ALLEN, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ:ATRI) today announced its results for the second quarter ended June 30, 2024.

Revenues for the second quarter of 2024 totaled $48.8 million compared to $43.8 million for the same period in 2023. For the just ended quarter, operating income was $0.5 million, down $6.8 million from the comparable 2023 period, and net income was $0.4 million, down $6.2 million from the same period in 2023. Operating income was significantly impacted by the accrual of $5.0 million in acquisition-related expenses discussed below. Second quarter 2024 diluted earnings per share were $0.23 compared to $3.73 for the second quarter of 2023.

Commenting on the results for the second quarter of 2024 compared to the prior year period, David Battat, President and CEO, stated, "We were pleased to see strong revenue growth of 11%. Adjusting for the accrual of expenses relating to the merger with Nordson Corporation announced May 28, 2024, operating income was $5.5 million, down 25% from the prior year period. Our MPS consoles showed particularly strong growth, with sales up 22% and MPS disposables sales up 21%. We saw continued recovery in our fluid delivery products, with certain product families showing double-digit revenue increases compared to the prior year period. We continued to halt some fluid delivery production lines to reduce inventories accumulated as the result of the supply chain disruptions in 2023. While this halt resulted in under-absorption of overhead and negatively impacted operating income, the value of inventories declined 10% from the first to the second quarters of this year and are 18% lower than they were December 31, 2023."

Mr. Battat concluded, "As of June 30, 2024, cash and short- and long-term investments totaled $23.2 million. We remain debt free."

Atrion Corporation develops and manufactures products primarily for medical applications. The Company's website is www.atrioncorp.com.

Contact:

Cindy Ferguson

Vice President and Chief Financial Officer

(972) 390-9800

ATRION CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2024

2023

2024

2023

Revenues

48,773

43,838

96,107

83,831

Cost of goods sold

32,926

26,584

67,909

51,496

Gross profit

15,847

17,254

28,198

32,335

Operating expenses

15,313

9,875

24,522

20,486

Operating income

534

7,379

3,676

11,849

Interest and dividend income

388

127

544

367

Other investment income (loss)

(542

)

(651

)

(623

)

Other income

Interest expense

(27

)

(27

)

Income before income taxes

403

7,606

3,606

11,605

Income tax provision

)

(1,043

)

(412

)

(1,557

)

Net income

402

6,563

3,194

10,048

Income per basic share

0.23

3.73

1.81

5.71

Weighted average basic shares outstanding

1,761

1,760

1,761

Income per diluted share

0.23

3.73

1.81

5.70

Weighted average diluted shares outstanding

1,763

1,761

1,762

ATRION CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)

	June 30,		Dec 31,
ASSETS	2024		2023
	(Unaudited)
Current assets:
Cash and cash equivalents	$	11,462	$	3,565
Short-term investments		6,124		2,691
Total cash and short-term investments		17,586		6,256
Accounts receivable		26,555		23,029
Inventories		67,641		82,307
Prepaid expenses and other		7,480		3,173
Total current assets		119,262		114,765
Long-term investments		5,624		8,165
Property, plant and equipment, net		122,905		125,347
Other assets		12,563		12,548

	$	260,354	$	260,825


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities		17,537		12,621
Other non-current liabilities		3,944		5,315
Stockholders' equity		238,873		242,889

	$	260,354	$	260,825

ATRION CORPORATION

NON-GAAP FINANCIAL INFORMATION

(In thousands)

This release includes a reference to non-GAAP operating income that excludes merger-related expenses accrued in the second quarter of 2024. This financial measure is not prepared in accordance with GAAP. The operating income excluding the merger accrual is calculated by increasing operating income by the amount of the merger-related expenses.

We believe that this non-GAAP measure provides insight into our operating income performance. However, this non-GAAP financial measure may not be comparable to similarly titled non-GAAP financial measures used by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for GAAP financial measures. and are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP measure is provided in the table below.

	Three Months Ended June 30,
	2024		2023		Change
Revenues	$	48,773	$	43,838	11	%
Cost of goods sold		32,926		26,584
Gross profit		15,847		17,254

Operating income		534		7,379
Add: merger accrual		5,000		-
Operating income excluding merger accrual		5,534		7,379	(25	%)

Atrion Reports Second Quarter 2024 Results