Business
Astrotech Reports First Quarter of Fiscal Year 2023 Financial Results
AUSTIN, Texas, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the
About this update from Astrotech Corporation
[{"type":"text","content":"AUSTIN, Texas, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the first quarter of fiscal year 2023, which ended September 30, 2022. Financial Highlights & Recent Developments Astrotech’s consolidated balance sheet remains strong with $48.9 million in cash and liquid investments, which are anticipated to support our research and development, organic growth, and potential synergistic acquisition targets.Field trials continue with our AgLAB subsidiary with promising results for the AgLAB-1000-D2™. We believe hemp and cannabis distillers can gain significant improvement on their processing yields by utilizing the AgLAB-1000-D2 system with their existing short path-molecular distillation systems.We began our first production run of the AgLAB-1000-D2 and sales efforts are currently underway.Our BreathTech subsidiary recently contracted with a clinical research firm to assist in procuring breath samples collected from patients. These samples are being used to further develop the library of the BreathTest-1000™, a breath analysis tool to screen for volatile organic compound (VOC) metabolites found in a person’s breath that could indicate they have a bacterial or viral infection. Preliminary results have shown that our BreathTest-1000 can discriminate between background breath and the disease VOCs.Revenue for the quarter totaled $38 thousand and was mainly related to ongoing maintenance services and sales of consumables for the TRACER 1000™ explosive trace detector (ETD). The decrease in revenue from the first quarter of fiscal 2021 is primarily the result of Astrotech shifting focus from the volatile ETD market to commercialization and sales of the AgLAB-1000-D2.Astrotech’s Board of Directors authorized a $1 million dollar share repurchase program on November 9, 2022. “The start of fiscal year 2023 has brought exciting progress to the Company,” stated Thomas B. Pickens, III, Astrotech’s Chairman and Chief Executive Officer. “Our field trials have validated that the AgLAB-1000-D2 represents a significant technological advancement by using a mass-spectrometer to control in-situ chemical processing. We also continue to make strides in our R&D efforts at BreathTech, as we are now processing breath samples from patients and building a library of VOC me...