Atrion Reports Second Quarter Results
August 09 2021 - 04:00PM
Atrion Corporation (NASDAQ: ATRI) today announced that for the
second quarter ended June 30, 2021, revenues totaled $42.7 million
compared with $38.0 million for the same period in 2020. Net income
for the second quarter of 2021 totaled $8.9 million as compared to
$8.6 million for the same period in 2020, with diluted earnings per
share for the second quarter of 2021 at $4.88 compared to $4.68 for
the second quarter of 2020.
Commenting on results for the second quarter of 2021, David
Battat, President and CEO, stated, “In our press release announcing
first quarter 2021 results, we highlighted that after three
consecutive pandemic quarterly declines in sales during 2020, we
turned the corner in early 2021 and expected continued improvements
as the year progressed. I am especially pleased that we met those
expectations in the second quarter of this year with sequential
increases of 9% in revenues, 10% in operating income and 16% in net
income.” Mr. Battat continued, “When comparing our quarterly
results to the second quarter of 2020, revenues were up 12% while
other measurements were mixed, reflecting increased manufacturing
and other personnel costs to support the safety and financial needs
of our employees due to the continuing pandemic.”
Addressing the outlook for the remainder of 2021, Mr. Battat
added, “Barring major disruptions due to COVID-19, we expect the
remaining quarters of the year to show increases in sales and
operating income of approximately 25% compared to the same quarters
in 2020. Consistent with our prior practices, we will return
capital to our stockholders through increasing dividends and
opportunistic purchases of our stock. Cash and short and long term
investments totaled $80.0 million as of June 30, 2021, following
the purchases of 17,123 shares of our common stock in the second
quarter at an average price of $613 per share, for a total cost of
$10.5 million.”
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, Atrion's expectations regarding
results for the remaining quarters of 2021 and return of capital
through increasing dividends and stock repurchases. 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
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues |
$ |
42,693 |
|
|
$ |
37,968 |
|
|
$ |
81,862 |
|
|
$ |
81,563 |
|
Cost of goods
sold |
|
24,826 |
|
|
|
20,499 |
|
|
|
47,656 |
|
|
|
44,226 |
|
Gross profit |
|
17,867 |
|
|
|
17,469 |
|
|
|
34,206 |
|
|
|
37,337 |
|
Operating
expenses |
|
8,072 |
|
|
|
7,423 |
|
|
|
15,480 |
|
|
|
15,577 |
|
Operating income |
|
9,795 |
|
|
|
10,046 |
|
|
|
18,726 |
|
|
|
21,760 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
183 |
|
|
|
367 |
|
|
|
399 |
|
|
|
858 |
|
Other investment income
(loss) |
|
963 |
|
|
|
354 |
|
|
|
1,025 |
|
|
|
(673 |
) |
Other
income |
|
-- |
|
|
|
-- |
|
|
|
66 |
|
|
|
-- |
|
Income before income
taxes |
|
10,941 |
|
|
|
10,767 |
|
|
|
20,216 |
|
|
|
21,945 |
|
Income tax
provision |
|
(2,017 |
) |
|
|
(2,162 |
) |
|
|
(3,565 |
) |
|
|
(4,443 |
) |
Net income |
$ |
8,924 |
|
|
$ |
8,605 |
|
|
$ |
16,651 |
|
|
$ |
17,502 |
|
|
|
|
|
|
|
|
|
Income per basic
share |
$ |
4.89 |
|
|
$ |
4.69 |
|
|
$ |
9.12 |
|
|
$ |
9.49 |
|
|
|
|
|
|
|
|
|
Weighted average basic
shares outstanding |
|
1,826 |
|
|
|
1,835 |
|
|
|
1,826 |
|
|
|
1,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per diluted
share |
$ |
4.88 |
|
|
$ |
4.68 |
|
|
$ |
9.10 |
|
|
$ |
9.47 |
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
1,828 |
|
|
|
1,839 |
|
|
|
1,830 |
|
|
|
1,849 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
June 30, |
|
Dec. 31, |
ASSETS |
|
2021 |
|
|
|
2020 |
|
|
(Unaudited) |
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
17,070 |
|
|
$ |
22,450 |
|
Short-term investments |
|
30,478 |
|
|
|
19,258 |
|
Total cash and short-term investments |
|
47,548 |
|
|
|
41,708 |
|
Accounts receivable |
|
22,682 |
|
|
|
16,445 |
|
Inventories |
|
47,725 |
|
|
|
50,298 |
|
Prepaid expenses and other |
|
7,873 |
|
|
|
3,868 |
|
Total current assets |
|
125,828 |
|
|
|
112,319 |
|
Long-term
investments |
|
32,441 |
|
|
|
46,207 |
|
Property, plant and
equipment, net |
|
96,012 |
|
|
|
94,935 |
|
Other
assets |
|
13,357 |
|
|
|
13,429 |
|
|
|
|
|
|
$ |
267,638 |
|
|
$ |
266,890 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
12,699 |
|
|
|
13,636 |
|
Line of
credit |
|
-- |
|
|
|
-- |
|
Other non-current
liabilities |
|
14,248 |
|
|
|
12,812 |
|
Stockholders’
equity |
|
240,721 |
|
|
|
240,442 |
|
|
|
|
|
|
$ |
267,638 |
|
|
$ |
266,890 |
|
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