Atrion Reports Second Quarter 2024 Results

ALLEN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) — Atrion Corporation (NASDAQ: ATRI) today announced its results for the second quarter ended June 30, 2024.

Revenues for the second quarter of 2024 totaled $48.8 million compared to $43.8 million for the same period in 2023. For the just ended quarter, operating income was $0.5 million, down $6.8 million from the comparable 2023 period, and net income was $0.4 million, down $6.2 million from the same period in 2023. Operating income was significantly impacted by the accrual of $5.0 million in acquisition-related expenses discussed below. Second quarter 2024 diluted earnings per share were $0.23 compared to $3.73 for the second quarter of 2023.

Commenting on the results for the second quarter of 2024 compared to the prior year period, David Battat, President and CEO, stated, “We were pleased to see strong revenue growth of 11%. Adjusting for the accrual of expenses relating to the merger with Nordson Corporation announced May 28, 2024, operating income was $5.5 million, down 25% from the prior year period. Our MPS consoles showed particularly strong growth, with sales up 22% and MPS disposables sales up 21%. We saw continued recovery in our fluid delivery products, with certain product families showing double-digit revenue increases compared to the prior year period. We continued to halt some fluid delivery production lines to reduce inventories accumulated as the result of the supply chain disruptions in 2023. While this halt resulted in under-absorption of overhead and negatively impacted operating income, the value of inventories declined 10% from the first to the second quarters of this year and are 18% lower than they were December 31, 2023.”

Mr. Battat concluded, “As of June 30, 2024, cash and short- and long-term investments totaled $23.2 million. We remain debt free.”

Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.

Contact: Cindy Ferguson
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
June 30,
  Six Months Ended
June 30,
    2024       2023       2024       2023  
Revenues $ 48,773     $ 43,838     $ 96,107     $ 83,831  
Cost of goods sold   32,926       26,584       67,909       51,496  
Gross profit   15,847       17,254       28,198       32,335  
Operating expenses   15,313       9,875       24,522       20,486  
Operating income   534       7,379       3,676       11,849  
               
Interest and dividend income   388       127       544       367  
Other investment income (loss)   (542 )     98       (651 )     (623 )
Other income   23       29       37       39  
Interest expense         (27 )           (27 )
Income before income taxes   403       7,606       3,606       11,605  
Income tax provision   (1 )     (1,043 )     (412 )     (1,557 )
Net income $ 402     $ 6,563     $ 3,194     $ 10,048  
               
Income per basic share $ 0.23     $ 3.73     $ 1.81     $ 5.71  
               
Weighted average basic shares outstanding   1,761       1,760       1,761       1,761  
               
               
Income per diluted share $ 0.23     $ 3.73     $ 1.81     $ 5.70  
               
Weighted average diluted shares outstanding   1,763       1,761       1,762       1,762  

ATRION CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
  June 30,   Dec 31,
ASSETS 2024   2023
  (Unaudited)    
Current assets:      
Cash and cash equivalents $ 11,462   $ 3,565
Short-term investments   6,124     2,691
Total cash and short-term investments   17,586     6,256
Accounts receivable   26,555     23,029
Inventories   67,641     82,307
Prepaid expenses and other   7,480     3,173
Total current assets   119,262     114,765
Long-term investments   5,624     8,165
Property, plant and equipment, net   122,905     125,347
Other assets   12,563     12,548
       
  $ 260,354   $ 260,825
       
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
Current liabilities   17,537     12,621
Other non-current liabilities   3,944     5,315
Stockholders’ equity   238,873     242,889
       
  $ 260,354   $ 260,825

ATRION CORPORATION
NON-GAAP FINANCIAL INFORMATION
(In thousands)
 

This release includes a reference to non-GAAP operating income that excludes merger-related expenses accrued in the second quarter of 2024. This financial measure is not prepared in accordance with GAAP. The operating income excluding the merger accrual is calculated by increasing operating income by the amount of the merger-related expenses.

We believe that this non-GAAP measure provides insight into our operating income performance. However, this non-GAAP financial measure may not be comparable to similarly titled non-GAAP financial measures used by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for GAAP financial measures. and are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP measure is provided in the table below.

  Three Months Ended
June 30,
     
  2024   2023   Change  
Revenues $ 48,773   $ 43,838   11 %  
Cost of goods sold   32,926     26,584      
Gross profit   15,847     17,254      
             
Operating income   534     7,379      
Add: merger accrual   5,000          
Operating income excluding merger accrual   5,534     7,379   (25 %)  

spot_img

More from this stream

Recomended