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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