Atrion Reports First Quarter 2023 Results
2023年5月9日 - 5:00AM
Atrion Corporation (NASDAQ: ATRI) today announced its results for
the first quarter ended March 31, 2023.
Revenues for the first quarter of 2023 totaled
$40.0 million compared to $47.1 million for the same period in
2022. For the quarter ended March 31, 2023, operating income was
$4.5 million, down $5.8 million from the comparable 2022 period,
and net income was $3.5 million, down $5.0 million from the same
period in 2022. First quarter 2023 diluted earnings per share were
$1.98 compared to $4.71 for the first quarter of 2022.
Commenting on the results for the first quarter
of 2023 compared to the prior year period, David Battat, President
and CEO, stated, “This was an extremely disappointing quarter. We
can report that we did not lose any major customers—in fact
long-term supply agreements with large customers were executed
during the just-concluded quarter—nor did we see any significant
cancellations of orders. However, several customers unexpectedly
pushed out deliveries of products, citing concerns that a global
economic slowdown is impacting the speed at which their inventories
will be brought to appropriate levels. Primarily as a result of
delayed deliveries, our first quarter 2023 revenues were down 15%,
operating income was down 56%, and net income was down 59% after
taking into account weaker performance in our investment portfolio
in the current-year quarter. Based on the continued deferrals we
are seeing in the current quarter, we expect to see additional
requests to delay deliveries.”
Mr. Battat concluded, “As of March 31, 2023,
cash and short and long term investments totaled $26.3 million. A
program of multi-year investments to improve our efficiency,
quality and operations totaling about $41 million will be
substantially complete in June 2023. With the implementation of
these investments for our future, we are focused on rebuilding our
positions in cash and short and long term investments in
anticipation of future opportunities. We remain 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 additional requests to delay deliveries of our products
and the substantial completion in June 2023 of our program of
multi-year investments to improve our efficiency, quality, and
operations. Words such as "expects," "believes," "anticipates,"
"forecasts," "intends," "should", "plans," "will" and variations of
such words and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements contained
herein involve numerous risks and uncertainties, and there are a
number of factors that could cause actual results or future events
to differ materially, including, but not limited to, the following:
the risk that the COVID-19 pandemic continues to lead to material
delays and cancellations of, or reduced demand for, procedures in
which our products are utilized; curtailed or delayed capital
spending by hospitals and other healthcare providers; disruption to
our supply chain; closures of our facilities; delays in training;
delays in gathering clinical evidence; diversion of management and
other resources to respond to the COVID-19 outbreak; the impact of
global and regional economic and credit market conditions on
healthcare spending; the risk that the COVID-19 virus continues to
disrupt local economies and to cause economies in our key markets
to enter prolonged recessions; changing economic, market and
business conditions; acts of war or terrorism; the effects of
governmental regulation; the impact of competition and new
technologies; slower-than-anticipated introduction of new products
or implementation of marketing strategies; implementation of new
manufacturing processes or implementation of new information
systems; our ability to protect our intellectual property; changes
in the prices of raw materials; changes in product mix;
intellectual property and product liability claims and product
recalls; the ability to attract and retain qualified personnel; and
the loss of, or any material reduction in sales to, any significant
customers. In addition, assumptions relating to budgeting,
marketing, product development and other management decisions are
subjective in many respects and thus susceptible to interpretations
and periodic review which may cause us to alter our marketing,
capital expenditures or other budgets, which in turn may affect our
results of operations and financial condition. 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: |
|
Cindy Ferguson |
|
|
Vice President and Chief Financial Officer |
|
|
(972) 390-9800 |
ATRION
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)
|
Three Months EndedMarch 31, |
|
2023 |
|
2022 |
Revenues |
$ |
39,993 |
|
|
$ |
47,138 |
|
Cost of goods sold |
|
24,912 |
|
|
|
27,894 |
|
Gross profit |
|
15,081 |
|
|
|
19,244 |
|
Operating expenses |
|
10,611 |
|
|
|
8,994 |
|
Operating
income |
|
4,470 |
|
|
|
10,250 |
|
|
|
|
|
Interest and dividend income |
|
240 |
|
|
|
137 |
|
Other investment income
(loss) |
|
(721 |
) |
|
|
(240 |
) |
Other income |
|
10 |
|
|
|
25 |
|
Income before income taxes |
|
3,999 |
|
|
|
10,172 |
|
Income tax provision |
|
(514 |
) |
|
|
(1,673 |
) |
Net income |
$ |
3,485 |
|
|
$ |
8,499 |
|
|
|
|
|
Income per basic share |
$ |
1.98 |
|
|
$ |
4.73 |
|
|
|
|
|
Weighted average basic shares
outstanding |
|
1,762 |
|
|
|
1,799 |
|
|
|
|
|
|
|
|
|
Income per diluted share |
$ |
1.98 |
|
|
$ |
4.71 |
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
1,763 |
|
|
|
1,803 |
|
ATRION
CORPORATIONCONSOLIDATED BALANCE
SHEETS(In thousands)
|
Mar. 31, |
|
Dec. 31, |
ASSETS |
2023 |
|
2022 |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
4,563 |
|
$ |
4,731 |
Short-term
investments |
|
13,013 |
|
|
21,152 |
Total cash and
short-term investments |
|
17,576 |
|
|
25,883 |
Accounts
receivable |
|
19,424 |
|
|
23,951 |
Inventories |
|
75,093 |
|
|
65,793 |
Prepaid expenses
and other |
|
2,496 |
|
|
3,770 |
Total
current assets |
|
114,589 |
|
|
119,397 |
Long-term investments |
|
8,697 |
|
|
8,669 |
Property, plant and equipment,
net |
|
125,367 |
|
|
123,754 |
Other assets |
|
12,776 |
|
|
12,892 |
|
|
|
|
|
$ |
261,429 |
|
$ |
264,712 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
17,171 |
|
|
18,098 |
Line of credit |
|
-- |
|
|
-- |
Other non-current
liabilities |
|
5,617 |
|
|
7,073 |
Stockholders’ equity |
|
238,641 |
|
|
239,541 |
|
|
|
|
|
$ |
261,429 |
|
$ |
264,712 |
ATRION (NASDAQ:ATRI)
過去 株価チャート
から 4 2024 まで 5 2024
ATRION (NASDAQ:ATRI)
過去 株価チャート
から 5 2023 まで 5 2024