Atrion Reports Third Quarter Results

ALLEN, Texas, Nov. 09, 2018 (GLOBE NEWSWIRE) — Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter ended September 30, 2018 revenues totaled $39.3 million, up from $37.9 million for the same period in 2017. Net income for the third quarter of 2018 totaled $9.2 million compared to $8.0 million for the third quarter of 2017, with diluted earnings per share for the third quarter of 2018 at $4.96 compared to $4.29 for the same period in 2017.

Commenting on the Company’s results for the third quarter of 2018 compared to the same period last year, David A. Battat, President & CEO, said, “Aggregate revenue growth in all product lines excluding Ophthalmology was up 6%. The overall revenue growth of 4% was achieved despite a 23% decline in Ophthalmology as we are winding down certain products with contract and intellectual property expirations. This headwind will continue to impact our comparisons until the end of the first quarter of 2019. Net income and diluted EPS were both up 16% compared to last year’s third quarter.” Mr. Battat concluded, “During the quarter we added $4.3 million to our cash and short and long term investments bringing the total to $87 million as of September 30, 2018. We continue to be 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, Atrion’s expectations regarding the headwind from Ophthalmology sales until the end of the first quarter of 2019. Words such as “expects,” “believes,” “anticipates,” “intends,” “should”, “plans,” “will” and variations of such words and similar expressions are intended to identify such forward-looking statements.  Forward-looking statements involve risks and uncertainties.  The following are some of the factors that could cause actual results or future events to differ materially from those expressed in or underlying our forward-looking statements:  changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; the Company’s ability to protect its intellectual property; changes in the prices of raw materials; changes in product mix; and intellectual property and product liability claims and product recalls.  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
September 30,
  Nine Months Ended
September 30,
    2018       2017       2018       2017  
Revenues $ 39,274     $ 37,903     $ 117,522     $ 112,571  
Cost of goods sold   21,275       19,498       61,349       57,841  
Gross profit   17,999       18,405       56,173       54,730  
Operating expenses   7,242       6,926       22,784       21,749  
Operating income   10,757       11,479       33,389       32,981  
               
Interest and dividend income   439       287       1,157       806  
Other investment income (loss)   21             (1,153 )      
Other income   20             20       1  
Income before income taxes   11,237       11,766       33,413       33,788  
Income tax provision   (2,016 )     (3,795 )     (6,907 )     (5,841 )
Net income $ 9,221     $ 7,971     $ 26,506     $ 27,947  
               
Income per basic share $ 4.98     $ 4.30     $ 14.30     $ 15.16  
               
Weighted average basic shares outstanding   1,853       1,852       1,853       1,844  
               
Income per diluted share $ 4.96     $ 4.29     $ 14.27     $ 15.06  
               
Weighted average diluted shares outstanding   1,858       1,857       1,857       1,856  
                               
       
ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
       
  Sep 30,   Dec. 31,
ASSETS 2018   2017
  (Unaudited)    
Current assets:      
Cash and cash equivalents $ 50,031   $ 30,136
Short-term investments   15,465     35,468
Total cash and short-term investments   65,496     65,604
Accounts receivable   20,766     17,076
Inventories   32,172     29,354
Prepaid expenses and other   2,599     3,199
Total current assets   121,033     115,233
           
Long-term investments   21,166     9,136
           
Property, plant and equipment, net   72,447     66,369
Other assets   13,097     13,042
       
  $ 227,743   $ 203,780
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
Current liabilities   11,987     9,622
Line of credit      
Other non-current liabilities   10,599     9,770
Stockholders’ equity   205,157     184,388
       
  $ 227,743   $ 203,780

 

Atrion Logo.jpg

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