Atrion (ATRI) - 2021 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2021, the company reported revenues of $42.9 million, up 27% from $33.8 million in the same period of 2020[42]. - Consolidated net income for the third quarter of 2021 was $8.3 million, or $4.59 per basic share, compared to $7.2 million, or $3.96 per basic share, in the third quarter of 2020[43]. - Cardiovascular revenues increased by 42% in the third quarter of 2021 compared to the same period in 2020, contributing significantly to overall revenue growth[44]. - For the first nine months of 2021, consolidated revenues were $124.7 million, up from $115.3 million in the same period of 2020[50]. Cost and Profitability - Cost of goods sold for the third quarter of 2021 was $25.1 million, representing 58.5% of revenues, compared to 55.9% in the third quarter of 2020[45]. - Gross profit for the third quarter of 2021 was $17.8 million, with a gross profit percentage of 41.5%, down from 44.1% in the same period of 2020[46]. - Operating income for the third quarter of 2021 was $9.5 million, a 25.1% increase from the previous year, representing 22.1% of revenues[47]. Tax and Cash Position - The effective tax rate for the third quarter of 2021 was 13.7%, down from 15.4% in the same period of 2020, due to increased tax benefits[49]. - The company expects the effective tax rate for 2021 to be approximately 15%[54]. - As of September 30, 2021, the company had $78.1 million in cash and cash equivalents, down from $87.9 million at the end of 2020[56]. Risk and Control - For the quarter ended September 30, 2021, there were no material changes in market risk exposures compared to the disclosures in the 2020 Form 10-K[63]. - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of September 30, 2021[63]. - There were no changes in internal control over financial reporting for the quarter ended September 30, 2021, that materially affected or are likely to affect internal control[63]. - As of the date of the report, there were no pending legal proceedings of the type described in Item 103 of Regulation S-K[64]. - There has been no material change in the risk factors described in the 2020 Form 10-K as of the date of this report[64].