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Atrion Reports Third Quarter Results Release : 11/8/2021 4:00:00 PM ALLEN , Texas , Nov. 08 , 2021 ( GLOBE NEWSWIRE ) Atrion Corporation ( NASDAQ : ATRI ) today announced its results for the third quarter ended September 30 , 2021 . Revenues totaled $ 42.9 million compared to $ 33.8 million for the same period in 2020. Net income for the third quarter of 2021 totaled $ 8.3 million , an increase of $ 1.1 million compared to $ 7.2 million for the same period in 2020 , with diluted earnings per share for the third quarter of 2021 at $ 4.58 compared to $ 3.95 for the third quarter of 2020 . Commenting on the results for the third quarter , David Battat , President and CEO , stated , " We have spent this year focusing on expanding our customer base , increasing business with existing customers by providing seamless deliveries in the face of global supply chain shortages , and investing to further improve quality and manufacturing efficiency . " Mr. Battat added , " Thanks to these efforts , along with the gradual resumption of surgeries and procedures at hospitals and physician offices , I am especially pleased to report that in the just - ended third quarter revenues were up 27 % compared to the third quarter of 2020 , with every major product category showing improvements . " Mr. Battat continued , " Our results were favorably impacted by a 42 % increase in Cardiovascular revenues compared to the third quarter of 2020 when many surgeries were postponed due to COVID - 19 . Excluding Cardiovascular , our revenues from all other major products were up 19 % compared to last year's third quarter . " Mr. Battat added , " Although this 42 % increase was extraordinary , we believe our Cardiovascular products are well positioned for solid growth . After several years of R & D investments , we have brought highly innovative new products to the market over the past year for both minimally invasive balloon - based procedures as well as open heart surgeries . With an aging population , we expect this area to provide significant long term growth , albeit at a more modest pace than that reflected in the above quarter - to - quarter comparison . " Mr. Battat continued , " I am pleased to report that , after extensive planning , we have begun construction to expand one of our facilities to meet anticipated capacity needs . This project will increase the Company's overall manufacturing space by about a third . " Addressing the outlook for the remainder of the year , Mr. Battat said , " We are experiencing higher costs for wages , labor , and raw materials as evidenced by our gross profit margins dropping to 41 % in the current - year period from 44 % in last year's third quarter . Despite these higher costs , we continue to expect increases in revenue and operating income of approximately 25 % in fourth quarter of this year compared to fourth quarter 2020 . Cash and short and long term investments totaled $ 78.1 million as of September 30 , 2021 , following the purchases of 10,705 shares of our common stock in the third quarter at an average price of $ 607 per share , for a total cost of $ 6.5 million . " " I Atrion Corporation develops and manufactures products primarily for medical applications . The Company's website cite 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 growth in Cardiovascular products , increase in manufacturing space , and increases in revenue and operating income in the fourth quarter of 2021. 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 UNAUDITED CONSOLIDATED STATEMENTS OF INCOME ( In thousands , except per share data )