Atrion (ATRI) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Entity Registrant Name	Atrion Corporation
Entity Central Index Key	0000701288
Document Type	10-Q
Amendment Flag	false
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	Mar. 31, 2023
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		1,760,495
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Revenues	$ 39,993	$ 47,138
Cost of goods sold	24,912	27,894
Gross profit	15,081	19,244
Operating expenses:
Selling	2,727	2,517
General and administrative	6,254	5,100
Research and development	1,630	1,377
Total operating expenses	10,611	8,994
Operating income	4,470	10,250
Interest and dividend income	240	137
Other investment income/(losses)	(721)	(240)
Other income	10	25
Non operating income	(471)	(78)
Income before provision for income taxes	3,999	10,172
Provision for income taxes	(514)	(1,673)
Net income	$ 3,485	$ 8,499
Net income per basic share	$ 1.98	$ 4.73
Weighted average basic shares outstanding	1,762	1,799
Net income per diluted share	$ 1.98	$ 4.71
Weighted average diluted shares outstanding	1,763	1,803
Dividends per common share	$ 2.15	$ 1.95

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,563	$ 4,731
Short-term investments	13,013	21,152
Accounts receivable	19,424	23,951
Inventories	75,093	65,793
Prepaid expenses and other current assets	2,496	3,770
Total Current assets	114,589	119,397
Long-term investments	8,697	8,669
Property, plant and equipment	275,575	270,642
Less: accumulated depreciation and amortization	150,208	146,888
Total Property, plant and equipment, net	125,367	123,754
Other assets and deferred charges:
Patents and licenses	1,157	1,185
Goodwill	9,730	9,730
Other	1,889	1,977
Total other assets	12,776	12,892
Total assets	261,429	264,712
Current liabilities:
Accounts payable and accrued liabilities	16,113	18,024
Accrued income and other taxes	1,058	74
Total Current liabilities	17,171	18,098
Line of credit	0	0
Other non-current liabilities	5,617	7,073
Stockholders' equity:
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares	342	342
Additional paid-in capital	66,382	66,347
Retained earnings	377,380	377,682
Treasury shares, 1,660 at March 31, 2023 and 1,659 at December 31, 2022, at cost	(205,463)	(204,830)
Total stockholders' equity	238,641	239,541
Total liabilities and stockholders' equity	$ 261,429	$ 264,712

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, shares par value	$ 0.10	$ 0.10
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,420,000	3,420,000
Treasury stock, shares	1,660,000	1,659,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 3,485	$ 8,499
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,509	3,420
Deferred income taxes	(1,394)	(730)
Stock-based compensation	407	530
Net change in unrealized gains and losses on investments	721	167
Net change in accrued interest, premiums, and discounts on investments	(77)	77
Other	0	0
Adjustments to reconcile net income to net cash provided by operating activities	6,651	11,963
Changes in operating assets and liabilities:
Accounts receivable	4,527	(3,135)
Inventories	(9,300)	(636)
Prepaid expenses	979	4
Other non-current assets	382	630
Accounts payable and accrued liabilities	167	318
Accrued income and other taxes	984	2,373
Other non-current liabilities	(62)	330
Cash flows from operating activities	4,328	11,847
Cash flows from investing activities:
Property, plant and equipment additions	(7,543)	(7,577)
Purchase of investments	(4,160)	(10,009)
Proceeds from sale of investments	52	82
Proceeds from maturities of investments	11,574	5,226
Cash flows from investing activities	(77)	(12,278)
Cash flows from financing activities:
Purchase of treasury stock	(613)	(3,447)
Shares tendered for employees' withholding taxes on stock-based compensation	(22)	0
Dividends paid	(3,784)	(3,500)
Cash flows from financing activities	(4,419)	(6,947)
Net change in cash and cash equivalents	(168)	(7,378)
Cash and cash equivalents at beginning of period	4,731	32,264
Cash and cash equivalents at end of period	4,563	24,886
Cash paid for:
Income taxes	$ 146	$ 1,752

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 (Accumulated Deficit)
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	8,499				8,499
Stock-based compensation transactions	392		$ 6	386
Purchase of Treasury Stock, share		(6)	6
Purchase of treasury stock	(3,447)		$ (3,447)
Dividends	(3,510)				(3,510)
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
Balance, shares at Dec. 31, 2022		1,761	1,659
Balance, amount at Dec. 31, 2022	239,541	$ 342	$ (204,830)	66,347	377,682
Net Income	3,485				3,485
Stock-based compensation transactions	37		$ 2	35
Purchase of Treasury Stock, share		(1)	1
Purchase of treasury stock	(613)		$ (613)
Dividends	(3,787)				(3,787)
Shares surrendered in stock transactions	(22)		$ (22)
Balance, shares at Mar. 31, 2023		1,760	1,660
Balance, amount at Mar. 31, 2023	$ 238,641	$ 342	$ (205,463)	$ 66,382	$ 377,380

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation
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. Certain prior-year balances have been reclassified in order to conform to the current year presentation. 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 May 8, 2023, 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, 2022 ("2022 Form 10-K").

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories
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, 2023 2022 Raw materials $ 35,367 $ 33,329 Work in process 15,093 13,618 Finished goods 24,633 18,846 Total inventories $ 75,093 $ 65,793

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2023
Income Per Share
Income Per Share	(3) Income per share The following is the computation for basic and diluted income per share: Three Months Ended March 31, 2023 2022 (in thousands, except per share amounts) Net income $ 3,485 $ 8,499 Weighted average basic shares outstanding outstanding 1,762 1,799 Add: Effect of dilutive securities 1 4 Weighted average diluted shares outstanding 1,763 1,803 Earnings per share: Basic $ 1.98 $ 4.73 Diluted $ 1.98 $ 4.71 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	3 Months Ended
	Mar. 31, 2023
Investments
Investments	(4) Investments As of March 31, 2023, 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 which 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, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 2,207 $ 2,380 Commercial Paper 1,744 1,748 Cash deposits 612 603 Total cash and cash equivalents $ 4,563 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 9,802 $ 8,597 Commercial paper (held-to-maturity) 2,976 12,227 Equity securities (available for sale) 236 330 Allowance for credit losses (1 ) (2 ) Total short-term investments $ 13,013 $ 21,152 Long-term investments: Equity securities (available for sale) $ 4,486 $ 5,139 Bonds (held-to-maturity) 3,886 3,180 Mutual funds (available for sale) 325 350 Total long-term investments $ 8,697 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 26,273 $ 34,552 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. During the first quarter of 2023, our allowance for credit losses was immaterial. The following table summarizes the amortized cost of our held-to-maturity bonds at March 31, 2023 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 $ 156 $ - $ 4,737 $ 4,893 BBB/BB - - 8,795 8,795 TOTAL $ 156 $ - $ 13,532 $ 13,688 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, 2023: Money market 1 $ 2,207 $ - $ - $ 2,207 Commercial paper 2 $ 4,720 $ - $ (2 ) $ 4,718 Bonds 2 $ 13,688 $ 8 $ (251 ) $ 13,445 Mutual funds 1 $ 416 $ - $ (91 ) $ 325 Equity investments 2 $ 6,054 $ - $ (1,332 ) $ 4,722 As of December 31, 2022: Money Market 1 $ 2,380 $ - $ - $ 2,380 Commercial paper 2 $ 13,975 $ 1 $ (9 ) $ 13,967 Bonds 2 $ 11,777 $ - $ (353 ) $ 11,424 Mutual funds 1 $ 466 $ - $ (116 ) $ 350 Equity investments 2 $ 6,054 $ - $ (585 ) $ 5,469 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 March 31, 2023. The unrealized losses for some of these bond investments reflect changes in interest rates following their acquisition. As of March 31, 2023, we had nine bond investments in a loss position for more than 12 months. At March 31, 2023, the length of time until maturity of the commercial paper we owned ranged from less than a month to five months and the length of time to maturity for the bonds ranged from less than a month to 24 months. As of March 31, 2023, there were expenditures of $3.4 million related to property, plant, and equipment included in our accounts payable and accrued liabilities balance.

Patents and Licenses

Patents and Licenses	3 Months Ended
	Mar. 31, 2023
Patents and Licenses
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): March 31, 2023 December 31, 2022 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,683 15.67 $ 13,840 $ 12,655 Aggregated amortization expense for patents and licenses was $28 thousand and $30 thousand in the three-month period ended March 31, 2023 and March 31, 2022, respectively. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2024 $ 113 2025 $ 112 2026 $ 112 2027 $ 108 2028 $ 108

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenues
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 months ended March 31, 2023 and 2022 is as follows (in thousands): 2023 2022 United States $ 24,868 $ 26,995 European Union 8,085 9,337 All other regions 7,040 10,806 Total $ 39,993 $ 47,138 A summary of revenue by product line for the three months ended March 31, 2023 and 2022 is as follows (in thousands): 2023 2022 Fluid Delivery $ 17,587 $ 24,114 Cardiovascular 15,665 15,303 Ophthalmology 1,359 1,084 Other 5,382 6,637 Total $ 39,993 $ 47,138 More than 98 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	3 Months Ended
	Mar. 31, 2023
Recent Accounting Pronouncements
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)	3 Months Ended
	Mar. 31, 2023
Inventories
Schedule Of Inventories	March 31, December 31, 2023 2022 Raw materials $ 35,367 $ 33,329 Work in process 15,093 13,618 Finished goods 24,633 18,846 Total inventories $ 75,093 $ 65,793

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Income Per Share
Schedule Of Computation Of Basic And Diluted Income Per Share	Three Months Ended March 31, 2023 2022 (in thousands, except per share amounts) Net income $ 3,485 $ 8,499 Weighted average basic shares outstanding outstanding 1,762 1,799 Add: Effect of dilutive securities 1 4 Weighted average diluted shares outstanding 1,763 1,803 Earnings per share: Basic $ 1.98 $ 4.73 Diluted $ 1.98 $ 4.71

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments
Schedule Of Cash And Cash Equivalents Andshort And Long-term Investments	March 31, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 2,207 $ 2,380 Commercial Paper 1,744 1,748 Cash deposits 612 603 Total cash and cash equivalents $ 4,563 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 9,802 $ 8,597 Commercial paper (held-to-maturity) 2,976 12,227 Equity securities (available for sale) 236 330 Allowance for credit losses (1 ) (2 ) Total short-term investments $ 13,013 $ 21,152 Long-term investments: Equity securities (available for sale) $ 4,486 $ 5,139 Bonds (held-to-maturity) 3,886 3,180 Mutual funds (available for sale) 325 350 Total long-term investments $ 8,697 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 26,273 $ 34,552
Schedule Of Investments, Held-to-maturity Securities	Credit Quality Indicators Fed Govt. Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 156 $ - $ 4,737 $ 4,893 BBB/BB - - 8,795 8,795 TOTAL $ 156 $ - $ 13,532 $ 13,688
Schedule Of Gross Unrealized Gains And Losses On Investments	Gross Unrealized Level Cost Gains Losses Fair Value As of March 31, 2023: Money market 1 $ 2,207 $ - $ - $ 2,207 Commercial paper 2 $ 4,720 $ - $ (2 ) $ 4,718 Bonds 2 $ 13,688 $ 8 $ (251 ) $ 13,445 Mutual funds 1 $ 416 $ - $ (91 ) $ 325 Equity investments 2 $ 6,054 $ - $ (1,332 ) $ 4,722 As of December 31, 2022: Money Market 1 $ 2,380 $ - $ - $ 2,380 Commercial paper 2 $ 13,975 $ 1 $ (9 ) $ 13,967 Bonds 2 $ 11,777 $ - $ (353 ) $ 11,424 Mutual funds 1 $ 466 $ - $ (116 ) $ 350 Equity investments 2 $ 6,054 $ - $ (585 ) $ 5,469

Patents and Licenses (Tables)

Patents and Licenses (Tables)	3 Months Ended
	Mar. 31, 2023
Patents and Licenses
Schedule Of Patents And Licenses	March 31, 2023 December 31, 2022 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,683 15.67 $ 13,840 $ 12,655
Schedule Of Estimated Future Amortization Expense	2024 $ 113 2025 $ 112 2026 $ 112 2027 $ 108 2028 $ 108

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenues
Schedule Of Revenues By Geographic Area	2023 2022 United States $ 24,868 $ 26,995 European Union 8,085 9,337 All other regions 7,040 10,806 Total $ 39,993 $ 47,138
Schedule Of Revenues By Product	2023 2022 Fluid Delivery $ 17,587 $ 24,114 Cardiovascular 15,665 15,303 Ophthalmology 1,359 1,084 Other 5,382 6,637 Total $ 39,993 $ 47,138

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw material	$ 35,367	$ 33,329
Work in process	15,093	13,618
Finished goods	24,633	18,846
Total inventories	$ 75,093	$ 65,793

Income per share (Details)

Income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income per share (Details)
Net Income	$ 3,485	$ 8,499
Weighted average basic shares outstanding outstanding	1,762	1,799
Add: Effect of dilutive securities	1	4
Weighted average diluted shares outstanding	1,763	1,803
Basic	$ 1.98	$ 4.73
Diluted	$ 1.98	$ 4.71

Investments (Details)

Investments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents
Cash deposits	$ 612,000	$ 603,000
Money market funds	2,207,000	2,380,000
Commercial paper	1,744,000	1,748,000
Total cash and cash equivalents	4,563,000	4,731,000
Short-term investments
Commercial paper (held-to-maturity)	2,976,000	12,227,000
Bonds (held-to-maturity)	9,802,000	8,597,000
Equity securities (available for sale)	236,000	330,000
Allowance for credit losses	(1,000)	(2,000)
Total short-term investments	13,013,000	21,152,000
Long-term investments
Equity securities (available for sale)	4,486,000	5,139,000
Bonds (held-to-maturity)	3,886,000	3,180,000
Mutual funds (available for sale)	325,000	350
Total long-term investments	8,697,000	8,669,000
Total cash, cash equivalents and short and long-term investments	$ 26,273,000	$ 34,552,000

Investments (Details 1)

Investments (Details 1)	Dec. 31, 2023 USD ($)
Common Stocks
Total held to Maturity Bonds	$ 13,688
AAA /AA/A [Member]
Debt Securities, Held-to-maturity	4,893,000
BBB/BB [Member]
Debt Securities, Held-to-maturity	8,795,000
Fed Govt. Bonds/Notes [Member]
Debt Securities, Held-to-maturity	156,000
Fed Govt. Bonds/Notes [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	156
Fed Govt. Bonds/Notes [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Municipal Bonds [Member]
Debt Securities, Held-to-maturity	0
Municipal Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	0
Municipal Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Corporate Bonds [Member]
Debt Securities, Held-to-maturity	13,532,000
Corporate Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	4,737,000
Corporate Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	$ 8,795,000

Investments (Details 2)

Investments (Details 2) - USD ($)	Mar. 31, 2023	Dec. 01, 2022
Money Market Funds [Member]
Debt Securities, Held-to-maturity	$ 2,207,000	$ 2,380,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Gross Unrealized Fair Value	2,207,000	2,380,000
Commercial Paper [Member]
Debt Securities, Held-to-maturity	4,720,000	13,975,000
Gross Unrealized Gains	0	1,000
Gross Unrealized Losses	(2)	(9,000)
Gross Unrealized Fair Value	4,718,000	13,967,000
Bonds [Member]
Debt Securities, Held-to-maturity	13,688,000	11,777,000
Gross Unrealized Gains	8,000	0
Gross Unrealized Losses	(251,000)	(353,000)
Gross Unrealized Fair Value	13,445,000	11,424,000
Mutual funds (available for sale) [Member]
Debt Securities, Held-to-maturity	416,000	466,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(91)	(116,000)
Gross Unrealized Fair Value	325,000	350,000
Equity investments [Member]
Debt Securities, Held-to-maturity	6,054,000	6,054,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,332,000)	(585,000)
Gross Unrealized Fair Value	$ 4,722,000	$ 5,469,000

Investments (Details Narrative)

Investments (Details Narrative) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Investments
Securities Maturity, Description	owned ranged from less than a month to five months and the length of time to maturity for the bonds ranged from less than a month to 24 months
Accounts payable and accrued liablities	$ 3.4

Patents and Licenses (Details)

Patents and Licenses (Details) - USD ($) $ in Thousands	3 Months Ended	24 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Patents and Licenses
Accumulated Amortization	$ 12,683	$ 12,655
Weighted Average Original Life (years)	15 years 8 months 1 day	15 years 8 months 1 day
Gross Carrying Amount	$ 13,840	$ 13,840

Patents and Licenses (Details 1

Patents and Licenses (Details 1) $ in Thousands	Mar. 31, 2023 USD ($)
Patents and Licenses
2024	$ 113
2025	112
2026	112
2027	108
2028	$ 108

Patents and Licenses (Details N

Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Patents and Licenses
Aggregate amortization expense	$ 28	$ 30

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 39,993	$ 47,138
European Union
Revenues	8,085	9,337
All Other Regions
Revenues	7,040	10,806
United State
Revenues	$ 24,868	$ 26,995

Revenues (Details 1)

Revenues (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 39,993	$ 47,138
Other	5,382	6,637
Fluid Delivery [Member]
Revenues	17,587	24,114
Cardiovascular [Member]
Revenues	15,665	15,303
Ophthalmology [Member]
Revenues	$ 1,359	$ 1,084