ATRI ATRION Corporation

Atrion Corporation (NASDAQ: ATRI) today announced that for the second quarter ended June 30, 2019 revenues totaled $40.1 million compared with $38.8 million for the same period in 2018. Net income for the second quarter of 2019 totaled $9.7 million as compared to $8.8 million for the same period in 2018, with diluted earnings per share for the second quarter of 2019 at $5.18 compared to $4.74 in the second quarter of 2018.

Commenting on the Company’s results for the second quarter of 2019 compared to the same period last year, David A. Battat, President & CEO, stated, “We are pleased with the 3% increase in revenues, and the 4% increase in pretax income. Diluted earnings per share were up 9%. These results were achieved despite a less favorable product mix and higher manufacturing costs, while benefiting from a higher mark-to-market valuation of our investment portfolio as well as a more favorable effective tax rate.” Mr. Battat continued, “We expect a gradual ramp-up in growth as new cardiovascular and inflation products are launched in the coming 12 months.” Mr. Battat concluded, “We continue to be debt-free while holding cash and short and long investments totaling $98.2 million as of June 30, 2019.”

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 growth over the next 12 months.  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; intellectual property and product liability claims and product recalls; and the loss of, or any material reduction in sales to, any significant customers..  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,
		2019				2018				2019				2018
Revenues	$	40,103			$	38,847			$	81,717			$	78,248
Cost of goods sold		21,511				19,624				44,422				40,074
Gross profit		18,592				19,223				37,295				38,174
Operating expenses		7,626				7,957				15,291				15,542
Operating income		10,966				11,266				22,004				22,632
Interest and dividend income		388				411				854				742
Other investment income (loss)		354				(408	)			681				(1,197	)
Income before income taxes		11,708				11,269				23,539				22,177
Income tax provision		(2,044	)			(2,472	)			(4,437	)			(4,892	)
Net income	$	9,664			$	8,797			$	19,102			$	17,285
Income per basic share	$	5.21			$	4.75			$	10.30			$	9.33
Weighted average basic shares outstanding		1,854				1,852				1,854				1,853
Income per diluted share	$	5.18			$	4.74			$	10.25			$	9.31
Weighted average diluted shares outstanding		1,864				1,857				1,863				1,856

                   

ATRION CORPORATIONCONSOLIDATED BALANCE SHEETS(In thousands)

	June 30,			Dec. 31,
ASSETS		2019			2018
	(Unaudited)
Current assets:
Cash and cash equivalents	$	49,602		$	58,753
Short-term investments		25,595			9,684
Total cash and short-term investments		75,197			68,437
Accounts receivable		20,368			17,014
Inventories		34,590			33,572
Prepaid expenses and other		2,931			3,242
Total current assets		133,086			122,265
Long-term investments		23,051			21,048
Property, plant and equipment, net		79,721			74,893
Other assets		12,893			13,010
	$	248,751		$	231,216
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities		10,942			10,220
Line of credit		--			--
Other non-current liabilities		12,549			10,229
Stockholders’ equity		225,260			210,767
	$	248,751		$	231,216