Atrion (ATRI) 10-Q/A 7 Feb 23 2022 Q2 Quarterly report (amended) Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Entity Registrant Name	Atrion Corporation
Entity Central Index Key	0000701288
Document Type	10-Q/A
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		1,785,989
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-32982
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	63-0821819
Entity Address Address Line 1	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
Security 12b Title	Common stock, Par Value $0.10 per share
Trading Symbol	ATRI
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Amendment Description	The purpose of this Amendment No. 1 (this “Amendment”) to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”), as filed with the Securities and Exchange Commission (the “SEC”) on August 8, 2022, is solely to incorporate operable hyperlinks to the Exhibits listed in the Exhibit Index in the Form 10-Q as filed. This Amendment makes no other changes to the Form 10-Q as filed with the SEC on August 8, 2022, and no attempt has been made in this Amendment to modify or update the other disclosures presented in the Form 10-Q. This Amendment does not reflect subsequent events occurring after the original filing of the Form 10-Q (i.e., those events occurring after August 8, 2022) or modify or update in any way those disclosures that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Form 10-Q and our other filings with the SEC. No other changes have been made to the Quarterly Report, except that Part II, Item 6 of the Quarterly Report is also being amended to refer to the updated Exhibit Index that is included herein for the purpose of including certifications that are being filed herewith.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Revenues	$ 48,882	$ 42,693	$ 96,020	$ 81,862
Cost of goods sold	28,049	24,826	55,943	47,656
Gross profit	20,833	17,867	40,077	34,206
Operating expenses:
Selling	2,629	1,874	5,146	3,800
General and administrative	5,622	4,753	10,723	8,925
Research and development	1,553	1,445	2,929	2,755
Operating Expenses	9,804	8,072	18,798	15,480
Operating income	11,029	9,795	21,279	18,726
Interest and dividend income	292	183	429	399
Other investment income/(losses)	(308)	963	(548)	1,025
Other income	60	0	85	66
Other Operating Income	44	1,146	(34)	1,490
Income before provision for income taxes	11,073	10,941	21,245	20,216
Provision for income taxes	(1,725)	(2,016)	(3,398)	(3,565)
Net income	$ 9,348	$ 8,925	$ 17,847	$ 16,651
Net income per basic share	$ 5.21	$ 4.89	$ 9.94	$ 9.12
Weighted average basic shares outstanding	1,794	1,826	1,796	1,826
Net income per diluted share	$ 5.20	$ 4.88	$ 9.91	$ 9.10
Weighted average diluted shares outstanding	1,798	1,828	1,800	1,830
Dividends per common share	$ 1.95	$ 1.75	$ 3.90	$ 3.50

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 16,437	$ 32,264
Short-term investments	34,146	29,059
Accounts receivable	27,539	21,023
Inventories	54,281	50,778
Prepaid expenses and other current assets	5,171	3,447
Total Current Assets	137,574	136,571
Long-term investments	15,794	19,423
Property, plant and equipment	249,648	233,217
Less accumulated depreciation and amortization	140,842	135,245
Total Property, Plant And Equipment	108,806	97,972
Other assets and deferred charges:
Patents	1,242	1,302
Goodwill	9,730	9,730
Other	2,171	2,266
Total Other Assets	13,143	13,298
Total assets	275,317	267,264
Current liabilities:
Accounts payable and accrued liabilities	17,861	13,076
Accrued income and other taxes	1,412	270
Total Current Liabilities	19,273	13,346
Line of credit	0	0
Other non-current liabilities	9,589	9,622
Stockholders' equity:
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares	342	342
Paid-in capital	66,167	61,174
Retained earnings	368,165	357,324
Treasury shares,1,632 at June 30, 2022 and 1,619 at December 31, 2021, at cost	(188,219)	(174,544)
Total stockholders' equity	246,455	244,296
Total liabilities and stockholders' equity	$ 275,317	$ 267,264

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common Stock, Shares Par Value	$ 0.10
Common Stock, Shares Authorized	10,000
Common Stock, Shares Issued	3,420
Treasury Stock, Shares	1,632	1,619

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 17,847	$ 16,651
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,866	6,210
Deferred income taxes	(535)	1,092
Stock-based compensation	1,321	1,338
Net change in unrealized gains and losses on investments	475	(1,024)
Net change in accrued interest, premiums, and discounts on investments	202	269
Other	0	25
Other Operating	26,176	24,561
Changes in operating assets and liabilities:
Accounts receivable	(6,516)	(6,237)
Inventories	(3,503)	2,573
Prepaid expenses	(2,201)	(4,006)
Other non-current assets	573	12
Accounts payable and accrued liabilities	2,165	(1,454)
Accrued income and other taxes	1,141	234
Other non-current liabilities	502	345
Cash flows from operating activities	18,337	16,028
Cash flows from investing activities:
Property, plant and equipment additions	(15,247)	(7,252)
Purchase of investments	(22,322)	(16,110)
Proceeds from sale of investments	208	166
Proceeds from maturities of investments	19,978	19,246
Cash flows from investing activities	(17,383)	(3,950)
Cash flows from financing activities:
Purchase of treasury stock	(9,340)	(10,488)
Shares tendered for employees' withholding taxes on stock-based compensation	(454)	(585)
Dividends paid	(6,987)	(6,385)
Cash flows from financing activities	(16,781)	(17,458)
Net change in cash and cash equivalents	(15,827)	(5,380)
Cash and cash equivalents at beginning of period	32,264	22,450
Cash and cash equivalents at end of period	16,437	17,070
Cash paid for:
Income taxes	3,952	5,095
Non-cash financing activities:
Non-cash effect of stock option exercises	$ 4,008	$ 6,012

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings
Balance, shares at Dec. 31, 2020		1,826	1,594
Balance, amount at Dec. 31, 2020	$ 240,442	$ 342	$ (151,127)	$ 53,527	$ 337,700
Net income	16,651				16,651
Stock-based compensation transactions, shares		3	(3)
Stock-based compensation transactions, amount	1,098		$ (5,845)	6,943
Shares surrendered in stock transactions, shares		(1)	1
Shares surrendered in stock transactions, amount	(585)		$ (585)
Purchase of treasury stock, shares		(17)	17
Purchase of treasury stock, amount	(10,488)		$ (10,488)
Dividends	(6,397)				(6,397)
Balance, shares at Jun. 30, 2021		1,811	1,609
Balance, amount at Jun. 30, 2021	240,721	$ 342	$ (168,045)	60,470	347,954
Balance, shares at Mar. 31, 2021		1,827	1,593
Balance, amount at Mar. 31, 2021	244,751	$ 342	$ (157,572)	59,760	342,221
Net income	8,925				8,925
Stock-based compensation transactions, shares		1	(1)
Stock-based compensation transactions, amount	725		$ 15	710
Purchase of treasury stock, shares		(17)	17
Purchase of treasury stock, amount	(10,488)		$ (10,488)
Dividends	(3,192)				(3,192)
Balance, shares at Jun. 30, 2021		1,811	1,609
Balance, amount at Jun. 30, 2021	240,721	$ 342	$ (168,045)	60,470	347,954
Balance, shares at Dec. 31, 2021		1,801	1,619
Balance, amount at Dec. 31, 2021	244,296	$ 342	$ (174,544)	61,174	357,324
Net income	17,847				17,847
Stock-based compensation transactions, shares		3	(3)
Stock-based compensation transactions, amount	1,112		$ (3,881)	4,993
Shares surrendered in stock transactions, shares		(1)	1
Shares surrendered in stock transactions, amount	(454)		$ (454)
Purchase of treasury stock, shares		(15)	15
Purchase of treasury stock, amount	(9,340)		$ (9,340)
Dividends	(7,006)				(7,006)
Balance, shares at Jun. 30, 2022		1,788	1,632
Balance, amount at Jun. 30, 2022	246,455	$ 342	$ (188,219)	66,167	368,165
Balance, shares at Mar. 31, 2022		1,795	1,625
Balance, amount at Mar. 31, 2022	246,230	$ 342	$ (177,985)	61,560	362,313
Net income	9,348				9,348
Stock-based compensation transactions, shares		3	(3)
Stock-based compensation transactions, amount	720		$ (3,887)	4,607
Shares surrendered in stock transactions, shares		(1)	1
Shares surrendered in stock transactions, amount	(454)		$ (454)
Purchase of treasury stock, shares		(9)	9
Purchase of treasury stock, amount	(5,893)		$ (5,893)
Dividends	(3,496)				(3,496)
Balance, shares at Jun. 30, 2022		1,788	1,632
Balance, amount at Jun. 30, 2022	$ 246,455	$ 342	$ (188,219)	$ 66,167	$ 368,165

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Basis of Presentation
1- Basis Of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Atrion Corporation and its subsidiaries (collectively referred to herein as “Atrion,” the “Company,” “we,” “our,” or “us”) have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) 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 US GAAP 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 US GAAP 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. 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 August 8, 2022, 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. At least quarterly, we evaluate our assumptions, judgments, and estimates, and make changes as we deem necessary. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“2021 Form 10-K”).

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventories
2- 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, 2022 2021 Raw materials $ 26,888 $ 23,733 Work in process 11,591 9,571 Finished goods 15,802 17,474 Total inventories $ 54,281 $ 50,778

Income Per Share

Income Per Share	6 Months Ended
	Jun. 30, 2022
Income Per Share
3- Income Per Share	(3) Income per share The following is the computation for basic and diluted income per share: Three Months ended June 30, Six Months ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Net income $ 9,348 $ 8,925 $ 17,847 $ 16,651 Weighted average basic shares outstanding 1,794 1,826 1,796 1,826 Add: Effect of dilutive securities 4 2 4 4 Weighted average diluted shares outstanding 1,798 1,828 1,800 1,830 Earnings per share: Basic $ 5.21 $ 4.89 $ 9.94 $ 9.12 Diluted $ 5.20 $ 4.88 $ 9.91 $ 9.10 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. Potential dilutive securities have been excluded when their inclusion would be anti-dilutive.

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Investments
4- Investments	(4) Investments As of June 30, 2022, 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 sheets. The money market accounts, equity securities, and mutual funds are recorded at fair value in the accompanying consolidated balance sheets. 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 investments 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): June 30, 2022 December 31, 2021 Cash and cash equivalents: Money market funds $ 6,979 $ 29,876 Commercial paper 7,841 - Cash deposits 1,617 2,388 Total cash and cash equivalents $ 16,437 $ 32,264 Short-term investments: Commercial paper (held-to-maturity) $ 20,495 $ 2,248 Bonds (held-to-maturity) 13,418 26,831 Equity securities (available for sale) 243 - Allowance for credit losses (10 ) (20 ) Total short-term investments $ 34,146 $ 29,059 Long-term investments: Bonds (held-to-maturity) $ 10,586 $ 13,405 Equity securities (available for sale) 4,828 5,468 Mutual funds (available for sale) 385 559 Allowance for credit losses (5 ) (9 ) Total long-term investments $ 15,794 $ 19,423 Total cash, cash equivalents and short and long-term investments $ 66,377 $ 80,746 We utilize 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. We monitor the credit quality of debt securities classified as held-to-maturity through the use of their respective credit ratings and update them on a quarterly basis with our latest assessment completed on June 30, 2022. During the second quarter of 2022, our allowance for credit losses related to short-term investments decreased by $3 thousand and our allowance for credit losses related to long-term investments decreased by $2 thousand. The following table summarizes the amortized cost of our held-to-maturity bonds at June 30, 2022 aggregated by credit quality indicator (in thousands): Held-to-Maturity Bonds Credit Quality Indicators Fed Govt. Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 2,243 $ 630 $ 8,547 $ 11,420 BBB/BB - - 12,585 12,585 TOTAL $ 2,243 $ 630 $ 21,132 $ 24,005 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 June 30, 2022: Money market 1 6,979 $ - $ - $ 6,979 Commercial paper 2 28,337 $ - $ (37 ) $ 28,300 Bonds 2 24,005 $ 2 $ (275 ) $ 23,732 Mutual funds 1 476 $ - $ (91 ) $ 385 Equity investments 2 6,054 $ - $ (983 ) $ 5,071 As of December 31, 2021: Money Market 1 29,876 $ - $ - $ 29,876 Commercial paper 2 2,248 $ - $ - $ 2,248 Bonds 2 40,236 $ 97 $ (37 ) $ 40,296 Mutual funds 1 558 $ 1 $ - $ 559 Equity investments 2 5,675 $ - $ (207 ) $ 5,468 The carrying value of our investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. The bonds represent investments in various issuers at June 30, 2022. The unrealized losses for some of these bond investments reflect changes in interest rates following their acquisition. As of June 30, 2022, we had six bond investments in a loss position for more than 12 months. At June 30, 2022, the length of time until maturity of the commercial paper we owned ranged from less than a month to six months and the length of time to maturity for the bonds ranged from less than a month to 42 months. As of June 30, 2022, there were expenditures of $2.4 million related to property, plant, and equipment included in our accounts payable and accrued liabilities balance.

Patents and Licenses

Patents and Licenses	6 Months Ended
	Jun. 30, 2022
Patents and Licenses
5- Patents And Licenses	(5) Patents and Licenses 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, 2022 December 31, 2021 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,598 15.67 $ 13,840 $ 12,538 Aggregated amortization expense for patents and licenses was $30 thousand in each of the three-month periods ended June 30, 2022 and 2021 and $60 thousand in each of the six month periods ended June 30, 2022 and 2021. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2023 $ 113 2024 $ 113 2025 $ 112 2026 $ 112 2027 $ 108

Revenues

Revenues	6 Months Ended
	Jun. 30, 2022
Revenues
6- 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 revenue by geographic area, based on shipping destination, for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 United States $ 29,346 $ 24,649 $ 56,341 $ 46,687 European Union 8,142 7,987 17,479 15,751 All other regions 11,394 10,057 22,200 19,424 Total $ 48,882 $ 42,693 $ 96,020 $ 81,862 A summary of revenue by product line for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Fluid Delivery $ 21,556 $ 20,920 $ 45,670 $ 39,995 Cardiovascular 18,082 13,157 33,385 25,987 Ophthalmology 1,804 2,102 2,888 3,796 Other 7,440 6,514 14,077 12,084 Total $ 48,882 $ 42,693 $ 96,020 $ 81,862 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. We calculate our credit loss allowance for our trade receivables following a lifetime “expected credit loss” measurement objective. 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, 2022
Recent Accounting Pronouncements
7- Recent Accounting Pronouncements	(7) Recent Accounting Pronouncements From time to time, new accounting pronouncements applicable to us are issued by the Financial Accounting Standards Board or other standards-setting bodies. We generally adopt these standards 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, 2022
Inventories
Schedule Of Inventories	June 30, December 31, 2022 2021 Raw materials $ 26,888 $ 23,733 Work in process 11,591 9,571 Finished goods 15,802 17,474 Total inventories $ 54,281 $ 50,778

Income Per Share (Tables)

Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Income Per Share
Schedule Of Computation Of Basic And Diluted Income Per Share	Three Months ended June 30, Six Months ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Net income $ 9,348 $ 8,925 $ 17,847 $ 16,651 Weighted average basic shares outstanding 1,794 1,826 1,796 1,826 Add: Effect of dilutive securities 4 2 4 4 Weighted average diluted shares outstanding 1,798 1,828 1,800 1,830 Earnings per share: Basic $ 5.21 $ 4.89 $ 9.94 $ 9.12 Diluted $ 5.20 $ 4.88 $ 9.91 $ 9.10

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments
Schedule Of Cash And Cash Equivalents Andshort And Long-term Investments	June 30, 2022 December 31, 2021 Cash and cash equivalents: Money market funds $ 6,979 $ 29,876 Commercial paper 7,841 - Cash deposits 1,617 2,388 Total cash and cash equivalents $ 16,437 $ 32,264 Short-term investments: Commercial paper (held-to-maturity) $ 20,495 $ 2,248 Bonds (held-to-maturity) 13,418 26,831 Equity securities (available for sale) 243 - Allowance for credit losses (10 ) (20 ) Total short-term investments $ 34,146 $ 29,059 Long-term investments: Bonds (held-to-maturity) $ 10,586 $ 13,405 Equity securities (available for sale) 4,828 5,468 Mutual funds (available for sale) 385 559 Allowance for credit losses (5 ) (9 ) Total long-term investments $ 15,794 $ 19,423 Total cash, cash equivalents and short and long-term investments $ 66,377 $ 80,746
Schedule Of Investments, Held-to-maturity Securities	Credit Quality Indicators Fed Govt. Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 2,243 $ 630 $ 8,547 $ 11,420 BBB/BB - - 12,585 12,585 TOTAL $ 2,243 $ 630 $ 21,132 $ 24,005
Schedule Of Gross Unrealized Gains And Losses On Investments	Gross Unrealized Level Cost Gains Losses Fair Value As of June 30, 2022: Money market 1 6,979 $ - $ - $ 6,979 Commercial paper 2 28,337 $ - $ (37 ) $ 28,300 Bonds 2 24,005 $ 2 $ (275 ) $ 23,732 Mutual funds 1 476 $ - $ (91 ) $ 385 Equity investments 2 6,054 $ - $ (983 ) $ 5,071 As of December 31, 2021: Money Market 1 29,876 $ - $ - $ 29,876 Commercial paper 2 2,248 $ - $ - $ 2,248 Bonds 2 40,236 $ 97 $ (37 ) $ 40,296 Mutual funds 1 558 $ 1 $ - $ 559 Equity investments 2 5,675 $ - $ (207 ) $ 5,468

Patents and Licenses (Tables)

Patents and Licenses (Tables)	6 Months Ended
	Jun. 30, 2022
Patents and Licenses
Schedule Of Patents And Licenses	June 30, 2022 December 31, 2021 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,598 15.67 $ 13,840 $ 12,538
Schedule Of Estimated Future Amortization Expense	2023 $ 113 2024 $ 113 2025 $ 112 2026 $ 112 2027 $ 108

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2022
Revenues
Schedule Of Revenues By Geographic Area	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 United States $ 29,346 $ 24,649 $ 56,341 $ 46,687 European Union 8,142 7,987 17,479 15,751 All other regions 11,394 10,057 22,200 19,424 Total $ 48,882 $ 42,693 $ 96,020 $ 81,862
Schedule Of Revenues By Product	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Fluid Delivery $ 21,556 $ 20,920 $ 45,670 $ 39,995 Cardiovascular 18,082 13,157 33,385 25,987 Ophthalmology 1,804 2,102 2,888 3,796 Other 7,440 6,514 14,077 12,084 Total $ 48,882 $ 42,693 $ 96,020 $ 81,862

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories
Raw Material	$ 26,888	$ 23,733
Work In Process	11,591	9,571
Finished Goods	15,802	17,474
Total Inventories	$ 54,281	$ 50,778

Income per share (Details)

Income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Per Share
Net Income	$ 9,348	$ 8,925	$ 17,847	$ 16,651
Weighted Average Basic Shares Outstanding	1,794	1,826	1,796	1,826
Add: Effect Of Dilutive Securities	4	2	4	4
Weighted Average Diluted Shares Outstanding	1,798	1,828	1,800	1,830
Earnings Per Share:
Basic	$ 5.21	$ 4.89	$ 9.94	$ 9.12
Diluted	$ 5.20	$ 4.88	$ 9.91	$ 9.10

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash And Cash Equivalents
Money Market Funds	$ 6,979	$ 29,876
Commercial Paper	7,841	0
Cash Deposits	1,617	2,388
Total Cash And Cash Equivalents	16,437	32,264
Short-term Investments
Commercial Paper (held-to-maturity)	20,495	2,248
Bonds (held-to-maturity)	13,418	26,831
Equity Securities (available For Sale)	243	0
Allowance For Credit Losses	(10)	(20)
Total Short-term Investments	34,146	29,059
Long-term Investments
Bonds (held-to-maturity)	10,586	13,405
Equity Securities (available For Sale)	4,828	5,468
Mutual Funds (available For Sale)	385	559
Allowance For Credit Losses	(5)	(9)
Total Long-term Investments	15,794	19,423
Total Cash, Cash Equivalents And Short And Long-term Investments	$ 66,377	$ 80,746

Investments (Details 1)

Investments (Details 1) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Securities, Held-to-maturity	$ 24,005
AAA /AA/A [Member]
Debt Securities, Held-to-maturity	11,420
BBB/BB [Member]
Debt Securities, Held-to-maturity	12,585
Fed Govt. Bonds/Notes [Member]
Debt Securities, Held-to-maturity	2,243
Fed Govt. Bonds/Notes [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	2,243
Fed Govt. Bonds/Notes [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Municipal Bonds [Member]
Debt Securities, Held-to-maturity	630
Municipal Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	630
Municipal Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Corporate Bonds [Member]
Debt Securities, Held-to-maturity	21,132
Corporate Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	8,547
Corporate Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	$ 12,585

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity	$ 24,005
Money Market Funds [Member]
Debt Securities, Held-to-maturity	6,979	$ 29,876
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Gross Unrealized Fair Value	6,979	29,876
Commercial Paper [Member]
Debt Securities, Held-to-maturity	28,337	2,248
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(37)	0
Gross Unrealized Fair Value	28,300	2,248
Bonds [Member]
Debt Securities, Held-to-maturity	24,005	40,236
Gross Unrealized Gains	2	97
Gross Unrealized Losses	(275)	(37)
Gross Unrealized Fair Value	23,732	40,296
Mutual funds (available for sale) [Member]
Debt Securities, Held-to-maturity	476	558
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(91)	0
Gross Unrealized Fair Value	385	559
Equity investments [Member]
Debt Securities, Held-to-maturity	6,054	5,675
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(983)	(207)
Gross Unrealized Fair Value	$ 5,071	$ 5,468

Investments (Details Narrative)

Investments (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Allowance For Credit Losses Related To Long Term Investments	$ 2
Securities Maturity, Description	less than a month to 42 months
Allowance For Credit Losses Related To Short Term Investments	$ 3
Accounts Payable And Accrued Liabilities [Member]
Expenditures to property, plant, and equipment	$ 2,400

Patents and Licenses (Details)

Patents and Licenses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Patents and Licenses
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	$ 12,598	$ 12,538

Patents and Licenses (Details 1

Patents and Licenses (Details 1) $ in Thousands	Dec. 31, 2021 USD ($)
Patents and Licenses
2023	$ 113
2024	113
2025	112
2026	112
2027	$ 108

Patents and Licenses (Details N

Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Patents and Licenses
Aggregate Amortization Expense	$ 30	$ 60

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Revenues	$ 48,882	$ 42,693	$ 96,020	$ 81,862
European Union [Member]
Total Revenues	8,142	7,987	17,479	15,751
All other regions [Member]
Total Revenues	11,394	10,057	22,200	19,424
United States [Member]
Total Revenues	$ 29,346	$ 24,649	$ 56,341	$ 46,687

Revenues (Details 1)

Revenues (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Revenues	$ 48,882	$ 42,693	$ 96,020	$ 81,862
Fluid Delivery [Member]
Total Revenues	21,556	20,920	45,670	39,995
Cardiovascular [Member]
Total Revenues	18,082	13,157	33,385	25,987
Ophthalmology [Member]
Total Revenues	1,804	2,102	2,888	3,796
Other [Member]
Total Revenues	$ 7,440	$ 6,514	$ 14,077	$ 12,084