Atrion (ATRI) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
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, 2024
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		1,759,954
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
Entity Interactive Data Current	Yes
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Revenues	$ 47,334	$ 39,993
Cost of goods sold	34,983	24,912
Gross profit	12,351	15,081
Operating expenses:
Selling	2,772	2,727
General and administrative	4,787	6,254
Research and development	1,650	1,630
Operating expenses	9,209	10,611
Operating income	3,142	4,470
Interest and dividend income	156	240
Other investment income/(losses)	(109)	(721)
Other income	14	10
Total other income expense	61	(471)
Income before provision for income taxes	3,203	3,999
Provision for income taxes	(411)	(514)
Net income	$ 2,792	$ 3,485
Net income per basic share	$ 1.59	$ 1.98
Weighted average basic shares outstanding	1,760	1,762
Net income per diluted share	$ 1.59	$ 1.98
Weighted average diluted shares outstanding	1,761	1,763
Dividends per common share	$ 2.20	$ 2.15

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 7,135	$ 3,565
Short-term investments	2,760	2,691
Accounts receivable	25,116	23,029
Inventories	75,000	82,307
Prepaid expenses and other current assets	2,503	3,173
Total current assets	112,514	114,765
Long-term investments	8,853	8,165
Property, plant and equipment	289,054	286,445
Less accumulated depreciation and amortization	164,446	161,098
Property plant and equipment net	124,608	125,347
Other assets and deferred charges:
Patents and licenses	1,043	1,072
Goodwill	9,730	9,730
Other	1,879	1,746
Total other assets and deferred charges	12,652	12,548
Total assets	258,627	260,825
Current liabilities:
Accounts payable and accrued liabilities	11,112	12,515
Accrued income and other taxes	1,140	106
Total current liabilities	12,252	12,621
Other non-current liabilities	4,452	5,315
Stockholders' equity:
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares	342	342
Additional paid-in capital	67,472	67,331
Retained earnings	380,665	381,754
Treasury shares,1,660 at March 31, 2024 and 1,660 at December 31, 2023, at cost	(206,556)	(206,538)
Total stockholders' equity	241,923	242,889
Total liabilities and stockholders' equity	$ 258,627	$ 260,825

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	1,660,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,792	$ 3,485
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,943	3,509
Deferred income taxes	(135)	(1,394)
Stock-based compensation	235	407
Net change in unrealized gains and losses on investments	109	721
Net change in accrued interest, premiums, and discounts on investments	(5)	(77)
Adjustments to reconcile net income loss to cash provided by used in operating activities	6,939	6,651
Changes in operating assets and liabilities:
Accounts receivable	(2,087)	4,527
Inventories	7,307	(9,300)
Prepaid expenses	345	979
Other non-current assets	192	382
Accounts payable and accrued liabilities	(1,504)	167
Accrued income and other taxes	1,034	984
Other non-current liabilities	(728)	(62)
Cash flows from operating activities	11,498	4,328
Cash flows from investing activities:
Property, plant and equipment additions	(3,175)	(7,543)
Purchase of investments	(3,608)	(4,160)
Proceeds from sale of investments	228	52
Proceeds from maturities of investments	2,519	11,574
Cash flows from investing activities	(4,036)	(77)
Cash flows from financing activities:
Purchase of treasury stock	0	(613)
Shares tendered for employees' withholding taxes on stock-based compensation	(20)	(22)
Dividends paid	(3,872)	(3,784)
Cash flows from financing activities	(3,892)	(4,419)
Net change in cash and cash equivalents	3,570	(168)
Cash and cash equivalents at beginning of period	3,565	4,731
Cash and cash equivalents at end of period	7,135	4,563
Cash paid for:
Income taxes	$ 11	$ 146

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS 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, 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
Shares surrendered in stock transactions	(22)		$ (22)
Purchase of treasury stock, shares		(1)	1
Purchase of treasury stock, amount	(613)		$ (613)
Dividends	3,787				3,787
Balance, amount at Mar. 31, 2023	238,641	$ 342	$ (205,463)	66,382	377,380
Balance, shares at Mar. 31, 2023		1,760	1,660
Balance, shares at Dec. 31, 2023		1,760	1,660
Balance, amount at Dec. 31, 2023	242,889	$ 342	$ (206,538)	67,331	381,754
Net income	2,792				2,792
Stock-based compensation transactions	143		2	141
Shares surrendered in stock transactions	(20)		(20)
Purchase of treasury stock, amount	0
Dividends	3,881				3,881
Balance, amount at Mar. 31, 2024	$ 241,923	$ 342	$ (206,556)	$ 67,472	$ 380,665
Balance, shares at Mar. 31, 2024		1,760	1,660

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 May 10, 2024, 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, 2023 ("2023 Form 10-K").

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Raw materials $ 36,518 $ 37,770 Work in process 17,756 17,462 Finished goods 20,726 27,075 Total inventories $ 75,000 $ 82,307 The decrease in inventories is partially due to a $2.3 million one-time inventory write-off at one of our subsidiaries attributable to a correction of a prior-year immaterial error related to our 2023 10-K.

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 (in thousands, except per share amounts) Net income $ 2,792 $ 3,485 Weighted average basic shares outstanding 1,760 1,762 Add: Effect of dilutive securities 1 1 Weighted average diluted shares outstanding 1,761 1,763 Earnings per share: Basic $ 1.59 $ 1.98 Diluted $ 1.59 $ 1.98 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, 2024
Investments
Investments	(4) Investments As of March 31, 2024, 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): March 31, 2024 December 31, 2023 Cash and cash equivalents: Money market funds $ 7,133 $ 3,563 Cash deposits 2 2 Total cash and cash equivalents $ 7,135 $ 3,565 Short-term investments: Bonds (held-to-maturity) $ 2,618 $ 2,552 Equity securities (available for sale) 142 139 Total short-term investments $ 2,760 $ 2,691 Long-term investments: Equity securities (available for sale) $ 4,227 $ 4,354 Bonds (held-to-maturity) 3,307 3,575 Mutual funds (available for sale) 1,319 236 Total long-term investments $ 8,853 $ 8,165 Total cash, cash equivalents and short and long-term investments $ 18,748 $ 14,421 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 2024, our allowance for credit losses was immaterial. The following table summarizes the amortized cost of our held-to-maturity bonds at March 31, 2024 aggregated by credit quality indicator (in thousands): Held-to-Maturity Bonds Credit Quality Indicators Fed Govt. Bonds/Notes Corporate Bonds Totals AAA/AA/A $ 2,384 $ 500 $ 2,884 BBB/BB - 3,041 3,041 TOTAL $ 2,384 $ 3,541 $ 5,925 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, 2024: Money market 1 7,133 $ - $ - $ 7,133 Bonds 2 5,925 $ 1 $ (86 ) $ 5,840 Mutual funds 1 1,347 $ - $ (28 ) $ 1,319 Equity investments 2 6,054 $ - $ (1,685 ) $ 4,369 As of December 31, 2023: Money Market 1 3,563 $ - $ - $ 3,563 Bonds 2 6,127 $ 1 $ (82 ) $ 6,046 Mutual funds 1 279 $ - $ (43 ) $ 236 Equity investments 2 6,054 $ - $ (1,561 ) $ 4,493 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, 2024. The unrealized losses for some of these bond investments reflect changes in interest rates following their acquisition. As of March 31, 2024, we had four bond investments in a loss position for more than 12 months. At March 31, 2024, the length of time to maturity for the bonds we held ranged from 12 to 24 months.

Patents and Licenses

Patents and Licenses	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,797 15.67 $ 13,840 $ 12,768 Aggregated amortization expense for patents and licenses was $29 thousand and $28 thousand in the three-month period ended March 31, 2024 and March 31, 2023, respectively. Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands): 2025 $ 112 2026 $ 112 2027 $ 108 2028 $ 108 2029 $ 108

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 is as follows (in thousands): 2024 2023 United States $ 31,087 $ 24,868 European Union 6,313 8,085 All other regions 9,934 7,040 Total $ 47,334 $ 39,993 A summary of revenue by product line for the three months ended March 31, 2024 and 2023 is as follows (in thousands): 2024 2023 Fluid Delivery $ 19,537 $ 17,585 Cardiovascular 20,016 15,665 Ophthalmology 1,476 1,359 Other 6,305 5,384 Total $ 47,334 $ 39,993 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 credit losses 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, 2024
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, 2024
Inventories
Schedule Of Inventories	March 31, December 31, 2024 2023 Raw materials $ 36,518 $ 37,770 Work in process 17,756 17,462 Finished goods 20,726 27,075 Total inventories $ 75,000 $ 82,307

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Income Per Share
Schedule Of Computation Of Basic And Diluted Income Per Share	Three Months Ended March 31, 2024 2023 (in thousands, except per share amounts) Net income $ 2,792 $ 3,485 Weighted average basic shares outstanding 1,760 1,762 Add: Effect of dilutive securities 1 1 Weighted average diluted shares outstanding 1,761 1,763 Earnings per share: Basic $ 1.59 $ 1.98 Diluted $ 1.59 $ 1.98

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments
Schedule Of Cash And Cash Equivalents Andshort And Long-term Investments	March 31, 2024 December 31, 2023 Cash and cash equivalents: Money market funds $ 7,133 $ 3,563 Cash deposits 2 2 Total cash and cash equivalents $ 7,135 $ 3,565 Short-term investments: Bonds (held-to-maturity) $ 2,618 $ 2,552 Equity securities (available for sale) 142 139 Total short-term investments $ 2,760 $ 2,691 Long-term investments: Equity securities (available for sale) $ 4,227 $ 4,354 Bonds (held-to-maturity) 3,307 3,575 Mutual funds (available for sale) 1,319 236 Total long-term investments $ 8,853 $ 8,165 Total cash, cash equivalents and short and long-term investments $ 18,748 $ 14,421
Schedule Of Investments, Held-to-maturity Securities	Held-to-Maturity Bonds Credit Quality Indicators Fed Govt. Bonds/Notes Corporate Bonds Totals AAA/AA/A $ 2,384 $ 500 $ 2,884 BBB/BB - 3,041 3,041 TOTAL $ 2,384 $ 3,541 $ 5,925
Schedule Of Gross Unrealized Gains And Losses On Investments	Gross Unrealized Level Cost Gains Losses Fair Value As of March 31, 2024: Money market 1 7,133 $ - $ - $ 7,133 Bonds 2 5,925 $ 1 $ (86 ) $ 5,840 Mutual funds 1 1,347 $ - $ (28 ) $ 1,319 Equity investments 2 6,054 $ - $ (1,685 ) $ 4,369 As of December 31, 2023: Money Market 1 3,563 $ - $ - $ 3,563 Bonds 2 6,127 $ 1 $ (82 ) $ 6,046 Mutual funds 1 279 $ - $ (43 ) $ 236 Equity investments 2 6,054 $ - $ (1,561 ) $ 4,493

Patents and Licenses (Tables)

Patents and Licenses (Tables)	3 Months Ended
	Mar. 31, 2024
Patents and Licenses
Schedule Of Patents And Licenses	March 31, 2024 December 31, 2023 Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization 15.67 $ 13,840 $ 12,797 15.67 $ 13,840 $ 12,768
Schedule Of Estimated Future Amortization Expense	2025 $ 112 2026 $ 112 2027 $ 108 2028 $ 108 2029 $ 108

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenues
Schedule Of Revenues By Geographic Area	2024 2023 United States $ 31,087 $ 24,868 European Union 6,313 8,085 All other regions 9,934 7,040 Total $ 47,334 $ 39,993
Schedule Of Revenues By Product	2024 2023 Fluid Delivery $ 19,537 $ 17,585 Cardiovascular 20,016 15,665 Ophthalmology 1,476 1,359 Other 6,305 5,384 Total $ 47,334 $ 39,993

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories
Raw material	$ 36,518	$ 37,770
Work in process	17,756	17,462
Finished goods	20,726	27,075
Total inventories	$ 75,000	$ 82,307

Inventories (Details Narrative)

Inventories (Details Narrative) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Inventories
Inventory write-off	$ 2.3

Income per share (Details)

Income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income per share (Details)
Net income	$ 2,792	$ 3,485
Weighted average basic shares outstanding	1,760	1,762
Add: Effect of dilutive securities	1	1
Weighted average diluted shares outstanding	1,761	1,763
Basic	$ 1.59	$ 1.98
Diluted	$ 1.59	$ 1.98

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents
Money market funds	$ 7,133	$ 3,563
Cash deposits	2	2
Total cash and cash equivalents	7,135	3,565
Short-term investments
Bonds (held-to-maturity)	2,618	2,552
Equity securities (available for sale)	142	139
Total short-term investments	2,760	2,691
Long-term investments
Equity securities (available for sale)	4,227	4,354
Bonds (held-to-maturity)	3,307	3,575
Mutual funds (available for sale)	1,319	236
Total long-term investments	8,853	8,165
Total cash, cash equivalents and short and long-term investments	$ 18,748	$ 14,421

Investments (Details 1)

Investments (Details 1) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Securities, Held-to-maturity	$ 5,925
AAA /AA/A [Member]
Debt Securities, Held-to-maturity	2,884
BBB/BB [Member]
Debt Securities, Held-to-maturity	3,041
Fed Govt. Bonds/Notes [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	2,384
Fed Govt. Bonds/Notes [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	0
Corporate Bonds [Member]
Debt Securities, Held-to-maturity	3,541
Corporate Bonds [Member] | AAA /AA/A [Member]
Debt Securities, Held-to-maturity	500
Corporate Bonds [Member] | BBB/BB [Member]
Debt Securities, Held-to-maturity	3,041
Fedral government bond notes [Member]
Debt Securities, Held-to-maturity	$ 2,384

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross Unrealized, Cost	$ 5,925
Money Market Funds [Member]
Gross Unrealized, Cost	7,133	$ 3,563
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Gross Unrealized Fair Value	7,133	3,563
Bonds [Member]
Gross Unrealized, Cost	5,925	6,127
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(86)	(82)
Gross Unrealized Fair Value	5,840	6,046
Mutual funds (available for sale) [Member]
Gross Unrealized, Cost	1,347	279
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(28)	(43)
Gross Unrealized Fair Value	1,319	236
Equity investments [Member]
Gross Unrealized, Cost	6,054	6,054
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,685)	(1,561)
Gross Unrealized Fair Value	$ 4,369	$ 4,493

Investments (Details Narrative)

Investments (Details Narrative)	3 Months Ended
	Mar. 31, 2024
Investments
Securities Maturity, Description	the length of time to maturity for the bonds we held ranged from 12 to 24 months

Patents and Licenses (Details)

Patents and Licenses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 12,797	$ 12,768

Patents and Licenses (Details 1

Patents and Licenses (Details 1) $ in Thousands	Mar. 31, 2024 USD ($)
Patents and Licenses
2025	$ 112
2026	112
2027	108
2028	108
2029	$ 108

Patents and Licenses (Details N

Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Patents And Licenses [Member]
Aggregate amortization expense	$ 29	$ 28

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 47,334	$ 39,993
European Union [Member]
Revenues	6,313	8,085
All Other Regions [Member]
Revenues	9,934	7,040
United State [Member]
Revenues	$ 31,087	$ 24,868

Revenues (Details 1)

Revenues (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 47,334	$ 39,993
Fluid Delivery [Member]
Revenues	19,537	17,585
Cardiovascular [Member]
Revenues	20,016	15,665
Ophthalmology [Member]
Revenues	1,476	1,359
Other [Member]
Revenues	$ 6,305	$ 5,384