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Atrion Reports Second Quarter 2022 Results

·3 min read
Atrion Corporation
Atrion Corporation

ALLEN, Texas, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced its results for the second quarter ended June 30, 2022.

Revenues for the second quarter of 2022 totaled $48.9 million compared to $42.7 million for the same period in 2021. For the quarter ended June 30, 2022, operating income was $11.0 million, up $1.2 million over the comparable 2021 period, and net income was $9.3 million, up $424 thousand over the same period in 2021. Second quarter 2022 diluted earnings per share were $5.20 compared to $4.88 for the second quarter of 2021.

Commenting on the results for the second quarter of 2022 compared to the prior year period, David Battat, President and CEO, stated, “We had outstanding results in the just-ended quarter, with revenues up 14% and operating income up 13%, despite incurring $1.6 million in higher sales and administrative expenses. These results are particularly strong given that we continued to encounter labor and supply chain shortages, as well as localized outbreaks of COVID-19 during the quarter.” Mr. Battat continued, “Notwithstanding additional increased costs for labor, raw materials, and electricity, our gross margin improved from 42% to 43%, reflecting increases in sales of higher margin products as well as our continued focus on investing in equipment that increases quality and efficiency.”

Mr. Battat stated, “We expect double-digit growth in revenues and a 20% increase in operating income in the second half of 2022.” Mr. Battat concluded, “Cash and short and long term investments totaled $66.4 million after our purchase of 9,526 shares of the Company’s stock during the second quarter at an average price of $618.65. We remain debt free.”

Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.

Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially.  Such statements include, but are not limited to, the Company’s expectations regarding growth in revenues and an increase in operating income in the second half of 2022. Words such as "expects," "believes," "anticipates," "forecasts," "intends," "should", "plans," "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained herein involve numerous risks and uncertainties, and there are a number of factors that could cause actual results or future events to differ materially, including, but not limited to, the following: the risk that the COVID-19 pandemic continues to lead to material delays and cancellations of, or reduced demand for, procedures in which our products are utilized; curtailed or delayed capital spending by hospitals and other healthcare providers; disruption to our supply chain; closures of our facilities; delays in training; delays in gathering clinical evidence; diversion of management and other resources to respond to the COVID-19 outbreak; the impact of global and regional economic and credit market conditions on healthcare spending; the risk that the COVID-19 virus continues to disrupt local economies and to cause economies in our key markets to enter prolonged recessions; changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; the impact of competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; implementation of new manufacturing processes or implementation of new information systems; our ability to protect our intellectual property; changes in the prices of raw materials; changes in product mix; intellectual property and product liability claims and product recalls; the ability to attract and retain qualified personnel; and the loss of, or any material reduction in sales to, any significant customers. In addition, assumptions relating to budgeting, marketing, product development and other management decisions are subjective in many respects and thus susceptible to interpretations and periodic review which may cause us to alter our marketing, capital expenditures or other budgets, which in turn may affect our results of operations and financial condition. The foregoing list of factors is not exclusive, and other factors are set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date hereof, and we do not undertake any obligation, and disclaim any duty, to supplement, update or revise such statements, whether as a result of subsequent events, changed expectations or otherwise, except as required by applicable law.

Contact:

Jeffery Strickland

 

Vice President and Chief Financial Officer

 

(972) 390-9800

ATRION CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

 

Three Months Ended 
June 30,

 

Six Months Ended 
June 30,

 

2022

 

2021

 

2022

 

2021

Revenues

$

48,882

 

 

$

42,693

 

 

$

96,020

 

 

$

81,862

 

Cost of goods sold

 

28,049

 

 

 

24,826

 

 

 

55,943

 

 

 

47,656

 

Gross profit

 

20,833

 

 

 

17,867

 

 

 

40,077

 

 

 

34,206

 

Operating expenses

 

9,804

 

 

 

8,072

 

 

 

18,798

 

 

 

15,480

 

Operating income

 

11,029

 

 

 

9,795

 

 

 

21,279

 

 

 

18,726

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

292

 

 

 

183

 

 

 

429

 

 

 

399

 

Other investment income (loss)

 

(308

)

 

 

963

 

 

 

(548

)

 

 

1,025

 

Other income

 

60

 

 

 

--

 

 

 

85

 

 

 

66

 

Income before income taxes

 

11,073

 

 

 

10,941

 

 

 

21,245

 

 

 

20,216

 

Income tax provision

 

(1,725

)

 

 

(2,016

)

 

 

(3,398

)

 

 

(3,565

)

Net income

$

9,348

 

 

$

8,925

 

 

$

17,847

 

 

$

16,651

 

 

 

 

 

 

 

 

 

Income per basic share

$

5.21

 

 

$

4.89

 

 

$

9.94

 

 

$

9.12

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

1,794

 

 

 

1,826

 

 

 

1,796

 

 

 

1,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per diluted share

$

5.20

 

 

$

4.88

 

 

$

9.91

 

 

$

9.10

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

1,798

 

 

 

1,828

 

 

 

1,800

 

 

 

1,830

 

ATRION CORPORATION 
CONSOLIDATED BALANCE SHEETS 
(In thousands)

 

June 30,

 

Dec. 31,

ASSETS

2022

 

2021

 

(Unaudited)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

16,437

 

$

32,264

Short-term investments

 

34,146

 

 

29,059

Total cash and short-term investments

 

50,583

 

 

61,323

Accounts receivable

 

27,539

 

 

21,023

Inventories

 

54,281

 

 

50,778

Prepaid expenses and other

 

5,171

 

 

3,447

Total current assets

 

137,574

 

 

136,571



Long-term investments

 

15,794

 

 

19,423

Property, plant and equipment, net

 

108,806

 

 

97,972

Other assets

 

13,143

 

 

13,298

 

 

 

 

 

$

275,317

 

$

267,264

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities

 

19,273

 

 

13,346

Line of credit

 

--

 

 

--

Other non-current liabilities

 

9,589

 

 

9,622

Stockholders’ equity

 

246,455

 

 

244,296

 

 

 

 

 

$

275,317

 

$

267,264