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Atrion Reports Fourth Quarter and Full Year 2022 Results
Source: Nasdaq GlobeNewswire / 27 Feb 2023 16:00:00 America/New_York
ALLEN, Texas, Feb. 27, 2023 (GLOBE NEWSWIRE) -- 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 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
December 31,Twelve Months Ended
December 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 CORPORATION
CONSOLIDATED 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 investments8,669 19,423
Property, plant and equipment, net123,754 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