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Atrion Reports First Quarter Results Release : 5/10/2021 4:30:00 PM ALLEN , Texas , May 10 , 2021 ( GLOBE NEWSWIRE ) -- Atrion Corporation ( Nasdaq - ATRI ) today announced that revenues for the quarter ended March 31 , 2021 were $ 39.2 million compared with $ 43.6 million for the first quarter of 2020. Net income in the current - year quarter totaled $ 7.7 million compared to $ 8.9 million in last year's first quarter , with diluted earnings per share for the first quarter of 2021 at $ 4.22 compared to $ 4.79 for the first quarter of 2020 . Commenting on results for the first quarter of 2021 and the outlook for the remainder of 2021 , Mr. Battat stated , " I am very pleased to report strong growth in quarterly sequential sales , with revenues for the first quarter of 2021 increasing by $ 7.0 million compared to the preceding quarter . After three successive quarters of sales declines in 2020 during the pandemic we have turned the corner . Our customers are placing increased orders , reflecting the pent - up demand for postponed inpatient and outpatient procedures . Given the easing of quarantine restrictions and the increased availability of vaccines , we expect a continued ramp - up in the number of elective surgeries in each of the remaining quarters of this year , albeit at a modest pace in the second quarter as many people will choose to travel in the late spring and early summer months . As a result , we are confident in our outlook for 2021 and expect revenues in the second half of the year and beyond to continue on a growth path . " Addressing comparisons with the first quarter of 2020 , Mr. Battat added , " While the effect of COVID - 19 on revenues is diminishing , we are continuing to employ enhanced safety measures in our facilities to protect our workforce , even though this impacts our efficiency and skews pre - pandemic comparisons . Moreover , we have addressed the added financial burdens facing our employees due to the pandemic for expenses such as child care and remote schooling by increasing pay for our manufacturing employees . These cost increases , which we incurred in the just - completed first quarter and are continuing , are the primary reason why gross margins declined from 46 % of sales in the first quarter of 2020 to 42 % in the just completed quarter of 2021. Nevertheless , operating income in the first quarter of 2021 was a very strong 23 % of sales . " Mr. Battat concluded , " Cash and short and long term investments increased slightly to $ 88.5 million , and we remain debt free . " Atrion Corporation develops and manufactures products primarily for medical applications . The Company's website is www.atrioncorp.com . Statements in this press release that are forward looking are based upon current expectations and actual results or future events may differ materially . Such statements include , but are not limited to , Atrion's expectations regarding a continued increase in elective surgeries in each of the remaining quarters of 2021 and revenues in the second half of 2021 to continue on a growth path . Words such as " expects , " " believes , " " anticipates , " " forecasts , " " intends , " " should " , " plans , " " will " and variations of such words and similar expressions are intended to identify such forward - looking statements . Forward - looking statements contained herein involve numerous risks and uncertainties , and there are a number of factors that could cause actual results or future events to differ materially , including , but not limited to , the following : the risk that the COVID- 19 pandemic continues to lead to material delays and cancellations of , or reduced demand for , procedures in which our products are utilized ; curtailed or delayed capital spending by hospitals and other healthcare providers ; disruption to our supply chain ; closures of our facilities ; delays in training ; delays in gathering clinical evidence ; diversion of management and other resources to respond to the COVID - 19 outbreak ; the impact of global and regional economic and credit market conditions on healthcare spending ; the risk that the COVID - 19 virus continues to disrupt local economies and to cause economies in our key markets to enter prolonged recessions ; changing economic , market and business conditions ; acts of war or terrorism ; the effects of governmental regulation ; the impact of competition and new technologies ; slower - than- anticipated introduction of new products or implementation of marketing strategies ; implementation of new manufacturing processes or implementation of new information systems ; our ability to protect our intellectual property ; changes in the prices of raw materials ; changes in product mix ; intellectual property and product liability claims and product recalls ; the ability to attract and retain qualified personnel ; and the loss of , or any material reduction in sales to , any significant customers . In addition , assumptions relating to budgeting , marketing , product development and other management decisions are subjective in many respects and thus susceptible to interpretations and periodic review which may cause us to alter our marketing , capital expenditures or other budgets , which in turn may affect our results of operations and financial condition . The foregoing list of factors is not exclusive , and other factors are set forth in the Company's filings with the Securities and Exchange Commission . The forward - looking statements in this press release are made as of the date hereof , and we do not undertake any obligation , and disclaim any duty , to supplement , update or revise such statements , whether as a result of subsequent events , changed expectations or otherwise , except as required by applicable law . Contact : Jeffery Strickland Vice President and Chief Financial Officer ( 972 ) 390-9800 ATRION CORPORATION CONSOLIDATED STATEMENTS OF INCOME ( In thousands , except per share data ) ( Unaudited )