Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 25, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-32982 | |
Entity Address, City or Town | Allen | |
Entity Address, Address Line One | One Allentown Parkway | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75002 | |
City Area Code | 972 | |
Local Phone Number | 390-9800 | |
Title of 12(b) Security | Common stock, Par Value $0.10 per share | |
Trading Symbol | ATRI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,854,829 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 63-0821819 | |
Entity Registrant Name | ATRION CORP | |
Entity Central Index Key | 0000701288 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
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: | ||||
Selling | 2,098 | 2,045 | 4,482 | 4,064 |
General and administrative | 4,304 | 4,309 | 8,490 | 8,537 |
Research and development | 1,224 | 1,603 | 2,319 | 2,941 |
Operating expenses | 7,626 | 7,957 | 15,542 | |
Operating income | 10,966 | 11,266 | 22,004 | 22,632 |
Other investment income (losses) | 354 | (408) | 681 | (1,197) |
Interest and dividend income | 388 | 411 | 854 | 742 |
Nonoperating income expense | 742 | 3 | 1,535 | |
Income before provision for income taxes | 11,708 | 11,269 | 23,539 | 22,177 |
Provision for income taxes | 2,044 | 4,437 | 4,892 | |
Net income | $ 9,664 | $ 8,797 | $ 19,102 | $ 17,285 |
Net 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 |
Net 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 |
Dividends per common share | $ 1.35 | $ 1.20 | $ 2.70 | $ 1,853 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 49,602 | $ 58,753 |
Short-term investments | 25,595 | 9,684 |
Accounts receivable | 20,368 | 17,014 |
Inventories | 34,590 | 33,572 |
Total other assets and deferred charges net | 2,931 | 3,242 |
Assets current | 133,086 | 122,265 |
Long-term investments | 23,051 | 21,048 |
Property, plant and equipment | 191,045 | 181,582 |
Less accumulated depreciation and amortization | 111,324 | 106,689 |
Property plant and equipment Net | 79,721 | 74,893 |
Other assets and deferred charges: | ||
Patents | 1,599 | 1,659 |
Goodwill | 9,730 | 9,730 |
Other | 1,564 | 1,621 |
Prepaid expense and other assets noncurrent | 12,893 | 13,010 |
Total assets | 248,751 | 231,216 |
Total assets | 248,751 | 231,216 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 10,143 | 9,601 |
Accrued income and other taxes | 799 | 619 |
Liabilities, Current | 10,942 | 10,220 |
Other non-current liabilities | 12,549 | 10,229 |
Line of credit | 0 | 0 |
Stockholders’ equity: | ||
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares | 342 | 342 |
Paid-in capital | 51,332 | 50,391 |
Retained earnings | 305,846 | 291,761 |
Treasury shares,1,565 at June 30, 2019 and 1,567 at December 31, 2018, at cost | (132,260) | (131,727) |
Total stockholders’ equity | 225,260 | 210,767 |
Total liabilities and stockholders’ equity | $ 248,751 | $ 231,216 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common Stock Par Or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock Shares Authorized | 10,000 | |
Common Stock Shares Issued | 3,420 | |
Treasury Stock Shares | 1,565 | 1,567 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 19,102 | $ 17,285 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation and amortization | 5,209 | 4,455 |
Deferred income taxes | 1,408 | 235 |
Stock-based compensation | 980 | 917 |
Net change in unrealized gains and losses on investments | (364) | (1,197) |
Net change in accrued interest, premiums, and discounts on investments | 173 | 125 |
Other | (6) | (3) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 26,502 | 23,497 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,354) | (1,193) |
Accounts receivable | 3,354 | 1,193 |
Inventories | (1,018) | (3,149) |
Inventories | 1,018 | 3,149 |
Prepaid expenses | (311) | (280) |
Other non-current assets | (57) | (90) |
Accounts payable and accrued liabilities | 542 | 862 |
Accrued income and other taxes | 180 | 153 |
Other non-current liabilities | 912 | 859 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 24,132 | 20,913 |
Cash flows from investing activities: | ||
Property, plant and equipment additions | (9,977) | (7,598) |
Purchase of investments | (45,843) | (26,887) |
Proceeds from maturities of investments | 28,121 | 24,035 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (27,699) | (10,450) |
Cash flows from financing activities: | ||
Shares tendered for employees’ withholding taxes on stock-based compensation | (579) | (90) |
Dividends paid | (5,005) | (4,446) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (5,584) | (4,536) |
Net change in cash and cash equivalents | 9,151 | 5,927 |
Cash and cash equivalents at beginning of period | 58,753 | |
Cash and cash equivalents at end of period | 49,602 | 36,063 |
Cash paid for: | ||
Income taxes | $ 2,104 | $ 5,592 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Balances, June 30, 2019 | $ 184,388 | $ 342 | $ (131,663) | $ 48,730 | $ 268,194 | $ (1,215) |
Balances, June 30, 2019 | 1,852 | 1,568 | ||||
Balances at beginning (in shares) at Dec. 31, 2017 | 1,852 | 1,568 | ||||
Balances at beginning at Dec. 31, 2017 | 184,388 | $ 342 | $ (131,663) | 48,730 | 268,194 | (1,215) |
Net income | $ 17,285 | 17,285 | ||||
Stock-based compensation transactions (in shares) | 1 | 1 | ||||
Stock-based compensation transactions | $ 931 | $ 26 | 905 | |||
Dividends | (4,457) | (4,457) | ||||
Balances at ending (in shares) at Jun. 30, 2018 | 1,853 | 1,567 | ||||
Balances at ending at Jun. 30, 2018 | 198,057 | $ 342 | $ (131,727) | 49,635 | 279,807 | 49,635 |
Dividends | (4,457) | (4,457) | ||||
Balances, June 30, 2019 | 198,057 | $ 342 | $ (131,727) | 49,635 | 279,807 | (1,215) |
Balances, June 30, 2019 | 1,853 | 1,567 | ||||
Reclass from adopting ASO 2016-01 | 0 | (1,215) | 1,215 | |||
Dividends | 4,457 | 4,457 | ||||
Shares surrendered in stock transactions | (90) | $ (90) | ||||
Balances, June 30, 2019 | 190,968 | $ 342 | $ (131,658) | 49,044 | 273,240 | |
Balances, June 30, 2019 | 1,852 | 1,568 | ||||
Balances at beginning (in shares) at Mar. 31, 2018 | 1,852 | 1,568 | ||||
Balances at beginning at Mar. 31, 2018 | 190,968 | $ 342 | $ (131,658) | 49,044 | 273,240 | |
Net income | 8,797 | 8,798 | ||||
Stock-based compensation transactions (in shares) | 1 | (1) | ||||
Stock-based compensation transactions | 612 | $ 21 | 591 | |||
Dividends | 2,231 | 2,231 | ||||
Balances at ending (in shares) at Jun. 30, 2018 | 1,853 | 1,567 | ||||
Balances at ending at Jun. 30, 2018 | 198,057 | $ 342 | $ (131,727) | 49,635 | 279,807 | 49,635 |
Dividends | 2,231 | 2,231 | ||||
Balances, June 30, 2019 | 190,968 | $ 342 | $ (131,658) | 49,044 | 273,240 | 49,635 |
Balances, June 30, 2019 | 1,852 | 1,568 | ||||
Dividends | (2,231) | (2,231) | ||||
Shares surrendered in stock transactions | (90) | $ (90) | ||||
Balances, June 30, 2019 | 198,057 | $ 342 | $ (131,727) | 49,635 | 279,807 | 49,635 |
Balances, June 30, 2019 | 1,853 | 1,567 | ||||
Balances, June 30, 2019 | 210,767 | $ 342 | $ (131,727) | 50,391 | 291,761 | 0 |
Balances, June 30, 2019 | 1,853 | 1,567 | ||||
Balances at beginning (in shares) at Dec. 31, 2018 | 1,853 | 1,567 | ||||
Balances at beginning at Dec. 31, 2018 | 210,767 | $ 342 | $ (131,727) | 50,391 | 291,761 | 0 |
Net income | 19,102 | 19,102 | ||||
Stock-based compensation transactions (in shares) | 3 | (3) | ||||
Stock-based compensation transactions | 987 | $ 46 | 941 | |||
Dividends | 5,017 | 5,017 | ||||
Balances at ending (in shares) at Jun. 30, 2019 | 1,855 | 1,565 | ||||
Balances at ending at Jun. 30, 2019 | 225,260 | $ 342 | $ (132,260) | 51,332 | 305,846 | 0 |
Dividends | 5,017 | 5,017 | ||||
Balances, June 30, 2019 | 225,260 | $ 342 | $ (132,260) | 51,332 | 305,846 | 0 |
Balances, June 30, 2019 | 1,855 | 1,565 | ||||
Dividends | (5,017) | (5,017) | ||||
Shares surrendered in stock transactions | $ (579) | $ (579) | ||||
Shares surrendered in stock transactions (in shares) | (1) | 1 | ||||
Balances, June 30, 2019 | $ 218,083 | $ 342 | $ (131,721) | 50,772 | 298,690 | |
Balances, June 30, 2019 | 1,853 | 1,567 | ||||
Balances at beginning (in shares) at Mar. 31, 2019 | 1,853 | 1,567 | ||||
Balances at beginning at Mar. 31, 2019 | 218,083 | $ 342 | $ (131,721) | 50,772 | 298,690 | |
Net income | 9,664 | 9,664 | ||||
Stock-based compensation transactions (in shares) | 3 | |||||
Stock-based compensation transactions | 600 | $ 40 | 560 | |||
Dividends | (2,508) | (2,508) | ||||
Balances at ending (in shares) at Jun. 30, 2019 | 1,855 | 1,565 | ||||
Balances at ending at Jun. 30, 2019 | 225,260 | $ 342 | $ (132,260) | 51,332 | 305,846 | 0 |
Dividends | (2,508) | (2,508) | ||||
Balances, June 30, 2019 | 225,260 | $ 342 | $ (131,721) | 50,772 | 298,690 | 0 |
Balances, June 30, 2019 | 1,853 | 1,567 | ||||
Dividends | 2,508 | 2,508 | ||||
Shares surrendered in stock transactions | (579) | $ (579) | ||||
Shares surrendered in stock transactions (in shares) | (1) | 1 | ||||
Balances, June 30, 2019 | $ 225,260 | $ 342 | $ (132,260) | $ 51,332 | $ 305,846 | $ 0 |
Balances, June 30, 2019 | 1,855 | 1,565 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited consolidated financial statements of Atrion Corporation and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these statements include all normal and recurring adjustments necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (“2018 Form 10-K”). References herein to “Atrion,” the “Company,” “we,” “our,” and “us” refer to Atrion Corporation and its subsidiaries. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (2) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by using the first-in, first-out method. The following table details the major components of inventories (in thousands): June 30, December 31, 2019 2018 Raw materials $ 15,565 $ 14,994 Work in process 8,611 7,214 Finished goods 10,414 11,364 Total inventories $ 34,590 $ 33,572 |
Income per share
Income per share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Income per share | (3) Income per share The following is the computation for basic and diluted income per share: Three Months EndedJune 30, Six Months EndedJune 30, (1) 2019 2018 2019 2018 (in thousands, except per share amounts) Net income $ 9,664 $ 8,797 $ 19,102 $ 17,285 Weighted average basic shares outstanding 1,854 1,852 1,854 1,853 Add: Effect of dilutive securities 10 5 9 3 Weighted average diluted shares outstanding 1,864 1,857 1,863 1,856 Earnings per share: Basic $ 5.21 $ 4.75 $ 10.30 $ 9.33 Diluted $ 5.18 $ 4.74 $ 10.25 $ 9.31 Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Dilutive securities representing zero and 1,200 shares of common stock for the quarters ended June 30, 2019 and 2018, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments All Other Investments [Abstract] | |
Investments | (4) Investments As of June 30, 2019, we held investments in commercial paper, bonds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The commercial paper and bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The equity securities and mutual funds are recorded at fair value in the accompanying consolidated balance sheet. These investments are considered Level 1 or Level 2 as detailed in the table below. We consider as current assets those investments which will mature in the next 12 months including interest receivable on the long-term bonds. The remaining investments are considered non-current assets including our investment in equity securities we intend to hold longer than 12 months. The fair values of these investments were estimated using recently executed transactions and market price quotations. The amortized cost and fair value of our investments, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands): Gross Unrealized Level Cost Gains Losses Fair Value As of June 30, 2019: Money market 1 23,240 $ — $ — $ 23,240 Commercial paper 2 14,467 $ 2 $ — $ 14,469 Bonds 2 36,321 $ 203 $ — $ 36,524 Mutual funds 1 936 $ 38 $ — $ 974 Equity investments 2 5,675 $ — $ (2,609 ) $ 3,066 As of December 31, 2018: Money market 1 12,319 $ — $ — $ 12,319 Commercial paper 2 4,393 $ — $ — $ 4,393 Bonds 2 25,922 $ — $ (211 ) $ 25,711 Mutual funds 1 795 $ — $ (121 ) $ 674 Equity investments 2 5,675 $ — $ (2,814 ) $ 2,861 The above long-term bonds represent investments in various issuers at June 30, 2019. The commercial paper has maturities from less than a month to 4 months. The bonds have maturities from less than a month to 40 months. |
Patents and Licenses
Patents and Licenses | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Patents and licenses | (5) Patents and Licenses Purchased patents and license fees paid for the use of other entities’ patents are amortized over the useful life of the patent or license. The following tables provide information regarding patents and licenses (dollars in thousands): June 30, 2019 December 31, 2018 Weighted Average Original Life (years) GrossCarryingAmount AccumulatedAmortization Weighted Average Original Life (years) GrossCarryingAmount AccumulatedAmortization 15.67 $ 13,840 $ 12,241 15.67 $ 13,840 $ 12,181 Aggregate amortization expense for patents and licenses was $30,000 in each of the three months ended June 30, 2019 and 2018 and $60,000 in each of the six months ended June 30, 2019 and 2018. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2020 $ 119 2021 $ 119 2022 $ 117 2023 $ 113 2024 $ 113 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | (6) Revenues We recognize revenue when performance obligations under the terms of a contract with our customer are satisfied. This occurs with the transfer of control of our products to customers when products are shipped. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services. Sales and other taxes we may collect concurrent with revenue-producing activities are excluded from revenue. A summary of revenues by geographic area, based on shipping destination, for the three and six months ended June 30, 2019 and 2018 are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 United States $ 25,006 $ 24,833 $ 51,995 $ 49,440 Germany 2,095 2,291 4,259 4,962 Other countries less than 5% of revenues 13,002 11,723 25,463 23,846 Total $ 40,103 $ 38,847 $ 81,717 $ 78,248 A summary of revenues by product line for the three and six months ended June 30, 2019 and 2018 are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Fluid Delivery $ 18,285 $ 18,128 $ 36,446 $ 36,928 Cardiovascular 14,579 13,003 29,999 26,213 Ophthalmology 1,817 2,852 4,100 5,637 Other 5,422 4,864 11,172 9,470 Total $ 40,103 $ 38,847 $ 81,717 $ 78,248 The vast majority (98%) of our revenue is driven by a purchase order (our “contract”) and recognized at a single point in time when the performance obligation of the product being shipped is satisfied, rather than recognized over time, and is presented as a receivable on the balance sheet. Payment is typically due within 30 days. We maintain an allowance for doubtful accounts to reflect estimated losses resulting from the failure of customers to make required payments. On an ongoing basis, the collectability of accounts receivable is assessed based upon historical collection trends, current economic factors and the assessment of the collectability of specific accounts. An account is written off when we determine the receivable will not be collected. Historically, bad debt has been immaterial. We have elected to recognize the cost of shipping as an expense in cost of sales when control over the product has transferred to the customer. We do not make any material accruals for product returns and warranty obligations because our returns and warranty obligations have been very low due to our focus on quality control. We do not disclose the value of unsatisfied performance obligations for contracts for which we recognize revenue at the amount for which we have the right to invoice. We believe that the complexity added to our disclosures by the inclusion of a large amount of insignificant detail in attempting to disclose information about immaterial contracts would potentially obscure more useful and important information. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (7) Recent Accounting Pronouncements ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities From time to time, new accounting pronouncements applicable to us are issued by the FASB, or other standards setting bodies, which we will adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | The following table details the major components of inventories (in thousands): June 30, December 31, 2019 2018 Raw materials $ 15,565 $ 14,994 Work in process 8,611 7,214 Finished goods 10,414 11,364 Total inventories $ 34,590 $ 33,572 |
Income per share (Tables)
Income per share (Tables) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Schedule of computation for basic and diluted income per share | The following is the computation for basic and diluted income per share: Three Months EndedJune 30, Six Months EndedJune 30, (1) 2019 2018 2019 2018 (in thousands, except per share amounts) Net income $ 9,664 $ 8,797 $ 19,102 $ 17,285 Weighted average basic shares outstanding 1,854 1,852 1,854 1,853 Add: Effect of dilutive securities 10 5 9 3 Weighted average diluted shares outstanding 1,864 1,857 1,863 1,856 Earnings per share: Basic $ 5.21 $ 4.75 $ 10.30 $ 9.33 Diluted $ 5.18 $ 4.74 $ 10.25 $ 9.31 | 3 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments All Other Investments [Abstract] | |
Schedule of investments | The amortized cost and fair value of our investments, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands): Gross Unrealized Level Cost Gains Losses Fair Value As of June 30, 2019: Money market 1 23,240 $ — $ — $ 23,240 Commercial paper 2 14,467 $ 2 $ — $ 14,469 Bonds 2 36,321 $ 203 $ — $ 36,524 Mutual funds 1 936 $ 38 $ — $ 974 Equity investments 2 5,675 $ — $ (2,609 ) $ 3,066 As of December 31, 2018: Money market 1 12,319 $ — $ — $ 12,319 Commercial paper 2 4,393 $ — $ — $ 4,393 Bonds 2 25,922 $ — $ (211 ) $ 25,711 Mutual funds 1 795 $ — $ (121 ) $ 674 Equity investments 2 5,675 $ — $ (2,814 ) $ 2,861 |
Patents and Licenses (Tables)
Patents and Licenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Patents and Licenses | The following tables provide information regarding patents and licenses (dollars in thousands): June 30, 2019 December 31, 2018 Weighted Average Original Life (years) GrossCarryingAmount AccumulatedAmortization Weighted Average Original Life (years) GrossCarryingAmount AccumulatedAmortization 15.67 $ 13,840 $ 12,241 15.67 $ 13,840 $ 12,181 |
Schedule of estimated future amortization expense | Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2020 $ 119 2021 $ 119 2022 $ 117 2023 $ 113 2024 $ 113 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of revenues by geographic area | A summary of revenues by geographic area, based on shipping destination, for the three and six months ended June 30, 2019 and 2018 are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 United States $ 25,006 $ 24,833 $ 51,995 $ 49,440 Germany 2,095 2,291 4,259 4,962 Other countries less than 5% of revenues 13,002 11,723 25,463 23,846 Total $ 40,103 $ 38,847 $ 81,717 $ 78,248 |
Schedule of revenues by product line | A summary of revenues by product line for the three and six months ended June 30, 2019 and 2018 are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Fluid Delivery $ 18,285 $ 18,128 $ 36,446 $ 36,928 Cardiovascular 14,579 13,003 29,999 26,213 Ophthalmology 1,817 2,852 4,100 5,637 Other 5,422 4,864 11,172 9,470 Total $ 40,103 $ 38,847 $ 81,717 $ 78,248 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 15,565 | $ 14,994 |
Work in process | 8,611 | 7,214 |
Finished goods | 10,414 | 11,364 |
Total inventories | $ 34,590 | $ 33,572 |
Income per share (Details)
Income per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 9,664 | $ 8,797 | $ 19,102 | $ 17,285 |
Weighted average basic shares outstanding | 1,854 | 1,852 | 1,854 | 1,853 |
Add: Effect of dilutive securities | 10 | 5 | ||
Weighted average diluted shares outstanding | 1,864 | 1,857 | 1,863 | 1,856 |
Earnings per share: | ||||
Net income per basic share | $ 5.21 | $ 4.75 | $ 10.30 | $ 9.33 |
Net income per diluted share | $ 5.18 | $ 4.74 | $ 10.25 | $ 9.31 |
Income per share (Details Narra
Income per share (Details Narrative) | 6 Months Ended |
Jun. 30, 2018shares | |
Earnings Per Share [Abstract] | |
Shares Excluded from Computation of Weighted average diluted Shares outstanding | 1,200 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term Investments [Member] | Money Market [Member] | ||
Cost | $ 23,240 | $ 12,319 |
Fair value | 23,240 | 12,319 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Cost | 14,467 | 4,393 |
Fair value | 14,469 | 4,393 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Short-term Investments [Member] | Corporate Bond Securities [Member] | ||
Cost | 36,321 | 25,922 |
Fair value | 36,524 | 25,711 |
Gross Unrealized Gains | 203 | 0 |
Gross Unrealized Losses | 0 | 211 |
Gross Unrealized Losses | 0 | (211) |
Long Term Investments [Member] | Mutual Fund [Member] | ||
Cost | 936 | 795 |
Fair value | 974 | 674 |
Gross Unrealized Gains | 38 | 0 |
Gross Unrealized Losses | 0 | 121 |
Gross Unrealized Losses | 0 | (121) |
Long Term Investments [Member] | Equity Investments [Member] | ||
Cost | 5,675 | 5,675 |
Fair value | 3,066 | 2,861 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 2,609 | 2,814 |
Gross Unrealized Losses | $ (2,609) | $ (2,814) |
Investments (Details Narrative)
Investments (Details Narrative) - Maximum [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Commercial Paper [Member] | |
Securities maturity length | 4 months |
Corporate Bond Securities [Member] | |
Securities maturity length | 40 months |
Patents and Licenses (Details)
Patents and Licenses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Accumulated amortization | $ 12,241 | $ 12,181 |
Gross carrying amount | $ 13,840 | $ 13,840 |
Weighted Average Original Life (years) | 15 years 8 months 1 day | 15 years 8 months 1 day |
Patents and Licenses (Details 1
Patents and Licenses (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 119 | |
2021 | 119 | |
2022 | 117 | |
2023 | 113 | |
2024 | 113 | |
Gross carrying amount | $ 13,840 | $ 13,840 |
Patents and Licenses (Details N
Patents and Licenses (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense for patents and licenses | $ 30,000 | $ 60,000 | $ 60,000 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 40,103 | $ 38,847 | $ 81,717 | $ 78,248 |
UNITED STATES | ||||
Revenues | 25,006 | 24,833 | 51,995 | 49,440 |
Germany | ||||
Revenues | 2,095 | 2,291 | 4,259 | 4,962 |
Other Countries [Member] | ||||
Revenues | $ 13,002 | $ 11,723 | $ 25,463 | $ 23,846 |
Revenues (Details 1)
Revenues (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 40,103 | $ 38,847 | $ 81,717 | $ 78,248 |
Fluid Delivery [Member] | ||||
Revenues | 18,285 | 18,128 | 36,446 | 36,928 |
Cardiovascular [Member] | ||||
Revenues | 14,579 | 13,003 | 29,999 | 26,213 |
Ophthalmology [Member] | ||||
Revenues | 1,817 | 2,852 | 4,100 | 5,637 |
Other Products [Member] | ||||
Revenues | $ 5,422 | $ 4,864 | $ 11,172 | $ 9,470 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accounting Changes And Error Corrections [Abstract] | |
Prior-period unrealized losses | $ 1,215,000 |