# EDGAR Filing Document

**Accession Number:** 0000701288
**File Stem:** 0001171843-23-001190
**Filing Date:** 2023-2
**Character Count:** 9515
**Document Hash:** 8e3e398ebc16cb61e63cb589bc972c0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-23-001190.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001171843-23-001190

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATRION CORP
- **CENTRAL INDEX KEY:** 0000701288
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 630821819
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32982
- **FILM NUMBER:** 23674612

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ALLENTOWN PARKWAY
- **CITY:** ALLEN
- **STATE:** TX
- **ZIP:** 75002
- **BUSINESS PHONE:** 9723909800

**MAIL ADDRESS:**
- **STREET 1:** ONE ALLENTOWN PARKWAY
- **CITY:** ALLEN
- **STATE:** TX
- **ZIP:** 75002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALATENN RESOURCES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 27, 2023
_______________________________

#### Atrion Corporation
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32982** | **63-0821819** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### One Allentown Parkway

#### Allen, Texas 75002
(Address of Principal Executive Offices) (Zip Code)

(972) 390-9800

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.10 per share | ATRI | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On February 27, 2023, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

<br> [99.1](exh_991.htm) [Press Release dated February 27, 2023](exh_991.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Atrion Corporation** | **Atrion Corporation** |
| Date: February 27, 2023 | By: | <u>/s/ David A. Battat&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | David A. Battat |
|  |  | President and CEO |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Atrion Reports Fourth Quarter and Full Year 2022 Results**

ALLEN, Texas, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced its results for the fourth quarter ended December 31, 2022 and the full year 2022.

Revenues for the fourth quarter of 2022 totaled $42.9 million compared to $40.3 million for the same period in 2021. For the quarter ended December 31, 2022, operating income was $8.8 million, up $967 thousand over the comparable 2021 period, and net income was $8.3 million, up $195 thousand over the same period in 2021. Fourth quarter 2022 diluted earnings per share were $4.70 compared to $4.50 for the fourth quarter of 2021. For the full year 2022 compared to the full year 2021, revenues increased to $183.5 million from $165.0 million, net income was $35.0 million versus $33.1 million, and diluted earnings per share were $19.56 compared to $18.18.

Commenting on the results of the quarter and the full year compared to prior year periods, David Battat, President and CEO, stated, "We are very pleased with the results of the quarter when, despite supply disruptions, revenues were up 6% to an all-time record amount for a fourth quarter. For the full year 2022, revenues increased 11%, also to a new record level for the Company." Mr. Battat continued, "Progressively higher costs for labor and raw materials resulted in a 1% drop in gross profit margin, with 2022 concluding at 41% compared to 42% in 2021. Nevertheless, operating income was up 12% for the just-ended quarter and 10% for the year. Net income was up by 2% in the fourth quarter and 6% for the year, adversely impacted by weaker performance in our investment portfolio. Earnings per share were up 8% for the full year, with fewer outstanding shares following the repurchase of 18,828 shares in the fourth quarter at an average cost per share of $603.19 and total repurchases during the full year of 42,568 shares at an average cost per share of $605.78. We remain debt free, despite investing heavily in our future growth. In addition to our ongoing program of aggressive investment in new products and automation, over the last few years we committed $41 million for a new company-wide ERP system and a significant expansion of our Florida facility to meet anticipated future demand."

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

Contact:

Jeffery Strickland

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**<br>**December 31,** | **Three Months Ended**<br>**December 31,** | **Twelve Months Ended**<br>**December 31,** | **Twelve Months Ended**<br>**December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenues | $42855 | $40293 | $183506 | $165009 |
| Cost of goods sold | 24681 | 22917 | 107602 | 95637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 18174 | 17376 | 75904 | 69372 |
| Operating expenses | 9369 | 9538 | 36217 | 33330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 8805 | 7838 | 39687 | 36042 |
| Interest and dividend income | 349 | 163 | 988 | 843 |
| Other investment income (loss) | (366) | 625 | (150) | 1477 |
| Other income | -- | -- | 92 | 67 |
| &nbsp;&nbsp;Income before income taxes | 8788 | 8626 | 40617 | 38429 |
| Income tax provision | (466) | (499) | (5609) | (5374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $8322 | $8127 | $35008 | $33055 |
| Income per basic share | $4.70 | $4.51 | $19.59 | $18.22 |
| Weighted average basic shares outstanding | 1770 | 1801 | 1787 | 1814 |
| Income per diluted share | $4.70 | $4.50 | $19.56 | $18.18 |
| Weighted average diluted shares outstanding | 1771 | 1806 | 1790 | 1818 |

---

 **ATRION CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Dec. 31,** | **Dec. 31,** |
| **ASSETS** | **2022** | **2021** |
|  | **(Unaudited)** |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $4731 | $32264 |
| &nbsp;&nbsp;Short-term investments | 21152 | 29059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and short-term investments | 25883 | 61323 |
| &nbsp;&nbsp;Accounts receivable | 23951 | 21023 |
| &nbsp;&nbsp;Inventories | 65793 | 50778 |
| &nbsp;&nbsp;Prepaid expenses and other | 3770 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 119397 | 136571 |
| <br>Long-term investments | 8669 | 19423 |
| <br>Property, plant and equipment, net | 123754 | 97972 |
| &nbsp;&nbsp;Other assets | 12892 | 13298 |
|  | $264712 | $267264 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities | 18098 | 13346 |
| Line of credit |  |  |
| Other non-current liabilities | 7073 | 9622 |
| Stockholders' equity | 239541 | 244296 |
|  | $264712 | $267264 |

---