Atrion (ATRI) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity Tax Identification Number	63-0821819
Entity Incorporation State Country Code	DE
Entity Address, Address Line One	One Allentown Parkway
Entity Address City Or Town	Allen
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 File Number	001-32982
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		1,836,937
Document Quarterly Report	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Registrant Name	ATRION CORP
Entity Central Index Key	0000701288
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 43,594	$ 41,614
Cost of goods sold	23,726	22,911
Gross profit	19,868	18,703
Operating expenses:
Selling	2,070	2,384
General and administrative	4,400	4,187
Research and development	1,684	1,095
Operating Expenses, Total	8,154	7,666
Operating income	11,714	11,037
Interest and dividend income	462	582
Other investment income/(losses)	(997)	211
Other Income (Expense), net	(535)	793
Income before provision for income taxes	11,179	11,830
Provision for income taxes	(2,281)	(2,392)
Net income	$ 8,898	$ 9,438
Net income per basic share (in dollars per share)	$ 4.80	$ 5.09
Weighted average basic shares outstanding (in shares)	1,853	1,853
Net income per diluted share (in dollars per share)	$ 4.79	$ 5.07
Weighted average diluted shares outstanding (in shares)	1,859	1,862
Dividends per common share (in dollars per share)	$ 1.55	$ 1.35

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 44,080	$ 45,048
Short-term investments	18,568	23,766
Accounts receivable	22,813	18,886
Inventories	41,252	42,093
Prepaid expenses and other current assets	1,367	2,545
Total Current Assets	128,080	132,338
Long-term investments	33,718	31,772
Property, plant and equipment	204,280	200,990
Less accumulated depreciation and amortization	118,834	116,384
Property, Plant and Equipment, net	85,446	84,606
Other assets and deferred charges:
Patents	1,510	1,539
Goodwill	9,730	9,730
Other	1,946	2,046
Prepaid Expense and Other Assets, Noncurrent, Total	13,186	13,315
Total assets	260,430	262,031
Current liabilities:
Accounts payable and accrued liabilities	10,325	10,855
Accrued income and other taxes	2,636	419
Total Current Liabilities	12,961	11,274
Line of credit	0	0
Other non-current liabilities	12,472	12,887
Stockholders’ equity:
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares	342	342
Paid-in capital	52,422	52,043
Retained earnings	323,733	317,745
Treasury shares,1,580 at March 31, 2020 and 1,565 at December 31, 2019, at cost	(141,500)	(132,260)
Total stockholders’ equity	234,997	237,870
Total liabilities and stockholders’ equity	$ 260,430	$ 262,031

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized	10,000	10,000
Common stock, issued	3,420	3,420
Treasury shares, shares	1,580	1,565

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 8,898	$ 9,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,763	2,546
Deferred income taxes	(500)	627
Stock-based compensation	378	380
Net change in unrealized gains and losses on investments	1,287	(147)
Net change in accrued interest, premiums, and discounts on investments	77	184
Net Cash Provided By Used In Operating Activities Before Changes In Operating Capital, Total	12,903	13,028
Changes in operating assets and liabilities:
Accounts receivable	(3,931)	(4,226)
Inventories	841	771
Prepaid expenses	1,178	1,439
Other non-current assets	58	34
Accounts payable and accrued liabilities	(530)	316
Accrued income and other taxes	2,217	477
Other non-current liabilities	95	1,066
Net Cash Provided by Operating Activities, Total	12,831	12,905
Cash flows from investing activities:
Property, plant and equipment additions	(3,574)	(3,563)
Purchase of investments	(12,392)	(28,218)
Proceeds from sale of investments	329	0
Proceeds from maturities of investments	13,951	6,667
Net Cash Provided by (Used in) Investing Activities, Total	(1,686)	(25,114)
Cash flows from financing activities:
Purchase of treasury stock	(9,245)	0
Dividends paid	(2,868)	(2,501)
Net Cash Used in Financing Activities, Total	(12,113)	(2,501)
Net change in cash and cash equivalents	(968)	(14,710)
Cash and cash equivalents at beginning of period	45,048	58,753
Cash and cash equivalents at end of period	44,080	44,043
Cash paid for:
Income taxes	$ 54	$ 56

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Retained Earnings [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]
Net income	$ 9,438	$ 9,438
Beginning Balances (in shares) at Dec. 31, 2018			1,853	1,567
Beginning Balances at Dec. 31, 2018	210,767	291,761	$ 342	$ (131,727)	$ 50,391
Stock-based compensation transactions	387			$ 6	381
Dividends	(2,509)	(2,509)
Ending Balances (in shares) at Mar. 31, 2019			1,853	1,567
Ending Balances at Mar. 31, 2019	218,083	298,690	$ 342	$ (131,721)	50,772
Dividends	(2,509)	(2,509)
Cumulative change in accounting principle | Cummulative Change In Accounting Principle [Member]	(36)	(36)
Cumulative change in accounting principle | Cummulative Change In Accounting Principle [Member]	(36)	(36)
Net income	8,898	8,898
Beginning Balances (in shares) at Dec. 31, 2019			1,855	1,565
Beginning Balances at Dec. 31, 2019	237,870	317,745	$ 342	$ (132,260)	52,043
Beginning Balances (Cummulative Change In Accounting Principle [Member]) at Dec. 31, 2019	237,834	317,709
Stock-based compensation transactions	384			$ 5	379
Dividends	(2,874)	(2,874)
Ending Balances (in shares) at Mar. 31, 2020			1,840	1,580
Ending Balances at Mar. 31, 2020	234,997	323,733	$ 342	$ (141,500)	$ 52,422
Dividends	(2,874)	$ (2,874)
Purchase of treasury stock (in shares)			(15)	15
Purchase of treasury stock	$ (9,245)			$ (9,245)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [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 can have a significant impact on our revenue, operating income, and net income, as well as on the value of certain assets and liabilities on our consolidated balance sheets. We base our assumptions, judgments, and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. At least quarterly, we evaluate our assumptions, judgments, and estimates, and make changes as deemed necessary. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. We are not aware of any specific event or circumstance that would require updates to our estimates or judgments or require us to revise the carrying value of our assets or liabilities as of May 7, 2020, the date of issuance of this Quarterly Report on Form 10-Q. However, these estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. 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, 2019 (“2019 Form 10-K”). References herein to “Atrion,” the “Company,” “we,” “our,” and “us” refer to Atrion Corporation and its subsidiaries. The Cornavirus Aid, Relief, and Economic Security Act (CARES Act), which became law on March 27, 2020, includes a provision that permits employers to defer the payment of the employer’s portion of payroll taxes that otherwise would be due between March 27, 2020 and December 31, 2020. The Company has elected to take advantage of such deferral provision and is evaluating its ability to take advantage of other provisions of the CARES Act.”

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
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): March 31, December 31, 2020 2019 Raw materials $ 17,416 $ 18,157 Work in process 9,563 8,525 Finished goods 14,273 15,411 Total inventories $ 41,252 $ 42,093

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2020
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 Ended 2020 2019 (in thousands, except per share amounts) Net income $ 8,898 $ 9,438 Weighted average basic shares outstanding 1,853 1,853 Add: Effect of dilutive securities 6 9 Weighted average diluted shares outstanding 1,859 1,862 Earnings per share: Basic $ 4.80 $ 5.09 Diluted $ 4.79 $ 5.07 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 15 and zero shares of common stock for the quarters ended March 31, 2020 and 2019, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	(4) Investments As of March 31, 2020, we held investments in commercial paper, bonds, money market accounts, mutual funds and equity securities. The commercial paper and bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The money market accounts, equity securities and mutual funds are recorded at fair value in the accompanying consolidated balance sheet. The fair values of these investments were estimated using recently executed transactions and market price quotations. 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 components of the Company’s cash and cash equivalents and our short and long-term investments are as follows (in thousands): March 31, December 31, Cash and cash equivalents: Cash deposits $ 25,014 $ 38,942 Money market funds 13,131 3,460 Commercial paper 5,935 2,646 Total cash and cash equivalents $ 44,080 $ 45,048 Short-term investments: Commercial paper (held-to-maturity) $ 6,490 $ 6,778 Bonds (held-to-maturity) 12,097 16,988 Allowance for credit losses (19 ) - Total short-term investments $ 18,568 $ 23,766 Long-term investments: Mutual funds (available for sale) $ 944 $ 1,105 Bonds (held-to-maturity) 30,992 27,845 Allowance for credit losses (52 ) - Equity securities (available for sale) 1,834 2,822 Total long-term investments $ 33,718 $ 31,772 Total cash, cash equivalents and short and long-term investments $ 96,366 $ 100,586 The newly adopted Topic 326 described in footnote 7, utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for held-to-maturity securities at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. Our credit loss calculations for held-to-maturity securities are based upon historical default and recovery rates of bonds rated with the same rating as our portfolio. We also apply an adjustment factor to these credit loss calculations based upon our assessment of the expected impact from current economic conditions on our investments, including the impact of COVID-19. We monitor the credit quality of debt securities classified as held-to-maturity through the use of their respective credit rating and update them on a quarterly basis with our latest assessment completed on March 31, 2020. The following table summarizes the amortized cost of our held-to-maturity bonds at March 31, 2020, aggregated by credit quality indicator (in thousands): Held-to-Maturity Bonds Credit Quality Indicators Asset Backed Bonds Fed Govt Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 2,706 $ 3,381 $ 761 $ 20,325 $ 27,173 BBB/BB - - - 15,916 15,916 TOTAL $ 2,706 $ 3,381 $ 761 $ 36,241 $ 43,089 The following table presents information regarding our allowance for credit losses on our short-term and long-term investments for the quarter ended March 31, 2020 (in thousands): Short- Term Securities Long- Term Securities Total Beginning balance, December 31, 2019 $ - $ - $ - Allowance recognized upon adoption of Topic 326 9 33 42 Provision for credit loss expense 10 19 29 Ending balance, March 31, 2020 $ 19 $ 52 $ 71 Our investments are required to be measured for disclosure purposes at fair value on a recurring basis. Our investments are considered Level 1 or Level 2 as detailed in the table below. 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 March 31, 2020: Money market 1 13,131 $ -- $ -- $ 13,131 Commercial paper 2 12,425 $ 19 $ -- $ 12,444 Bonds 2 43,089 $ -- $ (1,233 ) $ 41,856 Mutual funds 1 1,118 $ -- $ (174 ) $ 944 Equity investments 2 5,675 $ -- $ (3,841 ) $ 1,834 As of December 31, 2019: Money Market 1 3,460 $ -- $ -- $ 3,460 Commercial paper 2 9,424 $ 2 $ -- $ 9,426 Bonds 2 44,833 $ 138 $ (19 ) $ 44,952 Mutual funds 1 1,052 $ 53 $ -- $ 1,105 Equity investments 2 5,675 $ -- $ (2,853 ) $ 2,822 The above bonds represent investments in various issuers at March 31, 2020. The unrealized losses for these bond investments relate to the impact of COVID-19 on the bond market which resulted in a lower market price for those securities. None of these bond investments have been in a loss position for more than 12 months. The commercial paper has maturities from less than a month to 8 months. The bonds have maturities from less than a month to 57 months.

Patents and Licenses

Patents and Licenses	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Weighted Average Gross Accumulated Weighted Average Gross Accumulated 15.67 $ 13,840 $ 12,330 15.67 $ 13,840 $ 12,301 Aggregate amortization expense for patents and licenses was $30,000 in each of the three months ended March 31, 2020 and 2019. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2021 $119 2022 $117 2023 $113 2024 $113 2025 $112

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 is as follows (in thousands): 2020 2019 United States $ 26,192 $ 26,989 Germany 3,237 2,164 Other countries less than 5% of revenues 14,165 12,461 Total $ 43,594 $ 41,614 A summary of revenues by product line for the three months ended March 31, 2020 and 2019 is as follows (in thousands): 2020 2019 Fluid Delivery $ 22,348 $ 18,161 Cardiovascular 14,824 15,420 Ophthalmology 863 2,283 Other 5,559 5,750 Total $ 43,594 $ 41,614 More than 99 percent of our total revenue in the periods presented herein is pursuant to shipments initiated 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. Effective January 1, 2020, we adopted the new credit loss accounting methodology as discussed in footnote 7 to calculate our credit loss allowance for our trade receivables. 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	3 Months Ended
	Mar. 31, 2020
Recent Accounting Pronouncements	(7) Recent Accounting Pronouncements ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity securities and trade and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. On January 1, 2020, we adopted the guidance prospectively with a cumulative adjustment to retained earnings. Atrion has not restated comparative information for 2019 and, therefore, the comparative information for 2019 is reported under the old model and is not comparable to the information presented for 2020. At adoption, we recognized an incremental allowance for credit losses on our allowance for credit losses related to our held-to-maturity debt securities of approximately $42,000 and our trade accounts receivable of approximately $4,000. Additionally, we recorded an approximately $36,000 decrease in retained earnings associated with the increased estimated credit losses on our trade accounts receivable and investments. 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.

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income Per Share	The following is the computation for basic and diluted income per share: Three months Ended 2020 2019 (in thousands, except per share amounts) Net income $ 8,898 $ 9,438 Weighted average basic shares outstanding 1,853 1,853 Add: Effect of dilutive securities 6 9 Weighted average diluted shares outstanding 1,859 1,862 Earnings per share: Basic $ 4.80 $ 5.09 Diluted $ 4.79 $ 5.07

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Schedule of cash and cash equivalents andshort and long-term investments	The components of the Company’s cash and cash equivalents and our short and long-term investments are as follows (in thousands): March 31, December 31, Cash and cash equivalents: Cash deposits $ 25,014 $ 38,942 Money market funds 13,131 3,460 Commercial paper 5,935 2,646 Total cash and cash equivalents $ 44,080 $ 45,048 Short-term investments: Commercial paper (held-to-maturity) $ 6,490 $ 6,778 Bonds (held-to-maturity) 12,097 16,988 Allowance for credit losses (19 ) - Total short-term investments $ 18,568 $ 23,766 Long-term investments: Mutual funds (available for sale) $ 944 $ 1,105 Bonds (held-to-maturity) 30,992 27,845 Allowance for credit losses (52 ) - Equity securities (available for sale) 1,834 2,822 Total long-term investments $ 33,718 $ 31,772 Total cash, cash equivalents and short and long-term investments $ 96,366 $ 100,586
Schedule of investments, held-to-maturity securities	The following table summarizes the amortized cost of our held-to-maturity bonds at March 31, 2020, aggregated by credit quality indicator (in thousands): Held-to-Maturity Bonds Credit Quality Indicators Asset Backed Bonds Fed Govt Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 2,706 $ 3,381 $ 761 $ 20,325 $ 27,173 BBB/BB - - - 15,916 15,916 TOTAL $ 2,706 $ 3,381 $ 761 $ 36,241 $ 43,089
Schedule of allowance for credit losses on short-term and long-term investments	The following table presents information regarding our allowance for credit losses on our short-term and long-term investments for the quarter ended March 31, 2020 (in thousands): Short- Term Securities Long- Term Securities Total Beginning balance, December 31, 2019 $ - $ - $ - Allowance recognized upon adoption of Topic 326 9 33 42 Provision for credit loss expense 10 19 29 Ending balance, March 31, 2020 $ 19 $ 52 $ 71
Schedule of gross unrealized gains and losses on 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 March 31, 2020: Money market 1 13,131 $ -- $ -- $ 13,131 Commercial paper 2 12,425 $ 19 $ -- $ 12,444 Bonds 2 43,089 $ -- $ (1,233 ) $ 41,856 Mutual funds 1 1,118 $ -- $ (174 ) $ 944 Equity investments 2 5,675 $ -- $ (3,841 ) $ 1,834 As of December 31, 2019: Money Market 1 3,460 $ -- $ -- $ 3,460 Commercial paper 2 9,424 $ 2 $ -- $ 9,426 Bonds 2 44,833 $ 138 $ (19 ) $ 44,952 Mutual funds 1 1,052 $ 53 $ -- $ 1,105 Equity investments 2 5,675 $ -- $ (2,853 ) $ 2,822

Patents and Licenses (Tables)

Patents and Licenses (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of patents and licenses	The following tables provide information regarding patents and licenses (dollars in thousands): March 31, 2020 December 31, 2019 Weighted Average Gross Accumulated Weighted Average Gross Accumulated 15.67 $ 13,840 $ 12,330 15.67 $ 13,840 $ 12,301
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):   2021 $119 2022 $117 2023 $113 2024 $113 2025 $112

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue Recognition And Deferred Revenue [Abstract]
Schedule of revenues by geographic area	A summary of revenues by geographic area, based on shipping destination, for the three months ended March 31, 2020 and 2019 is as follows (in thousands): 2020 2019 United States $ 26,192 $ 26,989 Germany 3,237 2,164 Other countries less than 5% of revenues 14,165 12,461 Total $ 43,594 $ 41,614
Schedule of revenues by product	A summary of revenues by product line for the three months ended March 31, 2020 and 2019 is as follows (in thousands): 2020 2019 Fluid Delivery $ 22,348 $ 18,161 Cardiovascular 14,824 15,420 Ophthalmology 863 2,283 Other 5,559 5,750 Total $ 43,594 $ 41,614

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 17,416	$ 18,157
Work in process	9,563	8,525
Finished goods	14,273	15,411
Total inventories	$ 41,252	$ 42,093

Income Per Share (Details)

Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 8,898	$ 9,438
Weighted average basic shares outstanding	1,853	1,853
Add: Effect of dilutive securities	6,000	9,000
Weighted average diluted shares outstanding	1,859	1,862
Earnings per share:
Basic	$ 4.80	$ 5.09
Diluted	$ 4.79	$ 5.07

Income Per Share (Details Narra

Income Per Share (Details Narrative) shares in Thousands	3 Months Ended
	Mar. 31, 2020shares
Earnings Per Share [Abstract]
Shares Excluded from Computation of Weighted average diluted Shares outstanding	15

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and cash equivalents:
Total cash and cash equivalents	$ 44,080	$ 45,048	$ 44,043	$ 58,753
Short-term investments:
Total short-term Investments	18,568	23,766
Allowance for credit losses	(19)	0
Long-term investments:
Total long-term investments	33,718	31,772
Allowance for credit losses	(52)	0
Total cash, cash equivalents and short and long-term investments	96,366	100,586
Commercial Paper (Held-To-Maturity) [Member]
Short-term investments:
Total short-term Investments	6,490	6,778
Bonds (Held-To-Maturity) [Member]
Short-term investments:
Total short-term Investments	12,097	16,988
Available For Sale[Member]
Long-term investments:
Total long-term investments	944	1,105
Bonds [Held-To-Maturity] [Member]
Long-term investments:
Total long-term investments	30,992	27,845
Mutual Funds [Available For Sale] [Member]
Long-term investments:
Total long-term investments	1,834	2,822
Cash Deposits [Member]
Cash and cash equivalents:
Total cash and cash equivalents	25,014	38,942
Money Market Funds [Member]
Cash and cash equivalents:
Total cash and cash equivalents	13,131	3,460
Commercial Paper [Member]
Cash and cash equivalents:
Total cash and cash equivalents	$ 5,935	$ 2,646

Investments (Details1)

Investments (Details1) $ in Thousands	Mar. 31, 2020USD ($)
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	$ 43,089
AAA /AA/A [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	27,173
BBB/BB [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	15,916
Assets Baked Bonds [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	2,706
Assets Baked Bonds [Member] | AAA /AA/A [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	2,706
Assets Baked Bonds [Member] | BBB/BB [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	0
Fed Govt Bonds Notes [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	3,381
Fed Govt Bonds Notes [Member] | AAA /AA/A [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	3,381
Fed Govt Bonds Notes [Member] | BBB/BB [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	0
Municipal Bonds [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	761
Municipal Bonds [Member] | AAA /AA/A [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	761
Municipal Bonds [Member] | BBB/BB [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	0
Corporate Bonds [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	36,241
Corporate Bonds [Member] | AAA /AA/A [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	20,325
Corporate Bonds [Member] | BBB/BB [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss Line Items
Debt securities, held-to-maturity	$ 15,916

Investments (Details 2)

Investments (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Marketable Securities Line Items
Beginning balance, December 31, 2019	$ 0
Allowance recognized upon adoption of Topic 326	42
Provision for credit loss expense	29
Ending balance, March 31, 2020	71
Short-term Investments [Member]
Marketable Securities Line Items
Beginning balance, December 31, 2019	0
Allowance recognized upon adoption of Topic 326	9
Provision for credit loss expense	10
Ending balance, March 31, 2020	19
Long Term Investments [Member]
Marketable Securities Line Items
Beginning balance, December 31, 2019	0
Allowance recognized upon adoption of Topic 326	33
Provision for credit loss expense	19
Ending balance, March 31, 2020	$ 52

Investments (Details 3)

Investments (Details 3) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	$ 43,089
Short-term Investments [Member] | Available For Sale[Member]
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	1,118	$ 1,052
Gross Unrealized Gains		53
Gross Unrealized Losses	(174)
Gross Unrealized Fair Value	944	1,105
Short-term Investments [Member] | Mutual Funds [Available For Sale] [Member]
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	5,675	5,675
Gross Unrealized Losses	(3,841)	(2,853)
Gross Unrealized Fair Value	1,834	2,822
Money Market Funds [Member] | Short-term Investments [Member]
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	13,131	3,460
Gross Unrealized Fair Value	13,131	3,460
Commercial Paper [Member] | Short-term Investments [Member]
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	12,425	9,424
Gross Unrealized Gains	19	2
Gross Unrealized Fair Value	12,444	9,426
Bonds [Member] | Short-term Investments [Member]
Schedule Of Held To Maturity Securities Line Items
Debt securities, held-to-maturity	43,089	44,833
Gross Unrealized Gains		138
Gross Unrealized Losses	(1,233)	(19)
Gross Unrealized Fair Value	$ 41,856	$ 44,952

Investments (Details Narrative)

Investments (Details Narrative) - Maximum [Member]	3 Months Ended
	Mar. 31, 2020
Commercial Paper [Member]
Schedule Of Held To Maturity Securities Line Items
Securities Maturity	8 months
Bonds [Member]
Schedule Of Held To Maturity Securities Line Items
Securities Maturity	57 months

Patents and Licenses (Details)

Patents and Licenses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Weighted Average Original Life (years)	15 years 8 months 1 day	15 years 8 months 1 day
Gross Carrying Amount	$ 13,840	$ 13,840
Accumulated Amortization	$ 12,330	$ 12,301

Patents and Licenses (Details 1

Patents and Licenses (Details 1) $ in Thousands	Dec. 31, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021	$ 119
2022	117
2023	113
2024	113
2025	$ 112

Patents and Licenses (Details N

Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 30,000	$ 30,000

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 43,594	$ 41,614
UNITED STATES
Revenues	26,192	26,989
GERMANY
Revenues	3,237	2,164
Other Countries Less Than 5% Of Revenues [Member]
Revenues	$ 14,165	$ 12,461

Revenues (Details 1)

Revenues (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 43,594	$ 41,614
Fluid Delivery [Member]
Revenues	22,348	18,161
Cardiovascular [Member]
Revenues	14,824	15,420
Ophthalmology [Member]
Revenues	863	2,283
Other [Member]
Revenues	$ 5,559	$ 5,750

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Decrease in retained earnings	$ 36,000
Trade Accounts Receivable [Member]
Provision for Other Credit Losses	4,000
Held-to-maturity Securities [Member]
Provision for Other Credit Losses	$ 42,000