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Astrotech Reports Fiscal Year 2023 Financial Results
AUSTIN, Texas, Sept. 28, 2023 (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. 28, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2023. Financial Highlights & Fiscal Year Developments Astrotech’s consolidated balance sheet remains strong with $42.1 million in cash and cash equivalents and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets. Gross margin increased to 41% for the year compared to 22% in the prior period, due to a higher proportion of recurring revenue.We appointed Bob McFarland to the Board of Directors to bring his domestic and international executive management and sales experience, as well as his experience working with and for the federal government.We appointed Thomas B. Pickens III to the role of Chief Technology Officer. He has consistently demonstrated his proficiency in identifying new applications that can “profit” from our Astrotech Mass Spectrometer Technology™ (the “AMS Technology”) and is key in the design of innovative sample collection, software user interface, and quantitation techniques. Mr. Pickens is also integral in creating value by identifying and integrating OEM suppliers of certain sample collection and chromatography technologies.Our 1st Detect subsidiary’s commercial sales of the ECAC-certified TRACER 1000™ explosive trace detector (ETD), consumables and recurring maintenance services has continued leading to $750 thousand in total revenue during the fiscal year ended June 30, 2023. Additionally, 1st Detect has been successful in securing an order for 17 Tracer 1000 units to a Romanian based security and telecommunications company with the majority of these units being delivered in early fiscal year 2024.Our AgLAB subsidiary released results from the ongoing field trials of the AgLAB Maximum Value Process™ solution (AgLAB MVP). AgLAB which uses the Company’s proprietary AgLAB 1000-D2™ mass spectrometer has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During our field trials, we were able to improve ending-weight yields by an average of 30%. Our BreathTech subsidiary continues to collect breath samples from both COVID-19 positive and negative patients as part of the ongoing development of the library...