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Astrotech Reports Second Quarter of Fiscal Year 2022 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of
About this update from Astrotech Corporation
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nAstrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the second quarter of fiscal year 2022, which ended December 31, 2021.\n\nAstrotech had its best quarter since sales of 1st Detect’s TRACER 1000™ began, with revenue related to the TRACER 1000 up 332% compared to the same period one year ago. After garnering initial traction in the cargo security market due to the TRACER 1000’s near-zero false alarm rate, in the second quarter, 1st Detect completed a major milestone by fulfilling its first purchase order for airport security checkpoint and passenger screening. The TRACER 1000 is now deployed in 13 countries worldwide.\n\nAgLAB has reached an important milestone with the completion of its cannabis field trials for the AgLAB-1000-D2™ mass spectrometer. The field trials successfully demonstrated that the AgLAB-1000-D2 can be used in the distillation process to significantly boost the potency and weight yields of THC and CBD oil manufacturing. This is a significant accomplishment as it fulfills our long-term vision to start a family of “process control” instruments, methods, and solutions.\n\nBreathTech has completed the agreements required to begin the COVID-19 pre-clinical breath trials with Cleveland Clinic. We have also completed the development of the BreathTest-1000™ mass spectrometer, including the development of the InBreath-1000™ prototype sample collection system needed to safely transfer the infected patient breath to the mass spectrometer for testing. Progress was delayed due to COVID-related materials shortages and shipping delays, but we are optimistic that we will be able to begin and complete the human trials within the first half of this year. In preparation for the trials, we announced on February 2, 2022 that Dr. Karim Sirgi, MD, MBA and FCAP has joined BreathTech Corporation as its Chief Science Officer. Dr. Sirgi will help lead our research and development and regulatory efforts as BreathTech looks to commercialize the BreathTest-1000.\n\nFinally, in November 2021, Astrotech announced its plans to actively pursue strategic and accretive acquisition opportunities with the appointment of its board member, Tom Wilkinson, to Lead Independent Director. Mr. Wilkinson will identify ideal acquisition candidates for Astrotech that will...