Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 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 | Jun. 30, 2023 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 1,759,650 | |
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 $0.10 per share | |
Trading Symbol | ATRI | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||
Revenues | $ 43,838 | $ 48,882 | $ 83,831 | $ 96,020 |
Cost of goods sold | 26,584 | 28,049 | 51,496 | 55,943 |
Gross profit | 17,254 | 20,833 | 32,335 | 40,077 |
Operating expenses: | ||||
Selling | 2,317 | 2,629 | 5,045 | 5,146 |
General and administrative | 5,951 | 5,622 | 12,205 | 10,723 |
Research and development | 1,607 | 1,553 | 3,236 | 2,929 |
Total operating expense | 9,875 | 9,804 | 20,486 | 18,798 |
Operating income | 7,379 | 11,029 | 11,849 | 21,279 |
Interest and dividend income | 127 | 292 | 367 | 429 |
Other investment income/(losses) | 98 | (308) | (623) | (548) |
Other income | 29 | 60 | 39 | 85 |
Interest Expense | (27) | 0 | (27) | 0 |
Total other income expense | 227 | 44 | (244) | (34) |
Income before provision for income taxes | 7,606 | 11,073 | 11,605 | 21,245 |
Provision for income taxes | (1,043) | (1,725) | (1,557) | (3,398) |
Net income | $ 6,563 | $ 9,348 | $ 10,048 | $ 17,847 |
Net income per basic share | $ 3.73 | $ 5.21 | $ 5.71 | $ 9.94 |
Weighted average basic shares outstanding | 1,760 | 1,794 | 1,761 | 1,796 |
Net income per diluted share | $ 3.73 | $ 5.20 | $ 5.70 | $ 9.91 |
Weighted average diluted shares outstanding | 1,761 | 1,798 | 1,762 | 1,800 |
Dividends per common share | $ 2.15 | $ 1.95 | $ 4.30 | $ 3.90 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 309 | $ 4,731 |
Short-term investments | 5,132 | 21,152 |
Accounts receivable | 23,693 | 23,951 |
Inventories | 80,252 | 65,793 |
Prepaid expenses and other current assets | 6,623 | 3,770 |
Total current assets | 116,009 | 119,397 |
Long-term investments | 10,186 | 8,669 |
Property, plant and equipment | 281,359 | 270,642 |
Less accumulated depreciation and amortization | 153,652 | 146,888 |
Property, plant and equipment net | 127,707 | 123,754 |
Other assets and deferred charges: | ||
Patents and licenses | 1,128 | 1,185 |
Goodwill | 9,730 | 9,730 |
Other | 2,065 | 1,977 |
Total other assets and deferred charges | 12,923 | 12,892 |
Total assets | 266,825 | 264,712 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 15,555 | 18,024 |
Accrued income and other taxes | 873 | 74 |
Total current liabilities | 16,428 | 18,098 |
Line of credit | 3,835 | 0 |
Other non-current liabilities | 5,646 | 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 | 66,946 | 66,347 |
Retained earnings | 380,152 | 377,682 |
Treasury shares,1,660 at June 30, 2023 and 1,659 at December 31, 2022, at cost | (206,524) | (204,830) |
Total stockholders' equity | 240,916 | 239,541 |
Total liabilities and stockholders' equity | $ 266,825 | $ 264,712 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 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 |
Common stock, shares issued | 3,420,000 | 3,420 |
Treasury stock, shares | 1,660,000 | 1,659,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 10,048 | $ 17,847 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,264 | 6,866 |
Deferred income taxes | (1,249) | (535) |
Stock-based compensation | 1,039 | 1,321 |
Net change in unrealized gains and losses on investments | 623 | 475 |
Net change in accrued interest, premiums, and discounts on investments | (111) | 202 |
Other | 0 | 0 |
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities | 17,614 | 26,176 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 258 | (6,516) |
Inventories | (14,459) | (3,503) |
Prepaid expenses | (3,142) | (2,201) |
Other non-current assets | 200 | 573 |
Accounts payable and accrued liabilities | 2,637 | 2,165 |
Accrued income and other taxes | 799 | 1,141 |
Other non-current liabilities | (177) | 502 |
Cash flows from operating activities | 3,730 | 18,337 |
Cash flows from investing activities: | ||
Property, plant and equipment additions | (16,702) | (15,247) |
Purchase of investments | (5,644) | (22,322) |
Proceeds from sale of investments | 131 | 208 |
Proceeds from maturities of investments | 19,503 | 19,978 |
Cash flows from investing activities | (2,712) | (17,383) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (1,650) | (9,340) |
Shares tendered for employees' withholding taxes on stock-based compensation | (57) | (454) |
Dividends paid | (7,568) | (6,987) |
Proceeds from draw on line of credit | 14,540 | 0 |
Repayment of draw on line of credit | (10,705) | 0 |
Cash flows from financing activities | (5,440) | (16,781) |
Net change in cash and cash equivalents | (4,422) | (15,827) |
Cash and cash equivalents at beginning of period | 4,731 | 32,264 |
Cash and cash equivalents at end of period | 309 | 16,437 |
Cash paid for: | ||
Income taxes | 2,853 | 3,952 |
Non-cash financing activities: Non-cash effect of stock option exercises | $ 0 | $ 4,008 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock |
Balance, shares at Dec. 31, 2021 | 1,801 | 1,619 | |||
Balance, amount at Dec. 31, 2021 | $ 244,296 | $ 342 | $ 61,174 | $ 357,324 | $ (174,544) |
Net income | 17,847 | 17,847 | |||
Stock-based compensation transactions, shares | 3 | (3) | |||
Stock-based compensation transactions, amount | 1,112 | 4,993 | $ (3,881) | ||
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 | 66,167 | 368,165 | $ (188,219) |
Balance, shares at Mar. 31, 2022 | 1,795 | 1,625 | |||
Balance, amount at Mar. 31, 2022 | 246,230 | $ 342 | 61,560 | 362,313 | $ (177,985) |
Net income | 9,348 | 9,348 | |||
Stock-based compensation transactions, shares | 3 | (3) | |||
Stock-based compensation transactions, amount | 720 | 4,607 | $ (3,887) | ||
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 | 66,167 | 368,165 | $ (188,219) |
Balance, shares at Dec. 31, 2022 | 1,761 | 1,659 | |||
Balance, amount at Dec. 31, 2022 | 239,541 | $ 342 | 66,347 | 377,682 | $ (204,830) |
Net income | 10,048 | 10,048 | |||
Stock-based compensation transactions, shares | 1 | (1) | |||
Stock-based compensation transactions, amount | 612 | 599 | $ 13 | ||
Purchase of Treasury Stock, shares | (2) | 2 | |||
Purchase of Treasury Stock, amount | (1,650) | $ (1,650) | |||
Dividends | 7,578 | 7,578 | |||
Shares surrendered in stock transactions | (57) | $ (57) | |||
Balance, shares at Jun. 30, 2023 | 1,760 | 1,660 | |||
Balance, amount at Jun. 30, 2023 | 240,916 | $ 342 | 66,946 | 380,152 | $ (206,524) |
Balance, shares at Mar. 31, 2023 | 1,760 | 1,660 | |||
Balance, amount at Mar. 31, 2023 | 238,641 | $ 342 | 66,382 | 377,380 | $ (205,463) |
Net income | 6,563 | 6,563 | |||
Stock-based compensation transactions, shares | 1 | (1) | |||
Stock-based compensation transactions, amount | 575 | 564 | $ 11 | ||
Purchase of Treasury Stock, shares | (1) | 1 | |||
Purchase of Treasury Stock, amount | (1,037) | $ (1,037) | |||
Dividends | 3,791 | 3,791 | |||
Shares surrendered in stock transactions | (35) | $ (35) | |||
Balance, shares at Jun. 30, 2023 | 1,760 | 1,660 | |||
Balance, amount at Jun. 30, 2023 | $ 240,916 | $ 342 | $ 66,946 | $ 380,152 | $ (206,524) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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. 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, 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 | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2023 2022 Raw materials $ 38,320 $ 33,329 Work in process 15,870 13,618 Finished goods 26,062 18,846 Total inventories $ 80,252 $ 65,793 |
Income Per Share
Income Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months ended June 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 6,563 $ 9,348 $ 10,048 $ 17,847 Weighted average basic shares outstanding 1,760 1,794 1,761 1,796 Add: Effect of dilutive securities 1 4 1 4 Weighted average diluted shares outstanding 1,761 1,798 1,762 1,800 Earnings per share: Basic $ 3.73 $ 5.21 $ 5.71 $ 9.94 Diluted $ 3.73 $ 5.20 $ 5.70 $ 9.91 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, 2023 | |
Investments | |
Investments | (4) Investments As of June 30, 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): June 30, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 307 $ 2,380 Cash deposits 2 603 Commercial paper - 1,748 Total cash and cash equivalents $ 309 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 4,164 $ 8,597 Commercial paper (held-to-maturity) 745 12,227 Equity securities (available for sale) 223 330 Allowance for credit losses - (2 ) Total short-term investments $ 5,132 $ 21,152 Long-term investments: Equity securities (available for sale) $ 4,506 $ 5,139 Bonds (held-to-maturity) 3,860 3,180 Mutual funds (available for sale) 1,820 350 Total long-term investments $ 10,186 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 15,627 $ 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 second quarter of 2023, our allowance for credit losses was immaterial. The following table summarizes the amortized cost of our held-to-maturity bonds at June 30, 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 $ 127 $ - $ 4,100 $ 4,227 BBB/BB - - 3,797 3,797 TOTAL $ 127 $ - $ 7,897 $ 8,024 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, 2023: Money market 1 307 $ - $ - $ 307 Commercial paper 2 745 $ - $ - $ 745 Bonds 2 8,024 $ 2 $ (197 ) $ 7,829 Mutual funds 1 1,821 $ - $ (1 ) $ 1,820 Equity investments 2 6,054 $ - $ (1,325 ) $ 4,729 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 June 30, 2023. The unrealized losses for some of these bond investments reflect changes in interest rates following their acquisition. As of June 30, 2023, we had seven bond investments in a loss position for more than 12 months. At June 30, 2023, the length of time until maturity of the commercial paper we owned ranged from less than a month to two months and the length of time to maturity for the bonds ranged from less than a month to 23 months. As of June 30, 2023, there were expenditures of $199 thousand 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, 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): June 30, 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 $ 12,712 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 June 30, 2023 and June 30, 2022, respectively. Aggregated amortization expense for patents and licenses was $57 thousand and $60 thousand in the six-month period ended June 30, 2023 and June 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 United States $ 27,580 $ 29,346 $ 52,448 $ 56,341 European Union 6,581 8,142 14,666 17,479 All other regions 9,677 11,394 16,717 22,200 Total $ 43,838 $ 48,882 $ 83,831 $ 96,020 A summary of revenue by product line for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Fluid Delivery $ 17,287 $ 21,556 $ 34,874 $ 45,670 Cardiovascular 18,733 18,082 34,398 33,385 Ophthalmology 2,790 1,804 4,149 2,888 Other 5,028 7,440 10,410 14,077 Total $ 43,838 $ 48,882 $ 83,831 $ 96,020 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 | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories | |
Schedule Of Inventories | June 30, December 31, 2023 2022 Raw materials $ 38,320 $ 33,329 Work in process 15,870 13,618 Finished goods 26,062 18,846 Total inventories $ 80,252 $ 65,793 |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Per Share | |
Schedule Of Computation Of Basic And Diluted Income Per Share | Three Months ended June 30, Six Months ended June 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 6,563 $ 9,348 $ 10,048 $ 17,847 Weighted average basic shares outstanding 1,760 1,794 1,761 1,796 Add: Effect of dilutive securities 1 4 1 4 Weighted average diluted shares outstanding 1,761 1,798 1,762 1,800 Earnings per share: Basic $ 3.73 $ 5.21 $ 5.71 $ 9.94 Diluted $ 3.73 $ 5.20 $ 5.70 $ 9.91 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments | |
Schedule Of Cash And Cash Equivalents Andshort And Long-term Investments | June 30, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 307 $ 2,380 Cash deposits 2 603 Commercial paper - 1,748 Total cash and cash equivalents $ 309 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 4,164 $ 8,597 Commercial paper (held-to-maturity) 745 12,227 Equity securities (available for sale) 223 330 Allowance for credit losses - (2 ) Total short-term investments $ 5,132 $ 21,152 Long-term investments: Equity securities (available for sale) $ 4,506 $ 5,139 Bonds (held-to-maturity) 3,860 3,180 Mutual funds (available for sale) 1,820 350 Total long-term investments $ 10,186 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 15,627 $ 34,552 |
Schedule Of Investments, Held-to-maturity Securities | Held-to-Maturity Bonds Credit Quality Indicators Fed Govt. Bonds/Notes Municipal Bonds Corporate Bonds Totals AAA/AA/A $ 127 $ - $ 4,100 $ 4,227 BBB/BB - - 3,797 3,797 TOTAL $ 127 $ - $ 7,897 $ 8,024 |
Schedule Of Gross Unrealized Gains And Losses On Investments | Gross Unrealized Level Cost Gains Losses Fair Value As of June 30, 2023: Money market 1 307 $ - $ - $ 307 Commercial paper 2 745 $ - $ - $ 745 Bonds 2 8,024 $ 2 $ (197 ) $ 7,829 Mutual funds 1 1,821 $ - $ (1 ) $ 1,820 Equity investments 2 6,054 $ - $ (1,325 ) $ 4,729 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) | 6 Months Ended |
Jun. 30, 2023 | |
Patents and Licenses | |
Schedule Of Patents And Licenses | June 30, 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 $ 12,712 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) | 6 Months Ended |
Jun. 30, 2023 | |
Revenues | |
Schedule Of Revenues By Geographic Area | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 United States $ 27,580 $ 29,346 $ 52,448 $ 56,341 European Union 6,581 8,142 14,666 17,479 All other regions 9,677 11,394 16,717 22,200 Total $ 43,838 $ 48,882 $ 83,831 $ 96,020 |
Schedule Of Revenues By Product | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Fluid Delivery $ 17,287 $ 21,556 $ 34,874 $ 45,670 Cardiovascular 18,733 18,082 34,398 33,385 Ophthalmology 2,790 1,804 4,149 2,888 Other 5,028 7,440 10,410 14,077 Total $ 43,838 $ 48,882 $ 83,831 $ 96,020 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventories | ||
Raw material | $ 38,320 | $ 33,329 |
Work in process | 15,870 | 13,618 |
Finished goods | 26,062 | 18,846 |
Total inventories | $ 80,252 | $ 65,793 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income per share (Details) | ||||
Net Income | $ 6,563 | $ 9,348 | $ 10,048 | $ 17,847 |
Weighted average basic shares outstanding outstanding | 1,760 | 1,794 | 1,761 | 1,796 |
Add: Effect of dilutive securities | 1 | 4 | 1 | 4 |
Weighted average diluted shares outstanding | 1,761 | 1,798 | 1,762 | 1,800 |
Basic | $ 3.73 | $ 5.21 | $ 5.71 | $ 9.94 |
Diluted | $ 3.73 | $ 5.20 | $ 5.70 | $ 9.91 |
Investments (Details)
Investments (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Money market funds | $ 307,000 | $ 2,380,000 |
Cash deposits | 2,000 | 603,000 |
Commercial paper | 0 | 1,748,000 |
Total cash and cash equivalents | 309,000 | 4,731,000 |
Short-term investments | ||
Bonds (held-to-maturity) | 4,164,000 | 8,597,000 |
Commercial paper (held-to-maturity) | 745,000 | 12,227,000 |
Equity securities (available for sale) | 223,000 | 330,000 |
Allowance for credit losses | 0 | (2,000) |
Total short-term investments | 5,132,000 | 21,152,000 |
Long-term investments | ||
Equity securities (available for sale) | 4,506,000 | 5,139,000 |
Bonds (held-to-maturity) | 3,860,000 | 3,180,000 |
Mutual funds (available for sale) | 1,820,000 | 350 |
Total long-term investments | 10,186,000 | 8,669,000 |
Total cash, cash equivalents and short and long-term investments | $ 15,627,000 | $ 34,552,000 |
Investments (Details 1)
Investments (Details 1) | Jun. 30, 2023 USD ($) |
AAA /AA/A [Member] | |
Debt Securities, Held-to-maturity | $ 4,227,000 |
BBB/BB [Member] | |
Debt Securities, Held-to-maturity | 3,797,000 |
Fed Govt. Bonds/Notes [Member] | |
Total held to Maturity Bonds | 8,024 |
Debt Securities, Held-to-maturity | 127,000 |
Fed Govt. Bonds/Notes [Member] | AAA /AA/A [Member] | |
Debt Securities, Held-to-maturity | 127 |
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 | 7,897,000 |
Corporate Bonds [Member] | AAA /AA/A [Member] | |
Debt Securities, Held-to-maturity | 4,100,000 |
Corporate Bonds [Member] | BBB/BB [Member] | |
Debt Securities, Held-to-maturity | $ 3,797,000 |
Investments (Details 2)
Investments (Details 2) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Money Market Funds [Member] | ||
Debt Securities, Held-to-maturity | $ 307,000 | $ 2,380,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Gross Unrealized Fair Value | 307,000 | 2,380,000 |
Commercial Paper [Member] | ||
Debt Securities, Held-to-maturity | 745,000 | 13,975,000 |
Gross Unrealized Gains | 0 | 1,000 |
Gross Unrealized Losses | 0 | (9,000) |
Gross Unrealized Fair Value | 745,000 | 13,967,000 |
Bonds [Member] | ||
Debt Securities, Held-to-maturity | 8,024,000 | 11,777,000 |
Gross Unrealized Gains | 2,000 | 0 |
Gross Unrealized Losses | (197,000) | (353,000) |
Gross Unrealized Fair Value | 7,829,000 | 11,424,000 |
Mutual funds (available for sale) [Member] | ||
Debt Securities, Held-to-maturity | 1,821,000 | 466,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (116,000) |
Gross Unrealized Fair Value | 1,820,000 | 350,000 |
Equity investments [Member] | ||
Debt Securities, Held-to-maturity | 6,054,000 | 6,054,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,325,000) | (585,000) |
Gross Unrealized Fair Value | $ 4,729,000 | $ 5,469,000 |
Investments (Details Narrative)
Investments (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Investments | |
Securities Maturity, Description | owned ranged from less than a month to two months and the length of time to maturity for the bonds ranged from less than a month to 23 months |
Accounts payable and accrued liablities | $ 199 |
Patents and Licenses (Details)
Patents and Licenses (Details) - USD ($) $ in Thousands | 6 Months Ended | 24 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Patents and Licenses | ||
Accumulated Amortization | $ 12,712 | $ 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 | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Patents and Licenses | ||||
Aggregate amortization expense | $ 28 | $ 30 | $ 57 | $ 60 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 43,838 | $ 48,882 | $ 83,831 | $ 96,020 |
European Union | ||||
Revenues | 6,581 | 8,142 | 14,666 | 17,479 |
All Other Regions | ||||
Revenues | 9,677 | 11,394 | 16,717 | 22,200 |
United State | ||||
Revenues | $ 27,580 | $ 29,346 | $ 52,448 | $ 56,341 |
Revenues (Details 1)
Revenues (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 43,838 | $ 48,882 | $ 83,831 | $ 96,020 |
Fluid Delivery [Member] | ||||
Revenues | 17,287 | 21,556 | 34,874 | 45,670 |
Cardiovascular [Member] | ||||
Revenues | 18,733 | 18,082 | 34,398 | 33,385 |
Ophthalmology [Member] | ||||
Revenues | 2,790 | 1,804 | 4,149 | 2,888 |
Other [Member] | ||||
Revenues | $ 5,028 | $ 7,440 | $ 10,410 | $ 14,077 |