Atrion Reports Fourth Quarter and Full Year 2022 Results
27 Fevereiro 2023 - 6:00PM
Atrion Corporation (NASDAQ: ATRI) today announced its results for
the fourth quarter ended December 31, 2022 and the full year 2022.
Revenues for the fourth quarter of 2022 totaled
$42.9 million compared to $40.3 million for the same period in
2021. For the quarter ended December 31, 2022, operating income was
$8.8 million, up $967 thousand over the comparable 2021 period, and
net income was $8.3 million, up $195 thousand over the same period
in 2021. Fourth quarter 2022 diluted earnings per share were $4.70
compared to $4.50 for the fourth quarter of 2021. For the full year
2022 compared to the full year 2021, revenues increased to $183.5
million from $165.0 million, net income was $35.0 million versus
$33.1 million, and diluted earnings per share were $19.56 compared
to $18.18.
Commenting on the results of the quarter and the
full year compared to prior year periods, David Battat, President
and CEO, stated, “We are very pleased with the results of the
quarter when, despite supply disruptions, revenues were up 6% to an
all-time record amount for a fourth quarter. For the full year
2022, revenues increased 11%, also to a new record level for the
Company.” Mr. Battat continued, “Progressively higher costs for
labor and raw materials resulted in a 1% drop in gross profit
margin, with 2022 concluding at 41% compared to 42% in 2021.
Nevertheless, operating income was up 12% for the just-ended
quarter and 10% for the year. Net income was up by 2% in the fourth
quarter and 6% for the year, adversely impacted by weaker
performance in our investment portfolio. Earnings per share were up
8% for the full year, with fewer outstanding shares following the
repurchase of 18,828 shares in the fourth quarter at an average
cost per share of $603.19 and total repurchases during the full
year of 42,568 shares at an average cost per share of $605.78. We
remain debt free, despite investing heavily in our future growth.
In addition to our ongoing program of aggressive investment in new
products and automation, over the last few years we committed $41
million for a new company-wide ERP system and a significant
expansion of our Florida facility to meet anticipated future
demand.”
Atrion Corporation develops and manufactures
products primarily for medical applications. The Company’s website
is www.atrioncorp.com.
Contact:Jeffery StricklandVice President and
Chief Financial Officer(972) 390-9800
ATRION
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months EndedDecember
31, |
|
Twelve Months EndedDecember
31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
$ |
42,855 |
|
|
$ |
40,293 |
|
|
$ |
183,506 |
|
|
$ |
165,009 |
|
Cost of goods sold |
|
24,681 |
|
|
|
22,917 |
|
|
|
107,602 |
|
|
|
95,637 |
|
Gross profit |
|
18,174 |
|
|
|
17,376 |
|
|
|
75,904 |
|
|
|
69,372 |
|
Operating expenses |
|
9,369 |
|
|
|
9,538 |
|
|
|
36,217 |
|
|
|
33,330 |
|
Operating income |
|
8,805 |
|
|
|
7,838 |
|
|
|
39,687 |
|
|
|
36,042 |
|
|
|
|
|
|
|
|
|
Interest and dividend
income |
|
349 |
|
|
|
163 |
|
|
|
988 |
|
|
|
843 |
|
Other investment income
(loss) |
|
(366 |
) |
|
|
625 |
|
|
|
(150 |
) |
|
|
1,477 |
|
Other income |
|
-- |
|
|
|
-- |
|
|
|
92 |
|
|
|
67 |
|
Income before income taxes |
|
8,788 |
|
|
|
8,626 |
|
|
|
40,617 |
|
|
|
38,429 |
|
Income tax provision |
|
(466 |
) |
|
|
(499 |
) |
|
|
(5,609 |
) |
|
|
(5,374 |
) |
Net income |
$ |
8,322 |
|
|
$ |
8,127 |
|
|
$ |
35,008 |
|
|
$ |
33,055 |
|
|
|
|
|
|
|
|
|
Income per basic share |
$ |
4.70 |
|
|
$ |
4.51 |
|
|
$ |
19.59 |
|
|
$ |
18.22 |
|
|
|
|
|
|
|
|
|
Weighted average basic shares
outstanding |
|
1,770 |
|
|
|
1,801 |
|
|
|
1,787 |
|
|
|
1,814 |
|
|
|
|
|
|
|
|
|
Income per diluted share |
$ |
4.70 |
|
|
$ |
4.50 |
|
|
$ |
19.56 |
|
|
$ |
18.18 |
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
1,771 |
|
|
|
1,806 |
|
|
|
1,790 |
|
|
|
1,818 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
Dec. 31, |
|
Dec. 31, |
ASSETS |
|
2022 |
|
|
|
2021 |
|
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
4,731 |
|
|
$ |
32,264 |
|
Short-term investments |
|
21,152 |
|
|
|
29,059 |
|
Total cash and short-term investments |
|
25,883 |
|
|
|
61,323 |
|
Accounts receivable |
|
23,951 |
|
|
|
21,023 |
|
Inventories |
|
65,793 |
|
|
|
50,778 |
|
Prepaid expenses and other |
|
3,770 |
|
|
|
3,447 |
|
Total current assets |
|
119,397 |
|
|
|
136,571 |
|
Long-term investments |
|
8,669 |
|
|
|
19,423 |
|
Property, plant and equipment,
net |
|
123,754 |
|
|
|
97,972 |
|
Other assets |
|
12,892 |
|
|
|
13,298 |
|
|
|
|
|
|
$ |
264,712 |
|
|
$ |
267,264 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
18,098 |
|
|
|
13,346 |
|
Line of credit |
|
-- |
|
|
|
-- |
|
Other non-current
liabilities |
|
7,073 |
|
|
|
9,622 |
|
Stockholders’ equity |
|
239,541 |
|
|
|
244,296 |
|
|
|
|
|
|
$ |
264,712 |
|
|
$ |
267,264 |
|
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