Business
Astrotech Reports Fiscal Year 2022 Financial Results
AUSTIN, Texas, Sept. 14, 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, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2022. Financial Highlights & Fiscal Year Developments Astrotech’s consolidated balance sheet remains strong with $52.6 million in cash and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets.Our 1st Detect subsidiary’s commercial sales of the ECAC-certified TRACER 1000™ explosive trace detector (ETD) continued, leading to $869 thousand in total revenue year-over-year, an increase of 160%.Gross margin doubled to 22% for the year compared to 11% in the prior period, as we have increased production and benefited from associated volume discounts.We secured a landmark purchase order from a distributor who services the airport security checkpoint market. This key milestone represents our first TRACER-1000 systems sold and delivered for use in passenger screening.While we have encountered supply chain challenges, we continue to take steps to mitigate these issues as they are identified and have sufficient inventory to meet immediate demand.Our AgLAB Inc. subsidiary hired Joe Levinthal, a hemp and cannabis industry veteran and an expert in mass spectrometry, as its Chief Science Officer to help lead AgLAB’s product development team.Our BreathTech Corporation subsidiary hired Dr. Karim Sirgi, MD, MBA and FCAP as its Chief Science Officer to help lead BreathTech’s product and research development as well as the partnership with Cleveland Clinic in the development of the BreathTest-1000™.BreathTech expanded its agreement with Cleveland Clinic to include additional areas of focus. Ongoing work towards development of a rapid breath test for COVID-19 is now being broadened to screen for a variety of diseases spanning the entire body, including bloodstream infections, respiratory infections such as influenza types A and B and respiratory syncytial virus (RSV), carriage of Staphylococcus aureus, and Clostridioides difficile (C. diff) infections. “Fiscal year 2022 saw continued traction for sales of our TRACER 1000 in our targeted markets of airport security and cargo facilities, with an increase in revenue of 160% over the last fiscal year,” stated Thomas B. Pickens, III, Astrotech’s Ch...