Atrion (ATRI) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 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	Sep. 30, 2023
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		1,759,836
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
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Revenues	$ 41,911	$ 44,631	$ 125,742	$ 140,651
Cost of goods sold	28,175	26,978	79,671	82,921
Gross profit	13,736	17,653	46,071	57,730
Operating expenses:
Selling	2,348	2,306	7,392	7,451
General and administrative	5,453	4,493	17,658	15,217
Research and development	1,869	1,251	5,106	4,180
Total operating expense	9,670	8,050	30,156	26,848
Operating income	4,066	9,603	15,915	30,882
Interest and dividend income	320	210	687	639
Other investment income/(losses)	(782)	764	(1,405)	216
Other income	0	7	39	92
Interest Expense	(97)	0	(124)	0
Total other income expense	(559)	981	(803)	947
Income before provision for income taxes	3,507	10,584	15,112	31,829
Provision for income taxes	(568)	(1,745)	(2,125)	(5,143)
Net income	$ 2,939	$ 8,839	$ 12,987	$ 26,686
Net income per basic share	$ 1.67	$ 4.95	$ 7.38	$ 14.89
Weighted average basic shares outstanding	1,760	1,786	1,761	1,793
Net income per diluted share	$ 1.67	$ 4.94	$ 7.37	$ 14.86
Weighted average diluted shares outstanding	1,761	1,788	1,762	1,796
Dividends per common share	$ 2.20	$ 2.15	$ 6.50	$ 6.05

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 658	$ 4,731
Short-term investments	3,839	21,152
Accounts receivable	23,290	23,951
Inventories	82,946	65,793
Prepaid expenses and other current assets	5,010	3,770
Total current assets	115,743	119,397
Long-term investments	9,474	8,669
Property, plant and equipment	284,079	270,642
Less accumulated depreciation and amortization	157,313	146,888
Property plant and equipment net	126,766	123,754
Other assets and deferred charges:
Patents and licenses	1,100	1,185
Goodwill	9,730	9,730
Other	1,996	1,977
Total other assets and deferred charges	12,826	12,892
Total assets	264,809	264,712
Current liabilities:
Accounts payable and accrued liabilities	13,915	18,024
Accrued income and other taxes	1,351	74
Total current liabilities	15,266	18,098
Line of credit	4,500	0
Other non-current liabilities	4,861	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	67,165	66,347
Retained earnings	379,213	377,682
Treasury shares,1,660 at September 30, 2023 and 1,659 at December 31, 2022, at cost	(206,538)	(204,830)
Total stockholders' equity	240,182	239,541
Total liabilities and stockholders' equity	$ 264,809	$ 264,712

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, shares par value	$ 0.10	$ 0.10
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	3,420	3,420
Treasury stock, shares	1,660	1,659

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 12,987	$ 26,686
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,090	10,339
Deferred income taxes	(1,931)	(2,391)
Stock-based compensation	1,319	1,523
Net change in unrealized gains and losses on investments	1,405	(289)
Net change in accrued interest, premiums, and discounts on investments	(98)	219
Other	0	0
Adjustments to reconcile net income loss to cash provided by used in operating activities	24,772	36,087
Changes in operating assets and liabilities:
Accounts receivable	661	(1,015)
Inventories	(17,153)	(8,846)
Prepaid expenses	(1,450)	(575)
Other non-current assets	191	606
Accounts payable and accrued liabilities	1,130	(403)
Accrued income and other taxes	1,277	2,523
Other non-current liabilities	(280)	570
Cash flows from operating activities	9,148	28,947
Cash flows from investing activities:
Property, plant and equipment additions	(19,757)	(25,321)
Purchase of investments	(5,648)	(25,544)
Proceeds from sale of investments	172	240
Proceeds from maturities of investments	20,676	42,426
Cash flows from investing activities	(4,557)	(8,199)
Cash flows from financing activities:
Purchase of treasury stock	(1,667)	(14,430)
Shares tendered for employees' withholding taxes on stock-based compensation	(57)	(633)
Dividends paid	(11,440)	(10,824)
Proceeds from draw on line of credit	23,628	0
Repayment of draw on line of credit	(19,128)	0
Cash flows from financing activities	(8,664)	(25,887)
Net change in cash and cash equivalents	(4,073)	(5,139)
Cash and cash equivalents at beginning of period	4,731	32,264
Cash and cash equivalents at end of period	658	27,125
Cash paid for:
Income taxes	3,366	5,786
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	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	26,686				26,686
Stock-based compensation transactions, shares		4	(4)
Stock-based compensation transactions, amount	1,203		$ (3,867)	5,070
Shares surrendered in stock transactions, shares		(1)	1
Shares surrendered in stock transactions, amount	(633)		$ (633)
Purchase of Treasury Stock, shares		(24)	24
Purchase of Treasury Stock, amount	(14,430)		$ (14,430)
Dividends	(10,847)				(10,847)
Balance, shares at Sep. 30, 2022		1,780	1,640
Balance, amount at Sep. 30, 2022	246,275	$ 342	$ (193,474)	66,244	373,163
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
Net income	8,839				8,839
Stock-based compensation transactions, shares		1	(1)
Stock-based compensation transactions, amount	91		$ 14	77
Purchase of Treasury Stock, shares		(9)	9
Purchase of Treasury Stock, amount	(5,090)		$ (5,090)
Dividends	(3,841)				(3,841)
Shares surrendered in stock transactions	(179)		$ (179)
Balance, shares at Sep. 30, 2022		1,780	1,640
Balance, amount at Sep. 30, 2022	246,275	$ 342	$ (193,474)	66,244	373,163
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	12,987				12,987
Stock-based compensation transactions, shares		1	(1)
Stock-based compensation transactions, amount	834		$ 16	818
Purchase of Treasury Stock, shares		(2)	2
Purchase of Treasury Stock, amount	(1,667)		$ (1,667)
Dividends	(11,456)				(11,456)
Shares surrendered in stock transactions	(57)		$ (57)
Balance, shares at Sep. 30, 2023		1,760	1,660
Balance, amount at Sep. 30, 2023	240,182	$ 342	$ (206,538)	67,165	379,213
Balance, shares at Jun. 30, 2023		1,760	1,660
Balance, amount at Jun. 30, 2023	240,899	$ 342	$ (206,541)	66,946	380,152
Net income	2,939				2,939
Dividends	(3,878)				(3,878)
Shares surrendered in stock transactions	0
Stock-based compensation transactions	222		$ 3	219
Purchase of treasury stock	0
Balance, shares at Sep. 30, 2023		1,760	1,660
Balance, amount at Sep. 30, 2023	$ 240,182	$ 342	$ (206,538)	$ 67,165	$ 379,213

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 November 7, 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	9 Months Ended
	Sep. 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): September 30, December 31, 2023 2022 Raw materials $ 37,890 $ 33,329 Work in process 17,036 13,618 Finished goods 28,020 18,846 Total inventories $ 82,946 $ 65,793

Income Per Share

Income Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months ended September 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 2,939 $ 8,839 $ 12,987 $ 26,686 Weighted average basic shares outstanding 1,760 1,786 1,761 1,793 Add: Effect of dilutive securities 1 2 1 3 Weighted average diluted shares outstanding 1,761 1,788 1,762 1,796 Earnings per share: Basic $ 1.67 $ 4.95 $ 7.38 $ 14.89 Diluted $ 1.67 $ 4.94 $ 7.37 $ 14.86 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	9 Months Ended
	Sep. 30, 2023
Investments
Investments	(4) Investments As of September 30, 2023, we held investments in bonds, money market accounts, mutual funds, and equity securities. The 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): September 30, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 656 $ 2,380 Cash deposits 2 603 Commercial paper - 1,748 Total cash and cash equivalents $ 658 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 3,748 $ 8,597 Equity securities (available for sale) 91 330 Commercial paper (held-to-maturity) - 12,227 Allowance for credit losses - (2 ) Total short-term investments $ 3,839 $ 21,152 Long-term investments: Equity securities (available for sale) $ 3,910 $ 5,139 Bonds (held-to-maturity) 3,839 3,180 Mutual funds (available for sale) 1,725 350 Total long-term investments $ 9,474 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 13,971 $ 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 third quarter of 2023, our allowance for credit losses was immaterial. The following table summarizes the amortized cost of our held-to-maturity bonds at September 30, 2023 aggregated by credit quality indicator (in thousands): Held-to-Maturity Bonds Credit Quality Indicators Fed Govt. Bonds/Notes Corporate Bonds Totals AAA/AA/A $ 104 $ 3,693 $ 3,797 BBB/BB - 3,790 3,790 TOTAL $ 104 $ 7,483 $ 7,587 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 September 30, 2023: Money market 1 656 $ - $ - $ 656 Commercial paper 2 - $ - $ - $ - Bonds 2 7,587 $ 4 $ (144 ) $ 7,447 Mutual funds 1 1,781 $ - $ (56 ) $ 1,725 Equity investments 2 6,054 $ - $ (2,053 ) $ 4,001 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 September 30, 2023. The unrealized losses for some of these bond investments reflect changes in interest rates following their acquisition. As of September 30, 2023, we had six bond investments in a loss position for more than 12 months. At September 30, 2023, the length of time to maturity for the bonds we held ranged from less than a month to 27 months.

Patents and Licenses

Patents and Licenses	9 Months Ended
	Sep. 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): September 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 $ 12,740 15.67 $ 13,840 $ 12,655 Aggregated amortization expense for patents and licenses was $28 thousand in the three-month period ended September 30, 2023 and $29 thousand in the three month period ended September 30, 2022. Aggregated amortization expense for patents and licenses was $85 thousand in the nine-month period ended September 30, 2023 and $89 thousand in the nine-month period ended September 30, 2022. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 26,146 $ 27,779 $ 78,594 $ 84,121 European Union 6,695 6,371 21,361 23,851 All other regions 9,070 10,481 25,787 32,679 Total $ 41,911 $ 44,631 $ 125,742 $ 140,651 A summary of revenue by product line for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Fluid Delivery $ 17,717 $ 19,303 $ 52,591 $ 64,973 Cardiovascular 17,170 16,780 51,568 50,165 Ophthalmology 2,700 1,607 6,849 4,495 Other 4,324 6,941 14,734 21,018 Total $ 41,911 $ 44,631 $ 125,742 $ 140,651 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2023
Inventories
Schedule Of Inventories	September 30, December 31, 2023 2022 Raw materials $ 37,890 $ 33,329 Work in process 17,036 13,618 Finished goods 28,020 18,846 Total inventories $ 82,946 $ 65,793

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Income Per Share
Schedule Of Computation Of Basic And Diluted Income Per Share	Three Months ended September 30, Nine Months ended September 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Net income $ 2,939 $ 8,839 $ 12,987 $ 26,686 Weighted average basic shares outstanding 1,760 1,786 1,761 1,793 Add: Effect of dilutive securities 1 2 1 3 Weighted average diluted shares outstanding 1,761 1,788 1,762 1,796 Earnings per share: Basic $ 1.67 $ 4.95 $ 7.38 $ 14.89 Diluted $ 1.67 $ 4.94 $ 7.37 $ 14.86

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments
Schedule Of Cash And Cash Equivalents Andshort And Long-term Investments	September 30, 2023 December 31, 2022 Cash and cash equivalents: Money market funds $ 656 $ 2,380 Cash deposits 2 603 Commercial paper - 1,748 Total cash and cash equivalents $ 658 $ 4,731 Short-term investments: Bonds (held-to-maturity) $ 3,748 $ 8,597 Equity securities (available for sale) 91 330 Commercial paper (held-to-maturity) - 12,227 Allowance for credit losses - (2 ) Total short-term investments $ 3,839 $ 21,152 Long-term investments: Equity securities (available for sale) $ 3,910 $ 5,139 Bonds (held-to-maturity) 3,839 3,180 Mutual funds (available for sale) 1,725 350 Total long-term investments $ 9,474 $ 8,669 Total cash, cash equivalents and short and long-term investments $ 13,971 $ 34,552
Schedule Of Investments, Held-to-maturity Securities	Credit Quality Indicators Fed Govt. Bonds/Notes Corporate Bonds Totals AAA/AA/A $ 104 $ 3,693 $ 3,797 BBB/BB - 3,790 3,790 TOTAL $ 104 $ 7,483 $ 7,587
Schedule Of Gross Unrealized Gains And Losses On Investments	Gross Unrealized Level Cost Gains Losses Fair Value As of September 30, 2023: Money market 1 656 $ - $ - $ 656 Commercial paper 2 - $ - $ - $ - Bonds 2 7,587 $ 4 $ (144 ) $ 7,447 Mutual funds 1 1,781 $ - $ (56 ) $ 1,725 Equity investments 2 6,054 $ - $ (2,053 ) $ 4,001 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)	9 Months Ended
	Sep. 30, 2023
Patents and Licenses
Schedule Of Patents And Licenses	September 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 $ 12,740 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)	9 Months Ended
	Sep. 30, 2023
Revenues
Schedule Of Revenues By Geographic Area	Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 26,146 $ 27,779 $ 78,594 $ 84,121 European Union 6,695 6,371 21,361 23,851 All other regions 9,070 10,481 25,787 32,679 Total $ 41,911 $ 44,631 $ 125,742 $ 140,651
Schedule Of Revenues By Product	Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Fluid Delivery $ 17,717 $ 19,303 $ 52,591 $ 64,973 Cardiovascular 17,170 16,780 51,568 50,165 Ophthalmology 2,700 1,607 6,849 4,495 Other 4,324 6,941 14,734 21,018 Total $ 41,911 $ 44,631 $ 125,742 $ 140,651

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventories
Raw material	$ 37,890	$ 33,329
Work in process	17,036	13,618
Finished goods	28,020	18,846
Total inventories	$ 82,946	$ 65,793

Income per share (Details)

Income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income per share (Details)
Net income	$ 2,939	$ 8,839	$ 12,987	$ 26,686
Weighted average basic shares outstanding outstanding	1,760	1,786	1,761	1,793
Add: Effect of dilutive securities	1	2	1	3
Weighted average diluted shares outstanding	1,761	1,788	1,762	1,796
Basic	$ 1.67	$ 4.95	$ 7.38	$ 14.89
Diluted	$ 1.67	$ 4.94	$ 7.37	$ 14.86

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and cash equivalents
Money market funds	$ 656	$ 2,380
Cash deposits	2	603
Commercial paper	0	1,748
Total cash and cash equivalents	658	4,731
Short-term investments
Bonds (held-to-maturity)	3,748	8,597
Equity securities (available for sale)	91	330
Commercial paper (held-to-maturity)	0	12,227
Allowance for credit losses	0	(2)
Total short-term investments	3,839	21,152
Long-term investments
Equity securities (available for sale)	3,910	5,139
Bonds (held-to-maturity)	3,839	3,180
Mutual funds (available for sale)	1,725	350
Total long-term investments	9,474	8,669
Total cash, cash equivalents and short and long-term investments	$ 13,971	$ 34,552

Investments (Details 1)

Investments (Details 1) $ in Thousands	Sep. 30, 2023 USD ($)
Total held to Maturity Bonds	$ 7,587
AAA /AA/A [Member]
Debt Securities, Held-to-maturity	3,797
BBB/BB [Member]
Debt Securities, Held-to-maturity	3,790
Corporate Bonds [Member]
Debt Securities, Held-to-maturity	7,483
Corporate Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	3,693
Corporate Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	3,790
Fed Govt. Bonds/Notes [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	104
Fed Govt. Bonds/Notes [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Fedral government bond notes [Member]
Debt Securities, Held-to-maturity	$ 104

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Money Market Funds [Member]
Debt Securities, Held-to-maturity	$ 656	$ 2,380
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Gross Unrealized Fair Value	656	2,380
Commercial Paper [Member]
Debt Securities, Held-to-maturity	0	13,975
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(9)
Gross Unrealized Fair Value	0	13,967
Bonds [Member]
Debt Securities, Held-to-maturity	7,587	11,777
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(144)	(353)
Gross Unrealized Fair Value	7,447	11,424
Mutual funds (available for sale) [Member]
Debt Securities, Held-to-maturity	1,781	466
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(56)	(116)
Gross Unrealized Fair Value	1,725	350
Equity investments [Member]
Debt Securities, Held-to-maturity	6,054	6,054
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,053)	(585)
Gross Unrealized Fair Value	$ 4,001	$ 5,469

Investments (Details Narrative)

Investments (Details Narrative)	9 Months Ended
	Sep. 30, 2023
Investments
Securities Maturity, Description	the length of time to maturity for the bonds we held ranged from less than a month to 27 months

Patents and Licenses (Details)

Patents and Licenses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Patents and Licenses
Accumulated Amortization	$ 12,740	$ 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	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Patents And Licenses [Member]
Aggregate amortization expense	$ 28	$ 29	$ 85	$ 89

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 41,911	$ 44,631	$ 125,742	$ 140,651
European Union
Revenues	6,695	6,371	21,361	23,851
All Other Regions
Revenues	9,070	10,481	25,787	32,679
United State
Revenues	$ 26,146	$ 27,779	$ 78,594	$ 84,121

Revenues (Details 1)

Revenues (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 41,911	$ 44,631	$ 125,742	$ 140,651
Fluid Delivery [Member]
Revenues	17,717	19,303	52,591	64,973
Cardiovascular [Member]
Revenues	17,170	16,780	51,568	50,165
Ophthalmology [Member]
Revenues	2,700	1,607	6,849	4,495
Other [Member]
Revenues	$ 4,324	$ 6,941	$ 14,734	$ 21,018