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Retractable Technologies Inc. (NYSE American:RVP), a medical device company currently valued at approximately $20 million and trading at $0.67, announced a change in its independent registered public accounting firm following a merger involving its previous auditor. According to InvestingPro analysis, the company maintains a FAIR financial health score, though it faces profitability challenges with negative earnings in the last twelve months. According to a press release, the company was informed on Monday that Moss Adams LLP, its former independent auditor, has merged with Baker Tilly US, LLP. The merger, effective Tuesday, led to the resignation of Moss Adams as the company’s auditor. Subsequently, the Audit Committee of Retractable Technologies’ Board of Directors approved the appointment of Baker Tilly as the new independent registered public accounting firm.
The audit reports provided by Moss Adams for the fiscal years ending December 31, 2023, and 2024, as well as for the three-year period ending December 31, 2024, were not subject to any adverse opinions or disclaimers. While the company’s financial statements show no audit concerns, InvestingPro data reveals the company holds more cash than debt and maintains strong liquidity with a current ratio of 6.7, indicating solid short-term financial stability. There were no modifications regarding uncertainty, audit scope, or accounting principles. Furthermore, during the specified periods, there were no disagreements between Retractable Technologies and Moss Adams concerning accounting principles, financial statement disclosures, or auditing procedures that would have necessitated a reference in the audit reports.
Retractable Technologies also clarified that during the stated periods, neither the company nor its representatives consulted with Baker Tilly on accounting principles related to specific transactions or the type of audit opinion that might be rendered on the company’s financial statements. Additionally, no consultations occurred regarding any disagreements or reportable events as defined by Regulation S-K.
The company has provided Moss Adams with a copy of the current report on Form 8-K, filed with the Securities and Exchange Commission (SEC), and requested a letter from Moss Adams addressed to the SEC. For investors seeking deeper insights into RVP’s financial health and valuation metrics, InvestingPro offers additional analysis with 6 more exclusive ProTips and comprehensive financial metrics to help inform investment decisions. The letter, dated today, confirms agreement with the statements made by Retractable Technologies in the report. This information is based on a press release and the SEC filing.
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