ALLEN, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Atrion Corporation (NASDAQ: ATRI) today announced that for the third quarter ended September 30, 2020 revenues totaled $33.8 million compared with $38.9 million for the same period in 2019. Net income for the third quarter of 2020 totaled $7.2 million as compared to $9.6 million for the same period in 2019, with diluted earnings per share for the third quarter of 2020 at $3.95 compared to $5.15 for the third quarter of 2019.

Commenting on the Company’s quarterly results for the third quarter of 2020 compared to the same period last year, David A. Battat, President & CEO, stated, “Our results for the quarter were disappointing, with revenues down 13%, operating income down 27% and diluted EPS down 23%. In the second quarter of this year, our revenues began to weaken as our hospital and OEM customers reported a significant slowdown in surgeries due to the need for Covid-19 beds in hotspots, as well as continued patient reluctance to schedule surgeries. This trend accelerated in the third quarter, and we expect similar weakness in the fourth quarter of this year. Our customers are reporting that these declines in procedures are deferred rather than never to be performed, and, therefore, they expect to see a gradual recovery in 2021 as patients can no longer delay the need for care and hospitals adapt to expand their surgical capacity.”

Mr. Battat continued, “We never make excuses for subpar results, but we remain optimistic. Despite the negative comparisons, the Company remains profitable and debt-free, while holding cash and short and long investments totaling $88.2 million as of September 30, 2020.”

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