested private investor, may enroll a company for coverage. Enrollment fees vary, up to $2,150 per month for full, continuous coverage, which is being paid by Retractable Technologies, Inc. Analysts are paid in advance for their initial reports by Investrend to insure independence, and no one associated with Investrend may own or trade in the equities of companies under coverage. Full details of the company’s policies and guidelines are posted on the website at http://www.investrendresearch.com

Anyone interested in receiving alerts regarding Retractable Technologies research should email info@investrend.com with “RVP” in the subject line.

Contact:
Retractable Technologies, Inc.
Douglas W. Cowan, Investor Contact
(888) 806-2626 or (972) 294-1010
rtifinancial@vanishpoint.com

Investrend Communications, Inc.
R. Hempel, Investrend Research Div.
(718) 896-5060
info@investrend.com
www.investrendresearch.com

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