Atrion (US:ATRI)2023-05-08 20:31Financial Performance - For the three months ended March 31, 2023, the company reported revenues of $40.0 million, a decrease of 15% from $47.1 million in the same period of 2022[47][49] - Operating income for the first quarter of 2023 was $4.5 million, down 56% from $10.3 million in the first quarter of 2022, representing 11.2% of revenues compared to 21.7% in the prior year[52] - Consolidated net income for Q1 2023 was $3.5 million, or $1.98 per share, down 59% from $8.5 million, or $4.73 per share, in Q1 2022[48] - Gross profit for Q1 2023 was $15.1 million, a decrease of 22% from the previous year, with a gross profit margin of 37.7% compared to 40.8% in Q1 2022[51] - Operating expenses increased to $10.6 million in Q1 2023, up $1.6 million from the previous year, primarily due to higher general and administrative expenses[51] - Cash flows from operating activities for Q1 2023 were $4.3 million, down from $11.8 million in Q1 2022, reflecting changes in working capital[55] Product Line Performance - The Fluid Delivery product line revenue decreased by 27%, while Other product line revenue declined by 19% due to customer delivery delays amid economic concerns[49] Cash and Credit Facilities - As of March 31, 2023, the company had $26.3 million in cash and cash equivalents, down from $34.6 million at the end of 2022[54] - The company has a $75.0 million revolving credit facility, with no outstanding borrowings as of March 31, 2023, and is in compliance with all financial covenants[54] Stock Repurchase Program - For the quarter ended March 31, 2023, the company repurchased a total of 1,035 shares at an average price of $592.43 per share[64] - As of March 31, 2023, the company had repurchased a total of 119,413 shares under the stock repurchase program approved on May 21, 2015, with a maximum of 250,000 shares authorized for repurchase[64] - The stock repurchase program has no expiration date but may be terminated by the Board of Directors at any time[64] - The total number of shares that may yet be purchased under the stock repurchase program is 130,587 shares[64] Risk and Compliance - The company reported no material changes in market risk exposures for the quarter ended March 31, 2023[61] - There were no changes in internal control over financial reporting that materially affected the company for the quarter ended March 31, 2023[61] - The company has no pending legal proceedings as of the date of the report[62] - There has been no material change in the risk factors described in the 2022 Form 10-K[62] Operational Focus - The company continues to focus on R&D to improve existing products and develop new ones, while also controlling costs through modern manufacturing technologies[44][46] - The company maintained effective disclosure controls and procedures as evaluated by the CEO and CFO[61] - The company did not experience any material changes in its quantitative and qualitative disclosures presented in the 2022 Form 10-K[61]