Balchem Corp. Files 10-Q for Q2 2024

TL;DR

Balchem's Q2 2024 10-Q shows sales down YTD, check financials for details.

AI Summary

Balchem Corp. reported its second quarter 2024 results, with net sales for the six months ended June 30, 2024, and June 30, 2023, showing a decrease. The company's filing covers the period up to June 30, 2024, and provides financial details for the fiscal year ending December 31.

Why It Matters

This filing provides investors with the latest financial performance data for Balchem Corp., crucial for understanding the company's current operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing indicates a decrease in net sales, which could signal potential challenges in the company's market performance.

Key Numbers

• 20240630 — Period End Date (Covers financial data up to this date.)
• 20240726 — Filing Date (Date the report was submitted to the SEC.)

Key Players & Entities

• BALCHEM CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240726 (date) — Filing Date
• 001-13648 (company) — SEC File Number

FAQ

Key Financial Figures

• $000 — insic value of stock options exercised ($000s) $ 944 $ 597 $ 11,321 $ 2,181 Non-ve

Filing Documents

• bcpc-20240630.htm (10-Q) — 1305KB
• directorrestrictedstockgra.htm (EX-10.1) — 71KB
• formofnon-employeedirector.htm (EX-10.2) — 71KB
• bcpcq2202410qex311.htm (EX-31.1) — 11KB
• bcpcq2202410qex312.htm (EX-31.2) — 11KB
• bcpcq2202410qex321.htm (EX-32.1) — 6KB
• bcpcq2202410qex322.htm (EX-32.2) — 6KB
• 0001628280-24-033177.txt ( ) — 8087KB
• bcpc-20240630.xsd (EX-101.SCH) — 48KB
• bcpc-20240630_cal.xml (EX-101.CAL) — 82KB
• bcpc-20240630_def.xml (EX-101.DEF) — 243KB
• bcpc-20240630_lab.xml (EX-101.LAB) — 685KB
• bcpc-20240630_pre.xml (EX-101.PRE) — 491KB
• bcpc-20240630_htm.xml (XML) — 1244KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three and S ix Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information 34 Item 6. Exhibits 35 SIGNATURE PAGE 36 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements BALCHEM CORPORATION Condensed Consolidated Balance Sheets (Dollars in thousands, except share and per share data) Assets June 30, 2024 (unaudited) December 31, 2023 Current assets: Cash and cash equivalents $ 63,738 $ 64,447 Accounts receivable, net of allowances of $ 1,066 and $ 908 at June 30, 2024 and December 31, 2023 respectively 123,400 125,284 Inventories, net 117,099 109,521 Prepaid expenses 9,963 7,798 Other current assets 5,956 7,192 Total current assets 320,156 314,242 Property, plant and equipment, net 272,539 276,039 Goodwill 770,026 778,907 Intangible assets with finite lives, net 176,102 191,212 Right of use assets - operating leases 16,469 17,763 Right of use assets - finance lease 1,976 2,101 Other non-current assets 17,698 16,947 Total assets $ 1,574,966 $ 1,597,211 Liabilities and Stockholders' Equity Current liabilities: Trade accounts payable $ 54,501 $ 55,503 Accrued expenses 36,993 40,855 Accrued compensation and other benefits 14,500 17,228 Dividends payable 53 25,717 Income taxes payable 3,437 4,967 Operating lease liabilities - current 3,589 3,949 Finance lease liabilities - current 249 272 Total current liabilities 113,322 148,491 Revolving loan 266,569 309,569 Deferred income taxes 49,956 52,046 Operating lease liabilities - non-current 13,666 14,601 Finance lease liabilities - non-current 1,847 1,943 Other long-term obligations 17,242 16,577 Total liabilities 462,602 543,227 Commitments and contingencies (Note 15) Stockholders' equity: Preferred stock, $ 25 par value. Authorized 2,000,000 shares; no ne issued and outstanding — — Common stock, $ 0.0667 par value. Authorized 120,000,000 shares; 32,434,858 and 32,254,728 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,164 2,152 Additional paid-in capital 158,791 145,653 Retained earnings 958,543 897,488 Accumulated other comprehensive (loss) income ( 7,134 ) 8,691 Total stockholde

View Full Filing

View this 10-Q filing on SEC EDGAR